Εκτός χρόνου ο κ. Σαμαράς

Του Πάσχου Μανδραβέλη

 Τετάρτη, 21 Σεπτέμβριος 2011 08:28

Το πρόβλημα του με τον κ. Σαμαρά δεν  είναι ότι πιθανώς θα προσπαθήσει και δεν θα τα καταφέρει να σώσει τη χώρα. Υπόσχεται από τώρα ότι θα την οδηγήσει με μαθηματική ακρίβεια στον αυτοχειριασμό.

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Δεν ξέρουμε πόσο εκτός τόπου είναι όσα είπε ο κ. Αντώνης Σαμαράς στη Θεσσαλονίκη. Οι υποσχέσεις περί μαγικής ανάπτυξης δίχως κόπους και θυσίες, το χάιδεμα της ακροδεξιάς για το μεταναστευτικό, οι συναισθηματικές κορώνες περί εορτής της «οικονομικής ελευθερίας» το 2021 κ. λπ. μπορεί να αποδειχθούν στις εκλογές εντός τόπου. Οπως τραγουδούσε ο Διονύσης Σαββόπουλος, «στα ρεζιλίκια μας τοκίζοντας ποτέ κανείς δεν χάνει...».

Facebook: Sharing it all | The Economist

Facebook: Sharing it all | The Economist:

'via Blog this'

Δάσκαλε που πάλευες

του Πάσχου Μανδραβέλη

Ο μόνος οργανισμός που εφαρμόζει πλήρως το Μνημόνιο είναι το ΚΚΕ στις επιχειρήσεις του.

Είναι εκπληκτικό -και ίσως ειρωνικό-, αλλά ο μόνος οργανισμός που εφαρμόζει πλήρως το Μνημόνιο είναι το ΚΚΕ στις επιχειρήσεις του. Εφαρμόζει ακόμη και εκείνα που δεν προβλέπονται από το Μνημόνιο, αλλά το ΚΚΕ καταγγέλλει ότι γίνονται ελέω Μνημονίου. Δεν το λέμε εμείς, το περιέγραψε η ίδια η γενική γραμματέας του κόμματος στη συνέντευξη Τύπου που έδωσε την περασμένη εβδομάδα στη Θεσσαλονίκη. Απλώς υπογράμμισε ότι το κάνει για αγαθούς, ήτοι σοσιαλιστικούς, σκοπούς.

«Είμαι συνδικαλιστής, παρκάρω όπου γουστάρω»

Του Πάσχου Μανδραβέλη

Μια ιστορία για κλάματα έξω από τα γραφεία της ΔΑΚΕ στη Ρηγίλλης.

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Είναι παλαιόθεν γνωστό ότι σ’ αυτή τη χώρα «νόμος είναι το δίκιο του συνδικαλιστή». Αυτοί δεν ορίζουν μόνο αν θα πουληθεί η ΔΕΗ («Οχι δεν πουλάμε» είναι το σύνθημά τους), δεν έχουν μόνο λόγο στη δημοσιονομική πολιτική («Οχι δεν βγάζουμε λογαριασμούς» είναι το καινούργιο τροπάρι του κ. Φωτόπουλου). Τους έχει παρασχεθεί το δικαίωμα να κλείνουν τους κεντρικούς δρόμους των πόλεων όποτε κάνουν κέφι, και πολλές θέσεις πάρκινγκ στα γραφεία των συνδικαλιστικών τους οργανώσεων.

German Minister Says Greek Deal May Need Changes

The Wall Street Journal

By GEOFFREY T. SMITH

WASHINGTON—Greece's creditors may need to revise the terms of the July 21 agreement on an additional aid package for the country, German Finance Minister Wolfgang Schäuble said Friday.

"It would surprise me if the conditions for a disbursement of the next tranche of aid in September had changed, but not if the conditions for an additional program had changed," Mr. Schäuble said at a press briefing on the sidelines of a series of international meetings.

The Social Contract

By PAUL KRUGMAN

The New York Times

This week President Obama said the obvious: that wealthy Americans, many of whom pay remarkably little in taxes, should bear part of the cost of reducing the long-run budget deficit. And Republicans like Representative Paul Ryan responded with shrieks of “class warfare.” It was, of course, nothing of the sort. On the contrary, it’s people like Mr. Ryan, who want to exempt the very rich from bearing any of the burden of making our finances sustainable, who are waging class war.

Greek Bond Exchange Has Surprise Upside

The Wall Street Journal

In the continuing drama over whether Greece will get the next slice of rescue funds from its official creditors, another critical financial test has been temporarily forgotten: the country's plan to exchange old government bonds for new. As Greece's disputes with its lenders have intensified, the bond exchange has looked a better and better deal for investors.

STRATFOR προς Τουρκία: «Όχι και τόσο κακή ιδέα ένα ελληνικό πλήγμα»!

ΑΠό το site Defence-point.gr

http://www.defence-point.gr/news/?p=20381

Τεράστια αίσθηση προκαλεί ανάλυση του γνωστού αμερικανικού think tank «Strategic Forecasting» (STRATFOR) αφού προβαίνει σε προειδοποιήσεις προς την Άγκυρα ότι ο δρόμος που έχει πάρει στην υπόθεση των υδρογονανθράκων στην Ανατολική Μεσόγειο είναι ολισθηρός…

Του Μιχαήλ Βασιλείου

(Συνεργάτης του περιοδικού ΣΤΡΑΤΙΩΤΙΚΗ ΙΣΟΡΡΟΠΙΑ & ΓΕΩΠΟΛΙΤΙΚΗ)

Η προειδοποίηση έχει διπλή σημασία εάν αναλογιστεί κανείς ότι η αίσθηση που επικρατεί είναι ότι το συγκεκριμένο ίδρυμα θα μπορούσε μάλλον να χαρακτηριστεί ως φιλοτουρκικό, με τον ιδρυτή του Δρ. Τζορτζ Φρίντμαν (εβραϊκού θρησκεύματος με οικογένεια προερχόμενη από την κεντρική

Τουρκική επιχείρηση διάσπασης του «άξονα» Ελλάδα-Κύπρος-Ισραήλ

Από το site Defence-Point.gr

http://www.defence-point.gr/news/?p=20439

Η Τουρκία δεν πρόκειται να λάβει κάποια στρατιωτικής φύσεως μέτρα «ακόμα» (δηλαδή μέχρι τώρα τι κάνει ο στόλος της στο Καστελόριζο;) ανέφερε ο Ρετζέπ Ταγίπ Ερντογάν από την Νέα Υόρκη. Ο Τούρκος πρωθυπουργός προέβη στην μεγάθυμη λεκτική παραχώρηση να μην προβεί σε στρατιωτικές ενέργειες (εναντίον… ποίου άραγε) αναφορικά με την έναρξη των ερευνητικών γεωτρήσεων στο Οικόπεδο 12 της Κύπρου. Ο Ρ. Τ. Ερντογάν αφού χαρακτήρισε ως «τρέλα» αυτό που κάνουν οι Ελληνοκύπριοι υπογράμμισε πως «ακόμα» δεν πρόκειται να προχωρήσει σε ΑΤΙΛΛΑ ΙΙΙ.

Aggregating Conceals Some Important Facts

The Wall Street Journal

Let us not praise famous men, to borrow from James Agee.

Not Angela Merkel, who asks all players in the euro-zone drama for patience, an attribute of which the market is short, rather than long. But then, markets have never been more than an annoyance to Europe's political class.

Should Busted Greece Stay In Euro Zone?

The Wall Street Journal

Should they stay or should they go? Now that it's (almost) all right to admit that Greece is insolvent, the question can now be asked: When should it default, and should it stay inside the euro zone or not?

The first question is a lot easier than the second. An imminent default, rumored by some on Monday, does nobody any good. The Greek government still has a primary deficit, and can't afford to repudiate its debts while it still can't cover its outlays with tax revenues. It also has no guarantee that the European Central Bank would continue to lend against defaulted Greek debt, and would have to reckon with the risk of its banking system collapsing instantly as a result.

Greek Crisis Exacts the Cruelest Toll

The Wasll Street Journal

By MARCUS WALKER

HERAKLION, Greece—The first time he despaired of his debts, Vaggelis Petrakis drank a poisonous brew of beer and gasoline.

A note he left didn't mention the financial woes of his fruit and vegetable business, of which his family was well aware. Instead, he left instructions for his children on how to look after his animals. "Put mother rabbit in a different place from the little rabbits," the note began.

Then he had second thoughts and called his son, Stelios, who took him to a hospital. Mr. Petrakis survived that suicide attempt. But Greece's collapsing economy and the ruin of his business would soon push him to a more determined effort.

Γιατί αποτυγχάνουν οι ελληνικές μεταρρυθμίσεις;

Από την μία υπάρχει «ροπή προς την αμυντική ακινησία, προς διασφάλιση των κεκτημένων... Από την άλλη, βουβή συσσώρευση ενός άμορφου αιτήματος μεταρρυθμίσεων».

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Το ερώτημα «Γιατί αποτυγχάνουν οι μεταρρυθμίσεις;» τέθηκε από τον κ. Νίκο Μουζέλη τον Ιούνιο του 2003. Το άρθρο γράφτηκε σε μια περίεργη συγκυρία. Κατ’ αρχήν οι μεταρρυθμίσεις της προηγούμενης δεκαετίας απέδιδαν καρπούς: η χώρα με την κολοβή, έστω, απελευθέρωση της

Greece Eyes Fresh Cuts as Default Fears Grow

The Wall Strreet Journal

By ALKMAN GRANITSAS And STELIOS BOURAS

ATHENS—Greece will announce the closure of several state-linked organizations this week and make further spending cuts in its 2012 budget, the finance minister said Monday, as the government scrambles to meet conditions for a fresh infusion of aid.

Greece Eligibility for Next Aid Payment Under Scrutiny

Bloomberg

By Maria Petrakis and Natalie Weeks - Sep 19, 2011 12:01 AM GMT+0300

Greece’s ability to avoid default hangs in the balance this week as international monitors get set to assess whether Prime Minister George Papandreou can meet the conditions of rescue loans.

Greece Seeks Further Cuts

Pressured by Peers, Government Meets; Minister Lashes Out at the Euro Zone

By COSTAS PARIS, ALKMAN GRANITSAS and CHARLES FORELLE

ATHENS—Greece's government held an emergency cabinet meeting Sunday to plan new measures to bring its unruly budget deficit into line, after heated warnings from the other euro-zone nations over the weekend that its efforts were insufficient and might threaten the delivery of future aid.

Geithner presses euro zone to leverage bailout fund

(Reuters) - Treasury Secretary Timothy Geithner pressed euro zone ministers on Friday to leverage their 440 billion euro bailout fund and free up more resources to tackle a two-year-old debt crisis, a senior euro zone official said.

Washington set up an emergency fund to support U.S. lenders during the global credit crisis but the official told Reuters Geithner made no reference to the 2008 TALF program, which sources had said could be a model for the European Financial Stability Facility (EFSF).

Analysts say the EFSF must be increased in size to build market confidence that the euro zone debt crisis can be contained.

Does the euro have a future?

By George Soros

Reutrers

The opinions expressed are his own.

The euro crisis is a direct consequence of the crash of 2008. When Lehman Brothers failed, the entire financial system started to collapse and had to be put on artificial life support. This took the form of substituting the sovereign credit of governments for the bank and other credit that had collapsed. At a memorable meeting of European finance ministers in November 2008, they guaranteed that no other financial institutions that are important to the workings of the financial system would be allowed to fail, and their example was followed by the United States.

Debt-Crisis Summit Aims to Bridge Divide

The Wall Street Journal

By MATTHEW DALTON And RIVA FROYMOVICH

WROCLAW, Poland—Euro-area finance ministers will gather here Friday to seek agreement on several crisis-fighting measures left unresolved despite weeks of talks, amid mounting worries that governments lack the political will to prevent financial catastrophe from striking the southern euro zone.

The celestial economy

The Economist

By 2030 China’s economy could loom as large as Britain’s in the 1870s or America’s in the 1970s

IT IS perhaps a measure of America’s resilience as an economic power that its demise is so often foretold. In 1956 the Russians politely informed Westerners that “history is on our side. We will bury you.” In the 1980s history seemed to side instead with Japan. Now it appears to be taking China’s part.

Greece 'integral' to the eurozone, say European leader

The leaders of Greece, France and Germany have said that Greece is an "integral" part of the eurozone.

It follows a telephone call between Greek Prime Minister George Papandreou, French President Nicolas Sarkozy and German Chancellor Angela Merkel.

Geithner to Take Crisis Message to Europe Talks

Bloomberg

U.S. Treasury Secretary Timothy F. Geithner plans to urge European Union finance ministers to step up their crisis-fighting strategy when he meets with them this week in Poland, a euro-area official said.

The official spoke on condition of anonymity because preparations for the meeting, which takes place in Wroclaw, Poland, on Sept. 16 and 17, are confidential. It will be the first time Geithner has attended a session of Europe’s Economic and Financial Affairs Council, known as Ecofin.

Merkel Lessens Fears Over Greece

The Wall Street Journal

German Leader Rejects Suggestions Athens Be Allowed to Default or Leave Currency Bloc, Reassuring Nervous Market

By MARCUS WALKER and NOÉMIE BISSERBE

BERLIN—German Chancellor Angela Merkel rejected suggestions that Greece could be forced into bankruptcy soon or even leave the euro zone, lifting European banking shares and broader financial markets that have been gripped in recent days by fears of an imminent Greek meltdown.

The World Isn't Up to Global Coordination

The Wall Street Journal

By PAUL HANNON

The global economic crisis seemed very far away as the sun blazed down on Marseille's old port Friday. But such is the depth of the gloom surrounding the economic outlook, finance officials from the Group of Seven leading developed economies must have envied the carefree souls piloting their yachts out of the harbor and onto calm blue seas.

Merkel Eschews ‘Uncontrolled Greek Insolvency’

Bloomberg

German Chancellor Angela Merkel said that Greece is taking the right steps to get its next bailout payment, warning against allowing a Greek default because of the risk of contagion for other euro-area countries.

Merkel, in a German radio interview to be broadcast today, said that an “uncontrolled insolvency” would further roil markets spooked by the prospect of a Greek default. The euro region currently has no system for “orderly” insolvency until the permanent rescue fund is established in 2013, she said.

Europe's Galileo sat-nav spacecraft ready to fly

BBC

By Jonathan Amos

Europe's first two Galileo satellite-navigation spacecraft are ready for launch.

The platforms passed a key technical review at the weekend, paving the way for their flight to orbit on a Russian Soyuz rocket on 20 October.

One satellite has already made the journey to the launch complex in French Guiana; the second will ship this week.

Greece Won’t Default, Yet

The Wall street Journal

Germany has been a rich source of saber rattling over Greece, much of it for domestic political consumption.

In the end, Germany will have to give in and let Greece have its September bailout installment, giving Athens until the next tranche in December to see if its new taxes can work off a dangerously widening budget deficit.

Senior IMF officials now acknowledge as much, sympathizing with the headwinds Greeks face with their economic recession. The alternative is too terrible to contemplate, with crumbling European credit markets in recent days giving only a pale hint of what a Greek default would wreak.

Greek default jitters hammer French banks, euro

(Reuters) - Growing fears of a Greek default sent a hurricane through heavily exposed French banks on Monday and hit the euro as investor confidence in the European currency area's ability to surmount a sovereign debt crisis ebbed.

Bad News Could Force Some Real Decisions

The Wall Street Journal

Sometimes the really bad news is good.

Jürgen Stark's decision to resign from the board of the European Central Bank, not too long after Axel Weber quit as Bundesbank president, just might put paid to the dithering that has characterized euro-zone policy making for too long. And the equally disturbing news that the Greek economy is in virtual collapse, shrinking by 7.3% in the last quarter, puts more than a little pressure on euro-zone politicians to abandon the notion that press releases are synonymous with action, and austerity with prudence.

Supercomputer predicts revolution

BBC

Feeding a supercomputer with news stories could help predict major world events, according to US research.

A study, based on millions of articles, charted deteriorating national sentiment ahead of the recent revolutions in Libya and Egypt.

Europe's Markets Slump

The Wall Street Journal

By TOBY ANDERSON

LONDON—European stocks opened sharply lower Monday amid deepening concerns about a possible Greek default, while the euro slumped to a 10-year low against the safe-haven yen.

London's FTSE 100 index was 1.9% lower at 5114.72, Frankfurt's DAX index dropped 2.5% to 5061.87 and the CAC-40 index in Paris fell 3.3% to 2875.28.

Greece Announces New Tax as Unrest Flares

The Wall Street Journal

Property Levy Aims to Close Budget Gap

THESSALONIKI, Greece—The Greek government said Sunday it will impose a new property tax to cover a €2 billion ($2.7 billion) shortfall in budget targets this year, which it has promised its international creditors in exchange for receiving fresh aid.

Making Strength of Zone's Weakness

The Wall Street Journal

Common Euro Bond Issue, Opposed by Many Leaders, Could Create an Investor Haven

The world is short of secure destinations for investment funds, as shown by Switzerland's dramatic efforts this week to deter the floods of capital entering the Alpine safe haven. Here's a solution: euro-zone bonds, debt instruments issued collectively by euro-zone nations that could offer for the first time a real alternative to the U.S. Treasury market. They have another advantage: They could also save the euro zone.

Libyan interim leader Abdul Jalil flies to Tripol

11 September 2011 Last updated at 04:43 GMT

BBC

The head of Libya's interim government, Mustafa Abdul Jalil, has flown to Tripoli for the first time since anti-Gaddafi forces captured the capital.

Mr Abdul Jalil was greeted by hundreds of cheering, flag-waving supporters.

Until now he had remained in the eastern city of Benghazi. His presence in the capital is aimed at sending a message about his authority.

Germany Nominates Asmussen to Succeed Stark at ECB

The Wall Street Journal

By GEOFFREY T. SMITH

MARSEILLE, France—The German government has nominated Jörg Asmussen to succeed Jürgen Stark on the executive board of the European Central Bank, Finance Minister Wolfgang Schaeuble said Saturday.

At a news conference after weekend meetings of the finance ministers and central-bank governors of the Group of Seven leading industrialized nations, Mr. Schaeuble said he hoped that Mr. Asmussen would be able to assume Mr. Stark's duties toward the end of the year.

Greek Leader Vows To Press Changes

The Wall Street Journal

By ALKMAN GRANITSAS

THESSALONIKI, Greece—Prime Minister George Papandreou vowed Saturday that the country would meet its budget targets and press ahead with difficult reforms, even as thousands demonstrated against those reforms on the streets of Greece's second largest city.

ECB Lowers Growth Forecast

The Wall Street Journal

By TOM FAIRLESS

FRANKFURT—European Central Bank President Jean-Claude Trichet warned Thursday that the euro zone's economy will grow more slowly than previously expected, and said risks to medium-term inflation have moderated.

But he stopped short of clearly signalling a change in the bank's interest-rate path.

Switzerland Caps Franc

The Wall Street Journal

By DEBORAH BALL

LONDON—The Swiss National Bank set a limit on how far it will let the Swiss franc rise against the euro, the bank's most aggressive attempt yet to rein in the soaring currency.

Turkey Suspends Defense Trade With Israel

The Wall Street Journal

By MARC CHAMPION

ISTANBUL—Turkey's prime minister, Recep Tayyip Erdogan, said Tuesday that his country was suspending defense trade with Israel and that Turkish naval vessels would be seen in the Eastern Mediterranean more often, as Ankara ratcheted up pressure in a rising dispute with its former ally.

Speaking to reporters in Ankara after giving a speech at the Ankara Chamber of Commerce, Mr. Erdogan repeated plans announced Friday to downgrade diplomatic relations with the Jewish state and suspend military agreements, specifying that the suspension would include trade in defense goods.

Roubini: Slowdown Brings Forward New Financial Crisis

Bloomberg

By Scott Hamilton - Sep 6, 2011 7:28 PM GMT+0300

Nouriel Roubini, co-founder and chairman of Roubini Global Economics LLC, said the current slowdown in the world economy has brought forward the timing of a new financial crisis.

“I thought a few months ago that the perfect storm would be 2013,” Roubini said in an interview in London today. “But now, the economic weakness in the U.S., euro zone and the U.K. is front loaded. So we’re going to double dip earlier. The climax of it could be 2013, or it could be already earlier. It depends on what policy tools are available.”

Wall St falls on euro zone debt fears

By Edward Krudy

NEW YORK | Tue Sep 6, 2011 2:07pm EDT

(Reuters) - Wall Street stocks tumbled for a third session on Tuesday on rising concerns about the euro zone's debt crisis and the outlook for the global economy.

Major U.S. banks were among the biggest decliners, with the KBW Bank index off nearly 2 percent on fears that lenders face a growing list of mortgage-related lawsuits.

Late on Friday, the Federal Housing Finance Agency sued 17 large U.S. banks over subprime mortgage-backed bonds.

The Worst-Case Euro Scenario

Each day the currency remains on life-support in its current form, the consequences of its eventual death become graver.

The Wall Street Journal

By SAJID JAVID

On the Continent, August is usually reserved for long vacations in the sun. Instead, European leaders spent the month working on increasingly desperate attempts to save the euro in its current form. There's only one prospect more frightening than what would happen if they fail: what would happen if they succeed.

Europe Signals Global Gloom

The Wall Street Journal

World Markets Fall as Continent's Debt Crisis Fuels Worries of Lengthy Slowdown

By BRIAN BLACKSTONE And LAURA STEVENS

FRANKFURT—International financial markets tumbled as a darkening global economic outlook and deepening fissures in Europe over its debt crisis fueled fears the world economy could slip into a period of prolonged malaise.

The Stoxx Europe 600 index fell 4.1% Monday, with banks hard hit. The euro slid below $1.42, its lowest in a month. The declines followed a slide in Asia, where stock indexes in China and Japan dropped by about 2% Monday. On Tuesday morning Asian markets again moved lower, with Japan shares falling 1.2% by late morning. During early Asian trading the 10-year U.S. Treasury yields hit as low as 1.911%, the lowest level in at least five decades, according to traders.

The end of Monnet

The Economist

The debt crisis is exposing problems in the basic design of the European Union

Sep 3rd 2011 | from the print edition

ALL it the curse of the euro. When politicians discuss the single currency’s crisis in Brussels, their actions are invariably seen by markets to be too little, too late. When they return home, they are accused of surrendering too much, too fast. So bond markets swoon and leaders become enfeebled. Such has been the fate of last July’s summit deal to save Greece for the second time and boost the embryonic European monetary fund. Government debt is dangerously wobbly in Italy and Spain, yet political approval of the deal has hit trouble in Germany and Finland.

Greek Central Banker Seeks Faster Effort From Athens

The Wall Street Journal

By ALKMAN GRANITSAS

ATHENS—Greece's top central banker called on the government to speed up efforts to close the budget gap amid growing concerns elsewhere in Europe that Athens can't pull itself out of its debt spiral.

Bank of Greece Governor George Provopoulos said that the lack of fiscal and other reforms were deepening Greece's recession.

A make-or-break month for the euro zone

Reuters

By Kathleen Brooks. The opinions expressed are her own.

For over a year now people have been calling for the collapse of the euro zone. Either one of the bailed out nations would leave, or the more fiscally sound northern European states would form their own version of a union. Regardless of what the outcome would be, the harsh reality was that the Eurozone’s massive floor -  allowing countries like Greece to borrow for nearly a decade at German-style interest rates without some limit on spending or enforcement of fiscal rules – meant that it could not survive.

German Bunds Rise, Italy, Spain Government Bonds Slide, on Recession Signs

Bloomberg

By Emma Charlton and Keith Jenkins - Sep 3, 2011 9:30 AM GMT+0300

German bunds surged this week, pushing 10-year yields to a record low below 2 percent, as signs the U.S. economy may be headed toward recession boosted demand for the safest securities.

Italian bonds dropped for a 10th day, and Spain’s benchmark rates climbed to the highest level in three weeks on concern debt purchases by the European Central Bank won’t be enough to cap the two nations’ borrowing costs. A U.S. payrolls report yesterday showed no jobs were added in August, stoking speculation the Federal Reserve will consider additional stimulus measures to boost the economy. Greek two-year yields soared above 47 percent.

Talks on Greek Bailout Are Stalled

The Wall Street Journal

IMF, Commission and Central Bank Clash With Athens on Budget-Gap Fix

By ALKMAN GRANITSAS, STELIOS BOURAS and COSTAS PARIS

ATHENS—Talks over new bailout funds for Greece were suspended Friday amid disagreements over how to fill a government-deficit gap that once again is veering off track, raising doubts about the country's future access to finance and triggering renewed nervousness in financial markets across Europe.

Among the dinosaurs

The Economist

France’s Socialists have yet to come to terms with the modern world

BLISS is it in a financial crisis to be a socialist. Or so it ought to be. In speculators and ratings agencies, Europe’s left has a ready cast of villains and rogues. In simmering social discontent, it has an energising force. A recent issue of Paris-Matchinadvertently captured the mood: page after full-colour page on Britain’s rioting underclass were followed by gory visual detail of the bling yachts crowding into the bay near Saint-Tropez. Time, surely, to put social inclusion before defiant decadence.

Officials Warn Lenders On Greek-Debt Values

The Wall Street Journal

By MICHAEL RAPOPORT And DAVID ENRICH

In an unusual move, international accounting rule makers said some European banks haven't taken big-enough write-downs on the value of the distressed Greek government debt they hold.

Some banks are using their own models to value their Greek bonds and other distressed sovereign debt when accounting rules dictate that they should be using market prices to determine the securities' fair value, the International Accounting Standards Board said in a letter this month to the European Union's chief securities regulator.