After falling short in the Finals, NBA star LeBron James might be having second thoughts as to whether he should remain in his hometown of Cleveland. According to reports, James will opt out of his Cleveland Cavaliers contract on July 1st to become a free agent. He is slated to earn $21.6 million next season and by opting out, he will get a raise. Although many people believe that James will return to Cleveland, some fans are worried. He recently had a meeting with Cavaliers power forward Kevin Love, who also opted out of his contract as well. Other free agents on the Cavs include J.R. Smith, Iman Shumpert, and Tristan Thompson. Read more.
Greece Closes Its Banks
Greece is feeling the brunt of a financial crisis after the European Central Bank decided it would not increase an emergency loan program that has been helping out banks while the government tries to come to an agreement with international creditors. Greece decided to close its banks due to the influx of people trying to withdraw and transfer money. They have also placed limits on the amount that people can withdraw and transfer. “It is clearer than ever that this decision has no other goal apart from blackmailing the Greek people and obstructing the smooth democratic procedure of the referendum,” said Prime Minister Alexis Tsipras in reference to Eurozone finance ministers. Read more.
Obama’s Half-Brother Sells Old Letter President Penned
President Barack Obama’s half-brother is using him as a come-up. Malik Abongo “Roy” Obama reportedly sold a handwritten letter President Obama penned two decades ago. The letter highlights why he decided to step into the realm of politics and shared thoughts about his loved ones. “Some colleagues of mine here have talked me into running for the Illinois State Senate (like being an MP for a province),” wrote President Obama. “I have agreed, since I have an interest in politics to deal with some serious issues blacks face here.” Malik sold the letter through the Moments in Time memorabilia dealer in Los Angeles. Two years ago, he sold two other letters President Obama penned for $15,000 each. Read more.
Puerto Rico’s Debt is ‘Not Payable’
A report that focuses on the financial stability of Puerto Rico is slated to be released Monday and the numbers are looking grim. According to Gov. Alejandro Garcia Padilla, the study, which was released by the International Monetary Fund, shows that the country’s debt is quite serious. Puerto Rico has $73 billion in debt, with a July 1st deadline to pay $655 million on its general obligation debt. “The debt is not payable,” said Padilla. “There is no other option. I would love to have an easier option. This is not politics; this is math.” According to the NY Times, “much of Puerto Rico’s debt is widely held by individual investors on the United States mainland, in mutual funds or other investment accounts.” Read more.
PHOTO CREDIT: Getty