 |
| READ THE ORIGINAL POST AT en-maktoob.news.yahoo.com |
How the world sees Greece
Wednesday, July 3, 2013
Greece seeing 'silver lining' in debt turmoil: Germany
German Foreign Minister Guido Westerwelle said on a visit to Greece Wednesday that he believed the country was beginning to see a "silver lining" in its debt turmoil and urged international creditors to recognise its achievements.
Merkel rejects talk of new debt writedown for Greece, insists country is ...
Kathimerini | Merkel rejects talk of new debt writedown for Greece, insists country is ... Kathimerini The subject of Greece has been on Merkel daily agenda since 2009, when the country's deficit was announced. Up until then, the only Greek issue that had really concerned her was that of a German submarine purchased by the Greek government that was ... Report: Germany's Merkel rejects talk of new debt writedown for Greece Merkel: No New Greek Debt Cut Merkel: Do Not See New Debt Restructuring For Greece - Press |
|
| READ THE ORIGINAL POST AT www.ekathimerini.com |
Listen carefully: bugging foreign embassies is nothing new
So well documented are efforts to bug embassies that diplomats must know better than to discuss real secrets in their own offices
MI5, MI6, GCHQ, and their counterparts in other countries, must have a regularly updated list of painters, plasterers, and plumbers they can rely on to bug foreign embassies.
Peter Wright, the former MI5 officer, described in his memoirs, Spycatcher, how "we bugged and burgled our way across London at the state's behest, while pompous, bowler-hatted civil servants in Whitehall looked the other way".
Government officials may no longer be pompous, certainly not bowler-hatted, but the bugging goes on, as the foreign minister of Ecuador suggested on Wednesday.
Ten years ago, decades after Wright described his exploits, it was reported, and not denied, that British security and intelligence agencies tried to bug the Pakistani high commission in London when it was being redecorated. Shortly afterwards, Britain accused Pakistan of bugging its high commission in Islamabad.
Wright described in meticulous detail how MI5 bugged the Egyptian embassy in London during the 1956 Suez crisis, as well as the Greek and Indonesian embassies. It also bugged the French embassy so that "every move made by the French during our abortive attempt to enter the Common Market was monitored".
The bugging was orchestrated by GCHQ's London office in a squat, prewar, redbrick building in central London.
A former military police officer, Bill Graham, describes in his book, Break-In, how he was asked by MI6 to bug the Soviet trade mission in Highgate, north London, after he had successfully tendered for a double-glazing contract.
For years, until it was found in 1952, the Russians hid a bug behind the great seal in the US embassy in Moscow.
And in the runup to the invasion of Iraq in 2003, America's National Security Agency asked GCHQ, to join an operation to bug the offices and residencies of the UN ambassadors of those critical of the US-UK military plans.
The US has been busy bugging EU offices in the UN and Brussels, according to documents released by Edward Snowden the American whistleblower this week.
Is it all worth it? Surely by now diplomats must be wary of discussing real secrets in their own offices, rather than in sealed rooms, or parks, or bathrooms when the tap is switched on.
guardian.co.uk © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds
     |
|
| READ THE ORIGINAL POST AT www.guardian.co.uk |
Greece confident of deal to get next bailout funds
Greece confident of deal to get next bailout funds U.S. News & World Report ATHENS, Greece (AP) — Greece's deputy prime minister says he's confident the country will complete tough new negotiations with rescue creditors and avoid a delay in upcoming loan payouts worth 8.1 billion euros ($10.6 billion). Evangelos Venizelos ... |
|
| READ THE ORIGINAL POST AT www.usnews.com |
Eurozone crisis: Portugal sends stock markets tumbling
Threat of Portuguese government collapse causes FTSE to fall 74 points and German Dax and French CAC to drop 1.5%
Stock markets were spooked by Portugal's descent into political chaos on Wednesday as the threat of a government collapse sent the country's borrowing costs into critical territory and threatened a new phase in the eurozone crisis.
The FTSE fell 74 points, or 1.2%, while the German Dax and French CAC tumbled 1.5% as markets digested rumours that the resignation of Portugal's finance minister and foreign minister could be followed by more colleagues. Market unease over the health of the world economy was exacerbated by the political drama unfolding in Egypt and a weakening in China's growth.
The Portuguese ministers quit the coalition government this week in a row over the ruling party's handling of the country's economic plight, amid fears that they will be followed by two ministerial colleagues who are members of the junior coalition partner. If that happened, observers fear that they could take down the centre-right government. However, the junior coalition party, CDS-PP, said this evening that there would be no more ministerial resignations.
European commission president José Manuel Barroso, a former Portuguese premier, said the indebted nation risked damaging its hard-earned financial credibility after two years of closely following its €78bn (£66.4bn) bailout programme, co-ordinated by the International Monetary Fund, European Union and European Central Bank.
"This delicate situation requires a great sense of responsibility from all political forces and leaders," he said.
The government's future hung in the balance after president Aníbal Cavaco Silva's office said he would meet the leader of the main opposition Socialists and other parties to discuss the deepening schism in the coalition. Under the constitution, he has the power to dissolve parliament and can invite opposition parties to form a government.
Speaking in Berlin, where he was attending the EU summit on youth unemployment, prime minister Pedro Passos Coelho reiterated that he had no plans to resign. He said: "I am confident that we will be able to surpass this difficulty … I hope this internal crisis can be overcome very quickly."
With no solution imminent, the euro fell and the interest rate on Portuguese government debt soared past the 7% level – where debts are considered unsustainable – to hit 8.1% at on point, before settling back at 7.5%. The PSI 20 stock index in Lisbon fell by 5%, led by sharp losses of over 10% in bank shares
Only last month the IMF said Portugal's ability to meet the terms of a 2011 rescue package was "fragile" and the coalition was finding it difficult pushing through spending cuts and labour market reforms.
In recent months the IMF has appeared at odds with its bailout partners, preferring to take a more lenient stance than Brussels and the ECB.
However, the German government, which is the largest lender under the bailout terms, has forced the trioka to maintain a hard line. Portugal appeared to be on track to meet its obligations and had hoped to return to the international money markets next year to fund its debts, but without a lower interest rate on its debt or a longer payback timetable, that prospect looks under threat.
Jan Randolph, director of sovereign risk at IHS Global Insight, said Portugal had won strong support in Berlin for its efforts, but it could only expect further bailout funds if it maintained the pace of reform. He said the situation in the eurozone remained difficult while Spain and Italy struggled to grapple with economic and labour market reforms.
Bank of America Merrill Lynch analysts said the combination of surging yields and political uncertainty "reduces the prospects of Portugal regaining full market access in the next year", leading to expectations of a new bailout being required.
That, in turn, could send Portuguese bond yields even higher as a second bailout could involve Greece-style losses forced upon debt holders, the analysts said.
Meanwhile, a report showing slowing growth in China's service sector also weighed on markets. The National Bureau of Statistics reported that China's services PMI, a measure of activity, had fallen to a nine-month low of 53.9 in June from May's 54.3.
Oil prices recovered some of the lost ground on Wednesday following fears that turmoil in Egypt will undermine stability in the Middle East and hold up supplies. In the US, the Dow Jones Index closed up 0.4% as investors digested stronger-than-expected private sector jobs data.
guardian.co.uk © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds
| |
|
| READ THE ORIGINAL POST AT www.guardian.co.uk |
Dollar update Portugal ? Greece ? Egypt drives U.S. dollar
ADP payroll numbers being strong and the Fed lurking, the U.S. dollar remains one of the best trades of the third quarter. A test of 84.00 on DXY was sniffed out this morning, but remains in sight. Bottom Line: Buy ...
|
| READ THE ORIGINAL POST AT www.greekherald.com |
Giannaras Says Greece?s Problems Political
Well-known University of Athens Professor Christos Giannaras, jumping into the debate about the dysfunctional state of Greece, blamed its problems on the usual suspects, primarily a bloated public sector notoriously inefficient which has weighed down the economy for decades. Giannaris said the country’s public administration, packed with political hires, is a failure and responsible for ...
|
| READ THE ORIGINAL POST AT www.greekherald.com |
Portuguese and Greek woes reignite fears
Portugal plunges into political crisis while Greece’s inability to reform its public sector unnerves investors, sending bond yields soaring
|
| READ THE ORIGINAL POST AT www.ft.com |
Apple Back At $420, Amazon Pushing A New High
Global worries and headlines are back after a period of relative calm. There were red arrows in markets around the world in response to the worries over Greece and Portugal, as well as the ongoing protests in Egypt that threaten to boil over into civil war.
Europe is down 1.5% + across the board, and Asian markets are also down as oil spikes above $100.
|
| READ THE ORIGINAL POST AT www.forbes.com |
Greek Wages Are Falling Fast And Well Below Euro Zone Averages
Greek Wages Are Falling Fast And Well Below Euro Zone Averages International Business Times Greek wages have plummeted to their lowest levels in more than a decade, reports Eurobank Ergasias. Earnings in the debt-choked country -- which has returned to economic doldrums in recent weeks after some brief signs of recovery -- sank 7.7 percent ... |
|
| READ THE ORIGINAL POST AT www.ibtimes.com |
Whoever Portugal's prime minister is, the troika is in charge
Could Pedro Passos Coelho become our second prime minister in two years to be toppled by the backlash against austerity?
Portugal's government is on the verge of collapse, and the script of its demise couldn't have been more dramatic. On Monday, the finance minister, Vítor Gaspar, the widely criticised architect of the country's €78bn bailout plan, resigned. On Tuesday, minutes before his successor, Maria Luís Albuquerque, was sworn in, news broke of the resignation of foreign minister Paulo Portas, the leader of the centre-right party in the coalition government.
Then came another twist: the prime minister, Pedro Passos Coelho, refused to accept Portas's resignation and gave a public address in which he said he would "not abandon Portugal". In an attempt to block Portas' coup, Passos Coelho also said that he wanted a dialogue with the junior party and to avoid early elections. The collapse of the Portuguese government increasingly resembles a tragi-comedy.
One TV image summed up the awkwardness of the situation: as Albuquerque was signing her ministerial vows, Paulo Portas's parting statement was being shown in the background. Albuquerque, who was previously the treasury secretary, starts her new job still carrying the baggage of a recent scandal relating to swap contracts in state companies. You can't help thinking: for how many hours will she be in her job?
The key question, though, is how long Passos Coelho will be in office. Could he become the second Portuguese prime minister in just two years to be toppled by the backlash against the troika's austerity programme, after José Sócrates in 2011?
Gaspar had announced his departure from the government in a harshly worded letter in which he criticised the conflicts within government triggered by his bailout programme – in effect, he was criticising the opposition he had faced from figures such as Portas, who had spoken out against the pension cuts. Portas was briefly promoted to number two in government after Gaspar's resignation, and had been tasked with overseeing cuts and to plan state reform.
The troika – the European Commission, the Central Bank and the IMF – will visit Portugal in two weeks to assess how the country is managing the €78bn bailout. Many are very worried about whether Portugal's government will be able to hold its own in negotiations. If Passos Coelho stays, he won't be able to run an unmanageable government for too long. The best alternative would be to hold the elections early, and that's what people are crying out for on the streets. The big question now is what the president, Aníbal Cavaco Silva, a supporter of Gaspar's austerity measures and Passos Coelho's government, will decide to do.
If he calls for an election, the alternative to the current coalition government would be António José Seguro, leader of the centre-left party, PS. Though he is generally regarded as a weak leader, overall discontent will probably make him the favourite. If Seguro does become Portugal's next prime minister, though, his task won't be very different from that of Passos Coelho: like Italy and Greece, we live in troikaland, and our real prime minister is the troika. And can anyone topple the troika?
guardian.co.uk © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds
| |
|
| READ THE ORIGINAL POST AT www.guardian.co.uk |
Greek Cypriot leader seeks more EU aid
The cost of bailing out Greek Cypriot Administration has exceeded estimations. Greek Cypriot leader Nicos Anastasiades asked for more money from Brussels ahead of a key meeting by Eurozone finance ministers.European Union finance ministers adopted a 10 billion Euro bailout package for the Greek Cypriot Administration. According to the EU sources, the Greek Cypriot leader asked the Bloc to provide ...
|
| READ THE ORIGINAL POST AT www.greekherald.com |
Lenders press Greece over public sector
Athens and international creditors scramble to conclude a review of the loan programme before eurozone finance ministers meet in Brussels
|
| READ THE ORIGINAL POST AT www.ft.com |
Greece, Portugal, risk reawakening eurozone beast
Greece, Portugal, risk reawakening eurozone beast Kathimerini A teetering Portuguese government has underlined the threat that the eurozone debt crisis, in hibernation for almost a year, may be about to reawaken. From Greece to Cyprus, Slovenia to Spain and Italy, and now most pressingly Portugal, where the ... |
|
| READ THE ORIGINAL POST AT www.ekathimerini.com |
Where The Most Important Part Of Your Battery Comes From
Lithium ( Greek for "stone") is the third element on the periodic table, a silvery-white alkali metal that's soft enough to be cut with a table knife.
|
| READ THE ORIGINAL POST AT gizmodo.com |
Greek payments may be delayed or dribbled out, EU officials say
Kathimerini | Greek payments may be delayed or dribbled out, EU officials say Kathimerini ... end of August, a European official told reporters in Brussels on condition of anonymity. While a delay isn't the central scenario, the Greek government could get through the summer with alternatives such as selling short-term bills, the official ... |
|
| READ THE ORIGINAL POST AT www.ekathimerini.com |
Cheap Eats: Asian, Greek, Mexican
Cheap Eats: Asian, Greek, Mexican USA TODAY There are plenty of places in Las Vegas for you to eat well for under $10 and not have to compromise on quality. This time, we've rounded up a fantastic hole-in-the wall taqueria, a Chinese restaurant that serves great burgers, and upscale Greek food ... |
|
| READ THE ORIGINAL POST AT www.usatoday.com |
Subscribe to:
Posts (Atom)