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Friday, September 14, 2012

Putin admits stunt was faked

The Russian President, Vladimir Putin, has admitted that one of his most publicised stunts was staged. Last year he was shown on Russian television with two ancient Greek jugs he allegedly found while scuba diving.



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Greece's Prime Minister: 'Things Have Changed in Greece' (Athens)


Greece's Prime Minister: 'Things Have Changed in Greece' (Athens)
NorthJersey.com
ATHENS, Greece — Antonis Samaras became Greece's prime minister just three months ago, but he has already become a veteran in a two-front war. Samaras is trying to keep his country in the euro zone by agreeing to major budget cuts demanded by the ...
“Everybody Knows We Are Serious”Slate Magazine

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Bernanke's plan jolts the Dow, so where is QE3's harshest critic now?

Paul Ryan has yet to comment on the Fed's quantitative easing plan despite a long history of railing against the measure

Almost 24 hours after the Federal Reserve announced another blockbuster programme to prop up the US's lackluster economy, one of its biggest critics remains strangely silent.

Paul Ryan, the Republican vice-presidential candidate, has yet to comment on Fed chairman Ben Bernanke's plan to inject $40bn into the US economy every month for the foreseeable future.

Spotted by CBS reporter Sarah Boxer on his way to House speaker John Boehner's office yesterday, all he had to say was: "Oh, I'm just here to see some of my friends."

Ahead of the announcement Ryan was far more outspoken, specifically coming out against a third round of quantitative easing (QE3) from the Fed in an interview with financial news channel CNBC on 7 September.

"I think QE3 – I think QE – the costs outweigh the benefits in my personal opinion," said Ryan.

"If borrowing and spending and regulating and taxing was the secret to economic success, we would be entering a golden age along with Greece," Ryan said. "It's not. It doesn't work. We need sound money, low tax rates, fiscal discipline, regulatory certainty and we need to stop this notion of a government-driven economy."

On 23 August he made the same case to CNBC's Larry Kudlow: "We want to pursue a sound money strategy so that we can get back the king dollar, as you say it, Larry. Number two, I'm not a fan of more stimulus or more easing. I think the benefits are clearly outweighed by the long-term costs of this. There – it's not working, and all this loose money from the Fed is basically bailing out the fact President Obama has failed on fiscal policy. The Fed can't keep bailing out bad fiscal policy. We need to get our fiscal policy right."

So where is Ryan now? His would-be boss Mitt Romney sort of discussed the Fed's move on ABC's Good Morning America on Friday: "What Bernanke's doing is saying that what the president's saying is wrong. The president's saying the economy's making progress, coming back. Bernanke's saying, 'No, it's not. I've got to print more money."

But so far there has been no real critique of QE3.

All very strange really, especially as Ryan appears to have picked in part for his hardline financial philosophy and not just his puppy dog eyes. The Dow is soaring Friday and hit highs unseen since 2007 on Thursday. Perhaps Ryan has been muzzled while the Republicans wait to see if and when the rally will subside.

He did mention America's debts . But still nothing on Ben.

And then he was off to the safety of sports.

Whatever happened to: no Ben no?

Dominic Rushe

guardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds




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Latest cutbacks in Portugal bring explosive mood





New Portuguese austerity measures announced in recent days may be the tipping point that transforms the nation's sullen acceptance of belt-tightening into an explosion of anger like that seen in Greece over the past two years.

The five days that radically soured the Portuguese mood began last week when Prime Minister Pedro Passos Coelho announced an increase in workers' social security contributions to 18 percent of their monthly salary from 11 percent.

Workers and business leaders, opposition parties and government stalwarts — all have joined in sending Passos Coelho the message that Portugal can no longer stand the pain.

In addition to Saturday's mass protests, the Portuguese are due to voice their anger in a series of strikes and other demonstrations over the next few weeks.

The suddenly hostile climate could push Portugal along a path similar to Greece, where public defiance has frustrated efforts to lay out a clear path to recovery, damaging Europe's efforts to contain the financial crisis.

Portugal has won praise from the other 16 countries using the shared euro currency for complying with the terms of the €78 billion bailout agreement it signed in May last year after a decade of paltry growth and mounting debts.

A third recession in four years has denied the government anticipated tax revenue, and record unemployment of 15.7 percent has drained Treasury funds.

Antonio Jose Seguro, the leader of the main opposition Socialist Party which endorsed earlier cuts, said the government had gone too far this time and vowed to vote against the 2013 state budget.

Powerful members of the Social Democratic Party, the coalition's senior member, expressed dismay at the prime minister's strategy.

The demonstrations, organized via a Facebook page by a group of local intellectuals, were called to contest the cutbacks and were to take place under the slogan, "We want our lives back!"


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Holland obediently tightens the belt for Greece and EU

Parliamentary elections have taken place in the Netherlands this week. Holland is an island of relative stability in Europe. The crisis has certainly affected the country, but it did not strike it much. The Netherlands remains one of the few EU countries, whose credit rating has never been downgraded

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Press Watch, September 14

The winding road toward approval of the 11.5 billion euro budget cuts package and various developments that might help inject liquidity into the Greek economy dominated the headlines of Athens dailies.

A 1.4 billion loan from the European Investment bank was intensely covered. About 750 million of that will be disbursed immediately and the rest will be given in installments through next March.

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European ministers discuss Greece debt extension





NICOSIA, Cyprus (AP) — Greece may get more time to cut its budget, its creditors indicated Friday in another sign of increasing flexibility and optimism across the 17 countries that use the euro, while Spain appeared to be inching closer to making a formal request for financial assistance.

The new Greek coalition government is seeking a two-year extension to meeting a budget reduction program to 2016, as the country's recession is proving worse than anticipated at the time the program was negotiated.

Jean-Claude Juncker, the head of the eurogroup of finance ministers, told a press briefing following an informal meeting in the Cypriot capital, that the report from the "troika" of the European Union, European Central Bank and the International Monetary Fund is unlikely to be ready before the beginning of October, pushing on a decision on Greece's bailout loans into the second half of October.

The ECB bond-buying plan, the creation of a new government in Greece following two elections and a German court ruling in favor of Europe's new bailout fund have all calmed markets and politicians nervous at the eurozone's debt problems.

"De Guindos also informed the eurogroup today that the Spanish government intends to adopt a national reform program by the end of September based on recommendations of the European Union, with very clear commitments and precise timetables," Olli Rehn, the European commissioner for monetary affairs, said.


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Greek Fin Min: Issue of Loan Program Extension is on the Table


Kansas City Star
Greek Fin Min: Issue of Loan Program Extension is on the Table
Wall Street Journal
Greek Fin Min: Issue of Loan Program Extension is on the Table. Article. Email; Printer Friendly; Share: facebook ↓ More. StumbleUpon; LinkedIn; Twitter; Fark; Reddit; del.icio.us; MySpace. smaller Text larger ...
Greek finance minister expects decisions on aid plan in second half of OctoberReuters
Greek unions call general strike for Sept. 26Atlanta Journal Constitution
European ministers discuss Greece debt extensionHuffington Post
San Jose Mercury News
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Ethics committee in disagreement over motion against Golden Dawn

Parliament’s ethics committee on Thursday condemned recent violent incidents that took place with the participation of Golden Dawn MPs.

The motion was supported by New Democracy, Pasok and Independent Greeks. However, the Democratic Left, Syriza and Communist Party representatives on the committee cast an empty ballot, complaining that the motion was too mild.

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Spain's government debt hits 75.9 pct of its GDP

Spain's Economy Minister Luis de Guindos reacts to the media before an Informal European economic and financial affairs council in capital Nicosia, Cyprus, Friday, Sept. 14, 2012. Key participants in Europe's debt crisis are gathering in Cyprus to discuss the latest developments in Spain and Greece and the impact of the European Central Bank's plan to protect the euro. (AP Photo/Petros Karadjias)Spanish government debt rose to 75.9 percent of its economy in the second quarter of the year according to figures published by the Bank of Spain.



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Greece has another month before debt assessment

German Finance Minister Wolfgang Schuble, right, talks to the Managing Director of IMF Christine Lagarde prior of the Informal European economic and financial affairs council in capital Nicosia, Cyprus, Friday, Sept. 14, 2012. European finance ministers are gathering in Cyprus for two days of discussions about the debt crisis and the latest developments in Greece and Spain. (AP Photo/Dimitri Messinis)Jean-Claude Juncker, the head of the eurogroup of finance ministers, says Greece will not learn whether it's done enough to get its next batch of bailout cash for at least a month.



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European Ministers Debate Bailouts

Euro-zone finance ministers indicated they may consider giving Greece more time to meet its budget goals but ruled out additional aid for the country, while urging Spain to come clean on its overall financing needs.

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Euro ministers to discuss giving Greece more time

German Finance Minister Wolfgang Schuble, right, talks to the Managing Director of IMF Christine Lagarde prior of the Informal European economic and financial affairs council in capital Nicosia, Cyprus, Friday, Sept. 14, 2012. European finance ministers are gathering in Cyprus for two days of discussions about the debt crisis and the latest developments in Greece and Spain. (AP Photo/Dimitri Messinis)Greece may be given some more breathing room to meet its bailout commitments but no more money, European finance ministers indicated Friday as they gathered in Cyprus for a top-level meeting.



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Euro ministers meet following the ECB's bond plan; Greece, Spain to top agenda


Euro ministers meet following the ECB's bond plan; Greece, Spain to top agenda
680 News
International Monetary Fund (IMF) Managing Director Christine Lagarde leaves the presidential palace after meeting with Cyprus' president Dimitris Christofias, unseen, in capital Nicosia, Cyprus, Thursday, Sept. 13, 2012. Lagarde is in Cyprus for an ...

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Greece may get more time to meet commitments





Arriving for the start of two days of discussions between Europe's finance ministers in the Cypriot capital, De Jager said Greece does not have much flexibility as it tries to get more time to achieve its budget cuts and reform measures required by its rescue lenders.

Debt-crippled Greece has depended since May 2010 on international rescue loans, granted by its European partners and the International Monetary Fund, in return for a deeply unpopular austerity program.

Greek Prime Minister Antonis Samaras, who is currently struggling to get an agreement on an €11.5 billion ($14.7 billion) package of spending cuts for the coming two years with the two leaders of his coalition government, says no new money will be needed, arguing that Greece could raise more short-term money in the markets and rework its current spending plans.


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Greece may get more time to meet commitments

International Monetary Fund (IMF) Managing Director Christine Lagarde leaves the presidential palace after meeting with Cyprus' president Dimitris Christofias, unseen, in capital Nicosia, Cyprus, Thursday, Sept. 13, 2012. Lagarde is in Cyprus for an Informal European economic and financial affairs council. (AP Photo/Petros Karadjias)Greece may be given more time to meet its bailout commitments if the country's recession turns out worse than expected, but no more money will be provided by its euro partners, Dutch finance minister Jan Kees de Jager said Friday.



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Greece may get more time to meet commitments, but Dutch finance minister ...


San Francisco Chronicle
Greece may get more time to meet commitments, but Dutch finance minister ...
Washington Post
NICOSIA, Cyprus — Greece may be given more time to meet its bailout commitments if the country's recession turns out worse than expected, but no more money will be provided by its euro partners, Dutch finance minister Jan Kees de Jager said Friday.
Dutch Finance Minister: Greece May Get More Time for Budget Goals, Not More ...Fox Business

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IMF's Lagarde discusses Cyprus bailout, gives little away


swissinfo.ch
IMF's Lagarde discusses Cyprus bailout, gives little away
Reuters
Euro zone minnow Cyprus, with a GDP of just 17 billion euros, asked for aid in June to rescue its largest banks, heavily exposed to Greek debt. Talks with the European Commission, the IMF and the European Central Bank, known as the troika, have been ...
Greece may get more time to meet commitmentsSan Antonio Express
Euro ministers meet to discuss rescue effortsMacon Telegraph (blog)
Lagarde and Draghi in Cyprus for crunch ECOFIN meetingFamagusta Gazette
Financial Mirror
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Mark Rutte building Dutch coalition





Work to build a new ruling Dutch coalition started Thursday, after conservative leader Mark Rutte bucked a European trend by winning an election despite pushing through tough austerity measures to counter the continent's devastating debt crisis.

Firebrand populist Geert Wilders was hammered at the polls, losing nine of his Freedom Party's 24 seats after campaigning to pull the Netherlands out of the 27-nation European Union and dump its shared currency, the euro.

Dutch voters clearly chose to reinforce pro-European measures.

Since Europe's debt crisis erupted in 2009 and plunged the continent into the economic doldrums, longtime Italian leader Silvio Berlusconi quit, Greece's government fell and French President Nicolas Sarkozy - a conservative like Rutte - was voted out of office.


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