The Syria deal

Russian reading

Sep 14th 2013, 22:46 by J.P.P. | WASHINGTON, D.C

AMERICA and Russia have an agreement on removing or destroying Syria’s extensive collection of chemical weapons. The headline points are that Bashar Assad’s regime must submit a full inventory within a week. Should his government find that deadline too exacting, Vladimir Putin’s former colleagues in the SVR, the successor organisation to the KGB, can probably help out. Then the weapons must be destroyed or removed by mid-2014. If Syria fails to comply with these terms it will face a chapter seven resolution in the UN Security Council which, for those who have not looked at their copy of the organisation’s charter since 2003, is the one that covers the use of force. Compliance will be in the eye of the beholder.

Greece says primary budget surplus means it on track to hit EU-IMF targets

By Harry Papachristou and Lefteris Papadimas

ATHENS | Tue Sep 10, 2013 5:53am EDT

(Reuters) - Greece said on Tuesday its budget was in surplus, not counting interest payments, and that it was on course to hit fiscal targets and fulfill conditions to seek additional debt relief from its international lenders.

The central government had a primary budget surplus of 2.92 billion euros ($3.87 billion) between January and August, the finance ministry said.

Can China lead Greece out of darkness?

9 September 2013 Last updated at 00:57 GMT

Mark Lowen

By Mark Lowen

BBC News, Athens

At Greece's southern port of Piraeus, the Chinese have arrived.

Rail-mounted cranes use a complex system of ropes and pulleys to offload containers from cargo ships onto lorries.

The equipment was built by China's state-run shipping company, Cosco, which paid 500m euros (£426m) to upgrade and run the terminal. It is Greece's largest inward investment and gives China a key access point to Europe.

Draghi cautious on recovery, says ECB ready to act

By Eva Taylor and Sakari Suoninen

FRANKFURT | Thu Sep 5, 2013 11:51am EDT

(Reuters) - The European Central Bank said on Thursday it was ready to cut interest rates or pump more money into the euro zone economy if needed to bring money market rates down and help the euro zone's "very, very green" recovery.

The bank left its key interest rate unchanged at 0.5 percent, as expected by all 60 economists polled by Reuters.

Analysis: How much Europe is too much Europe?

By Luke Baker

BRUSSELS | Sun Sep 1, 2013 2:03pm EDT

(Reuters) - In the dark days of Europe's debt crisis in 2012, when it seemed Greece might be forced out of the euro and the single currency could implode, leaders believed "more Europe" was the only answer.

Merkel Blames SPD’s Schroeder for Letting Greece Into the Euro

By Stefan Nicola - Aug 28, 2013 1:00 AM GMT+0300

German Chancellor Angela Merkel sought to pin the blame for the euro-region’s debt turmoil on her Social Democratic predecessor, Gerhard Schroeder, saying he should never have let Greece into the single currency area.

Merkel, addressing a campaign rally in the northern German town of Rendsburg yesterday, said the debt crisis that emerged in Greece in late 2009 and dominated her second term had been “brewing for many years” going back to the euro’s inception.

Greece on Track for More Aid, Official Says

August 26, 2013

By JACK EWING

The New York Times

BERLIN — The highest-ranking German in the European Central Bank said Monday that Greece could be eligible for additional aid and debt relief next year if it continued to fulfill promises made for the assistance it was already receiving.

This Age of Bubbles

August 22, 2013

By PAUL KRUGMAN

The New York Times

So, another BRIC hits the wall. Actually, I’ve never much liked the whole “BRIC” — Brazil, Russia, India, and China — concept: Russia, which is basically a petro-economy, doesn’t belong there at all, and there are large differences among the other three. Still, it’s hard to deny that India, Brazil, and a number of other countries are now experiencing similar problems. And those shared problems define the economic crisis du jour.

Greece could return to debt market in late 2014, Stournaras says

BERLIN | Mon Aug 26, 2013 2:11am EDT

(Reuters) - Greece could return to debt markets to test the water in the second half of 2014 if his country returns to growth in the first half of next year and manages a primary surplus, its finance minister said in a German media interview out on Monday.

Greece will need third aid deal, German Finance Minister admits

By Gernot Heller

AHRENSBURG, Germany | Tue Aug 20, 2013 8:20am EDT

(Reuters) - Germany's finance minister admitted for the first time on Tuesday that Greece would need a third aid package, as a source in Athens said the sums involved in any new deal would be far smaller than previous rescues.

"There will have to be another program in Greece," Wolfgang Schaeuble told a campaign audience in northern Germany, in comments that raised prospect of a step that could be deeply unpopular domestically just five weeks before national elections.

Euro Zone Returns to Growth, but Malaise Lingers

Updated August 14, 2013, 7:52 p.m. ET

Currency Area Emerges From Longest Postwar Economic Contraction

By MARCUS WALKER in Berlin and CHARLES FORELLE in LondonCONNECT

The euro zone's marathon recession has ended, spurred by solid economic performances in both Germany and France. But the modest recovery won't go very far in fixing the bloc's deeper problems and threatens to stoke a sense of complacency in European capitals.

The currency bloc's return to slow growth—confirmed by data published Wednesday that showed its economy grew at a 1.1% annualized rate in the second quarter—is likely to encourage European politicians to claim that the region's debt crisis is receding. Once-frantic efforts to fix the common currency's flaws are already showing signs of petering out.

Filmmaker Captures Unguarded Racist Hatred of Greece's Hostile Golden Dawn Party

Konstantinos Georgousis' Film Shows Group's Fury at Greece's Immigrant Community

By JAKE WHITMAN

Aug. 13, 2013—

ABCNEWS

In Greece, a country crippled by debt and years of failed leadership, a young filmmaker went inside the hate-fueled, rebellious political party known as "Golden Dawn" to capture its members' vocal hostility against immigrants in a society on the brink.

Contraction Shows Signs of Slowing for Greece

August 12, 2013

By DAVID JOLLY

The New York Times

The Greek economy posted its 20th consecutive quarterly decline in the three months through June, government data showed on Monday, but a slower pace of contraction provided a glimmer of hope for beleaguered Greeks.

German Finance Ministry Rules Out New Debt Writedown for Greece

August 12, 2013, 6:48 a.m. ET

By Harriet Torry

BERLIN--Germany's finance ministry on Monday stuck with its steadfast rejection of further debt relief for Greece, despite a weekend news report suggesting even the country's central bank expects a new Greek aid package will be necessary by the beginning of next year at the latest.

Greece beats January-July budget target, helped by EU funds

ATHENS | Mon Aug 12, 2013 5:09am EDT

(Reuters) - Greece easily beat its fiscal targets in the first seven months of the year, propped up by aid from euro zone central banks and European Union funds, finance ministry figures showed on Monday.

The central government had a primary budget surplus - before interest payments - of 2.57 billion euros ($3.4 billion). That compares with an interim target for a deficit of 3.14 billion euros, it said.

Greece Needs a 21st Century Marshall Plan

By Dimitri B. Papadimitriou Aug 12, 2013 1:00 AM GMT+0300

At their White House meeting last week, U.S. President Barack Obama assured Greek Prime Minister Antonis Samaras of his support as Greece prepares for talks with creditors on additional debt relief amid record-high unemployment.

Europe Heads Toward Recovery, but Slowly

German Growth Helps Drive Euro Zone to End of Longest Recession in Decades, Though Severe Unemployment Likely to Persist

By CHARLES FORELLE in London, NINA ADAM in Frankfurt and ILAN BRAT in MadridCONNECT

The Wall Street Journal

Europe's longest recession since World War II appears to be on the verge of ending, driven by a surge in German growth that is helping to blunt the severe economic pain faced by many in the region, but is too modest to lift the global outlook.

Obama to Show Support for Greece as Samaras Visits White House

By Margaret Talev - Aug 8, 2013

Bloomberg

President Barack Obama will show U.S. support for Greece at a meeting today with Prime Minister Antonis Samaras as Greece prepares for more talks with creditors on additional debt relief.

Cyprus unification, trade and counterterrorism initiatives also are on the agenda, the White House said in a statement ahead of the visit.

German Orders Gain Most in Eight Months in Recovery Sign

By Jeff Black - Aug 6, 2013

German factory orders increased by the most in eight months and U.K. industrial production beat forecasts in June, adding to evidence of a nascent recovery in Europe. Italy’s economic contraction slowed.

Exclusive: Saudi offers Russia deal to scale back Assad support - sources

By Khaled Yacoub Oweis and Amena Bakr

AMMAN/DOHA | Wed Aug 7, 2013 5:04pm BST

(Reuters) - Saudi Arabia has offered Russia economic incentives including a major arms deal and a pledge not to challenge Russian gas sales if Moscow scales back support for Syrian President Bashar al-Assad, Middle East sources and Western diplomats said on Wednesday.

The proposed deal between two of the leading power brokers in Syria's devastating civil war was set out by Saudi intelligence chief Prince Bandar bin Sultan at a meeting with Russian President Vladimir Putin in Moscow last week, they said.