Greece aims for debt relief deal in Feb 2016 after reforms done

Mon Nov 30, 2015 12:11pm EST

ATHENS | BY LEFTERIS PAPADIMAS AND PAUL TAYLOR

Reuters

Greece wants a deal on debt relief with its euro zone creditors in February to remove financial uncertainty and spur economic recovery, its finance minister said, but euro zone officials said that timetable was very ambitious and likely to slip.

Addressing a conference of investors, Finance Minister Euclid Tsakalotos said on Monday that making the ailing euro zone country's debt sustainable was the key to liberating the economy and restoring confidence among depositors and companies.

Euro to Bear Brunt of Yuan's Inclusion in Reserve-Currency Club

 Netty Idayu Ismail

 Lillian Chen

Bloombgerg

The euro’s worst year in a decade is looking even grimmer after the Chinese yuan’s inclusion in the International Monetary Fund’s basket of reserve currencies.

The 19-nation currency’s weighting in the IMF’s Special Drawing Rights basket will drop to 30.93 percent, from 37.4 percent, the organization said Monday. The yuan will join the dollar, euro, pound and yen in the SDR allocation from Oct. 1, 2016, at a 10.92 percent weighting.

The euro has tumbled 13 percent against the dollar this year, the most in a decade, and central banks have reduced the proportion of the currency in their reserves to the lowest since 2002. European Central Bank President Mario Draghi signaled on Oct. 22 that policy makers are open to boosting stimulus, after embarking on a 1.1 trillion-euro ($1.2 trillion) asset-purchase program in March.

An Expat’s Eye on Greece

By Rena Silverman Nov. 30, 2015

The New York Times

Dimitri Melios believes that people put reality into boxes. Most, he says, have a stereotypical conception of different parts of the world. When they think of India, they think of the Taj Mahal. And when they think of his native Greece, they think of sunny Mediterranean beaches.

“Most people go to Greece from this country or elsewhere,” he said from his home in Manhattan. “They just go to a couple of specific destinations. Everybody goes to Mykonos or Santorini, and that’s the kind of image people associate with the country.”

Greece Faces Two-Week Reform Deadline to Unlock $1.1 Billion Eurozone Aid

A list of 13 so-called milestone reform demands signed off by eurozone officials

The Wall Street Journal

By VIKTORIA DENDRINOU

Nov. 27, 2015 4:27 a.m. ET

BRUSSELS—Greece has two weeks to implement 13 pieces of economic reform, including changes to its banking sector and the design of a privatization fund, to receive €1 billion ($1.1 billion) in financial aid, according to an agreement struck by eurozone finance ministries.

Completing these reforms would allow Athens to receive fresh loans from its international creditors, and bring Athens one step closer to starting negotiations on debt relief.

Memo to Putin: Syria Is Turkey's Ukraine

49 NOV 27, 2015 2:00 AM EST

By Marc Champion

Bloomberg

Russian leaders have evidently been shocked by Turkey's deliberate decision to shoot down one of their planes, which they say was motivated by Turkey's alleged support for Islamic State and greed for the proceeds of smuggled terrorist oil. A simpler explanation is that Russia would have done the same.

Here is the hypothetical: What would President Vladimir Putin do if civil war broke out in a neighboring country, which had been part of the Russian empire for centuries before breaking away under circumstances, and with borders, that Russians still found difficult to accept? What would he do if, in that war, some of the rebels were ethnic Russians at risk of being brutally crushed by the armed forces of the neighboring state?

Actually, that's not so hypothetical; it pretty much describes eastern Ukraine. And we know what Russia did -- it became heavily involved in a poorly concealed invasion.

Russia to Target Syria Jihadists as Hollande Seeks Diplomacy

 Andrey Biryukov  Helene Fouquet  Henry Meyer

November 26, 2015 — 10:48 PM EET Updated on November 27, 2015 — 9:02 AM EET

Bloomberg

France and Russia agreed to coordinate strikes in Syria to increase the focus on jihadist militants, as French President Francois Hollande seeks to rally support against Islamic State before hosting world leaders in Paris next week.

China Unveils Biggest Army Overhaul in Decades to Project Power

By  Bloomberg News

November 26, 2015 — 12:56 PM EET Updated on November 27, 2015 — 3:40 AM EET

President Xi Jinping announced a major overhaul of China’s military to make the world’s largest army more combat ready and better equipped to project force beyond the country’s borders.

Under the reorganization, all branches of the armed forces would come under a joint military command, Xi told a meeting of military officials in Beijing Thursday, the official Xinhua News Agency reported. Bloomberg in September reported details of the plan, which may also seek to consolidate the country’s seven military regions to as few as four.

Russia Plans Sanctions After Turkey Downs Warplane

Nataliya Vasilyeva, James Ellingworth / Associated Press  Updated: Nov. 26, 2015 12:36 PM

ΤΙΜΕ

It's further retaliation against Turkey after its airforce shot down a Russian jet

(MOSCOW) — Russia plans to retaliate against Turkey for the downing of a warplane by imposing sanctions, cutting economic ties and scrapping major investment projects.

Since the plane was shot down Tuesday on the Syria-Turkey border, Russia has already restricted tourism, left Turkish trucks stranded at the border and confiscated large quantities of Turkish food imports.

Range of Frustrations Reached Boil as Turkey Shot Down Russian Jet

By KEITH BRADSHERNOV. 25, 2015

The New York Times

ANKARA, Turkey — Turkey and Russia promised on Wednesday not to go to war over the downing of a Russian military jet, leaving Turkey’s still-nervous NATO allies and just about everyone else wondering why the country decided to risk such a serious confrontation.

The reply from the Turkish government so far has been consistent: Don’t say we didn’t warn you.

Though minor airspace violations are fairly common and usually tolerated, Turkey had repeatedly called in Russia’s ambassador to complain about aircraft intrusions and about bombing raids in Syria near the border. President Recep Tayyip Erdogan said on Tuesday evening — and a Pentagon spokesman later confirmed — that before a Turkish F-16 shot down the Russian Su-24 jet, Turkish forces had warned the Russian plane 10 times in five minutes to steer away.

Συναγερμός από τους εισαγγελείς

ΠΡΟΚΟΠΗΣ ΧΑΤΖΗΝΙΚΟΛΑΟΥ

Εφημερίδα Καθημερινή

15-11-2015

Κενός λόγος αποδεικνύεται η πάταξη της διαφθοράς και της φοροδιαφυγής στην Ελλάδα, σύμφωνα με τα στοιχεία που αποκαλύπτει η «Κ», από τα οποία προκύπτει ότι ελάχιστα έχουν γίνει, κυρίως εξαιτίας της παρατηρούμενης αδράνειας, ενδεχομένως και της αδιαφορίας. Από τον περασμένο Μάιο ο πρωθυπουργός, Αλέξης Τσίπρας, έχει στα χέρια του μακροσκελή επιστολή του οικονομικού εισαγγελέα κ. Παν. Αθανασίου που περιγράφει με λεπτομέρειες τόσο τα δυνητικά οφέλη από τον έλεγχο των λιστών όσο και το πρόβλημα της υποστελέχωσης των υπηρεσιών, που, αν δεν αντιμετωπιστεί, μοιραία θα οδηγήσει στην παραγραφή των υποθέσεων αλλά και στην απώλεια εκατοντάδων εκατομμυρίων ευρώ που θα μπορούσαν να χρησιμοποιηθούν ως ισοδύναμα.

Finland’s Problem Isn’t the Euro

Despite modest debt and a competitive economy, the Nordic country is on course for a fourth year of recession, but don’t blame the common currency

The Wall Street Journal

By SIMON NIXON

Nov. 25, 2015 5:30 p.m. ET

8 COMMENTS

Which has been the worst performing economy in Europe this year, excluding Greece? The surprising answer is Finland. In the third quarter of this year, Finland’s economy contracted by 0.6%, putting it on course for a possible fourth consecutive year of recession. Since 2008, its output has shrunk by 6%, faring only slightly better than Italy’s roughly 8% decline over the same period.

How the Migrant Crisis Could Accelerate a Grexit

Geopolitical Diary NOVEMBER 24, 2015 | 01:54 GMT

STRATFOR

Stratfor laid out on Nov. 11 the potential dangers of Slovenia closing its borders to migrants, establishing a barrier across the heavily transited Balkan migration corridor. Two days later, a terrorist attack in Paris led to a hardening of attitudes across the Continent. In response, the Slovenian government announced Nov. 19 that it would no longer allow economic migrants — those who are not from war zones such as Syria and Afghanistan — to enter its territory. The announcement caused a chain reaction back along the migration route as Croatia, Serbia and Macedonia, anticipating a backlog forming in their territories, swiftly closed their own borders. This has left many migrants stranded along the route, powerless to move forward and now unable to backtrack.

Turkey downs Russian warplane near Syria border, Putin warns of 'serious consequences'

Wed Nov 25, 2015 3:03am EST 

Related: WORLD, RUSSIA, TURKEY, AEROSPACE & DEFENSE

Reuters

ANKARA/MOSCOW | BY TULAY KARADENIZ AND MARIA KISELYOVA

Turkey shot down a Russian warplane near the Syrian border on Tuesday, saying the jet had violated its air space, in one of the most serious publicly acknowledged clashes between a NATO member country and Russia for half a century.

Russian President Vladimir Putin said the plane had been attacked when it was 1 km (0.62 mile) inside Syria and warned of "serious consequences" for what he termed a stab in the back administered by "the accomplices of terrorists".

Will this Russia-Turkey business get out of control?

Turkey shot down a Russian warplane. How lucky will we be to live through this?

The Washington Post

By Daniel W. Drezner November 24 at 9:20 AM

Daniel W. Drezner is a professor of international politics at the Fletcher School of Law and Diplomacy at Tufts University and a regular contributor to PostEverything

When former senator and actor Fred Thompson passed away earlier this month, it was impossible to forget the best line he ever delivered on a film.

This line seems particularly trenchant now, as something I worried about last month pretty much just happened:

Putin Says Turkish 'Stab in Back' Caused Russian Warplane Crash

By  Andrey Biryukov

November 24, 2015 — 3:01 PM EET Updated on November 24, 2015 — 3:54 PM EET

Bloomberg

President Vladimir Putin accused Turkey of being an accomplice of terrorism for shooting down a Russian warplane in Syria and warned of “very serious consequences” for their relations.

“We understand that everyone has their own interests but we won’t allow such crimes to take place,” Putin said at talks Tuesday with Jordanian King Abdullah II in Sochi. “We received a stab in the back from accomplices of terrorism.”

Putin Has Misjudged Turkey's Erdogan

105 NOV 24, 2015 8:09 AM EST

By Marc Champion

Bloomberg

The details of how and why a Russian jet was shot down near the Turkish-Syrian border remain unclear, but one thing can already be said: Russian President Vladimir Putin has misjudged his Turkish counterpart and former friend, Recep Tayyip Erdogan.

According to Turkey's military, one of its F-16s fired on a jet over Turkish territory, after the plane's pilots ignored 10 warnings to leave. So the North Atlantic Treaty Organization's second-largest military is claiming to have shot down an aircraft in anger that was probably Russian, and is now "consulting" with its NATO allies.

Greece Gets Aid Infusion As EU Counts on Tsipras to Pass Reforms

 Rebecca Christie

 Corina Ruhe

 November 23, 2015 — 8:47 PM EET

Bloomberg

Greece unlocked more of its rescue funds on Monday as the euro area called on Prime Minister Alexis Tsipras to maintain his nation’s commitment to meeting its bailout requirements.

In the first aid payment since August, when Greece secured an 86 billion-euro ($91 billion) third bailout, the euro area on Monday approved a 2 billion-euro disbursement from the European Stability Mechanism firewall fund. This allows Greece to turn its attention to recapitalizing its banks and releasing another 1 billion euros in rescue funds before the end of the year.

Greece's Alpha Bank details allocation of share issue

Mon Nov 23, 2015 2:53am EST Related: FINANCIALS

ATHENS

Read more at Reutershttp://www.reuters.com/article/2015/11/23/greece-alphabank-shares-idUSL8N13I0UK20151123#RWy0sQZD1mWOFAP0.99

Reuters

Nov 23 Greece's Alpha Bank said on Monday new shares issued to fill a capital hole identified in a European Central Bank (ECB) health check would be allocated to investors in a bookbuilding process and to bondholders that took part in a debt-for-equity swap.

A disagreement in Europe

The euro crisis was not a government-debt crisis

Nov 23rd 2015, 9:43 BY R.A. | LONDON

The Economist

THE euro-zone crisis has transitioned from an acute phase to a chronic one. At just this moment the fear that market panic might force one or several economies out of the single currency is low. Yet few analysts believe the euro zone has solved its fundamental problems. In a piece published at Vox EU last week, a cadre of prominent economists made the very sensible point that unless euro-area leaders can agree on the fundamental causes of the crisis, they will struggle to craft long-run fixes. The authors set out their view of the crisis, in hopes that it will prove a foundation for consensus building.

Team Obama’s latest ISIS ‘oops’

By Post Editorial Board November 20, 2015 | 9:25pm

The New York Post

When it comes to US intelligence failures on ISIS, it turns out President Obama’s dismissing the Islamic State as a “JV team” was only a minor blip.

As Bloomberg Businessweek reports, the Obama administration realized just days ago that ISIS is one of the richest organizations in the world — with assets totaling billions.