<strong><br /></strong><ul><li><strong>BJP has bagged 40 seats </strong><strong>to Congress' 31 of the total 90 seats in the state, according to the Election Commission.<br /></strong></li><li><strong><strong>Congress led by Bhupinder Singh Hooda has swept central parts like Jhajjhar, Badli, Garhi Sampla, Beri, Israna and others in the region.</strong></strong></li><li><strong>BJP has 36.5% and </strong><strong>Congress has 28.1</strong><strong>% vote share so far, according to the Election Commission data.</strong></li><li><strong>Dushyant Chautala whose JJP is a splinter party from the INLD may become the kingmaker.</strong></li></ul>The Bharatiya Janata Party (BJP) has emerged as the single largest party in Haryana with in 40 seats compared to Congress which has 31, according to the  Election Commission. However, the BJP and its allies led by Manohar Lal Khattar have fallen short of the majority.<br /><br />The midway mark is at 45 and the winning side needs at least 46 to form the government. Embarrassingly  for hte BJP, seven of its state cabinet ministers have lost their own seats. "I thank the people of Haryana for blessing us. We will continue to work with the same zeal and dedication for the state’s progress. I laud the efforts of hardworking @BJP4Haryana Karyakartas who toiled extensively and went among the people to elaborate on our development agenda," Prime Minister Narendra Modi said.<br /><br />On the other hand, Congress has gained hugely in vote share compared to the last assembly elections and is leading in 28 seats so far. Congress had 28.1% vote share in Haryana, according to data from Election Commission. Much of the gains have come from areas Garhi Sampla (Bhupinder Singh Hooda's home constituency) and other surrounding parts like Beri, Badli, Jhajjar, Bawani Khera, up until Israna.<br /><br /><table style="width: 261pt;"> <colgroup></colgroup><col /> <tbody><tr> <td class="xl63" style="height:15.75pt;width:87pt">Party/Alliance</td> <td class="xl64" style="width:87pt">2019 Voteshare</td> <td class="xl64" style="width:87pt">2014 vote share</td> </tr> <tr> <td class="xl65" style="height:15.75pt;width:87pt">BJP+</td> <td class="xl66" style="width:87pt">36.5%</td> <td class="xl66" style="width:87pt">33.20%</td> </tr> <tr> <td class="xl65" style="height:15.75pt;width:87pt">Congress+</td> <td class="xl66" style="width:87pt">28.1%</td> <td class="xl66" style="width:87pt">20.60%</td> </tr></tbody></table><br />"We accept the people's mandate humbly and respectfully. We also want to say that it is a moral defeat for the Bharatiya Janata Party (BJP). PM Narendra Modi, BJP president Amit Shah and their entire leadership was cut off from the ground reality," Congress leader Anand Sharma said at a press conference.<br /><br />Given the close contest between the Congress and BJP, the one-year old Jannayak Janta party (JJP) led by Dushyant Chautala may become the kingmaker. <br /><br />For now, Chautala has already declared support for any party that would back him to be the state Chief Minister. <br /><br /><table style="width: 261pt;"> <colgroup></colgroup><col /> <tbody><tr> <td class="xl63" style="height:15.75pt;width:87pt"><strong>Party/Alliance</strong></td> <td class="xl64" style="width:87pt"><strong>Leads</strong></td> <td class="xl64" style="width:87pt"><strong>Wins</strong></td> </tr> <tr> <td class="xl65" style="height:15.75pt;width:87pt">BJP+</td> <td class="xl66" style="width:87pt">17</td> <td class="xl67" style="width:87pt">23</td> </tr> <tr> <td class="xl65" style="height:15.75pt;width:87pt">Congress+</td> <td class="xl66" style="width:87pt">12</td> <td class="xl67" style="width:87pt">19</td> </tr> <tr> <td class="xl65" style="height:15.75pt;width:87pt">JJP</td> <td class="xl66" style="width:87pt">10</td> <td class="xl67" style="width:87pt">0</td> </tr></tbody></table><br />The poll of exit polls shows an easy victory for the Bharatiya Janata Party or the BJP. However, there is one from India Today-Axis that has predicted a hung assembly in the state, leaving room for some anxiety in all camps.<br /><br />The BJP had won 47 seats in the 2014 Haryana assembly election, Congress won 15 seats, the Indian National Lok Dal (INLD) won 19 seats, while others won 9 seats. <br /><br /><strong>Factors at play in 2019 <br /></strong><br />The assembly elections this year took place five months after the BJP’s clean sweep in the Parliamentary polls, just like in 2014. However, this year, there was less excitement on the voting day. The turnout fell to 65%, down from 76.54% in the previous election. <br /><br />In the general elections earlier this year, the BJP was able to garner a clear majority even in the state with 34% of the votes and 70% of the seats.<br /><br />The government in Haryana has largely mirrored the one at the Centre, either by electing the same party or an ally in the state. Going by that trend, BJP had an upper hand. <br /><br />However, the larger economic slowdown in the country has had a major impact on Haryana's voter sentiment. The state is one of India's largest automobile hubs and accounts for two thirds of passenger cars, 50% of tractors and 60% of motorcycles manufactured in the country, according to the India Brand Equity Foundation (IBEF).<br /><br />The infamous slowdown in car sales has led to large-scale job losses in Haryana. Districts such as Panipat, Gurugram, Faridabad, Hisar and Sonipat are home to many textile businesses, particularly, readymade cotton garments, which is one of the major exports of Haryana. The sector is dire straits due to loss of competitive edge to other countries in the region and that too, has hurt the livelihood of many people. The agrarian distress, also widespread in the country, has also shown its impact in the state. <br /><br />Still, the state economy has grown at a compounded annual growth rate of 12.67% over the last seven years and has led to much prosperity in many parts. This is in part due to the explosion of IT and IT-enabled services in the state, especially in the city of Gurgaon.<br /><br /><strong>The political balance<br /></strong><br />Politically, the state’s votes were divided into Jats and Punjabi — the two dominant social segments. Over the last few years, the Punjabis have preferred the BJP. Which is why BJP got a large chunk of its seats from Punjabi-dominated areas Chandigarh, Panchkula, Ambala, Kurukshetra, Karnal and Panipat — pretty much the entire route from Delhi to Chandigarh except Sonepat.<br /><br />However, the BJP has managed to consolidate the upper castes in the state into a significant vote bank which has benefited the party hugely in diluting the dominance of the Jats. <br /><br />30% of the state population is from the lowest rung of the Indian society, the Dalits. They are not known to be BJP backers but as seen in the 2019 Parliamentary elections, some of the traditional caste calculus tend to break in the absence of a credible opposition.<br /><br />Since his election, Chief Minister Khattar has seen many controversies including an agitation by Jats demanding the benefits of the ‘Other Backward Class’, protests by many thousands of supporters of a self-styled Godman, Baba Rahim, and small-scale riots on the streets over a movie that was later released under the title of <em>Padmavat</em>, to name a few.<br /><br />Yet, a series of family feuds and corruption charges have kept opposition leaders busy firefighting most of the time and less prepared for the electoral battle. Add to that, Narendra Modi’s charm that worked wonders in the recently concluded general elections and since then, some emotive issues like the suspension of Article 370 that gave the state of Jammu and Kashmir a ‘special’ status have been largely well received by the people of the state.<br /><br />The opposition particularly the Congress made some gains but it wasn't enough to capitalise on BJP's lapses.<br /><br /><strong>SEE ALSO:<br /></strong><a href="https://www.businessinsider.in/politics/elections/news/sharad-pawar-final-result-of-maharashtra-state-assembly-election-2019/articleshow/71738410.cms" data-type="tilCustomLink" target="_blank">Sharad Pawar’s legwork at the age of 78 seems to have paid off</a><br /><a href="https://www.businessinsider.in/politics/elections/news/dynasty-candidates-contesting-haryana-and-maharashtra-assembly-election-2019/articleshow/71734588.cms" data-type="tilCustomLink" target="_blank">Dynasty candidates contesting Haryana and Maharashtra Assembly elections 2019</a><br /><a href="https://www.businessinsider.in/politics/elections/news/who-is-jjp-leader-dushyant-chautala-and-jjp-final-result-in-haryana-state-elections-2019/articleshow/71734605.cms" data-type="tilCustomLink" target="_blank">Dushyant Chautala may hold the 'key' as the less than a year old Jannayak Janta Party (JJP) may have the precious few seats needed to form the next Haryana government</a><br /><br /><br /><br />

BJP has the most number of seats in Haryana⁠— but the blush is not that of triumph

<p><em>Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. Business Insider may receive a commission from The Points Guy Affiliate Network, but our reporting and recommendations are always independent and objective.</em></p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5bbf526e2e71295267444a6e-1780/united%20airlines.jpg" border="0" alt="United Airlines" data-mce-source="David McNew/Getty Images" data-link="https://www.gettyimages.com/detail/news-photo/boeing-787-dreamliner-operated-by-united-airlines-takes-off-news-photo/159184364"><p class="source"><span><a href="https://www.gettyimages.com/detail/news-photo/boeing-787-dreamliner-operated-by-united-airlines-takes-off-news-photo/159184364">David McNew/Getty Images</a></span></p></img></div><p></p></div></div><ul class="summary-list"><li><strong><a href="https://www.businessinsider.com/category/united-airlines">United Airlines</a> is making major changes to its MileagePlus frequent flyer program.</strong></li><li><strong>The airline will no longer publish an award chart outlining flight prices; Instead, award flights will be priced dynamically. The change takes effect immediately for new reservations made for <keyword id="6354692" type="UNKNOWN" weightage="60" keywordseo="Travel">travel</keyword> on or after November 15.</strong></li><li><strong>Passenger reaction has been largely negative, and mileage prices on both economy and business class international flights has begun to increase. </strong></li><li><strong>However, travelers with the most flexibility may ultimately come out ahead if they can choose less in-demand flights.</strong></li></ul><p>On Friday, United announced a major change to its MileagePlus frequent flyer program. Following in the footsteps of Delta Air Lines, United is removing its mileage award chart, and switching to dynamic pricing for mileage awards.</p><p>The move means that American Airlines remains the only legacy US airline to offer a tiered, fixed-price frequent flyer system.</p><p>In effect, the move to dynamic pricing means that beginning just before the holiday travel rush, United frequent flyers will no longer be able to predict how many miles they'll need to book a particular trip - and they'll likely need more miles for those tickets.</p><p><em><strong>Read more: </strong><a href="https://www.businessinsider.com/united-airlines-credit-card-limited-time-bonus-april-may" target="_blank" rel="noopener">United's credit card is offering a huge sign-up bonus, but it's only around for a limited time</a></em></p><h2>What are award charts?</h2><p>Traditionally, airline frequent flyer programs make seats available to book with miles at two different prices: "Saver," a lower, baseline price, and "Standard" or "Anytime," a more expensive, but more widely available price. Regardless of how the cash price fluctuates, the mileage price floats between Saver and Standard, depending on when the airline chooses to release availability.</p><p>Travelers trying to get an award ticket for the best price will typically monitor for Saver availability, waiting to book until the price becomes lower on those dates. Alternatively, if that person has flexibility in their schedule, they'll plan a vacation around when they can find flights at the Saver cost.</p><p>This can lead to some solid deals, like <a href="https://www.businessinsider.com/american-airlines-business-class-jfk-to-lhr-review-photos-2018-5" target="_blank" rel="noopener">flying business class to Europe for just 57,500 miles</a>.&#xa0;</p><h2>Without an award chart, mileage pricing becomes harder to understand</h2><p>Without an award chart, mileage pricing - both the minimum possible price and the maximum - becomes dynamic and opaque, similar to cash prices.</p><p>It also tends to change more often, trending both up and down based on demand. While this sometimes leads to lower prices on flights that are not heavily in demand, it often leads to higher prices for premium cabin tickets.</p><p><em><strong>Read mo</strong><strong>re</strong>: <a href="https://www.businessinsider.com/best-credit-card-reward-program" target="_blank" rel="noopener">The best credit card rewards, bonuses, and benefits of 2019</a></em></p><p>That's exactly what United claims will happen as a result of this change. On a <a href="https://www.united.com/ual/en/us/fly/mileageplus/awards/award-travel-updates.html?" target="_blank" rel="noopener">webpage</a> that United posted outlining the new system, the airline suggested that the new changes would be positive for travelers.</p><p>"Increasing award prices for the most in-demand flights allows us to offer lower prices on other flights. If your award travel is flexible, these updates will help you make the most of your miles."</p><p>Delta removed its award chart and switched to a dynamic pricing model several years ago, although flights seem to stick to a few different pricing tiers, and by searching over a few months, it's often possible to figure out the lowest possible "Saver" rate for flights. Unfortunately, Delta frequently raises that minimum price for award flights - the <a href="https://www.businessinsider.com/delta-skymiles-delta-one-devaluation-rewards-2019-3" target="_blank" rel="noopener">latest devaluation involved flights</a> between the US and Europe in business class.&#xa0;</p><h2>United, by removing its award charts, seems to be on track to follow Delta's model</h2><p>The new dynamic pricing model takes effect immediately for new bookings for flights on or after November 15. New reservations made for travel before then will stick to the award chart.</p><p>Passenger reaction is overall skeptical of the idea that there will be any improvement for passengers.</p><p>Twitter user @Rbakken <a href="https://twitter.com/Rbakken/status/1114295335336148993" target="_blank" rel="noopener">described the move</a> as "[a] disservice to loyal flyers and an affront to transparency." User @trdraaron <a href="https://twitter.com/trdraaron/status/1114641995555790849" target="_blank" rel="noopener">described</a> the award chart's removal as causing a "likely possible devaluation in United miles."</p><h2>Standard 'Everyday' prices are already going up.</h2><p>When searching for flights after the November 15 cutoff date, price increases were immediately evident.</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5cab7b7916c95823fc7784cf-989/screen%20shot%202019-04-08%20at%20124631%20pm.png" border="0" alt="United MileagePlus Price Increases" data-mce-source="United" data-link="https://www.united.com/ual/en/US/flight-search/book-a-flight/results/awd?f=New+York,+NY,+US+(NYC+-+All+Airports)&amp;t=DEL&amp;d=2019-12-01&amp;fm=2019-12-01&amp;tl=6&amp;co=1&amp;flxbl=1&amp;tt=1&amp;at=1&amp;sc=7&amp;px=2&amp;taxng=1&amp;newHP=True&amp;idx=1#"><p class="source"><span><a href="https://www.united.com/ual/en/US/flight-search/book-a-flight/results/awd?f=New+York,+NY,+US+(NYC+-+All+Airports)&amp;t=DEL&amp;d=2019-12-01&amp;fm=2019-12-01&amp;tl=6&amp;co=1&amp;flxbl=1&amp;tt=1&amp;at=1&amp;sc=7&amp;px=2&amp;taxng=1&amp;newHP=True&amp;idx=1#">United</a></span></p></img></div><p></p></div></div><p>For example, before the cutoff, flights from the North-East to New Delhi, India in business class cost between 85,000 miles at the Saver rate, and 180,000 miles at the Standard rate. While the lowest available cost on partner airlines remains 85,000 miles, Standard flights on United's own planes have gone up to 225,000 miles.</p><p>Similarly, Standard prices on business class flights between cities like San Francisco and Hong Kong have gone up from 180,000 miles to 210,000 miles, while increases on Standard flights for both economy and business class have gone up&#xa0; on flights between other regions.</p><h2>What about Saver awards?&#xa0;</h2><p>So far, there hasn't been a significant change to Saver award pricing, although it's unclear whether things will stay that way, or whether Saver space will continue to be made available.&#xa0;</p><p><strong><em>Read</em><em> more</em></strong><em>: <a href="https://www.businessinsider.com/best-credit-card-deals-april-2019" target="_blank" rel="noopener">8 of the best credit card offers this month - including a Marriott bonus that's ending soon</a></em></p><p>In fact, there are a few areas where prices have decreased, although this seems to be primarily on short-haul domestic economy routes. For example, flights between Los Angeles and San Francisco, which previously bottomed out at 10,000 miles, now cost as few as 5,000.</p><p>However, if Delta's price increases and devaluations are any indication, the lack of a published award chart could allow United to raise baseline Saver prices at any point and frequency.</p><p>Undoubtedly, there's still significant value to be found in United miles, especially if you find Saver space or book with a partner, and especially when it's possible to earn <a href="https://www.businessinsider.com/united-airlines-credit-card-limited-time-bonus-april-may" target="_blank" rel="noopener">increased credit card bonuses</a>. For example, United's co-branded credit card issued by Chase - the <a href="https://thepointsguy.com/card-details/united-explorer-card/?utm_campaign=bi_er_120618_united_LTO_trips&amp;utm_source=referral" target="_blank" rel="noopener">United Explorer Card</a>, has a limited-time offer of up to 60,000 miles - 40,000 after you spend $2,000 in the first three months, and another 20,000 miles when you spend a total of $8,000 within the first six months.</p><p>Under the tiered system, in which more Saver seats could be found on less in-demand flights, travelers with more flexibility tended to snag the better deals. Under the new dynamic system, which United claims will be based on demand, this will likely become even more true.</p><p>In an e-mail to Business Insider, a United spokesperson suggested that to be the case: "Customers who can be flexible with their travel day and/or time will benefit significantly from this move to lower prices."</p><p>However, the spokesperson also added: "For the busiest travel times of the year when demand is highest, there may be higher award prices than what people see today."</p><p>However, there was a bit of good news for United flyers, too. Beginning November 15, United will now longer charge a $75 fee on award tickets booked within 21 days of travel. If a passenger can find a decent miles price on a last-minute trip, this should help with the redemption.</p><p class="tagline"></p><p><em>Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.</em></p><p><em>Business Insider may receive a commission from The Points Guy Affiliate Network, but our reporting and recommendations are always independent and objective.</em></p><div><blockquote class="twitter-tweet" lang="en"><p>Disappointed to see <a href="https://twitter.com/united?ref_src=twsrc%5Etfw">@united</a> taking a major step backward by eliminating their award chart.  A disservice to loyal flyers and an affront to transparency <a href="https://t.co/s9lKRBT3Pw">https://t.co/s9lKRBT3Pw</a>  <a href="https://twitter.com/hashtag/travel?src=hash&amp;ref_src=twsrc%5Etfw">#travel</a></p>- Rich Bakken  (@Rbakken) <a href="https://twitter.com/mims/statuses/1114295335336148993?ref_src=twsrc%5Etfw">April 5, 2019</a></blockquote><script async="" src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div><div><blockquote class="twitter-tweet" lang="en"><p>In other words, <a href="https://twitter.com/united?ref_src=twsrc%5Etfw">@united</a> is raising mileage awards on 75% of its routes &amp; removing mileage charts. This is just low hanging bait. Smoke &amp; mirrors. Again, copying <a href="https://twitter.com/Delta?ref_src=twsrc%5Etfw">@delta</a> for the umpteenth time. <a href="https://t.co/RrGlFfiiWe">https://t.co/RrGlFfiiWe</a></p>- Cale Ramaker  (@CaleRamaker) <a href="https://twitter.com/mims/statuses/1114266258763964416?ref_src=twsrc%5Etfw">April 5, 2019</a></blockquote><script async="" src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>

United has followed in Delta's footsteps with a big change to its frequent flyer program, and passengers are furious

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5ae9be4919ee862d008b4b02-1024/gettyimages-861003116.jpg" border="0" alt="Wells Fargo" data-mce-source="Spencer Platt / Getty Images" /><p class="source"><span>Spencer Platt / Getty Images</span></p><p class="caption">Does Wells Fargo owe you cash?</p></div><p></p></div></div></p><ul><li><strong><a href="http://markets.businessinsider.com/stocks/wfc-stock" target="_blank" rel="noopener">Wells Fargo</a> owes some of its customers money.</strong></li><li><strong>Until July 7, Wells Fargo clients affected by Wells Fargo's <a href="http://www.businessinsider.com/wells-fargos-scandal-is-a-cautionary-tale-about-incentive-pay-2016-9" target="_blank" rel="noopener">fraudulent account scandal </a>can join a class action settlement.</strong></li><li><strong>Wells Fargo is paying $142 million to settle a number of lawsuits related to the scandal.</strong></li></ul><hr /><p><br /><a href="http://www.businessinsider.com/category/wells-fargo" target="_blank" rel="noopener">Wells Fargo</a> might owe you money.</p><p>The bank is currently undergoing a class action settlement over the roughly <a href="https://www.usnews.com/news/national-news/articles/2017-08-31/wells-fargo-estimates-35-million-accounts-impacted-by-scandal" target="_blank" rel="noopener">3.5 million</a> unauthorized accounts its employees opened in the name of unsuspecting clients from 2009 to 2016. Wells Fargo is due to shell out <a href="https://www.housingwire.com/articles/40639-wells-fargo-142-million-fake-account-settlement-nearing-final-approval" target="_blank" rel="noopener">$142 million</a> to those affected by the scandal, some of whom were hit with fraudulent fees and dinged credit scores.</p><p>The bank has also sent out a number of statements about the class action settlement to clients (full disclosure, I get these alerts because I'm a Wells Fargo customer).</p><p>"If you believe Wells Fargo opened a checking, savings, credit card, or line of credit account for you without your permission, or if you purchased identity theft protection from us, you may be entitled to compensation from this fund," reads a statement emailed to customers on April 20. "If you submit a claim, you may be eligible for reimbursement of fees, compensation for potential impact on your credit, and an additional cash payment based on any money remaining in the fund after benefits and costs are paid out."</p><h2>How to file a claim with Wells Fargo over fraudulent accounts</h2><p>People who are ready to file a claim can do so on the class settlement's <a href="https://wfsettlement.com/mainpage/FileaClaim.aspx" target="_blank" rel="noopener">website</a>.</p><p>A Wells Fargo spokesperson told Business Insider that customers with specific questions about accounts can visit their local Wells Fargo or give 1-800-869-3557 - the bank's customer service line - a ring at any time. The Wells Fargo Unauthorized Accounts Settlement <a href="https://wfsettlement.com/mainpage/Home.aspx" target="_blank" rel="noopener">website</a> also has a number: 1‑866‑431‑8549. The bank spokesperson added that the bank is maintaining a database of closed accounts going all the way back to May 2002.</p><p>Rief Kanan, the director of <a href="https://www.newpaltz.edu/schoolofbusiness/corporate_businst.html" target="_blank" rel="noopener">The Business Institute</a> at the State University of New York at New Paltz, told Business Insider said his best advice for Wells Fargo customers affected by the fraudulent accounts would be to contact the bank.</p><p>"My suspicion would be that they are bending over backwards for customers - to make sure a customer knows all of the details of their accounts and what to do in order to close unauthorized accounts, and how to get restitution if there's any restitution necessary," he told Business Insider.</p><p>Kanan added that Wells Fargo is especially inclined to restore its pre-scandal reputation, which, he said was "squeaky clean" for a "behemoth bank."</p><h2>Wells Fargo customers have until July 7 to file a claim</h2><p>Wells Fargo customers who had unauthorized accounts opened in their names should have already received notifications - and in some cases financial compensation - from the bank. Customers who have already received a payment can still file a claim as part of the class action settlement.</p><p>The bank has extended the deadline to take part in the settlement to July 7, 2018. For affected customers who wish to exclude themselves from the settlement in order to file their own suit against Wells Fargo, the deadline to get out of the class action settlement is May 14, 2018.</p><p>Affected clients who file a claim will receive compensation based on the financial impact the scandal had on your life, according to <a href="https://www.npr.org/2017/07/10/536467874/wells-fargo-to-pay-142-million-to-customers-hurt-by-bogus-accounts" target="_blank" rel="noopener">NPR</a>. </p><p><a href="https://www.usatoday.com/story/money/2017/09/01/wells-fargo-reveals-wider-abuses-you-owed-money/624350001/" target="_blank" rel="noopener">USA Today</a> reported that the bank previously refunded $3.7 million to customers from September 2016 and July 2017, in compensation for "bank account fees charged on unauthorized accounts and lines of credit." <a href="https://www.nytimes.com/2018/04/20/business/wells-fargo-cfpb-penalty-regulators.html" target="_blank" rel="noopener">The New York Times reported</a> that the bank will also pay $1 billion to federal regulators over its practices regarding auto insurance and mortgages.</p><h2>Check your credit report for unauthorized accounts if you haven't already</h2><p>If you aren't sure whether unauthorized accounts were opened in your name, you can click over to the The Federal Trade Commission's annual credit report <a href="https://www.annualcreditreport.com/index.action" target="_blank" rel="noopener">website</a>. It allows you to obtain a credit report from Equifax, Experian, and TransUnion. You can check the report for fraudulent accounts.</p><p>Kanan said that it's impossible to say whether or not other major banks could be sitting on similar fraudulent activities.</p><p>"If major banks didn't take a look inside their operations and say, 'Could this be going on in our organization?' they've made a bad mistake," Kanan said. "It's the kind of thing where if you're the CEO of Bank of America and you witness what happened to Wells Fargo, you go to your senior people and say, 'Ladies and gentlemen, could this be going on in our organization? If so, let's make sure it's stopped and remedied immediately.' I would be surprised if that conversation didn't go on in the C-suites."</p><p><em>Are you a Wells Fargo employee with a story to share? Email acain@businessinsider.com.</em></p><p class="tagline"><a href="http://www.businessinsider.com/intelligence/future-of-zelle-venmo-and-p2p-payments?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=payments_ctgr_leadgen&amp;utm_campaign=payments_ctgr_leadgen_future-of-zelle"><img src="https://media-bii-originals.businessinsider.com/5ad9f7da19ee8648008b45b6" alt="Exclusive FREE Report: The Future of Zelle, Venmo, and P2P Payments by Business Insider Intelligence" border="0" style="width: 100% !important" /></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/ex-wells-fargo-employee-bankers-abused-customers-2016-10">Ex-Wells Fargo employees reveal how some bankers abused customers</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/C9WKyl7x-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

How to figure out whether embattled bank Wells Fargo owes you money before the deadline to file a claim passes

<br />On the morning of April 23rd, the Twitter account of the <keyword id="6456281" type="UNKNOWN" weightage="20" keywordseo="bahujan-azad-party">Bahujan Azad Party</keyword> went live with a celebratory tweet. The party pointed out that the news of the party’s launch was the sixth highest trending topic on the platform. <br /><br />
  
  
  
  
  <div type="javascript" title="Custom"><cdata><![CDATA[
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Congratulations guys, our party is trending!! <a href="https://t.co/gPi7JF1kQM">pic.twitter.com/gPi7JF1kQM</a></p>&mdash; Bahujan Azad Party (@BahujanAzad) <a href="https://twitter.com/BahujanAzad/status/988279166410739713?ref_src=twsrc%5Etfw">April 23, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
]]></cdata></div> The Bahujan Azad Party is composed mainly of 50 <keyword id="6354859" type="UNKNOWN" weightage="20" keywordseo="IIt">IIT</keyword> alumni, all of whom reportedly quit their jobs to join the party. It will be led by Naveen Kumar, who graduated from IIT Delhi in 2005. The party has already applied to the Election Commission of India for approval, and expects to hear back in a fortnight. <br /><br /><strong>Bahujan Azad Party</strong><br /><br />The group’s Twitter bio reads, “A political party for the the upliftment for SCs, STs, OBCs, women and Minorities”. Most of the members of the party are from these minority groups, having benefited from the<a href="http://jeeadv15.iitb.ac.in/info/reservation-of-seats"> reservation</a> policy for SCs (15%), STs (7.5%) and OBCs (27%) at IITs. The party’s primary focus is on increasing education and employment opportunities for these groups, not only in terms of <keyword id="85023" type="PERSON" weightage="20" keywordseo="reservations">reservations</keyword> but also by improving the infrastructure for education and skill development.<br /><br />The title of the Bahujan Azad Party translates to “freedom for the majority of people”. This is not ironic. Scheduled Castes, Scheduled Tribes and Other Backward Classes comprise more than 70% of India’s population, with OBCs alone accounting for over 40%, according to <a href="https://economictimes.indiatimes.com/news/politics-and-nation/obcs-account-for-41-of-indian-population-nss/articleshow/1835801.cms">estimates from a decade ago</a> by the National Sample Survey Office (NSSO). <br /><br />Interestingly, while the quotas of SCs and STs are in line with the proportion of India’s population they represent, the same privilege is not afforded to <keyword id="45661" type="CITY" weightage="20" keywordseo="OBC">OBC</keyword>s, who usually get a maximum quota of 27%. This unleashes its own set of problems, as relatively well off OBC groups like Yadavs are vying with weaker OBCs for a disproportionate amount of seats and faring better. In order to rectify this, India’s President, Ram Nath Kovind, established <a href="https://www.livemint.com/Politics/yDIIUPM7CA3teguI0hiHXJ/NDA-govt-appoints-Mandal-20-to-redistribute-OBC-quota-bene.html">a commission in late 2017</a> that was tasked with levelling the playing field for different OBC groups. <br /><br />The announcement of the Bahujan Azad Party’s launch is timely for another reason. The last few weeks have seen a spate of protests in India by Dalit groups and activists over the Supreme Court’s proposal to safeguard suspected perpetrators from immediate detainment under the SC/ST (Prevention of Atrocities) Act. The protesters feel that this could encourage crimes against minorities, going against the very purpose of the act itself. <br /><br />The party is starting small. It is limiting itself to Bihar for the medium term, where it will contest the state’s legislative assembly elections in 2020 before moving on to Lok Sabha polls in 2024. <a href="https://www.deccanchronicle.com/decaf/230418/nation-building-youth-revolution-in-the-making.html">West Bengal and Rajasthan </a>have also been mooted as possible states to expand into after the party solidifies its position in Bihar.<br /><br /><strong>Why the party was formed</strong><br /><br />Speaking to the Press Trust of India, Naveen Kumar explained that he and his associates took part in Anna Hazare’s anti-corruption protests in 2011 and initially supported the Aam Aadmi Party (AAP). However, they decided to form their own party after being “disillusioned” by the lack of minority representation in educational institutions and the judiciary.<br /><br />In what seemed a thinly-veiled reference to the AAP, Kumar tried to highlight how the party’s strategy was different from other upstarts. “We do not wish to do a hurried job and end up being reduced to just one of those small political outfits with big ambitions”. He also said that the party did not plan on positioning itself as a rival of any other political party or ideology.<br /><br />As a fledgling party promoting a single agenda, the Bahujan Azad Party would do well to learn from the mistakes of the AAP. The AAP, which counts former IIT Kharagpur alumnus Arvind Kejriwal as its leader, rose to prominence as an anti-corruption, citizen-first party bent on shaking up the status quo of Indian politics.<br /><br />After winning the Delhi state election in a landslide in February 2015, the party has been unable to make good on its initial promise, faltering in elections in Punjab and Gujarat, falling prey to infighting and cronyism and being stymied at every turn in Delhi by the BJP’s central government. Additionally, the party’s commitment to transparency was called into question in May last year, when Kejriwal was accused of <a href="https://www.livemint.com/Politics/Oa7zGjMC8rsCMc6i25HLcN/Kapil-Mishra-accuses-Delhi-CM-Arvind-Kejriwal-of-taking-brib.html">accepting a bribe from his health minister. </a><br /><br /><strong>Cautionary tale<br /></strong><br />The Bahujan Samaj Party (BSP), led by Mayawati, also stands out as cautionary tale, given its core focus on Dalit and minority rights. The party was started by Kanshi Ram, a prominent Dalit rights activist, in 1984 to represent the rights of SCs, STs and OBCs. After helming three coalition governments in UP, Ram’s protege Mayawati drove the party to a significant majority in the 2007 state elections by wooing upper caste groups like Brahmins, much to the chagrin of its core Dalit support base. The BSP lost the state elections in 2012 and failed to win even a single UP seat in the general elections in 2014 as upper caste voters migrated to the BJP.<br /><br />The Bahujan Azad Party should keep its political ambitions in line with its founding goals and maintain its focus on its target base. In order to achieve its mandate effectively, it also needs to be more than a social movement agitating for reservations. Higher reservations don’t guarantee long-term change. As <a href="http://mospi.nic.in/sites/default/files/publication_reports/nss_rep_563_13mar15.pdf">data from the NSSO</a> shows, while higher reservations in educational and government institutions have translated into higher employment rates for minority groups, these are mostly for low-skilled occupations. Reservations need to be supported by adequate vocational training programmes and structural improvements in the quality of educational institutions. <br /><br />The party’s members have their work cut out for themselves over the next few months. They will leverage their IIT credentials to drum up financial support. They are employing a grassroots approach by onboarding members and supporters from youth hostels in Bihar and striking partnerships with social activists. It will be interesting to see how they fare.<br />

India now has a minority rights party composed of 50 IIT alumni who quit their jobs

<p><img class="float_right" src="http://static3.businessinsider.com/image/4c6194637f8b9aab2b0d0000-400-300/Screen-shot-2010-08-10-at-2.02.36-PM.jpg" border="0" alt="belessi" />The Securities and Exchange Commission has charged "<keyword id="372054" type="ENTERTAINMENT" weightage="60" keywordseo="Wall-Street-2">Wall Street 2</keyword>" actor Anastasios "Tommy" Belesis, who is the CEO of brokerage firm <keyword id="215723" type="COMPANY" weightage="60" keywordseo="John-Thomas-Financial">John Thomas Financial</keyword>, with fraud, <a href="http://www.sec.gov/news/press/2013/2013-46.htm">according to a release.</a></p>
<p><span>Belesis was the managing director to Shia LeBouf's character in Oliver Stone's "Wall Street: Money Never Sleeps."</span></p>
<p>A hedge fund manager named George Jarkesy has also been charged, according to the <keyword id="6362470" type="ORGANIZATION" weightage="60" keywordseo="SEC">SEC</keyword>. </p>
<p>Here's <a href="http://www.sec.gov/news/press/2013/2013-46.htm">the release:</a> </p>
<p style="padding-left: 30px;">An investigation by the SEC’s Enforcement Division found that George R. Jarkesy Jr., worked closely with <keyword id="375568" type="PERSON" weightage="60" keywordseo="Thomas-Belesis">Thomas Belesis</keyword> to launch two hedge funds that raised $30 million from investors. Jarkesy and his firm John Thomas Capital Management (since renamed Patriot28 LLC) inflated valuations of the funds’ assets, causing the value of investors’ shares to be overstated and his management and incentive fees to be increased. Jarkesy, a frequent media commentator and radio talk show host, also lied to investors about the identity of the funds’ auditor and prime broker. Meanwhile, although they shared the same “John Thomas” brand name, Jarkesy’s firm and Belesis’ firm John Thomas Financial were portrayed as wholly independent. Jarkesy led investors to believe that as manager of the funds, he was solely responsible for all investment decisions. However, Belesis sometimes supplanted Jarkesy as the decision maker and directed some investments from the hedge funds into a company in which his firm was heavily invested. Belesis also bullied Jarkesy into showering excessive fees on John Thomas Financial even in instances where the firm had done virtually nothing to earn them.</p>
<p style="padding-left: 30px;">“Jarkesy disregarded the basic standards to which all fund managers are held,” said Andrew M. Calamari, Director of the SEC’s New York Regional Office. “Not only did he falsify valuations and deceive investors about the value of their holdings, but he bent over backwards to enrich Belesis at the funds’ expense. Belesis in turn exploited the supposed independence of the funds to surreptitiously pull the strings on key decisions.”</p>
<p style="padding-left: 30px;">According to the SEC’s order instituting administrative proceedings against Jarkesy, Belesis, and their firms, Jarkesy launched the two hedge funds in 2007 and 2009, and they were called John Thomas Bridge and Opportunity Fund LP I and John Thomas Bridge and Opportunity Fund LP II. The funds invested in three asset classes: bridge loans to start-up companies, equity investments principally in microcap companies, and life settlement policies. Jarkesy mispriced certain holdings to increase the net asset values of the funds, which were the basis for calculating the management and incentive fees that Jarkesy deducted from the funds for himself. Jarkesy also falsely claimed that prominent service providers such as KPMG and Deutsche Bank worked with the funds.</p>
<p style="padding-left: 30px;">According to the SEC’s order, Jarkesy used fund assets to hire multiple stock promoters in 2010 and 2011 to create an artificial and unsustainable spike in the price of two microcap stocks in which the funds were heavily invested. As a result of these efforts, the funds recorded temporary gains in the value of the microcap stocks that Jarkesy used to mask the write-down of other more illiquid holdings of the funds.</p>
<p style="padding-left: 30px;">According to the SEC’s order, Jarkesy violated his fiduciary duties to the funds in multiple instances by providing excessive compensation to Belesis and John Thomas Financial. This only incited further demands by Belesis. For example, in February 2009, Belesis angrily complained via e-mail that Jarkesy was not steering enough money to John Thomas Financial, and Jarkesy responded that <em>“we will always try to get you as much as possible, Everytime [sic] without exception!”</em> On another occasion, Jarkesy reassured Belesis that <em>“[n]obody gets access to Tommy until they make us money!!!!!”</em></p>
<p style="padding-left: 30px;">The SEC’s order charges that Jarkesy and John Thomas Capital Management violated and aided and abetted violations of Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act and Rule 10b-5, and violated Sections 206(1), 206(2) and 206(4) of the Investment Advisers Act and Rule 206(4)-8. The SEC’s order further charges that Belesis and John Thomas Financial aided and abetted and caused Jarkesy’s and John Thomas Capital Management’s violations of Sections 206(1), 206(2) and 206(4) of the Advisers Act and Rule 206(4)-8. The administrative proceedings will determine what, if any, remedial action is appropriate in the public interest against Jarkesy, John Thomas Capital Management, Belesis, and John Thomas Financial including disgorgement and financial penalties.</p>
<p style="padding-left: 30px;">The SEC’s investigation was conducted by Igor Rozenblit, Kathy Murdocco, and Michael Osnato in the New York Regional Office. The SEC’s litigation will be led by Todd Brody. The SEC appreciates the assistance of the Financial Industry Regulatory Authority (FINRA).</p>
<p>If you don't recognize Belesis from "Wall Street 2," he's the guy who organized a rally to <a href="http://www.nytimes.com/2010/01/28/nyregion/28bankers.html?_r=1">"put the pride back in Wall Street"</a> a couple of years ago. Mayor Rudolph Giuliani also named him the <a href="http://www.youtube.com/watch?v=HYwoj7Nf1T4">"Bronx GOP Man of the Year" in 2009</a>. </p>

'Wall Street 2' Actor Thomas Belesis Charged With Fraud By The SEC

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/557553856da811d403b7ee96-1200-924/greece-vs-everybody.jpg" border="0" alt="Greece vs everybody"><p class="source"><span>AP Photo/Thanassis Stavrakis</span></p><p class="caption">A pedestrian walks past stenciled graffiti on a wall outside of a bank in Athens, Friday, June 5, 2014.</p></img></div><p></p></div></div>Greece's economic and political chaos is hitting headlines around the world again - a trickle of news is becoming a flood ahead of <a href="http://uk.businessinsider.com/greek-referendum-european-markets-tank-2015-6">Greece's bailout referendum</a> on Sunday July 5. </p><p>But what's actually going on? What's being voted on, and how did Greece get here? What does each side want, and why is it all so dramatic.</p><p>Even for people whose job it is to follow what's happening in the country, it's not easy at times. </p><p>Here's the background on Greece's current crisis.</p><h3>When Greece joined the euro</h3><p>To understand what's happening now, you have to go back to 2000 (at least). That's when Greece's euro entry was approved, a year after the single currency was first adopted in the original member states. It's now known that Greece didn't actually qualify for entrance to the bloc - a financial audit in 2004 showed that the government budget deficit in 1999 was actually marginally above the 3% limit for admittance.</p><p>During the early years of the eurozone, Greece's economy boomed. Foreign investment went through the roof, and on the back of the euro's credibility, borrowing for governments, business and households alike had never seemed so cheap.</p><p>But the statistics Greece presented to get into the eurozone the last time those dodgy economic figures were a problem for the country.<span> At least part of the persistent deficits are <a href="http://uk.businessinsider.com/this-is-the-real-reason-greece-has-a-massive-tax-evasion-problem-2015-2">down to rampant tax avoidance by middle-class professionals</a>.</span></p><p>In 2009 it was discovered once again that Greece's figures had been fudged: A budget deficit of around 6% was actually about twice as large (it was eventually revised to above 15%). Under the heat of the eurozone's sovereign debt crisis, ?no country was being roasted more than Greece. Bond yields surged and the country had to enter a €110 billion (£78 billion, $122 billion) bailout programme in May 2010. <span> </span></p><h3>The economic depression</h3><p><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image"><a title_source="Goldman Sachs" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5591020ddd08956c7e8b45df-960/screen shot 2015-06-29 at 10.45.30 am.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/5591020ddd08956c7e8b45df-930-479/screen shot 2015-06-29 at 10.45.30 am.png" border="0" alt="Greek GDP" /></a><p class="source"><span>Goldman Sachs</span></p></div><p></p></div></div>Since then, Greece has recorded a staggering economic collapse. In numbers, the post-crisis period looks more like the US Great Depression than anything else - contractions in Western Europe and the US have been mild by comparison.</p><p>GDP contracted by more than 25% from its 2009 levels, leaving more than a quarter of the population and half of under-25s unemployed.<span> </span></p><p>The measures agreed in the bailout deal were painful, and left the government aiming for a primary surplus - a budget surplus before expenditure on debt interest is accounted for - worth 4.5% of GDP, to be reached by 2014 (later extended to 2016). The wave of structural economic reforms that were exchanged for bailout funds were predictably unpopular, involving privatisation and trimming back the country's social security ?system and labour market regulations.<span> </span></p><p>The creditors (previously known as the Troika), are the International Monetary Fund (IMF), European Central Bank (ECB) and European Commission. The EC represents the interests of the member states of the eurozone, but the Eurogroup of euro-using finance min?isters also wields a lot of clout in the negotiations too. </p><p>The involvement of the IMF was particularly important for more sceptical European countries, which feared an endless bailout for Greece. The involvement of the Fund guaranteed a proper, structured programme. The European Commission, on the other hand, has been seen as more of a soft touch - Brussels, after all, has a sentimental attachment to European solidarity that isn't shared by economists in Washington.<span> </span></p><p>Critics said Greece was being hammered by northern-European (usually German) ?austerity-worshippers in a way that wouldn't even benefit the country. Defenders of the programme said the bailout cash would be wasted if Greece's economy were to be no more competitive when the aid programme ended.</p><h3>Banks and politics<span> </span></h3><p><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image"><a title_source="Barclays" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5583c0badd0895787d8b4568-960/screen shot 2015-06-19 at 8.02.46 am.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/5583c0badd0895787d8b4568-692-593/screen shot 2015-06-19 at 8.02.46 am.png" border="0" alt="Greece deposits" /></a><p class="source"><span>Barclays</span></p></div><p></p></div></div>Between 2010 and 2012, money poured out of Greek banks. The European Central Bank provided the Greek commercial financial system with Emergency Liquidity Assistance (ELA). As the name suggests, that's for banks judged to be illiquid, not insolvent - the conditions for determining which is which are relaxed a little when the country in question is getting a bailout.</p><p>By early 2012, the Greek government had to ratify another bailout worth €130 billion. The former mainstream centre-left force in Greece, PASOK, accepted both of the bailout agreements. It now has just 13 MPs out of 300, collapsing from 160 in 2009.<span> </span></p><p>Later in 2012, the centre-right New Democracy party won two elections, but a far-left party rocketed from 5<sup>th </sup>place in 2010 to 2<sup>nd</sup> place, rising from less than 5% to 26.9% in three years.</p><p>Syriza, which has been growing in size and support for years, is not really a single party. It's a coalition of left wing and further left-wing groups. It's got much more in common with Germany's Die Linke, or France's Communist party, than mainstream social democrats. Neither the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> nor US have mainstream political groups that are closely comparable.</p><p>Because it's a coalition, Syriza has <a href="http://uk.businessinsider.com/what-syriza-stands-for-2014-12">a governing manifesto with broad objectives</a> (the Thessaloniki ?programme), but there's a pretty wide spectrum of views. Some parts of the movement, like the Left Platform, are less moderate, and would be happy to exit the eurozone and reshape the Greek economy and monetary system from outside. </p><p>By 2014, the Greek economy had returned to modest growth, but most people were yet to reap the rewards. Unemployment was still eye-wateringly high. When the government lost a parliamentary vote to install a new president, it was forced to call full elections.</p><h3>Six months of Syriza<span> </span></h3><p><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image"><a title_source="UBS" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5591020ddd08956c7e8b45e0-960/screen shot 2015-06-29 at 10.37.06 am.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/5591020ddd08956c7e8b45e0-843-658/screen shot 2015-06-29 at 10.37.06 am.png" border="0" alt="Greek political polling" /></a><p class="source"><span>UBS</span></p></div><p></p></div></div>Syriza won a clear victory in January 2015, falling just short of an outright majority of seats. Rather than entering into coalition with the new and centrist To Potami party as many analysts expected (and perhaps hoped), Tsipras chose to partner with the Independent Greeks (ANEL), an anti-austerity but otherwise transparently rightist bloc.</p><p>The two stars of the new government on the international stage have been Prime Minister Alexis Tsipras and finance minister Yanis Varoufakis. Tsipras climbed a greasy pole from a life of leftist activism, to lead his unlikely coalition, while Varoufakis, an economics professor was drafted into politics less than a year ago.</p><p>Many economists were sympathetic to Greece's position. They argued that debt payments were onerous, the creditors would never receive full payment, and that the programmes were retarding Greek economic growth. It quickly became clear that inside the Eurogroup, few finance ministers, if any, agreed.</p><p>Unlike during the euro crisis, most other peripheral countries were *finally* making economic progress by the end of 2014, and weren't natural allies for Greece. What's more, every European nation has its own anti-austerity parties (particularly Podemos in Spain) ?that would be emboldened by any concessions given to Syriza. As such, <a href="http://www.wsj.com/articles/in-greek-talks-why-its-18-versus-one-1426800979">the talks have often been 18 vs. 1</a>. </p><p>Complaints that Varoufakis was hectoring Europe's other finance ministers began to trickle out, and it was clear that he was personally extremely unpopular within the Eurogroup. That might be unfair to Varoufakis - given the position of the Greek government; he was never likely to make friends with many of the representatives of other nations.</p><p>Initially, there was a gulf between Athens and the creditors, on almost everything. Athens asked for outright debt relief, an end to privatisation, stimulus funding from the ECB and the rolling back of many economic reforms (such as lower minimum wages) made in previous years. The rest of Europe was not impressed.</p><p>Over months of tortuous negotiation, there did appear to be genuine progress at times. By early June, the Greek government had conceded on large parts of their initial programme. Issues like privatisation had been sidelined. It became clear that the major issues that could sink the deal were labour market regulations, fiscal austerity and the pension system.</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Goldman Sachs" title_caption="A timeline of past and upcoming events for Greece" class="zoomin" href="https://static-ssl.businessinsider.com/image/5591020ddd08956c7e8b45e1-960/screen shot 2015-06-29 at 10.43.07 am.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/5591020ddd08956c7e8b45e1-1200-572/screen shot 2015-06-29 at 10.43.07 am.png" border="0" alt="Greece timeline" /></a><p class="source"><span>Goldman Sachs</span></p><p class="caption">A timeline of past and upcoming events for Greece</p></div><p></p></div></div>Athens needed to unlock the last tranche of the bailout deal: The €7.2 billion ($7.98 billion, £5.08 billion) package would have given it the money at least to make an International Monetary Fund (IMF) payment worth €1.5 billion (£,1.1 billion, $1.7 billion) due on June 30 and a payment to the European Central Bank (ECB) worth €3.5 billion (£2.5 billion, $3.9 billion) due on July 20.</p><p>During June, proposals and counter-proposals from Greece and the creditors winged backwards and forwards, and it was never entirely obvious where negotiations stood. Reports would leak out that a deal was close, or imminent, only to be flatly denied hours later.</p><h3>What's happening right now</h3><p>On July 5, just when it looked like a deal might be done, Tsipras shocked the country by calling a referendum on the bailout. Having negotiated the deal, he said it wasn't good enough and didn't fit with his party's mandate. So Syriza is now campaigning <em>against</em> the deal it reached, offering up the decision to the Greek people.<span> </span></p><p>The current bailout programme expires on June 30 - so even if the country votes yes, it's not clear that the deal can be fulfilled.<span> </span></p><p>Much of what happens next depends on that ELA, the ECB emergency assistance to Greek banks mentioned earlier. A trickle of deposits leaving accounts seems to be turning into a river, and pulling away that remaining lifeline would likely be fatal for the handful of remaining banks. On Sunday June 28, the ECB refused to increase the level of ELA provided, something it had previously done at regular intervals.<span> </span></p><p>To avert the rapid outflows, the government is bringing in capital controls (strict measures to halt too much money leaving accounts). Greek banks and the stock exchange will be shuttered on Monday, and queues are now snaking around the ATMs that still have money to dispense</p><p>When controls were brought in to tackle the Cypriot crisis in 2013, they worked. Depositors weren't allowed to withdraw more than €100 (£70.5, $110.70) per day from banks initially. <a href="http://www.bbc.com/news/world-europe-33305019%20">Greeks will be allowed to withdraw even less, just €60 (£42.30, $66.40) per day</a>.</p><p><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image"><a title_source="UBS" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5591020ddd08956c7e8b45e2-960/screen shot 2015-06-29 at 10.35.08 am.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/5591020ddd08956c7e8b45e2-856-673/screen shot 2015-06-29 at 10.35.08 am.png" border="0" alt="Greek support for the euro" /></a><p class="source"><span>UBS</span></p></div><p></p></div></div></p><p>In Cyprus, businesses buying products from abroad needed to prove directly to the central bank that they were getting something for the money they were sending out of the country. Individuals taking more than a few thousand euros out of the country could have their money seized. </p><p><span>The controls stop the outflows, but they also effectively freeze Greece's place in the eurozone. It's not much of a monetary union if you can't move your money even within it. Cyprus regained some economic confidence with its own strict bailout programme - but that's precisely what Athens is currently rejecting.</span></p><p>Greece is now deep into uncharted waters, and Grexit (Greek exit from the eurozone) looks more possible than ever. </p><p>Ahead of the referendum, ordinary Greeks seem to be torn between two positions that now seem to be clearly contradictory.<span> </span></p><p>On the one hand, even after half a decade of turmoil, the? euro is popular. Few people remember the weak drachma fondly, and overwhelming majorities want to remain in the eurozone.</p><p>On the other, the country decided that the fiscal austerity endured over the past five years was a busted flush, and elected genuine radicals to ?take their case to the rest of Europe.</p><p>And in the upcoming referendum, those two instincts will be pitted against each other directly.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/science-falling-love-psychology-sex-realtionships-2015-5">5 scientifically proven ways to make someone fall in love with you</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="R1ODI3dTpoXtlD77UJxOS9v899xfusn0" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'R1ODI3dTpoXtlD77UJxOS9v899xfusn0',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

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