Wednesday, December 14, 2016
As Brexit approaches, signs of a gathering economic storm for Britain
The Washington Post
By Griff Witte December 13 at 5:16 PM
LONDON — From a modest office in a small town in northeastern England, Elliott Peckett’s family stocked the world with costumes.
Billowy white Marilyn Monroe dresses. Red velvet Santa caps. Rhinestone-studded Elvis jumpsuits.
They were shipped out by the millions to 42 countries across the globe, and they brought the profits of countless Halloween parties, Carnival parades and Christmas wonderlands back home to England.
But thanks to Brexit, not anymore. After 122 years, Peckett’s costume company, Smiffys, is moving its headquarters to the Netherlands.
Too big to fail: China maps out its Trump strategy
Wed Dec 14, 2016 | 2:15am EST
Reuters
By Ben Blanchard and Christian Shepherd | BEIJING
When Donald Trump becomes U.S. president next month, one issue above all others could force his new administration to work closely with China and underscore why he and Beijing need each other - North Korea.
A nuclear armed North Korea, developing missiles that could hit the U.S. west coast, is clearly bad news for Washington but also Pyongyang's sometimes-reluctant ally Beijing, which fears one day those missiles could be aimed at them.
Reuters
By Ben Blanchard and Christian Shepherd | BEIJING
When Donald Trump becomes U.S. president next month, one issue above all others could force his new administration to work closely with China and underscore why he and Beijing need each other - North Korea.
A nuclear armed North Korea, developing missiles that could hit the U.S. west coast, is clearly bad news for Washington but also Pyongyang's sometimes-reluctant ally Beijing, which fears one day those missiles could be aimed at them.
Greece Heads Toward New Crisis in Debt Saga as Support for Tsipras Slumps
The ruling Syriza party is considering calling snap elections in 2017, as it loses hope of winning concessions on debt relief or austerity from Greece’s creditors
The Wall Street Journal
By NEKTARIA STAMOULI and MARCUS WALKER
Dec. 12, 2016 1:48 p.m. ET
36 COMMENTS
ATHENS—Greece’s crisis is approaching a potential breaking point after a year of relative calm, as a government with declining political stamina confronts creditors’ unyielding demands.
The ruling left-wing Syriza party, grappling with slumping popularity, is considering the option of calling snap elections in 2017, as it loses hope of winning concessions on debt relief or austerity from the eurozone and International Monetary Fund.
No decision for elections has been made, said Greek officials, who added that they would review the state of negotiations in January, after pressing creditors again to show more flexibility.
The Wall Street Journal
By NEKTARIA STAMOULI and MARCUS WALKER
Dec. 12, 2016 1:48 p.m. ET
36 COMMENTS
ATHENS—Greece’s crisis is approaching a potential breaking point after a year of relative calm, as a government with declining political stamina confronts creditors’ unyielding demands.
The ruling left-wing Syriza party, grappling with slumping popularity, is considering the option of calling snap elections in 2017, as it loses hope of winning concessions on debt relief or austerity from the eurozone and International Monetary Fund.
No decision for elections has been made, said Greek officials, who added that they would review the state of negotiations in January, after pressing creditors again to show more flexibility.
Tuesday, December 13, 2016
The IMF is Not Asking Greece for More Austerity
Posted on December 12, 2016 by iMFdirect
By Maurice Obstfeld and Poul M. Thomsen
Versions in عربي (Arabic); Français (French); Deutsch (German); ελληνικά (Greek); and Español (Spanish)
Greece is once again in the headlines as discussions for the second review of its European Stability Mechanism (ESM) program are gaining pace. Unfortunately, the discussions have also spurred some misinformation about the role and the views of the IMF. Above all, the IMF is being criticized for demanding more fiscal austerity, in particular for making this a condition for urgently needed debt relief. This is not true, and clarifications are in order.
Inside China’s Global Spending Spree
By Scott Cendrowski
Photograph by Teru Onishi for Fortune
DECEMBER 12, 2016, 6:30 AM EST
FORTUNE
“One Belt, One Road,” China’s $3 trillion infrastructure-building campaign, could be a windfall for some Western companies and investors.
The high-rise coastal city of Dubai plays host to all kinds of luxury oddities: indoor ski slopes, gold-bar vending machines, vast artificial archipelagoes shaped like palm trees. But six miles inland, something just as unusual, if far less gaudy, is taking shape—the first coal-fired power plant in the Middle East.
Turkey Moves to Crush Kurdish Party After Deadly Bombing
Jared Malsin/Istanbul @jmalsin Dec. 12, 2016
Turkish government makes hundreds of arrests
TIME
Turkish authorities arrested at least 291 officials and members of a major parliamentary opposition party on terrorism charges Monday, following a deadly twin bomb attack in Istanbul that killed at least 44 people.
The arrests marked the continuation of government reprisals against the pro-Kurdish People’s Democratic Party (known by the Turkish acronym HDP), which controls the third-largest bloc in Turkey’s parliament. The arrests come in the context of a broader crackdown on critics of the government of President Recep Tayyip Erdogan, who has moved to shore up his own power after surviving a deadly military coup attempt last July.
Turkish government makes hundreds of arrests
TIME
Turkish authorities arrested at least 291 officials and members of a major parliamentary opposition party on terrorism charges Monday, following a deadly twin bomb attack in Istanbul that killed at least 44 people.
The arrests marked the continuation of government reprisals against the pro-Kurdish People’s Democratic Party (known by the Turkish acronym HDP), which controls the third-largest bloc in Turkey’s parliament. The arrests come in the context of a broader crackdown on critics of the government of President Recep Tayyip Erdogan, who has moved to shore up his own power after surviving a deadly military coup attempt last July.
Trump draws rebukes after saying U.S. isn’t bound by one-China policy
The Washington Post
By Emily Rauhala December 12 at 9:43 AM
BEIJING — Donald Trump is talking about Taiwan again — and so is China, in angry and mocking comments Monday that questioned whether the president-elect grasps a core element of relations between the world’s top economic powers.
In an interview broadcast Sunday, Trump said the United States would not necessarily be bound by the one-China policy — the diplomatic understanding that underpins ties between Washington and Beijing and that leaves China’s rival Taiwan on the diplomatic sidelines with the United States.
Rex Tillerson’s Company, Exxon, Has Billions at Stake Over Sanctions on Russia
By ANDREW E. KRAMER and CLIFFORD KRAUSSDEC. 12, 2016
The New York Times
MOSCOW — Now that President-elect Donald J. Trump has chosen Rex W. Tillerson, the chief executive of Exxon Mobil, to be the next secretary of state, the giant oil company stands to make some major gains as well: It has billions of dollars in deals that can go forward only if the United States lifts sanctions against Russia.
As head of America’s largest oil company, Mr. Tillerson has earned a friendship award from Russia and voiced skepticism about American sanctions that have halted some of Exxon Mobil’s biggest projects in the country.
The New York Times
MOSCOW — Now that President-elect Donald J. Trump has chosen Rex W. Tillerson, the chief executive of Exxon Mobil, to be the next secretary of state, the giant oil company stands to make some major gains as well: It has billions of dollars in deals that can go forward only if the United States lifts sanctions against Russia.
As head of America’s largest oil company, Mr. Tillerson has earned a friendship award from Russia and voiced skepticism about American sanctions that have halted some of Exxon Mobil’s biggest projects in the country.
Monday, December 12, 2016
International migrant-smuggling ring dismantled in Greece
The Washington Post
By Associated Press December 12 at 10:20 AM
ATHENS, Greece — Greek and British authorities say they have dismantled an international ring suspected of smuggling hundreds of migrants to Britain and other European countries using falsified travel documents.
A Greek police statement says that 24 suspects were arrested last week in the Athens area, and another nine in Glasgow, Northampton and Manchester in Britain.
Greece Needs Fiscal Breathing Room
We’ve exceeded our targets and ended up with a surplus. The wise thing to do would be to give it back to the citizens.
The Wall Street journal
By FRANCISCOS KOUTENTAKIS
Dec. 12, 2016 3:17 p.m. ET
0 COMMENTS
This will be the second year in a row that Greece has beaten its primary fiscal targets. In contrast to the pessimistic projections of its creditors, Greece’s authorities have proved themselves capable of delivering on the country’s promises.
The Wall Street journal
By FRANCISCOS KOUTENTAKIS
Dec. 12, 2016 3:17 p.m. ET
0 COMMENTS
This will be the second year in a row that Greece has beaten its primary fiscal targets. In contrast to the pessimistic projections of its creditors, Greece’s authorities have proved themselves capable of delivering on the country’s promises.
Friday, December 9, 2016
Prime Minister Announces Handouts as Strike Cripples Greece
By THE ASSOCIATED PRESSDEC. 8, 2016, 3:21 P.M. E.S.T.
The New York Times
ATHENS, Greece — As thousands of Greeks protested against government spending cuts during a general strike that crippled the country Thursday, struggling Prime Minister Alexis Tsipras announced one-off measures to ease the burden on pensioners and island residents.
Tsipras said the government would distribute a total of 617 million euros this Christmas to some 1.6 million low-income pensioners, replacing a holiday bonus scrapped by Greece's bailout creditors.
In a nationally televised address, Tsipras said the cash would come from a larger-than-expected surplus in Greece's primary budget, which excludes the cost of servicing the country's crippling debt.
Tsipras has seen his popularity plummet after a series of income cuts and tax hikes demanded by creditors. His left-wing Syriza party trails the main opposition conservatives by more than 10 percentage points in opinion polls.
The New York Times
ATHENS, Greece — As thousands of Greeks protested against government spending cuts during a general strike that crippled the country Thursday, struggling Prime Minister Alexis Tsipras announced one-off measures to ease the burden on pensioners and island residents.
Tsipras said the government would distribute a total of 617 million euros this Christmas to some 1.6 million low-income pensioners, replacing a holiday bonus scrapped by Greece's bailout creditors.
In a nationally televised address, Tsipras said the cash would come from a larger-than-expected surplus in Greece's primary budget, which excludes the cost of servicing the country's crippling debt.
Tsipras has seen his popularity plummet after a series of income cuts and tax hikes demanded by creditors. His left-wing Syriza party trails the main opposition conservatives by more than 10 percentage points in opinion polls.
Βερολίνο: "Οι εξαγγελίες Τσίπρα δεν συζητήθηκαν στο Eurogroup"
Άγνοια των παροχών Τσίπρα είχε το γερμανικό υπουργείο Οικονομικών και το Eurogroup. Ως επικοινωνιακή φυγή προς τα εμπρός λόγω των εσωπολιτικών πιέσεων βλέπουν γερμανοί αρθρογράφοι τις χριστουγεννιάτικες παροχές του.
deutsche welle
Ούτε το γερμανικό υπουργείο των Οικονομικών, αλλά ούτε και το Eurogroup γνώριζε για τις χθεσινοβραδινές εξαγγελίες του έλληνα πρωθυπουργού σχετικά με τις παροχές προς τους χαμηλοσυνταξιούχους και το πάγωμα του ΦΠΑ στα νησιά των Αιγαίου με μεγάλη προσφυγική ροή. Σε ερώτησηπου απηύθυνε η Deutsche Welle προς την εκπρόσωπο του γερμανικού υπουργείου Οικονομικών, εάν είχε γνώση των εξαγγελιών Τσίπρα το υπουργείο της, η Φρεντερίκε φον Τιζενχάουζεν μας απάντησε ως εξής: «Όχι, το θέμα δεν συζητήθηκε ούτε και στο Eurogroup της περασμένης Δευτέρας. Αλλά είναι υπόθεση των θεσμών να αξιολογούν τέτοιου είδους μέτρα».
Ο γερμανικός τύπος κάνει αναφορά στο αιφνιδιαστικό, όπως το χαρακτηρίζει, διάγγελμα του έλληνα πρωθυπουργού προς τον ελληνικό λαό με παροχές προς τους συνταξιούχους και τους κατοίκους νησιών με πολλούς πρόσφυγες. Ορισμένοι αρθρογράφοι εκφράζουν έκπληξη για αυτήν την κίνηση του κ. Τσίπρα σε μια κρίσιμη περίοδο έντονων αντιπαραθέσεων και αγώνα δρόμου προκειμένου να κλείσει η δεύτερη αξιολόγηση.
deutsche welle
Ούτε το γερμανικό υπουργείο των Οικονομικών, αλλά ούτε και το Eurogroup γνώριζε για τις χθεσινοβραδινές εξαγγελίες του έλληνα πρωθυπουργού σχετικά με τις παροχές προς τους χαμηλοσυνταξιούχους και το πάγωμα του ΦΠΑ στα νησιά των Αιγαίου με μεγάλη προσφυγική ροή. Σε ερώτησηπου απηύθυνε η Deutsche Welle προς την εκπρόσωπο του γερμανικού υπουργείου Οικονομικών, εάν είχε γνώση των εξαγγελιών Τσίπρα το υπουργείο της, η Φρεντερίκε φον Τιζενχάουζεν μας απάντησε ως εξής: «Όχι, το θέμα δεν συζητήθηκε ούτε και στο Eurogroup της περασμένης Δευτέρας. Αλλά είναι υπόθεση των θεσμών να αξιολογούν τέτοιου είδους μέτρα».
Ο γερμανικός τύπος κάνει αναφορά στο αιφνιδιαστικό, όπως το χαρακτηρίζει, διάγγελμα του έλληνα πρωθυπουργού προς τον ελληνικό λαό με παροχές προς τους συνταξιούχους και τους κατοίκους νησιών με πολλούς πρόσφυγες. Ορισμένοι αρθρογράφοι εκφράζουν έκπληξη για αυτήν την κίνηση του κ. Τσίπρα σε μια κρίσιμη περίοδο έντονων αντιπαραθέσεων και αγώνα δρόμου προκειμένου να κλείσει η δεύτερη αξιολόγηση.
Greece, Not Italy, Still Poses Biggest Challenge to Eurozone
A crisis in one country only becomes a crisis for the whole eurozone when a collective European response is required, Simon Nixon writes
The Wall Street Journal
By SIMON NIXON
Dec. 7, 2016 3:27 p.m. ET
4 COMMENTS
Not for the first time this year, the doom-mongers have been confounded. The Italian referendum over the weekend resulted in a resounding defeat for Prime Minister Matteo Renzi, who promptly announced his resignation. Yet the sky didn’t fall in, the euro dipped and then rallied, and Italian bonds and bank stocks barely budged. Other European assets were also largely unmoved.
The Wall Street Journal
By SIMON NIXON
Dec. 7, 2016 3:27 p.m. ET
4 COMMENTS
Not for the first time this year, the doom-mongers have been confounded. The Italian referendum over the weekend resulted in a resounding defeat for Prime Minister Matteo Renzi, who promptly announced his resignation. Yet the sky didn’t fall in, the euro dipped and then rallied, and Italian bonds and bank stocks barely budged. Other European assets were also largely unmoved.
Wednesday, December 7, 2016
Give Greece Credit, Even Just for Treading Water
25DEC 6, 2016 1:23 AM EST
By
Mark Gilbert
Bloomberg
Here are two things I'll bet most people don't know about Greece. The country's just-appointed minister of economy and development, Dimitri Papadimitriou, was lured away from his position as head of the Levy Economics Institute at Bard College in America. He's not a member of the ruling Syriza party. And the man appointed secretary general for public revenue in January is Giorgos Pitsillis, a professional tax lawyer. He's not a party member, either.
Europe's Still Dithering Over Greece
Bloomberg
Editorial Board
DEC 7, 2016 12:30 AM EST
This week, the European Union’s finance ministers granted some new debt relief to Greece. The new “short-term” measures are better than nothing -- but they’re less than a convincing solution to a problem that has dragged on far too long.
The deal, sketched out and agreed to in principle earlier this year, should help the Greek government convince voters to keep accepting much-needed domestic reform. That’s good. It isn’t enough, though, to put the country’s debts and budget plans on a sustainable footing. That’s why the International Monetary Fund, whose support will be necessary to achieve that larger goal, isn’t yet on board. After years of muddling through, the issue still isn’t resolved.
EU Offers Greece Near-Term Debt Relief, Demands More Reforms
by Nikos Chrysoloras , Corina Ruhe , and Jonathan Stearns
December 5, 2016 — 2:59 PM EST December 5, 2016 — 4:12 PM EST
Regling says steps may cut debt by 20 percentage points of GDP
Debt measures ‘very promising,’ says Greece’s Tsakalotos
Euro-area finance ministers agreed to measures that will help ease Greece’s debt burden, while insisting that the government of Prime Minister Alexis Tsipras adopt “serious” reforms that will ensure the nation maintains a proper fiscal record after the end of its current bailout.
Finance ministers from the currency bloc meeting in Brussels clinched steps that could cumulatively reduce Greece’s debt by 20 percentage points relative to gross domestic product through 2060, Klaus Regling, managing director of the European Stability Mechanism, said Monday. The measures include easing the repayment schedule of bailout loans, waiving a coupon penalty that would amount to about 200 million euros ($215 million) and swapping debt to mitigate interest rate risk.
Tuesday, December 6, 2016
Greece gets short-term debt relief from eurozone
By Pan Pylas | AP December 5 at 4:14 PM
The Washington Post
BRUSSELS — Greece won some short-term debt relief from European creditors on Monday even though it failed to clear the latest hurdle in its bailout program that has prevented the country going bankrupt and crashing out of the euro.
At a meeting of the 19 eurozone finance ministers in Brussels that was largely overshadowed by the Italian referendum result that forced Premier Matteo Renzi to offer his resignation, Greece’s creditors offered some immediate help to the cash-strapped Greek government.
The Washington Post
BRUSSELS — Greece won some short-term debt relief from European creditors on Monday even though it failed to clear the latest hurdle in its bailout program that has prevented the country going bankrupt and crashing out of the euro.
At a meeting of the 19 eurozone finance ministers in Brussels that was largely overshadowed by the Italian referendum result that forced Premier Matteo Renzi to offer his resignation, Greece’s creditors offered some immediate help to the cash-strapped Greek government.
Eurozone Finance Ministers Agree to Some Debt Relief for Greece’s Bailout
Maturities extended and interest rates locked on some Greek debt but no agreement yet on IMF participation
The Wall Street Journal
By VIKTORIA DENDRINOU and NEKTARIA STAMOULI
Updated Dec. 5, 2016 4:10 p.m. ET
BRUSSELS—Eurozone finance ministers, seeking to get the International Monetary Fund to participate in Greece’s bailout, agreed on a package of short-term measures that could ease the country’s debt load by around a fifth in 2060.
The ministers, gathering in Brussels for their monthly meeting on Monday, had hoped to move closer to agreeing on a set of overhauls Greece must enact under its bailout—which could reach €86 billion ($92.3 billion)—as well as a series of debt-relief measures from its European creditors. Both steps are required to get the IMF to participate in the bailout.
The Wall Street Journal
By VIKTORIA DENDRINOU and NEKTARIA STAMOULI
Updated Dec. 5, 2016 4:10 p.m. ET
BRUSSELS—Eurozone finance ministers, seeking to get the International Monetary Fund to participate in Greece’s bailout, agreed on a package of short-term measures that could ease the country’s debt load by around a fifth in 2060.
The ministers, gathering in Brussels for their monthly meeting on Monday, had hoped to move closer to agreeing on a set of overhauls Greece must enact under its bailout—which could reach €86 billion ($92.3 billion)—as well as a series of debt-relief measures from its European creditors. Both steps are required to get the IMF to participate in the bailout.
Monday, December 5, 2016
Fearing abandonment by Trump, CIA-backed rebels in Syria mull alternatives
The Washington Post
By Karen DeYoung and Louisa Loveluck December 3 at 6:03 PM
Three years after the CIA began secretly shipping lethal aid to rebels fighting against Syrian President Bashar al-Assad, battlefield losses and fears that a Donald Trump administration will abandon them have left tens of thousands of opposition fighters weighing their alternatives.
Among the options, say U.S. officials, regional experts and the rebels themselves, are a closer alliance with better-armed al-Qaeda and other extremist groups, receipt of more sophisticated weaponry from Sunni states in the Persian Gulf region opposed to a U.S. pullback, and adoption of more traditional guerrilla tactics, including sniper and other small-scale attacks on both Syrian and Russian targets.
China says Trump clear about Taiwan, in touch with his team
Mon Dec 5, 2016 | 5:20am EST
Reuters
By Ben Blanchard and Roberta Rampton | BEIJING/WASHINGTON
U.S. President-elect Trump is clear about China's position on the Taiwan issue and China has maintained contacts with his team, the foreign ministry said on Monday, as Trump took to Twitter to complain about Chinese economic and military policy.
Trump's unusual call with Taiwan President Tsai Ing-wen on Friday prompted a diplomatic protest on Saturday, though U.S. Vice President-elect Mike Pence played down the telephone conversation, saying it was a "courtesy" call, not intended to show a shift in U.S. policy on China.
Reuters
By Ben Blanchard and Roberta Rampton | BEIJING/WASHINGTON
U.S. President-elect Trump is clear about China's position on the Taiwan issue and China has maintained contacts with his team, the foreign ministry said on Monday, as Trump took to Twitter to complain about Chinese economic and military policy.
Trump's unusual call with Taiwan President Tsai Ing-wen on Friday prompted a diplomatic protest on Saturday, though U.S. Vice President-elect Mike Pence played down the telephone conversation, saying it was a "courtesy" call, not intended to show a shift in U.S. policy on China.
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