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Generational Dynamics Web Log for 6-Sep-2011
6-Sep-11 World View -- China scrambles to explain recent arms sales offers to Gaddafi

Web Log - September, 2011

6-Sep-11 World View -- China scrambles to explain recent arms sales offers to Gaddafi

Doubts escalate about the latest bailout of Greece

This morning's key headlines from

* Doubts escalate about the latest bailout of Greece
* Friday's IMF walkout shows deep rift with Greece
* German constitutional court ruling expected to limit euro bailouts
* Iceland's former PM Geir Haarde faces charges over financial crisis
* China scrambles to explain recent arms sales offers to Gaddafi
* Pakistan, working with CIA, arrests major al-Qaeda figures
* Mideast expert suggests giving Gaza to Turkey

Doubts escalate about the latest bailout of Greece

Greece's 2 year bond yields at 50.376%
Greece's 2 year bond yields at 50.376%

You can buy a bond from Greece and get 150% of your money back in two short years. It's a great deal, but few people are taking it, because it's widely believed that Greece is going to default, despite bailouts. Spiegel

Friday's IMF walkout shows deep rift with Greece

As we reported three days ago, the International Monetary Fund (IMF) postponed further talks until September 14, after Greece admitted that its deficit would be significantly larger than previously predicted. The IMF walkout has raised speculation that Greece's second bailout is in doubt. Accordng to one analyst, "Greece is not meeting the conditions of the (austerity) plan and the Greeks need to put some convincing proposals on the table on how to come back to the plan they had created before and which is the basis of their second bail-out." Euro News

Greek officials attending the Eurogroup Working Group in Brussels were Monday night expected to press for a renegotiation of the goals of a multi-billion-euro bailout scheme for Greece, arguing that a deeper-than-expected recession has necessitated a review of budget deficit reduction figures. Kathimerini

German constitutional court ruling expected to limit euro bailouts

German Chancellor Angela Merkel
German Chancellor Angela Merkel

Germany's Verfassungsgericht (constitutional court) will issue its ruling on Wednesday on a legal challenge to last year's bailout of Greece, accusing the German government of breaching both the German constitution and European Union law. It is seen as certain that they will demand that the Bundestag (German parliament) be substantially involved in all further bailouts. This will mean that new bailout decisions will have to be agreed by the Bundestag, rather than just by Chancellor Angela Merkel's ministers acting alone. Spiegel

Iceland's former PM Geir Haarde faces charges over financial crisis

In 2009 in "Iceland's former prime minister was caught completely by surprise," I ridiculed Geir Haarde's claim that he was caught by surprise, since I had written several times, as early as in 2006, that Iceland was in financial trouble. I also ridiculed the claims of British and Dutch politicians' claims that Iceland had duped them, once again because I and others had written about what was going on. So now Haarde's harsh political opponent, Steingrimur Sigfusson, is doing everything he can to make sure that Haarde is prosecuted for the financial crisis. "When it became clear we were heading towards catastrophe ... the record shows very little was done to avoid it," Sigfusson said. What a laugh! What was Sigfusson saying before the catastrophe? The same thing can be said every other politician as well. The only ones who actually did something about it were the banksters who perpetrated it and made money from it. Anyway, it looks like Haarde may be the scapegoat. Deutsche-Welle

China scrambles to explain recent arms sales offers to Gaddafi

China's foreign ministry has confirmed reports on Monday that Chinese companies in July offered to sell Gaddafi's forces rocket launchers, anti-tank missiles and other arms totalling $200m to Gaddafi's forces. The Chinese are scrambling to explain the offers, since that would anger the rebel National Transitional Council (NTC), who would shut China out from lucrative deals in the future. According to a ministry spokeswoman, "We have clarified with the relevant agencies that in July the Gaddafi government sent personnel to China without the knowledge of the Chinese government and they engaged in contact with a handful of people from the companies concerned. The Chinese companies did not sign arms-trade contacts, nor did they export military items to Libya. I believe that the agencies in charge of the arms trade will certainly treat this seriously." However, an NTC spokesman says, "We have hard evidence of deals going on between China and Gaddafi, and we have all the documents to prove it." Al-Jazeera

Pakistan, working with CIA, arrests major al-Qaeda figures

Pakistani intelligence officers working with the CIA arrested three members of al-Qaeda, including Younis al-Mauritani, who has played a central role in planning and coordinating al-Qaeda's operations in Europe, plots that targeted both European and American interests. The public announcement of close cooperation with the CIA appeared aimed at reversing the widespread perception that ties between U.S. intelligence and Pakistan's Inter-Services Intelligence (ISI) agency had been badly damaged by the U.S. killing of bin Laden inside Pakistan. Fox News

Mideast expert suggests giving Gaza to Turkey

Middle East expert Dr. Guy Bechor is recommending that Israel handle its crisis with Turkey giving responsibility for Gaza to Turkey. This would relieve Israel of the responsibility to provide humanitarian aid to Gaza, and would require Turkey to deal with Hamas. Israel National News

(Comments: For reader comments, questions and discussion, see the 6-Sep-11 News -- China scrambles to explain recent arms sales offers to Gaddafi thread of the Generational Dynamics forum. Comments may be posted anonymously.) (6-Sep-2011) Permanent Link
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