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Thursday, January 17, 2013

Letters: The reality of Britain's relationship with the EU

Identifying the strategy for securing any changes to the UK's relationship with the EU will be as important as determining what, if any, these changes should be (Report, 16 January). How one asks for things, after all, often determines what one gets. In this regard, the current strategy being touted looks hopelessly counter-productive. The premise is that, by threatening to veto treaty changes sought by other member states, the UK will have maximum leverage to secure the changes it wants. However, this veto exists only on paper.

The court of justice stated in its Pringle judgment last November that member states can set up treaties outside the EU framework and use EU institutions to run these. The only constraint is that these must not alter the "essential character" of the institutions. Faced with a threat of British veto on future fiscal integration, other member states would thus simply agree a new treaty managed by the EU institutions. This would be "EU" in everything but name. There would be no reason for it to take account of any British interests.

The terms of trade have therefore changed. A price no longer has to be paid by those wishing to push on with integration to those who previously could stop it. Rather, a price has to be paid by those who do not wish to participate to ensure they are not excluded on unfavourable terms.
Prof Damian Chalmers
London School of Economics and Political Science

• It is difficult to see how Britain, after leaving the EU, could possibly be sidelined. In macroeconomic terms, EU membership is virtually irrelevant for a member state that is large and not in the eurozone. Given the size of the EU budget, which is tiny, there is no reason why free trade and free capital movement cannot continue after "Brexit".

Besides, the EU is becoming increasingly irrelevant in the global economy. When Britain joined the EEC – the forerunner of the EU – in 1975, the EEC was a trading block that accounted for 40% of global economic output. Today, it accounts for 25%. Within a decade, this figure is likely to be less than 15%. There may be many reasons why Britain should stay in the EU; fear of economic or political marginalisation cannot be one of them.
Randhir Singh Bains
Gants Hill, Essex

• Many benefits from EU membership are directly attributable to legislative change. Eric Deakins (Letters, 14 January) says much of this legislation would have appeared anyway. In fact, the UK was dragged kicking and screaming to accept equal pay, the working time directive, and many other social and labour rights.

The regulation on Registration, Evaluation, Authorisation and Restriction of Chemicals (Reach), entered into force on 1 June 2007, obliging UK manufacturers to meet common environmental standards. Changes in sewage processing, waste disposal and recycling were in direct response to EU law. Moreover, the whole point of single market legislation, including that concerning lead-free petrol, is that it is universally applied so we benefit not only from implementation and enforcement here, but throughout the European Economic Area.
Simon Sweeney
Lecturer in international political economy, University of York

• Simon Jenkins (No more talk of in or out. We should be thinking opt-outs, 16 January) appears remarkably confident in his assertions. Many of us, who reject the anti-European stances he backs, would prefer the UK to be part of the eurozone, making it work a lot better by pooling fiscal sovereignty, and also accepting the social chapter and other civilising measures which go to make up a truly free market; free, that is, of the neo-classical economics that are presently ruining the world.

He accuses "Brussels" of power-grabbing and corruption, but these operate in every economy because some people prefer to gain advantages by less than fair means. You only have to look at the wreck of the British economy to establish that.

Furthermore, we are not yet done with establishing peace in our small continent, since many of the Balkan countries have a long way to go. As Europeans, we bear a responsibility to help them get there, without treating them simply as a market opportunity, which, as you report elsewhere, is being driven by hedge funds in the case of Greece. Only a tough-minded EU can put a stop to such shenanigans and it needs some British muscle to do so. I shan't even mention climate change.
John Starbuck
Huddersfield, West Yorkshire

• British trade with the EU will be governed by EU legislation whether we choose to be in or out of the club. Almost half of GDP in the prosperous part of the EU is accounted for by government expenditure. Governments there have a huge role through the EU in shaping the rules for trade, and not just in government procurement. It would be surprising if British companies in their dealings with the EU are not required to obey social, environmental and labour regulations – red tape in populist demagogy – emanating out of the EU institutions. As long as the EU accounts for well over half of UK international trade, realising the full potential of the trading opportunities in Europe will also entail movement of capital and labour on terms that may not be to the liking of the nationalist wing of Mr Cameron's party.

Economic interests will continue to dominate business decisions in the UK to obey EU rules and regulations, whether they are passed with or without the presence of British ministers, until such time as the UK is cut adrift from the EU and trade with the emerging economies like China and India increases more than tenfold to compensate lost trade with Europe. It would be many years before this could happen. By then, these new trading partners may have been dictated by economic logic to embrace much of the EU "red tape".
SP Chakravarty
Bangor, Gwynedd

• I am delighted that Eric Pickles has finally realised that his department's policies (or lack of them) have resulted in a shortfall of affordable housing. However, his silly warnings about eastern Europeans taking what little housing stock is left fail to take account of the bigger problem he and his friends are creating. Where will the UK house the estimated 2.8 million Brits who currently live in other EU countries when they lose the right to live, work and retire anywhere in the EU should we leave?
Eric Goodyer
Colsterworth, Lincolnshire


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Doug Bandow: Chuck Hagel: Finally, a Pentagon Chief Who Despises War

While recognizing that war can be necessary, Chuck Hagel understands -- out of both personal experience and practical consequence -- that war is best avoided, if possible. Unlike the war-happy neocons, he sees military force as a last resort.

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Henkel, Cosco demonstrate faith in Greece


Kathimerini

Henkel, Cosco demonstrate faith in Greece
Kathimerini
Moves by international companies are increasingly pointing to greater trust in the Greek economy, with Henkel, one of the world's top detergent manufacturers, investing in Greece, and Cosco, a leading firm in port services, considering the expansion of ...


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IMF releases aid to recession-mired Greece after delay


The Australian Financial Review

IMF releases aid to recession-mired Greece after delay
Taipei Times
After lengthy delays, the IMF unblocked part of its aid to Greece on Wednesday, offering a brief respite to the recession-mired country grappling with austerity measures. The amount released — 3.2 billion euros (US$4.3 billion) — might seem a mere ...
IMF releases €3.2bn payment to GreeceThe Australian Financial Review
IMF approves $4.3 billion loan for GreeceHuffington Post
IMF approves next tranche of bailout money to GreeceDeutsche Welle
The Australian -Wall Street Journal -Leadership Newspapers
all 713 news articles »

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Greece cracks migrant smuggling network


Independent Online

Greece cracks migrant smuggling network
Independent Online
Athens - Greek police said on Thursday they had dismantled an international criminal network that brought undocumented migrants into the country and helped them on to Italy. The group “has been tied to at least 10 cases of migrant smuggling carried out ...
Greek police bust international migrant smuggling ringMontreal Gazette

all 7 news articles »

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Older rivals square off in Classic


Older rivals square off in Classic
ESPN
For Ron the Greek, the Eclipse Award for champion older male was his to lose at one point, following victories in the Santa Anita Handicap and Stephen Foster Handicap. But the son of Full Mandate lost his final three races, concluding with a fourth ...


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Russia's Sintez Group Reaffirms Interest in Greek Energy Assets


Russia's Sintez Group Reaffirms Interest in Greek Energy Assets
Bloomberg
Russia's Sintez Group Reaffirms Interest in Greek Energy Assets. By Marina Sysoyeva - 2013-01-17T16:38:07Z. Sintez Group, a closely-held Russian energy company, reaffirmed its “strong interest” in Greek gas supplier Depa and gas grid operator Desfa.

and more »

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Greek parties in uproar over tax scandal before inquiry vote

ATHENS (Reuters) - Greece's leftist opposition called on Thursday for two former finance ministers to be punished for failing to act on a list of potential tax evaders, hours before a parliamentary vote to decide who to investigate.



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Dixons benefits from Comet's demise

Electricals chain sold five tablet computers a second before Christmas as competitor's collapse boosts sales

Dixons Retail, the owner of Currys and PC World, sold five tablet computers every second in the run-up to Christmas as the electricals chain and Argos owner Home Retail Group benefited from consumers' seemingly insatiable appetite for gadgets and the demise of rival Comet.

Dixons, the last major electricals chain on UK high streets, said it sold more than 1m tablets, such as iPads, and Google's Nexus, in the three months to January, about three times more than in the same period a year before. Sebastian James, chief executive, said shoppers snapped up five tablet computers a second on the weekend before Christmas.

Terry Duddy, chief executive of Home Retail Group, said Argos had a better than expected festive season with its strongest quarterly sales growth for five years as tablet sales soared more than 50%. "Christmas was absolutely about technology. People were buying lots of tablets and e-readers and using tablets and smart phones to buy other gifts," he said.

Argos enjoyed a 2.7% rise in underlying sales in the 18 weeks to January. Duddy said the chain benefited from less competition from supermarkets, which focused on food over Christmas, and was likely to have picked up some sales from rival Comet which collapsed in December.

Dixons also recorded a hefty 25% rise in sales of large kitchen appliances. James said: "Once the Comet stores closed we did see a lot of customers coming across the street to us."

He described the recent collapse of Comet, Jessops, the camera retailer, HMV, the entertainment store, and Blockbuster, the film rental chain, as part of "quite seismic" changes on the high street: "It is quite heartbreaking to see all those great brands disappearing from the high street."

James said Dixons was surviving because it was making its website and stores work together. Shoppers needed help to understand complex products such as smart TVs. He said gadget makers were keen to offer Dixons exclusive products that could help it could compete with rivals such as Amazon because it could use its stores to show them off to full advantage.

However, the strong UK performance was offset by problems abroad. Underlying sales for the group rose 3% after a dismal performance from Dixon's online camera store Pixmania, whose sales fell by a quarter, and drop 8% at its chains in Greece, Italy and Turkey. Lower profits on tablets compared to laptops also meant analysts did not lift profits forecasts.

James also admitted tablets sales had slowed after Christmas as shoppers switched back to buying laptops. He hinted that UK growth may not keep up the same pace this year.

Duddy is also anticipating another difficult year as the UK economy continues to struggle although he hopes to pick up more camera sales from Jessops which collapsed this month.


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Greek lawmakers to vote on probe of former officials in tax scandal


BBC News

Greek lawmakers to vote on probe of former officials in tax scandal
Los Angeles Times
ATHENS -- Greek lawmakers are to decide Thursday whether two former prime ministers and two ex-finance ministers should be investigated and potentially prosecuted on allegations of covering up suspected tax cheats in the nation's biggest tax-evasion ...
Greek Parliament to vote on probing former top officials over handling of ...Fox News
Lagarde list: Greek ex-ministers face tax probe voteBBC News
Greek Elite Embroiled In Swiss HSBC FuroreSky News
Legalbrief (subscription) -Capital.gr (press release)
all 99 news articles »

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Greek ex-ministers face tax vote

Greek MPs are set to vote on whether to investigate high-ranking former ministers over the alleged mishandling of evidence of tax evasion.

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Klaus Schwab: The Re-emergence of Europe: Restoring Europe's Competitiveness

The European Union currently suffers from "competitiveness deficit" compared to other advanced economies. It has lagged behind the U.S. for the last two decades and, if we look at gross domestic product per capita, the gap has actually widened. Why is this?

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2 Greek men arrested for fatal stabbing of Pakistani cyclist in Athens

ATHENS, Greece - Police in Athens are holding two Greek men as suspects over the fatal stabbing early Thursday of a Pakistani immigrant worker near the city centre, and are investigating whether the attack was racially motivated.

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Greece debates probe of Swiss account scandal


Greece debates probe of Swiss account scandal
Huffington Post
ATHENS, GreeceGreece's Parliament was debating Thursday whether to launch criminal investigations into two former prime ministers and finance ministers over how leaked data on Greeks who banked in Switzerland was handled. All three parties in the ...


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IMF approves $4.3 billion loan installment for Greece following review


IMF approves $4.3 billion loan installment for Greece following review
Ottawa Citizen
WASHINGTON - The International Monetary Fund on Wednesday approved a €3.24 billion ($4.3 billion) loan installment to Greece, following an economic review. The decision by the IMF's board was expected following the Greek parliament's approval this ...


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Hedge fund's Greek gamble pays


Hedge fund's Greek gamble pays
Financial Times
“We remain strong believers for further repricing in Greek fixed income and selected equity assets,” the firm said in an end of year letter sent to clients, a copy of which was seen by the Financial Times. Dromeus has not been alone in profiting from ...


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Greek doctors, Athens metro workers on strike




ATHENS, Greece (AP) — Greek doctors and workers at the Athens metro system have walked off the job, striking to protest salary cuts that are part of harsh austerity measures the country is taking to get its hands on bailout cash it needs to avoid bankruptcy.


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Greece taxes foreign-flagged ships for first time amid crisis


Kathimerini

Greece taxes foreign-flagged ships for first time amid crisis
Kathimerini
Greece will tax merchant ships managed by companies based in the country and sailing under foreign flags for the first time ever as the nation's debt crisis spurs the government to raise revenue. Amendments to a bill passed by lawmakers at the weekend ...


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Driver sentenced for causing Greece crash


Driver sentenced for causing Greece crash
Get Surrey
FOUR-and-a-half years of uncertainty has finally ended for the family of an Ashford man after the person who caused the accident in which he died was given a two-year suspended prison sentence by a Greek court. Jordan Beard was 20 when he lost his life ...

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Greek tax scandal is 'almost comical'


Kathimerini

Greek tax scandal is 'almost comical'
BBC News
There is an explosive tax scandal in Greece at the moment - it follows from the so-called Lagarde List - a dossier of suspected tax evaders with Swiss bank accounts, it was passed by the then French finance minister, Christine Lagarde to her Greek ...
Crunch time for Greek lawmakers over tax evasion scandalLegalbrief (subscription)
Greece to vote on tax evasion probeEurope Online Magazine

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AUDIO: Greek tax scandal is 'almost comical'

The BBC Athens correspondent Mark Lowen reports that the Greek parliament is voting today on whether to investigate high-ranking ministers for allegedly mishandling the Lagarde list.

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Greece not out of woods, must stick to reforms: finance minister


Greece not out of woods, must stick to reforms: finance minister
Chicago Tribune
ATHENS (Reuters) - Greece must resist internal political pressure to slow economic reforms in a year that will dictate whether it avoids bankruptcy, Finance Minister Yannis Stournaras told Reuters in an interview. With EU partners starting to praise ...


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