BBC News - Greek election: Syriza 'to tear up EU austerity deal'

The leader of Greece's left-wing Syriza bloc has said he will try to form a coalition based on tearing up the terms of the EU/IMF bailout deal.

Alexis Tsipras, whose bloc came second in Sunday's vote, said Greek voters had "clearly nullified the loan agreement".

He has three days to reach a coalition deal and has told the two major parties to end their support for the austerity terms if they want to take part.

The European Commission and Germany say countries must stick to budget cuts.

Any idiot can face a crisis - it's day to day living that wears you out.

Carla Bruni-Sarkozy to resume singing career - Telegraph

There are even rumours of France's outgoing first lady starring in a new biopic about her family history.

News of the 44-year-old's desire to revive her showbusiness career came after her husband, Nicolas Sarkozy, announced his retirement from politics.

The 57-year-old suffered a humiliating electoral defeat on Sunday night, meaning that he became the first French head of state to be rejected after just one term for 31 years.

Sarkozy is facing an uncertain future - his poor English means he is unlikely to be able to make money on the lucrative US lecture circuit, and he has ruled out any return to politics.

Any idiot can face a crisis - it's day to day living that wears you out.

Ukraine cancels Yalta summit over Yulia Tymoshenko protests - Telegraph

In the latest blow to President Viktor Yanukovych, Ukraine's foreign ministry said the summit scheduled for Friday and Saturday in the Black Sea resort of Yalta would not go ahead because of the boycott.

"The event will take place at a later date that will be established via diplomatic channels," said a spokesman.

Mr Yanukovych's government has come under growing pressure since Mrs Tymoshenko, 51, was allegedly beaten last month at the penal colony in Kharkiv, eastern Ukraine, where she is serving a seven-year sentence for abuse of office.

Any idiot can face a crisis - it's day to day living that wears you out.

BBC News - Italy local election sees gains for left and grassroots

Centre-left and protest parties have made gains in Italy's local elections, amid widespread discontent with the government's austerity drive.

The centre-right People of Freedom (PDL) party of former Prime Minister Silvio Berlusconi did particularly badly, with most votes counted.

The protest party of comedian Beppe Grillo, called Five Star, won nearly 20% in the northern city of Parma - enough to reach the run-off vote.

Technocrats are in power centrally.

Any idiot can face a crisis - it's day to day living that wears you out.

BBC News - Merkel letter to Francois Hollande urges co-operation

German leader Angela Merkel has written to the newly elected French President saying "necessary decisions" must be taken to resolve the debt crisis.

Mrs Merkel said she was sure the co-operation between the two countries would "continue to strengthen".

She has resisted calls from Francois Hollande to renegotiate a European pact requiring government budget cuts.

German Finance Minister Wolfgang Schaeuble has also said France will stick to the terms of the pact.

Any idiot can face a crisis - it's day to day living that wears you out.

BBC News - Landlords 'evicting tenants' to make Olympic profit

Tenants in east London are being evicted from their homes as landlords attempt to cash in on the Olympics, BBC News has learned.

The housing charity Shelter says it has seen more evidence of landlords acting unscrupulously and evicting people illegally.

One estate agent said properties typically rented for £350 per week were being marketed for £6,000 per week.

Shelter fears the problem will get worse as the Games approach.

Any idiot can face a crisis - it's day to day living that wears you out.

ElPais.com in English: Government seeks to reassure account holders as Bankia stocks tumble

The Economy Ministry issued a statement objecting to the media's coverage of the news of Rato's departure as a form of government "intervention." It is widely assumed the state will inject funds into Bankia to offset the impact of potential losses from its portfolio of real estate assets. Bankia's parent Banco Financiero y de Ahorros has already received 4.465 billion euros from the Orderly Bank Restructuring Fund (FROB).

...

The Economy Ministry said what had taken place was simply the "imminent" replacement of the chairman of the bank. Rato has recommended he be replaced by former BBVA chief executive José Ignacio Goirigolzarri. Economy Minister Luis de Guindos on Tuesday said Goirigolzarri was a banker with an "absolutely proven" reputation, domestically and internationally.

"Henceforth, the objective is to execute a clean-up plan, restructuring and an improvement in corporate governance that guarantees Bankia's future viability," the ministry said in a statement.

This story, in Spanish, details how the auditors of Bankia's "bad bank" parent disagreed with the accounts (which led to BFA missing a deadline to deposit audited accounts at Spain's stock market regulator last Friday). The Auditors would have had the government's 4.5bn in preferred stock of BFA (mentioned above as money from "FROB") converted to equity and existing shareholders completely wiped out.

This was a complicated political problem because BFA replicates within it the internecine quarrels of the PP. So they figured out they would wait until next Friday to nationalise BFA "normally" at the weekly Council of Ministers, coinciding with the release of the auditors' report and the appointment of a new CEO. So they had Rato "resign" on Monday and Rajoy gave an uncharacteristic (because he is not one to give press conferences or answer press questions) radio interview. But their whole kabuki unravelled in less than 48 hours since now we're discussing the details of the auditors' report and the new CEO will be appointed today at rush board of director meetings of BFA and Bankia.

See also last night's open thread.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper

Eurointelligence daily briefing: Greek insurrection takes shape; European response makes it worse (09.05.2012)

It was a day of panic in the markets, as the world digested the enormity of the results of the Greek elections; European shares, peripheral bonds, and the euro all tumbled together; Alexis Tsipras, leader of the anti-reform Syriza party, proposed a five-point plan to cancel the austerity programme, default on the debt, and nationalise the banks; the most likely outcome now is another round of elections in June; he is about to write a letter to the EU authorities to tell them that the Greek electorate has rejected the terms of the agreement; Jörg Asmussen yesterday became the first eurozone official to threaten Greece with a euro exit; he says the troika has no appetite to renegotiate the deal; the troika has cancelled all meetings in Athens; Herman van Rompuy is considering hold a special informal summit; the Bankia recapitalisation is turning into a nightmare for the Spanish government - and raises memories of Northern Rock; Rato jumped the gun through this resignation, which was supposed to be announced as a package deal on Friday; board meeting has been brought forward to today, as retail investors are starting to panic; according to news reports, the auditors of the parent company have refused to sign off on the accounts; Asmussen tells Hollande that he has no choice to ratify the fiscal pact, and to fulfil France's obligations to meet the 3% deficit target; Angela Merkel's lieutenants are trying to suppress the Hollande effect by reminding the world that France's public finances are in perilous state; Bild writes that Germany will end up paying for Hollande's generous programme; Belèn Romana Garcia is to become the head of the ESM, as part of a package deal that leaves Klaus Regling back in the private sector; the CDU candidate likely to lose Sunday's elections in North-Rhine Westphalia already tries to shift the blame to Merkel's euro policies; Die Welt calls the SPD alignment with the position of Hollande on the stability pact "treason"; Martin Wolf, meanwhile, says Hollande must tell Merkel that policy should focus on the end game scenarios.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper