As part of the European plan to deal with Greeces debt crisis, Germany will manage Greeces fiscal affairs externally.
The agreement refers to a European Marshall Plan to restore competitiveness to Greece. This doesnt appear to mean money. Instead it seems to refer to the provision of exceptional technical assistance to help Greece implement its reforms. In other words, someone else will be running Greeces affairs. That might be regarded as a positive development. Greece has, after all, proved quite incapable of running them for itself. Democracy has nevertheless been suspended.
The package proposed on Thursday was essentially the same as that put forward by the European Commission as far back as last February, but which up until now has been consistently blocked by Germany. Ms Merkel had dug her heels in and said that never would Germans agree to the collectivisation of Europes debts.
Shes not the only one being forced to perform a giant U-turn. The European Central Bank must also drop its opposition to any kind of default. Jean-Claude Trichet must eat his words. The lines European policymakers drew in the sand have proved to be no more than posturing.
The dam has been breached, and the European Financial Stability Facility (EFSF) is to be given wide-ranging powers to intervene across eurozone bond markets, including those of Italy and Spain, where spreads have widened precipitously in recent weeks.
Greeks have rioted against their own government for threatening to make the cuts necessary to right their national ship. How will they react when austerity is imposed on them, without their input, from Berlin?
Not well, Id expect. Not well at all.
And then there is the potential impact on international finance.
Yet because outright default is apparently unacceptable within the eurozone for the central bank to accept defaulted bonds as collateral is to besmirch the currency the distressed nations are instead to be offered a subsidised interest rate not much higher than that paid by Britain, the US, France and Germany.
Far from being punished for its profligacy, Greece is to be rewarded. It makes no sense, and locks Germany into indefinite subsidy of the eurozone fringe.
The Merkel government has fought this proposal, but in agreeing to it, has saddled Germans with responsibility they dont want or need. And what happens when the Merkel government goes down because of this deal and is replaced by one that seeks to repeal it?
#1
More like the 1882 British seizure of Egypt, although I can't say I see any equivalent to the Suez Canal in this particular parallel.
Posted by: Mitch H. ||
07/22/2011 16:26 Comments ||
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#2
I really think we need to start closing bases and withdrawing troops from Europe before we get sucked into yet another little internecine war squabble....
Posted by: Barbara ||
07/22/2011 16:27 Comments ||
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#3
Good lord, they're going to send in the German bookkeepers. This is going to be interesting.
#4
...has saddled Germans with responsibility they don't want or need.
Poor babies. Not like Americans saddled with security responsibilities they didn't want or need for the past thirty years. I'd bet they'll be just as loved as the Americans have been.
#5
The (afaict) least socialist German political party is being blackmailed into committing suicide in favor of this very socialist international venture, without much thought as to what's going to replace it.
Oh well, it's not like the Germans aren't being replaced by a people who got away with genocide in the past (much less against Greeks).
You ain't kidding. I was selling cars for Chrysler when they were bought out by Mercedes, and the gentleman who owned our dealership was a bit surprised to see German accountants show up. He was even more surprised when the first thing they told him was, "Show us the real books." They proceeded to audit the place with a carrot peeler.
Cost him well north of seven figures to clear up those lil' discrepancies they found and keep his franchise.
Mike
Posted by: Mike Kozlowski ||
07/22/2011 17:08 Comments ||
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#7
Ah, well. At least the Greek waiters will be kept busy.
A huge explosion wrecked government buildings in central Oslo on Friday including Norwegian Prime Minister Jens Stoltenberg's office, injuring several people, a Reuters journalist said from the scene.
The cause of the blast was unknown but the tangled wreckage of a car was outside one building and the damage appeared consistent to witnesses with that from car bombs. Police and fire officials declined comment on the cause.
The blast blew out most windows on the 17-storey building housing Stoltenberg's office, as well as nearby ministries including the oil ministry, which was on fire. Heavy debris littered the streets and a tall plume of brown smoke over the city center.
A Reuters correspondent counted at least eight injured people. Norwegian news agency NTB said that Stoltenberg was safe in the blast, which happened around 3:30 p.m. (9:30 a.m. EDT)."It exploded -- it must have been a bomb. people ran in panic and ran. I counted at least 10 injured people," said Kjersti Vedun, who was leaving the area.
NATO member Norway has sometimes in the past been threatened by leaders of al Qaeda for its involvement in Afghanistan. It has also taken part the NATO bombing of Libya, where Muammar Gaddafi has threatened to strike back in Europe. However, political violence is virtually unknown in the country.
Continued on Page 47
Last week, a Norwegian prosecutor filed terror charges against an Iraqi-born cleric for threatening Norwegian politicians with death if he is deported from the Scandinavian country. The indictment centered on statements that Mullah Krekar -- the founder of the Kurdish Islamist group Ansar al-Islam -- made to various news media, including American network NBC.
#8
Who knows, this incident may wake up the vikings in them. Look back into the 100+ articles in RB about Krekar on Rantburg and see what playing footsie with this nutbag has cost Norway.
Posted by: Alaska Paul ||
07/22/2011 12:32 Comments ||
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#9
Ironically they'll probably have to hire Israeli security consultants.
#13
Now there's a mass shooting by a guy dressed as police there at a Labour Party youth camp. Wonder if the Norse will revert to their roots now and play vikings and muslims.
Posted by: Silentbrick - Halliburton Lost Drill Bit Division ||
07/22/2011 13:11 Comments ||
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#14
While government officials in Oslo are saying this is likely the work of Islamic terrorists, In DC Janet Napolitano is reported to have said "I did not know they had neo-nazi militias in Norway" when she heard the news. President 0bama has instructed the Justice department to investigate the Norwegians for possible hate crimes for their defamatory statements about the 'religion of piece' and is seeking sanctions and is preparing a press release blaming bush and using the crisis to call for new tax hikes and restrictions on 2nd amendment rights here at home.
Posted by: abu do you love ||
07/22/2011 13:21 Comments ||
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#15
This is what happens when you welcome a violent group into your country that refuses to integrate.
#16
Looks like they also have something else to deal with...
Reports in local media came through of a shooting incident at Utoeya, an island south of Oslo where Stoltenberg's Labor party youth section's yearly gathering was taking place.
Daily newspaper VG said on its website a man dressed as a policeman was shooting wildly and had hit many people.
It was not clear whether or how the incidents were linked.
#17
#14 - Sadly, I actually had to think twice about whether you were being sarcastic.
Posted by: Matt ||
07/22/2011 13:48 Comments ||
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#18
The initial call is that they're related. Suspect arrested.
Head of Information for the police in Northern Buskerud, Bjorn Erik Sem-Jacobsen, told NRK.no that a person is arrested for shooting drama at the Labour Party summer camp for youth.
V Edkommende was dressed as a policeman when he came to the island. We have great reason to believe that the shooting has a connection with the explosion in Oslo earlier today, says Sem-Jacobsen.
#21
Drudge Report is currently featuring an extremely graphic and disturbing picture from the shooting scene. Very, very disturbing. There is also a link to an NYT article that says "Ansar al-Jihad al-Alami, or the Helpers of the Global Jihad, issued a statement claiming responsibility for the attack".
#22
This was a severe attack. Being a socialist left oriented country I wonder how they will deal with this. Very open society, wealthy, oil industry all over the world, home of the nobel peace prize. Never seemed to fear such an attack. The young men were said to think that the war in Afghanistan was better than sex. The Norwegians didn't like hearing that.
Three cheers for Fred and badanov! That spoilt little Saudi brat found a friend who can do some basic coding. They may get all of Saudi Arabia cut off, at the rate they're annoying the boss.
#24
Sadly, I think it'll still take a few more of these before parts of Europe wake up. They just don't understand that the war with islam has always been a war to the knife. I don't consider islam a religion, it's a death cult. The sooner the world wakes up to it's threat, the sooner it's taint will be gone from the world.
As for the girly boy in Saudi, just because we don't wail and flog ourselves, doesn't mean we have no compassion. Vermin killed human beings in Oslo and Norway today. We reserve our compassion for humans, not the vermin causing it.
Frank Herbert had one thing right. There's humans, then there's people. And while humans are people, not all people are human. They have chosen to remove themselves from the human race.
Posted by: Silentbrick - Halliburton Lost Drill Bit Division ||
07/22/2011 16:20 Comments ||
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#25
Some of their filth leaked past
Posted by: Whiskey Mike ||
07/22/2011 16:21 Comments ||
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#26
Ole Poopy Plaints has more issues than The Saturday Evening Post.
#31
In April 2011, Alan M. Dershowitz sharply criticized Norway for its treatment of Jews, writing that "All Jews are apparently the same in this country that has done everything in its power to make life in Norway nearly impossible for Jews. Norway was apparently the first modern nation to prohibit the production of Kosher meat, while at the same time permitting Halal meat and encouraging the slaughter of seals, whales and other animals that are protected by international treaties. No wonder less than 1000 Jews live in Norway.[47]
Dershowitz also stated, regarding efforts by Norwegion Academics to institute a boycott of Israelis that while administrations of Norwegion universities "have refused to go along with this form of collective punishment of all Israeli academics... in practice...Jewish pro-Israel speakers are subject to a de facto boycott" and cited this as a reason why the faculties of several Norwegion universities refused to invite him to speak about Israel (although he did subsequently give three lectures at the invitation of student groups). Dershowitz noted that the only other country that prevented him from lecturing at its universities was South Africa during the apartheid era.[48]
In June 2011, a survey by the Oslo Municipality found that 33% per cent of Jewish students Oslo are physically threatened or abused by other high school teens at least two to three times a month (compared to 10% for Buddhists and 5.3% of Muslims) The survey also found that 51% of high school students consider Jew a negative expression and 60% had heard other students use the term
A bomb ripped through Oslo's central government district on Friday and a gunmen dressed as a policeman then opened fire at a youth camp on a nearby island, killing 17 people altogether, police said.
In the biggest such attack in western Europe since the London transport bombings in 2005, seven died when the bomb exploded on the Norwegian capital in mid-afternoon scattering glass, shattered masonry and twisted steel across the streets.
Shortly afterwards, a gunman opened fire at the youth camp of the ruling political party on Utoeya island, north-west of Oslo. Police said nine or 10 people were killed and they believed the two attacks were linked. The gunman was arrested.
#33
Phager the Rash2607- Yes they have issues that few are aware of. I understand that Norwegians were used to work at death camps. This is something not spoken of. Why they have this flaw is unknown to me or how pervasive it is in their culture. The mind of a socialism left perhaps.
#35
Some of the authorities are also hinting at the Norwegian right. The shooter's confirmed as Norwegian, described as having "nordic features". Anything's possible, I suppose.
#38
Remember other attacks in the US quickly ascribed to "the right wing", include Loughner in Tucson; and Joseph Stack who crashed his plane into an office complex in Austin, who before he was unveiled as a rabid leftist, was called by the NYT "the first Tea Party Terrorist".
#39
Rolling TV news in Ssweden from Norge saying it's a Norrman. Just waiting for a name now. If it's mojammahedin, the gloves are off, it is sinking in. Lot of innocents may feel some pain.
#42
The 32-year-old man has been active in video games and has been involved in the online game World of Warcraft. I forbindelse med dette spillet har han lagt ut et bilde av et pistolløp. In connection with this game, he posted a picture of a pistolløp
#43
The Norwegian cops are now saying at least EIGHTY killed in the island shootings. Shooter is described as a home grown, self described "nationalist".
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
As part of the European plan to deal with Greeces debt crisis, Germany will manage Greeces fiscal affairs externally.
