In These New Times

A new paradigm for a post-imperial world

France’s Hollande proposes creation of euro-zone government

Posted by seumasach on July 20, 2015

Bloomberg

19th July, 2015

French President Francois Hollande said that the 19 countries using the euro need their own government complete with a budget and parliament to cooperate better and overcome the Greek crisis

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crisis.

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The left’s anti-European turn

Posted by seumasach on July 19, 2015

Cailean Bochanan

19th July, 2015

Just before the Greek referendum George Galloway tweeted:

“Greek Partisans will vote NO in Sunday’s referendum. There is European life after the Euro. No more bail-outs for bankers. Go for growth!”
Galloway would , of course, have been equally vehement in his opposition to the bail-out of the City of London in 2008. Well, actually, no. In statement made at the time he said:

“In the midst of this financial crisis which threatens us all, at last the government is taking action which may begin to shore up the banking system. I hope that it is not, as many in the City are saying, “too little, too late”. “It was essential the government propped up the banks’ capital base, it had to provide lending to banks that can’t borrow money from others to pay their debts. And we had to have a guarantee of bank debts, if we were not to see a full-scale financial panic and the collapse of the whole debit and credit system. But having put the money in, the government now needs to force the banks to pay the public back in return.”

Leaving aside the piety at the end this was simply a full endorsement of the bail-out. In an extraordinary but characteristic bit of sophistry Galloway was able to spin the bailout as a break from neoliberalism, as a break “from the outdated dogmas of free market economics.”

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Most Greeks want to stay in Euro and reach deal

Posted by seumasach on July 18, 2015

Ekathimerini

18th July, 2015

Seven in 10 Greeks are in favor the government reaching an agreement with the country’s creditors, even if it involves tough measures, according to an opinion poll published on Saturday.

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Iran’s ‘Look East’ policy takes wings

Posted by seumasach on July 18, 2015

M.K.Bhadrakumar

Indian Punchline

17th July, 2015

Most analysts blithely overlook that Iran also has a “Look East” dimension to its foreign policies and once it shakes off the shackles of the UN sanctions, it is that vector which is bound to become lively almost overnight, impacting the regional alignments in the South Asian region in a major way.

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Obama thanks Putin for Iran nuclear deal

Posted by seumasach on July 17, 2015

Deutsche Welle

16th July, 2015

US President Barack Obama has thanked his Russian counterpart for his role in achieving a nuclear agreement with Iran. Washington says the two leaders also pledged to work to reduce tensions in Syria.

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Greece: now IMF backs down

Posted by seumasach on July 17, 2015

IMF’s Lagarde: Straight ‘haircut’ for Greece’s debt is off the table

Market Watch

17th July, 2015

PARIS — The International Monetary Fund will participate in the Greek bailout plan if it includes debt restructuring and bold government reforms.

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Obama urges King Salman to seize Iran moment

Posted by seumasach on July 16, 2015

M.K.Bhadrakumar

Indian Punchline

15th July, 2015

The world community has overwhelmingly, enthusiastically welcomed the Iran nuclear deal. Many western powers are scrambling to tap into the deal and take advantage of seamless business opportunities that could be opening up. The French Foreign Minister Laurent Fabius who has been in the forefront of those insisting on an iron-clad agreement is likely to be in a long line of top diplomats beating a path to Tehran.

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George Osborne backs down on use of EU bailout fund in Greece crisis

Posted by seumasach on July 16, 2015

The planned grexit seems to have fallen through as Tsipras forgets his lines in this Greek drama. A good moment then for the Brits to quietly back off.

Guardian

16th July, 2015

George Osborne has backed down over the use of an EU bailout fund to give an emergency loan to Greece. But the chancellor said there would be an “impregnable ringfence” around the up to £850m of British money in the fund to prevent any losses to the taxpayer in the event of any default.

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Schaeuble continues to push for Grexit

Posted by seumasach on July 16, 2015

The plot thickens. We now have a very interesting coalition openly opposing a deal and, implcitly or explicitly, calling for grexit: the IMF, the British government, Schauble & Co, the left and the right. The Greek people, however, overwhelmingly support remaining in the eurozone and, by the look of it, the majority of Europeans. The call for a haircut, impermissible under EU rules, is unnecessary since it is possible to fudge the issue by endlessly differing payment and lowering interest rates. This is what is already happening according to the European Commission so it may be that the IMF and Schauble are throwing in this red herring simply as a wrecking tactic.

Schaeuble Shrugs Off Greek Vote Saying Euro Exit Is Best

Bloomberg

German Finance Minister Wolfgang Schaeuble told Greece the only way it’ll get a debt reduction is to leave the euro and cast doubt on the country’s ability to even complete negotiations on a third bailout.

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EU publishes Greece assessment, sees debt reprofiling

Posted by seumasach on July 15, 2015

“It must be emphasized that eurozone loans are not an issue for Greek debt sustainability because they have long grace periods … Greece is currently paying neither interest nor principal on the loans,” Dombrovskis told a news conference.

Ekathimerini

15th July, 2015

The European Commission published on Wednesday its assessment of Greece’s bailout request, taking a different view of Athens’s debt sustainability than the IMF, but also signaling a possibility of debt relief.

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The IMF and David Cameron express reservations over Greek deal

Posted by seumasach on July 15, 2015

Along with the IMF and Cameron opposing this deal, we also have most of the left intelligentsia coming out in concert as eurosceptics in terms virtually indistinguishable from those Farage and Le Pen.

Forbes

15th July, 2015

The Greek debt deal was concluded only two days ago, in the early morning in Brussels. Today is the deadline by which the Greek parliament must pass a long list of legislation required for bailout talks to proceed. But already, cracks have begun to appear in the European establishment’s support for the deal.

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