Reuters blog archive
An extraordinary weekend. Ukraine’s President Yanukovich is gone and is probably at large somewhere in the pro-Russian heartlands of the east.
There’s no prospect of his return given how fast events have moved and after his people saw the shameless opulence stored within his country retreat.
Ukraine's parliament named its new speaker as acting head of state on Sunday and is working to form an interim government by Tuesday, ahead of May 25 elections.
Oleksander Turchinov, who was elected speaker on Saturday, is an ally of newly freed opposition leader Yulia Tymoshenko, so she may well come back into the frame despite a blemished record when she was premier. She says she doesn’t want to be prime minister. But president?
Italy’s president will meet centre-left leader Matteo Renzi today and is likely to ask him to form a government following the ousting of Enrico Letta as prime minister.
Renzi will need to reach an agreement with the small New Centre Right party to continue the current coalition and there is common ground. The 39-year-old has already said he backs lower taxes affecting employment, but they differ on issues such as immigration and laws allowing gay and lesbian civil partnerships.
from The Great Debate:
What’s wrong with central casting? It’s a virtual truism: The United States always seems to pick the wrong guy to star as George Washington in some faraway civil war. We sell him weapons for self-defense against his despicable foes -- and then, sometimes before the end of the first battle, we find we are committed to a bad actor who bears an uncanny resemblance to Genghis Khan.
President Barack Obama just approved the sale of 24 Apache helicopters to the Iraqi government of Prime Minister Nouri al-Maliki -- despite well-founded concerns that Maliki may use them against people we do like as well as those we don’t.
The European Central Bank meets on Thursday with emerging market tumult bang at the top of its agenda.
It’s probably too early to force a policy move this week – particularly since the next set of ECB economic and inflation forecasts are due in March – but it's an unwelcome development at a time when inflation is already uncomfortably low, dropping further to just 0.7 percent in January.
from Global Investing:
Since April of last year, a small but growing cadre of lawyers, investors, regulators, and yes, even journalists, have been carrying around dog-eared copies of an International Monetary Fund paper (read: trial balloon) that revisits how the fund, the lender of last resort for many nations, might revamp its approach to sovereign debt restructurings.
The IMF prefaces its latest foray into sovereign restructurings by saying history shows official sector sovereign debt restructurings have been “too little too late” and when it gets involved, the public money used in a settlement too often just flows to private sector investors who take the cash out of the afflicted country.
U.S. Treasury Secretary Jack Lew moves on to Berlin then Lisbon after spending yesterday in Paris. There, he urged Europe to do more to build up its bank backstops and capital, a fairly clear indication that Washington is underwhelmed by the German model of banking union which has prevailed.
Lew may also press for more German steps to boost domestic demand, after indirectly criticising Berlin for its policies during his last visit in April. If he does, he can expect a robust response from Schaeuble, at least in private.
from Photographers' Blog:
Sofiko village, Greece
By Yorgos Karahalis
Fish farming was a business that a few decades ago was completely alien in Greece, where eating fish was strictly related to the local fisherman, the weather conditions and the phase of the moon.
These days, regardless of the moon and the weather, we can all buy fresh fish at extremely low prices, every day. And from my experience of the industry during the days I photographed its fish farms and hatcheries, I realized there is more to the process than I thought – it’s a production line that resembles the circle of life itself.
from Photographers' Blog:
By John Kolesidis
Known in Greece as Evzones, the soldiers comprising the presidential guard – a term dating back to Homer, meaning the "well-girt" men, implying an elite status - are a symbol of discipline. The unit is often referred to as “the jewel of the Greek army”, and rightly so. Their primary mission is to guard the Tomb of the Unknown Soldier around the clock, which may seem like a piece of cake, except it isn't. During their watch, they have to remain completely motionless and stand at attention at all costs in all kinds of weather. During violent demonstrations, for example, plastic water bottles, oranges and Molotov cocktails keep flying over their heads. Their eyes may tear up because of the tear-gas used by police, but they remain stone-still, maintaining a show of normality. It is quite surreal to watch them stand still while a virtual war is raging around them or while little children tease and harass them, often pinching them to make sure they are alive.
It’s not easy to join the presidential guard. There is a minimum height requirement of 6.1", and the soldier has to be in top physical and mental health. A series of exercises and drills are necessary to establish their unparalleled level of discipline. Upon waking up in their camp, which is identical to the rest of the army camps, the Evzones perform an extended program of marching and lining up drills, as well as endurance training and stretching exercises at the National Garden. Their target is to learn how to raise their legs to shoulder height and get used to standing on their feet for more than 100 hours per month.
The full Ecofin of 28 EU finance ministers meets after Monday’s Eurogroup meeting of euro zone representatives didn’t seem to get far in unpicking the Gordian Knot that is banking union. Ireland’s Michael Noonan talked of “wide differences”.
The ministers are seeking to create an agency to close euro zone banks and a fund to pay for the clean-up - completing a new system to police banks and prevent a repeat of the bloc’s debt crisis.
The Eurogroup of euro zone finance ministers meets, followed by the full Ecofin on Tuesday, to try and unpick the Gordian Knot that is banking union.
The ministers are seeking to create an agency to close euro zone banks and a fund to pay for the clean-up - completing a new system to prevent a repeat of the bloc’s debt crisis.