ATHENS, Mar 20, 2010 (IPS) - Serious concerns are being raised about the impact of the ongoing recession in Greece on the political and economic situation in the neighbouring Balkans. Greece has been at the centre of a financial tempest for the past five months, after its newly-elected government accepted that its public deficit was 12.7 percent rather than 3.3 percent and that its debt figures had been engineered creatively by previous administrations. This led credit trust institutions like Fich, Standard and Poors and Moodys to devaluate Greece's lending status in the international market, thus opening the ground for profiteering over Greek debt bonds by hedge funds. When the crisis posed a direct threat to the stability of the European monetary union, Brussels intervened, asking the country to adopt a programme of economic shock therapy. Under pressure from international markets and its European partners to reduce its deficit, the Panhellenic Socialist Party (Pasok) government announced tax increases and a 30 percent cut to the two-month "bonus" pay Greek civil servants receive each year. However, the cuts to public workers' salaries, along with the two percent increase in the value added tax, is expected to result in lower consumption and perpetuate a more painful recession for all Greeks. This could also mean a spillover of the recession from Greece to the neighbouring economies. Greece is not only a major investor in the Balkans but also a donor and host to several hundred thousand economic migrants from the region. "The political elites of the Southern Balkans are worried about the impact that the Greek economic crisis may have on the countries in the region," Dardan Velija, former integration advisor to Kosovo's prime minister, told IPS. "Albania has a large diaspora in Greece, which sends money back home and the Greek banking sector is spread into the neighbouring countries of Greece".
BRUSSELS, Mar 17, 2010 (IPS) - Equipment designed for torturing prisoners is still being exported from European Union (EU) countries despite a four-year-old ban on such trade, according to a new report by Amnesty International.The human rights group has found that companies active in several of the EU's 27 states have exploited loopholes in controls aimed at putting an end to the selling of instruments of torture. The EU rules - in force since 2006 - need to be widened to cover a number of devices that remain outside their scope, Amnesty has argued. It highlights how Nidec, a company trading from Spain, has been dealing in 'stun cuffs' in the past few years. Intended for restraining a detainee by placing them around his or her limbs, such cuffs inflict a painful electric shock. Unlike similar "stun belts", the cuffs are not explicitly banned by the EU's rules.
Police have battled with thousands of demonstrators during clashes between the English Defence League (EDL) and Unite Against Fascism (UAF) in Bolton.More than 1,500 UAF and 2,000 EDL supporters were in Victoria Square and a number of people were injured. Sixty-seven people were arrested, including the UAF protest organiser on suspicion of conspiracy to commit violent disorder, police said. The EDL says it opposes "militant Islam" and Sharia law. UAF accuses the EDL of being a far right party but it describes itself as a peaceful, non-political group.
Police have battled with thousands of demonstrators during clashes between the English Defence League (EDL) and Unite Against Fascism (UAF) in Bolton.
More than 1,500 UAF and 2,000 EDL supporters were in Victoria Square and a number of people were injured.
Sixty-seven people were arrested, including the UAF protest organiser on suspicion of conspiracy to commit violent disorder, police said.
The EDL says it opposes "militant Islam" and Sharia law.
UAF accuses the EDL of being a far right party but it describes itself as a peaceful, non-political group.
(Reuters) - Russian police broke up an opposition demonstration in Moscow on Saturday, one of around 50 rallies across the country with thousands protesting falling living standards under Prime Minister Vladimir Putin.A coalition of opposition groups declared a national "Day of Anger" with nationwide rallies tapping into anger which has been rising since the economic crisis hit. The protests mixed local issues with anger at the federal government.Opposition groups have been heartened by unusually large rallies in recent months. But riven by division they were unable to match the 10,000 people who gathered for a January rally in the western city of Kaliningrad, one of the largest in a decade.
(Reuters) - Russian police broke up an opposition demonstration in Moscow on Saturday, one of around 50 rallies across the country with thousands protesting falling living standards under Prime Minister Vladimir Putin.
A coalition of opposition groups declared a national "Day of Anger" with nationwide rallies tapping into anger which has been rising since the economic crisis hit. The protests mixed local issues with anger at the federal government.
Opposition groups have been heartened by unusually large rallies in recent months. But riven by division they were unable to match the 10,000 people who gathered for a January rally in the western city of Kaliningrad, one of the largest in a decade.
I'm sure the german national socialist party of the 30s were pretty peaceable too. It was just all those people in their way who were violent. keep to the Fen Causeway
AFP - Five people identified as ETA suspects in a surveillance video released in France and Spain are in fact firemen from Spain's Catalonia region who were on holiday, Spanish media said Saturday. France and Spain on Friday released images from closed-circuit television cameras of five people Spanish police said were suspected members of the Basque separatist organisation involved in the killing of a French policeman near Paris this week. But the government in the northeastern region of Catalonia said the five were in fact Catalan firemen who were on a climbing holiday in France, Spanish national radio reported. The Catalan fire service was alerted by the men themselves, who had received calls from the family and friends who had recognised them from the video, the Europa Press news agency reported.
AFP - Five people identified as ETA suspects in a surveillance video released in France and Spain are in fact firemen from Spain's Catalonia region who were on holiday, Spanish media said Saturday.
France and Spain on Friday released images from closed-circuit television cameras of five people Spanish police said were suspected members of the Basque separatist organisation involved in the killing of a French policeman near Paris this week.
But the government in the northeastern region of Catalonia said the five were in fact Catalan firemen who were on a climbing holiday in France, Spanish national radio reported.
The Catalan fire service was alerted by the men themselves, who had received calls from the family and friends who had recognised them from the video, the Europa Press news agency reported.
Speaking to FRANCE 24, Barroso said eurozone countries, including Germany, would be ready to extend aid to Greece - if asked. "Germany is ready in case Greece needs it, and so far Greece has not asked for financial support," he said. ... The Greek debt crisis has strained relations between EU member states, most notably between France and Germany. In a statement that sparked howls of protest from many eurozone members earlier this week, German Chancellor Angela Merkel called for eurozone countries that do not meet the criteria of stability to be excluded from the 16-member grouping. Merkel is very reluctant to pay out significant sums for other eurozone countries economic problems as it would play very badly domestically in Germany. But in his interview with FRANCE 24, Barroso dismissed the idea of kicking out eurozone members. "I do not comment on other's comments," he stressed. "What I can tell you is the position of the Commission...currently, excluding a member state from the eurozone is not possible. It's absurd." He also said the euro area was "ready to take all the necessary measures" to guarantee Greece's financial stability.
...
The Greek debt crisis has strained relations between EU member states, most notably between France and Germany.
In a statement that sparked howls of protest from many eurozone members earlier this week, German Chancellor Angela Merkel called for eurozone countries that do not meet the criteria of stability to be excluded from the 16-member grouping. Merkel is very reluctant to pay out significant sums for other eurozone countries economic problems as it would play very badly domestically in Germany.
But in his interview with FRANCE 24, Barroso dismissed the idea of kicking out eurozone members. "I do not comment on other's comments," he stressed. "What I can tell you is the position of the Commission...currently, excluding a member state from the eurozone is not possible. It's absurd."
He also said the euro area was "ready to take all the necessary measures" to guarantee Greece's financial stability.
March 20 (Bloomberg) -- Chancellor Angela Merkel signaled that Germany is open to European Union aid to Greece and denounced what she called "superficial" European solidarity that doesn't face up to the need for fiscal discipline. Merkel said no decision has been made about whether to use EU aid to Greece or to seek assistance from the International Monetary Fund. A government spokesman today confirmed her statement, which was reported by Deutsche Presse Agentur, citing an interview with broadcaster Deutschlandfunk. Merkel's government said yesterday it wouldn't rule out financial assistance from the IMF, while Finance Minister Wolfgang Schaeuble's spokesman expressed "great reservation" about aid from the Washington-based fund. The comments underscored the struggle within Merkel's government on how Europe's biggest economy should react to the Greek budget crisis, five days before European leaders hold a summit in Brussels. Public opposition to bailouts for Greece has escalated in Germany, the biggest stakeholder in the European Central Bank and main contributor to the EU budget. The German government today sought to play down divisions between Merkel and Schaeuble, denying a report in Der Spiegel magazine that the finance minister ordered his staff not to communicate with chancellery officials without his consent.
March 20 (Bloomberg) -- Chancellor Angela Merkel signaled that Germany is open to European Union aid to Greece and denounced what she called "superficial" European solidarity that doesn't face up to the need for fiscal discipline.
Merkel said no decision has been made about whether to use EU aid to Greece or to seek assistance from the International Monetary Fund. A government spokesman today confirmed her statement, which was reported by Deutsche Presse Agentur, citing an interview with broadcaster Deutschlandfunk.
Merkel's government said yesterday it wouldn't rule out financial assistance from the IMF, while Finance Minister Wolfgang Schaeuble's spokesman expressed "great reservation" about aid from the Washington-based fund.
The comments underscored the struggle within Merkel's government on how Europe's biggest economy should react to the Greek budget crisis, five days before European leaders hold a summit in Brussels. Public opposition to bailouts for Greece has escalated in Germany, the biggest stakeholder in the European Central Bank and main contributor to the EU budget.
The German government today sought to play down divisions between Merkel and Schaeuble, denying a report in Der Spiegel magazine that the finance minister ordered his staff not to communicate with chancellery officials without his consent.
"The Greek crisis is turning into a perilous trial for the eurozone and the European Union," reports La Tribune, headlining with the widening "Greek rift" between Paris and Berlin. The latest knockback: Angela Merkel's reaction to the ultimatum laid down by Greek prime minister Georges Papandreou. If Europeans haven't come up with a solution to the Greek problem by 2 April, Athens will turn to the IMF for deliverance. But "the idea is alluring to Angela Merkel because it would obviate the need for European aid, the bulk of which would be shouldered by Germany", explains the daily. So that would satisfy her electorate. Furthermore, "by refusing to untie the purse strings, Angela Merkel is forcing Sarkozy to be more receptive to the German vision of economic and monetary union". Last week French finance minister Christine Lagarde had brushed aside the idea of a "European Monetary Fund", a tougher version of the Stability Pact, put forward by her German opposite number, Wolfgang Schäuble. "The IMF option that Berlin is keeping on the table is raising the stakes of economic governance...and mounting the pressure on Paris, which has been conspicuously silent on the subject these past few days," concludes La Tribune.
"The Greek crisis is turning into a perilous trial for the eurozone and the European Union," reports La Tribune, headlining with the widening "Greek rift" between Paris and Berlin. The latest knockback: Angela Merkel's reaction to the ultimatum laid down by Greek prime minister Georges Papandreou. If Europeans haven't come up with a solution to the Greek problem by 2 April, Athens will turn to the IMF for deliverance. But "the idea is alluring to Angela Merkel because it would obviate the need for European aid, the bulk of which would be shouldered by Germany", explains the daily. So that would satisfy her electorate. Furthermore, "by refusing to untie the purse strings, Angela Merkel is forcing Sarkozy to be more receptive to the German vision of economic and monetary union".
Last week French finance minister Christine Lagarde had brushed aside the idea of a "European Monetary Fund", a tougher version of the Stability Pact, put forward by her German opposite number, Wolfgang Schäuble. "The IMF option that Berlin is keeping on the table is raising the stakes of economic governance...and mounting the pressure on Paris, which has been conspicuously silent on the subject these past few days," concludes La Tribune.
(Reuters) - Czech Environment Minister Jan Dusik resigned Thursday from the caretaker cabinet, saying the prime minister had put pressure on him to decide hastily on plans to upgrade a controversial large coal-fired power plant.The ministry has yet to rule on the project, which has drawn objections from environmentalists and from Micronesia. The Pacific nation fears increasing floods as a result of climate change partly due to carbon emissions from the Czech Prunerov plant.Dusik told reporters that as one of his last acts as minister he would ask Czech utility CEZ to submit an alternative plan for the work at Prunerov, using the best-available technology, or to cut emissions elsewhere.
(Reuters) - Czech Environment Minister Jan Dusik resigned Thursday from the caretaker cabinet, saying the prime minister had put pressure on him to decide hastily on plans to upgrade a controversial large coal-fired power plant.
The ministry has yet to rule on the project, which has drawn objections from environmentalists and from Micronesia. The Pacific nation fears increasing floods as a result of climate change partly due to carbon emissions from the Czech Prunerov plant.
Dusik told reporters that as one of his last acts as minister he would ask Czech utility CEZ to submit an alternative plan for the work at Prunerov, using the best-available technology, or to cut emissions elsewhere.
Well, I looked it up... Czech politics appears a nice muddle of competing factions; it's a pity we read so little about it here at ET.
Czech legislative election, 2010 - Wikipedia, the free encyclopedia
Due to a complaint filed by independent ex-ČSSD MP Miloš Melčák (he filed because he claims he has the right to sit in parliament for a full term), the election may have to be postponed as the Constitutional Court examines the legality of the law setting the election date.[8] A hearing was set for 10 September 2009; if the court rules at that date against the complaint, elections could be held as planned. In either case, politicians were in agreement that they would change the constitution to simplify the procedure of calling early elections, and using the new provisions, the election would be held at most with a month's delay[9][10] regardless of the court's decision (likely on 6-7 November).[11][12] As the Court ruled the election date invalid, the laws (a constitutional amendment and a law shortening election deadlines) were passed on 11 September as planned.[13] President Klaus signed the laws on 12 September, and parliament planned to dissolve itself on 15 September.[14] Melčák stated, however, that he would likely file another complaint if this plan went ahead.[15] In a surprise move, the ČSSD announced on 15 September that it would not vote in favour of dissolution, as the new law was likely to be challenged by Melčák again and this would again call the legality of the election into question; they now were in favour of elections in mid-2010, at the regularly scheduled date.[16] The ČSSD has 71 seats and needs ten more MPs supporting their position to delay the election, but it was considered likely that they would succeed in blocking the election.[17][18] The KSČM also withdrew their support for early elections, meaning the election will be held in May 2010.[19]
Due to a complaint filed by independent ex-ČSSD MP Miloš Melčák (he filed because he claims he has the right to sit in parliament for a full term), the election may have to be postponed as the Constitutional Court examines the legality of the law setting the election date.[8] A hearing was set for 10 September 2009; if the court rules at that date against the complaint, elections could be held as planned. In either case, politicians were in agreement that they would change the constitution to simplify the procedure of calling early elections, and using the new provisions, the election would be held at most with a month's delay[9][10] regardless of the court's decision (likely on 6-7 November).[11][12]
As the Court ruled the election date invalid, the laws (a constitutional amendment and a law shortening election deadlines) were passed on 11 September as planned.[13] President Klaus signed the laws on 12 September, and parliament planned to dissolve itself on 15 September.[14] Melčák stated, however, that he would likely file another complaint if this plan went ahead.[15]
In a surprise move, the ČSSD announced on 15 September that it would not vote in favour of dissolution, as the new law was likely to be challenged by Melčák again and this would again call the legality of the election into question; they now were in favour of elections in mid-2010, at the regularly scheduled date.[16] The ČSSD has 71 seats and needs ten more MPs supporting their position to delay the election, but it was considered likely that they would succeed in blocking the election.[17][18] The KSČM also withdrew their support for early elections, meaning the election will be held in May 2010.[19]
And despite all this, the ČSSD still polls as the largest party...?
Demonstrating his liberal mores, Topolánek went for a photo shoot for a gay magazine. But the magazine also taped and published the chat he had with the journalists. He was asked what he thinks about gays, to which he responded by telling about the openly gay transport minister that "if he meets strong resistance, he rather avoids conflict". And then added, regarding PM Fischer, "because he is a Jew, he avoids conflict even more -- this has to do with his character"...
Topolánek apologised since, and insisted that he was quoted out of context (how?...). Curiously, Radio Pragie reports only the third controversy on these taped comments, his negative remarks regarding organised church.
News - 21-03-2010 08:39 - Radio Prague
Topolánek angered by publication of off the record comments about the Church Former Czech prime minister Mirek Topolánek has reacted angrily to the publication of off the record comments he made during a photo shoot for a gay magazine. The website blesk.cz posted a video recording from the photo session in which the Civic Democrats chairman says the Church brainwashed its followers and made idiots out of the masses. Mr Topolánek said he resented the fact than an informal interview had been made public, saying he had actually proclaimed strong links to Christianity. He said he had not wished to offend either the contemporary Church or worshippers. The photos were being taken to accompany an interview Mr Topolánek gave to the gay magazine LUI.
Former Czech prime minister Mirek Topolánek has reacted angrily to the publication of off the record comments he made during a photo shoot for a gay magazine. The website blesk.cz posted a video recording from the photo session in which the Civic Democrats chairman says the Church brainwashed its followers and made idiots out of the masses. Mr Topolánek said he resented the fact than an informal interview had been made public, saying he had actually proclaimed strong links to Christianity. He said he had not wished to offend either the contemporary Church or worshippers. The photos were being taken to accompany an interview Mr Topolánek gave to the gay magazine LUI.
At first glance a party who is blocking elections, never mind the circumstances, is not a great look for democracy in my viewpoint, and it can easily be spun like that in media narratives. I hope that hasn't happened much now Topolánek has gloriously grabbed the spotlight of the media all by himself.
Thanks for the update.
Indeed.
Czech Social Democratic Party - Wikipedia, the free encyclopedia
The election at first caused a stalemate since the right-wing parties (with Green Party) and left-wing parties each had 100 seats. The stalemate was broken when two ČSSD deputies, Miloš Melčák and Michal Pohanka abstained during a vote of confidence, allowing a coalition of the Civic Democrats (ODS), the Christian Democrats (KDU-ČSL), and the Green Party (SZ) to form a government.
BTW, ET reported last August the previous constitutional court ruling against the new elections decree following Melčák's complaint. *Lunatic*, n. One whose delusions are out of fashion.
Czech Social Democrats Keep Upper Hand: Angus Reid Global Monitor
(Angus Reid Global Monitor) - People in the Czech Republic continue to place the opposition Czech Social Democratic Party (CSSD) as the most popular political organization, according to a poll by STEM. 28.6 per cent of respondents would vote for the CSSD in this year's legislative ballot. The ruling Civic Democratic Party (ODS) is in second place with 23.2 per cent, followed by the Communist Party of Bohemia and Moravia (KSCM) with 11.7 per cent, Tradition Responsibility Prosperity 09 (TOP 09) with 9.1 per cent, Public Affairs (VV) with 4.7 per cent, the Christian and Democratic Union - Czech People's Party (KDU-CSL) with 4.3 per cent, and the Green Party (SZ) with 2.7 per cent.
(Angus Reid Global Monitor) - People in the Czech Republic continue to place the opposition Czech Social Democratic Party (CSSD) as the most popular political organization, according to a poll by STEM. 28.6 per cent of respondents would vote for the CSSD in this year's legislative ballot.
The ruling Civic Democratic Party (ODS) is in second place with 23.2 per cent, followed by the Communist Party of Bohemia and Moravia (KSCM) with 11.7 per cent, Tradition Responsibility Prosperity 09 (TOP 09) with 9.1 per cent, Public Affairs (VV) with 4.7 per cent, the Christian and Democratic Union - Czech People's Party (KDU-CSL) with 4.3 per cent, and the Green Party (SZ) with 2.7 per cent.
A number of European countries are seeing a renaissance of far right movements. While those in the East espouse Fascist ideologies, the Western brands target multiculturalism and Islam in particular. Right-wing populism is going from strength to strength in Europe. That's nothing new in the East: the genuinely pro-Fascist parties always do well in Hungary, Slovakia and Romania. Heirs to the jingoistic ideologies of the 1930s, they champion an ethnic-religious national identity, reviving old territorial disputes and the perennial issue of ethnic minorities. In Hungary, the general elections on 10 April should deliver victory to the big conservative nationalist party Fidesz, but also confirm the breakthrough of Jobbik, an anti-Semitic, xenophobic party that now boasts three MEPs of its own. In Slovakia, the radically nationalist National Slovak Party (SNS) is likely to stand its ground in a coalition government after the 12 June parliamentary elections. Against multicultural society and Islam Here in the West, right-wing extremism has been thriving since its facelift. "We're seeing a big renewal of identity-based rightisms, a new generation of radical right-wing parties," sums up Jean-Yves Camus, a researcher at IRIS (l'Institut de relations internationales et stratégiques). The leaders of these parties manage to avoid being branded "extremists" and remain on the edge of what democratic elements of society and the law consider a yellow line. These "right-wing populists", like their left-wing counterparts, prefer direct to representative democracy, denouncing elites who they say are out of touch with reality, self-propagating, corrupted by cosmopolitanism and globalisation.
A number of European countries are seeing a renaissance of far right movements. While those in the East espouse Fascist ideologies, the Western brands target multiculturalism and Islam in particular.
Right-wing populism is going from strength to strength in Europe. That's nothing new in the East: the genuinely pro-Fascist parties always do well in Hungary, Slovakia and Romania. Heirs to the jingoistic ideologies of the 1930s, they champion an ethnic-religious national identity, reviving old territorial disputes and the perennial issue of ethnic minorities.
In Hungary, the general elections on 10 April should deliver victory to the big conservative nationalist party Fidesz, but also confirm the breakthrough of Jobbik, an anti-Semitic, xenophobic party that now boasts three MEPs of its own. In Slovakia, the radically nationalist National Slovak Party (SNS) is likely to stand its ground in a coalition government after the 12 June parliamentary elections.
Against multicultural society and Islam
Here in the West, right-wing extremism has been thriving since its facelift. "We're seeing a big renewal of identity-based rightisms, a new generation of radical right-wing parties," sums up Jean-Yves Camus, a researcher at IRIS (l'Institut de relations internationales et stratégiques). The leaders of these parties manage to avoid being branded "extremists" and remain on the edge of what democratic elements of society and the law consider a yellow line. These "right-wing populists", like their left-wing counterparts, prefer direct to representative democracy, denouncing elites who they say are out of touch with reality, self-propagating, corrupted by cosmopolitanism and globalisation.
Nice photo on that page.
in the UK we've had both NuLab and the tories speaking in far-right code, that's not to mention the UK Independence party who are, in not racists, then the next worst thing. keep to the Fen Causeway
That's stretching it a bit... there have been elections in both Romania and Hungary when the far-right failed the 5% margin, and the numbers of Slovakia's SNS fluctuated strongly, too. And the double-digits Hungary's Jobbik will get in three weeks is unprecedented. *Lunatic*, n. One whose delusions are out of fashion.
Linda Zhou, Alice Wei Zhao, Lori Ying, Angela Yu-Yun Yeung, Lynnelle Lin Ye, Kevin Young Xu, Benjamin Chang Sun, Jane Yoonhae Suh, Katheryn Cheng Shi, Sunanda Sharma, Sarine Gayaneh Shahmirian, Arjun Ranganath Puranik, Raman Venkat Nelakant, Akhil Mathew, Paul Masih Das, David Chienyun Liu, Elisa Bisi Lin, Yifan Li, Lanair Amaad Lett, Ruoyi Jiang, Otana Agape Jakpor, Peter Danming Hu, Yale Wang Fan, Yuval Yaacov Calev, Levent Alpoge, John Vincenzo Capodilupo and Namrata Anand. <...> All these kids are American high school students. They were the majority of the 40 finalists in the 2010 Intel Science Talent Search, which, through a national contest, identifies and honors the top math and science high school students in America, based on their solutions to scientific problems. The awards dinner was Tuesday, and, as you can see from the above list, most finalists hailed from immigrant families, largely from Asia.
All these kids are American high school students. They were the majority of the 40 finalists in the 2010 Intel Science Talent Search, which, through a national contest, identifies and honors the top math and science high school students in America, based on their solutions to scientific problems. The awards dinner was Tuesday, and, as you can see from the above list, most finalists hailed from immigrant families, largely from Asia.
And besides - so what?
Alviano (1554 inh), Baschi (2742 inh), Guardea (1883 inh), Lugnano in Teverina (1593 inh), Polino (284 inh) Stroncone (4815 inh) are not actually Municipalities, but rather investment banks. Together with otherUmbrian Municipalities they bought into swap arrangements, or "derivative" financial instruments, to the tune of 466 million Euro. Even some small municipalities where the word "swap" has some sort of mystical, metaphysical or even hallucinogenic quality landed up in debt because they tried to act as financial experts. Swaps enable the investor to get money in advance from the banks on the basis of significant predicted earnings. Now, after the crisis, these Municipalities find themselves having to pay back money with the initial capital gone. Swaps are like legalised usury, a game of Russian roulette played with only one empty chamber. You take the money today, trusting in God and paying sizeable commissions to the trading banks. In the case where a Municipality is unable to settle the accumulated debt, they can refinance the debt by taking another gamble, another swap, and so on until the crash happens. In this way, they hide any budget shortfalls by making risky investments that remove resources from subsequent annual municipal budgets. What usually happens is that the mayors that deal in swaps never have to answer for their actions because the losses are shouldered by their successors and the local citizens. In total, the local municipalities invested in swaps to the tune of 35 billion Euro, which makes up one third of their entire debt (source: Financial Times). Derivatives are somewhat like the field of miracles in the tale of Jack and the Beanstalk. The field of miracles where they planted gold coins and trees sprang up overnight to make the money grow. How can any municipality hope to ever escape from this unsustainable debt resulting from the trade in derivatives? They lodge a complaint against the banks, which, in their opinion, defrauded them. Milano has led the way by lodging complaints againstJP Morgan, Depfa, Deutsche Bank e UBS. The"Milanese derivatives" were subscribed to back in 2005 by Albertini, the parking garage king, who is now enjoying his old age as a Euro-Parliamentarian in Brussels. A thirty-year investment the equivalent of an annual budget, namely 1.7 billion Euro. The Municipality doesn't want to bear 100 million Euro of loss (accumulated to date) and has taken legal action to claim 239 million Euro in compensation. The Municipality only realised after four years that they had signed an idiotic contract, which did however give them access to cash up front, thereby admitting that they were not of sound mind. The court case is due to commence in May and this blog will be following the proceedings closely. Who was it that allowed the Municipalities to empty their coffers into derivatives? The unstoppable Tremorti of course, Italy's king of debt, via the 2002 Budget Law . Given the resulting disaster, he proceeded to ban this type of investment in 2009, what a forward thinker!
The glamorous Orange Revolution princess and former premier Yulia Tymoshenko may now be in opposition but her ghosts are still haunting the government offices in Ukraine. Or so her successor insists, who said Friday he had had to ask an Orthodox priest to exorcise Tymoshenko's spirit from his office. "It was very hard to breathe in there," Ukraine's Russian-speaking premier Mykola Azarov told reporters on a visit to the eastern city of Dnipropetrovsk. "After exorcism it has become easier to breathe and I entered the office," the Interfax news agency quoted Azarov as saying. The ritual was performed by a priest from the Kiev-based ancient Caves Monastery, one of Ukraine's top landmarks. Azarov, an unassuming career bureaucrat, also said the current cabinet didn't have any women because the situation in Ukraine was too tough for any woman to handle. "At present the situation in the country is rather difficult, and people who can work 16-18 hours a day ... have been taken into the government." "Conducting reforms is not women's business," Azarov said.
Azarov, an unassuming career bureaucrat, also said the current cabinet didn't have any women because the situation in Ukraine was too tough for any woman to handle. "At present the situation in the country is rather difficult, and people who can work 16-18 hours a day ... have been taken into the government." "Conducting reforms is not women's business," Azarov said.
