April 14, 2011 |
ATHENS, Greece - Greece's finance minister on Wednesday ruled out any restructuring of his country's crippling debt burden but warned that even more budget cutbacks were needed to achieve EU targets. Greece avoided bankruptcy last year with a $160 billion rescue package from its European partners and the International Monetary Fund. In return, the government slashed pensions and civil service salaries while hiking taxes and retirement ages. Many analysts believe Greece will eventually have to restructure its debt, regardless of whether it implements all the reforms it promised.
January 26, 2011 |
The Philadelphia School District will radically restructure 18 chronically failing schools in September, with changes in how each runs and who works there. Ten schools will be operated by the district, receiving a cash injection of at least $1 million each. An additional eight will be given to charter organizations. Most of the schools will see a change in principal and at least half of its teaching force, with all staffers forced to reapply for their jobs. School days and years will be longer.
October 1, 2010 |
A major effort to overhaul the city tax code took a small step forward Thursday as City Council members Bill Green and Maria Quiñones Sánchez introduced a bill to restructure business taxes. Their proposal is expected to encounter vigorous debate, as Philadelphia's business community has yet to weigh in on whether it supports the bill. Green and Quiñones Sánchez say their bill would encourage more businesses to locate in Philadelphia. Their legislation would phase out the net-income portion of the business-privilege tax over five years from its current level of 6.45 percent.
August 28, 2010 |
A shake-up in the Philadelphia Housing Authority's governing board could be in the works, as Mayor Nutter and City Controller Alan Butkovitz contemplate changes to seats held by current commissioners. In recent days, Nutter and Butkovitz have praised two of their respective board appointees - City Councilwoman Jannie L. Blackwell and regional AFL-CIO president Patrick J. Eiding - but in interviews, neither would commit to keeping them on the five-member board. The board has been assailed recently from all quarters for failing to detect settlements of sexual-harassment lawsuits against PHA Executive Director Carl R. Greene, now approaching $900,000, which board members have said they knew nothing about.
June 18, 2010
The Crossroads School, a private school in Paoli for students with learning disabilities, will not operate during the 2010-11 academic year due to declining enrollment and economic concerns, officials said Tuesday. Valley Forge Educational Services, a nonprofit that operates Crossroads, said it plans to restructure the school and resume operations for 2011-12. The school, which has operated for 32 years, educates children between the ages of 4 and 15. Sixty-six students were enrolled in the last academic year.
March 24, 2010 |
A proposed revision of the federal government's flagship effort to improve schools would ease the burden most of them face in trying to pass annual benchmark tests, compared with the current No Child Left Behind law. But the Obama administration's plan would impose stiff sanctions on a relatively small number of persistently low-achieving schools. Such schools, including some in Philadelphia, would be restructured. The Elementary and Secondary Education Act overhaul "blueprint," released earlier this month, has yet to be introduced as legislation; many details have not been completed.
March 19, 2010
KANSAS CITY, Mo., is on track to close 29 schools due to declining enrollment, and many other school districts are verging on similar action, so it wouldn't be illogical to predict a major overhaul of every phase of America's system of public education. I believe a major reduction in salaries, pensions and other benefits will be necessary to correct a dire situation. Politicians and school administrators can make speeches and promises, but money is the final arbiter. Ephraim Levin, Philadelphia
March 10, 2010 |
Once in the spotlight for out-of-control hallways and poor academics, West Philadelphia High School has made strides in the last three years. The changes may not be fast enough, though. West has landed on a list of 14 schools that may be radically restructured in the fall under Superintendent Arlene Ackerman's "Renaissance" plan to turn around the district's lowest performing schools. District officials have signaled that they might want West to become a "Promise Academy," a school run by the central office with a longer school day and no more than half of its current staff eligible to stay.
August 27, 2009
The Mashantucket Pequot Tribal Nation, a major investor in the Foxwoods casino proposed here, announced yesterday that it was discussing its debt structure with lenders. That announcement came after Bloomberg News reported that the tribe is seeking to restructure more than $1.45 billion in debt. "We do not anticipate that the financial restructuring being considered by the Tribe will affect our employees, customers, vendors or business partners," the tribe said in a statement.
June 16, 2009 |
The details of Donovan McNabb's restructured contract with the Eagles are in and the two-year deal is worth $24.2 million, not including incentives that are categorized as not likely to be earned. The quarterback's new deal represents a $5 million bump in pay, according to a league source. Under the terms of the old deal, McNabb had base salaries of $9.2 million this year and $10 million in 2010. His base salary remains $9.2 million for this season and is now guaranteed. The Eagles will pay McNabb a $2.8 million roster bonus that is due Friday.