Global News Journal
Beyond the World news headlines
Greece and the euro zone are still very much in the midst of a debt and deficit storm, with not just Athens but possibly Portugal and Spain at risk of being swept up in the maelstrom.
But that hasn’t stopped economists and political analysts looking for a silver lining in this unprecedented meltdown.
One positive is the impact the uncertainty is having on the euro, which has weakened sharply against the dollar and the British pound this year. That may not be very good for those in the United States or Britain holding euro-denominated assets, but it’s good for European exporters, whose goods become relatively less expensive for importers.
As Jennifer McKeown, a senior economist with Capital Economics, pointed out in a research note on Thursday, euro zone export orders are sharply up (by some counts they are now the highest in 10 years), while in April, euro zone manufacturing expanded at its fastest rate since November 2006, according to Markit.
The 16 countries that share the euro single currency have agreed they will help Greece out if it needs. So far so good. But only now is the nitty-gritty of how member states will go about paying for their contributions being hammered out. And suddenly things are getting a little complicated.
Italy announced on Tuesday it would have to issue government bonds — known as BTPs – to raise funds for its part in any Greek assistance.
Last weekend, Finland’s foreign minister gathered six of his colleagues and the EU’s foreign affairs chief, Catherine Ashton, in the frozen far reaches of Lapland for two days of talks on the future of European foreign policy.
As informal ministerial gatherings go, it was a rather jolly (if cold) affair, complete with a ‘family photo’ taken with a pair of nervous reindeer, a chance to see the northern lights and activities such as skiing, sledging and snow-mobiling. Some of the ministers even brought along their families.
When I have time to lavish on reading something other than news, I want to spend it on stories that leave me saying, “Wow!” A great read should tell readers something they don’t already know, enlighten them about the world and its people, inform them about the human condition. Readers should be moved to laughter, tears, anger, action through superb writing and extraordinary reporting. Here are my picks for the best reads of 2009.
A packet of cigarettes is enough to cause a fight among the Spaniards and immigrants shivering in the dark outside an emergency homeless shelter in Madrid, set up for a bitter winter and depression-era unemployment. Police push past jobless Romanian and Hungarian construction workers. ”One day this place is going to explode,” says unemployed waiter Miguel Roa, a Spaniard.
Breaking into the summer holiday lull, Austrian politics has gotten into a lather over a far-right populist’s call for a referendum on whether a mainly German-speaking region of northern Italy should rejoin Austria.
No matter how far-fetched, his proposal raised a hue and cry by challenging the taboo of old unreconstructed nationalism in a country restlessly determined to live down its Nazi past.
Just imagine the outcry if Democrat Barack Obama and Republican John McCain had suddenly gone off on their own separate two-week vacations to, say, Mexico, just two months before the November election? Irresponsible! Reckless! Shirkers! Those and as well as other unprintable terms might be among the comments hurled their way.
Yet as unfathomable as it may be for candidates in the United States or many other countries to take a long holiday break so close to an election, in Germany it is just as inconceivable for politicians to continue to campaign actively during the summer holiday season — even if the election is just around the corner. Begging for votes while their countrymen are relaxing on the beach is simply verboten for Germans.
Attacks on Italian Prime Minister Silvio Berlusconi in the British press have hit an especially raw nerve as he hosts this year’s G8 summit and some Italian newspapers have had enough.
The summit has come at a particularly sensitive time for the beleaguered Italian leader, who has been dogged for weeks by salacious scandals involving allegations he has a soft spot for underage women and has entertained escort girls.
Pope Benedict issued an ambitious call to reform the way the world works on Tuesday shortly before its most powerful leaders meet at the G8 summit in Italy. His latest encyclical, entitled "Charity in Truth," presents a long list of steps he thinks are needed to overcome the financial crisis and shift economic activity from the profit motive to a goal of solidarity of all people.
Following are some of his proposals. The italics are from the original text. Do you think they are realistic food for thought or idealistic notions with no hope of being put into practice?
from The Great Debate UK:
- Luke Baker is a political and general news correspondent at Reuters. -
The mountains and deserts of southern Afghanistan are far removed from the elegant charms of Trieste in northern Italy, but there will be a link between the two this weekend.
Foreign ministers from the Group of Eight nations meet in the Italian city on the Adriatic on Thursday for three days of talks, with the state of play in Afghanistan, as well as developments in Iran and the Middle East, front and centre of their agenda.
Climate health costs: bug-borne ills, killer heat
Tree-munching beetles, malaria-carrying mosquitoes and deer ticks that spread Lyme disease are three living signs that climate change is likely to exact a heavy toll on human health. These pests and others are expanding their ranges in a warming world, which means people who never had to worry about them will have to start.
Moving a 17-metre high monument to Christopher Columbus 100 metres down the road is how the Spanish government is interpreting the advice of John Maynard Keynes. The economist once argued it would be preferable to pay workers to dig holes and fill them in again, rather than allowing them to stand idle and deprive the economy of the multiplier effect of their wages.