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Generational Dynamics Web Log for 2-Jun-2011
2-Jun-11 World View -- Europeans close to deal on Greece

Web Log - June, 2011

2-Jun-11 World View -- Europeans close to deal on Greece

Bad economic data hits stock market

This morning's key headlines from GenerationalDynamics.com.

Europeans close to a deal to give 12 billion euros to Greece

Athens protests in front of the Greek Parliament (AFP)

Athens protests in front of the Greek Parliament (AFP)

On Thursday, European officials will present a deal to release 12 billion euros to Greece on June 29. That's the date of the next scheduled tranche or installment of the 110 billion euro bailout worked out a year ago. The International Monetary Fund (IMF) had been indicating a refusal to pay its share of the tranche, because Greece had failed to meet any of its committed austerity objectives in the past year. Of particular importance was the commitment to lower Greece's debt sufficiently so that Greece could reenter the international bond markets next year, something that now seems impossible. The deal is not completely closed, however. It has to be approved unanimously by the eurozone's finance ministers, who have a meeting scheduled on June 20. Irish Times

Moody's Investor Service reduced Greece's credit rating again, by three notches, deep into junk territory, making it clear that that Greece would not stabilize its financial situation without defaulting. Reuters

A vigilante computer hacker group called "Anonymous" declared Wednesday that it's targeting the IMF website with a distributed denial of service (DDoS) attack, as punishment for forcing Greece to perform austerity measures in return for its 110 billion euro bailout. In a DDoS attack, thousands of computers simultaneously access the web site, so that it becomes unresponsive. "Anonymous" is the same group that called for DDoS attacks against Visa and Mastercard, after they withdrew services from Wikileaks. Anonymous has also targetd the Italian government, Iran and Egypt. AFP

Bad economic data hits stock market

A slew of disappointing economic reports is leading to worries that we're not going to have that "V-shaped recovery" after all. GM auto sales for May were down 1.2%, when experts had predicted they would be up 1.5%. Unemployment and manufacturing indicators were poor as well. If you put together news like this with the rapidly deteriorating financial situation in Europe and political situation in the Mideast, as well as the possibility that China's huge real estate bubble might finally burst, then there's definitely a feeling that history is speeding up toward something. Wall Street stocks fell over 2% on Wednesday. LATimes

Bahrain lifts martial law, but brutalizes protesters anyway

Bahrain supposedly lifted the state of martial law on Wednesday, but it's had no effect on the actions of the security forces. Tanks and soldiers withdrew form the center of Manama, the capital city, but numerous police checkpoints remained around the city. Security forces used batons and tear gas to disperse any protests. Al-Jazeera

Syria calls for investigation of mutilated 13-year-old boy

In an effort to manage the international criticism of the killing of Hamza Hamza al-Khateeb (see "1-Jun-11 News -- Mutilated teenage boy becomes symbol for Syria's revolution"), the government of Bashar al-Assad has vowed to investigate the incident. The government also promised amnesty for protesters. However, neither of these promises is considered credible by the protesters. The alleged mutilation of Hazma by Assad's security forces has galvanized the protesters, and triggered international condemnation of Assad. Globe and Mail

Japan's Prime Minister Naoto Kan faces no-confidence motion

Facing defectors from his own party, the Democratic Party of Japan (DPJ), prime minister Naoto Kan will face a no-confidence vote on Thursday afternoon. Japan has had a parade of prime ministers in the last five years, as each one has been felled by a vote of no confidence. The principal themes have previously been a generational conflict between the aging war survivor generation and the nationalistic post-war generations, with issues arising out of the use of Korean and Chinese "comfort women" by Japan's armed forces during World War II. However, this time the problems appear to be different, and the main issue is competency in handling the Fukushima nuclear disaster. Japan Times

Iran's parliament votes to sue Mahmoud Ahmadinejad

The deeply bitter clash between Iran's president Mahmoud Ahmadinejad and the supreme leader Ayatollah Ali Khamenei became even more bitter on Wednesday when the Iran's parliament voted 165-1 to sue Ahmadinejad for firing Iran's oil minister and naming himself as the replacement. From the point of view of Generational Dynamics, Iran is in a generational Awakening era, and is following a path similar to the political chaos in America in the 1960s, following the Summer of Love in 1967, and the decision of Lyndon Johnson not to run for reelection in 1968. Telegraph

(Comments: For reader comments, questions and discussion, see the 2-Jun-11 News -- Fighting continues in Libya, amid chaotic international politics thread of the Generational Dynamics forum. Comments may be posted anonymously.) (2-Jun-2011) Permanent Link
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Generational Dynamics Web Log for 2-Jun-2011 2-Jun-11 World View -- Europeans close to deal on Greece

Europeans close to a deal to give 12 billion euros to Greece

Bad economic data hits stock market

Bahrain lifts martial law, but brutalizes protesters anyway

Syria calls for investigation of mutilated 13-year-old boy

Japan's Prime Minister Naoto Kan faces no-confidence motion

Iran's parliament votes to sue Mahmoud Ahmadinejad

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Generational Dynamics Web Log for 2-Jun-2011
2-Jun-11 World View -- Europeans close to deal on Greece