Must Read Money Stories For Wednesday, July 1

by July 1, 2015


A thaw in negotiations. While America was still sleeping, the Greek government indicated that it might accept the bailout terms that the troika put forward last weekend, according to the New York Times. The change in course comes a day after Greece effectively defaulted on its International Monetary Fund loans. Read our Greek debt explainer for more background info, and check out our site later today for an infographic about Puerto Rico’s financial issues.

A big win for the middle class. Until recently, if U.S. employees made more than $23,660 a year their employers were not obligated to give them overtime pay, which kicks in after 40 hours. The average American works 47 hours a week. On Tuesday, President Barack Obama raised that threshold to $50,440 a year nationwide, which will put more money into the pockets of middle-class Americans.

Overcoming huge odds. Misty Copeland became the first black female principal dancer yesterday for the American Ballet Theatre, ABC News reports. Copeland didn’t receive any formal ballet training until the age of 13. Americans first became aware of the 32-year-old ballerina when she appeared in a viral Under Armor advertisement in 2014.

Net Neutrality in Europe? Starting in June 2017, Europeans will no longer have to contend with pesky roaming charges when they’re traveling throughout the continent. The European Union will also get its own version of net neutrality, however, many U.S. publications pointed out that a loophole in the EU’s proposal will allow telecom companies to construct internet fast lanes.

Avoiding gentrification. According to Governing, Miami has avoided the massive gentrification that cities like New York, Washington D.C. and San Francisco have experienced by not restricting the construction of massive high-rises. Here’s the magazine’s reasoning in a nutshell: Because there’s plenty of units available in these giant apartment complexes, wealthier individuals aren’t buying small family homes in Miami’s working-class districts to secure housing.

Leap second. Earth added a second to its atomic clock several hours ago, and, according to the Telegraph, it caused glitches on sites like Twitter, Amazon, Netflix and Pinterest. However, the problems that the time change caused weren’t as bad as some experts predicted.