The United States Post Office is facing possible insolvency if Congress fails to intervene to shore up the troubled institution. It faces a $5.5 billion shortage, and will have to cut services, raise rates, and/or lay off workers. The last option would violate its contract with the postal workers’ union, and would require congressional action.
In other news, Qatar injected €500 million into two major Greek banks, allowing them to merge. With their outlay, the investors acquired a 17% interest in the newly-formed bank.
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