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Generational Dynamics Web Log for 21-Sep-2011
21-Sep-11 World View -- Suicide bomb threatens Afghan 'peace process'

Web Log - September, 2011

21-Sep-11 World View -- Suicide bomb threatens Afghan 'peace process'

Another day of disastrous financial news for Greece and Europe

This morning's key headlines from GenerationalDynamics.com.

* Another day of disastrous financial news for Greece and Europe
* Europeans fail again to agree on bailout for Greece
* S&P downgrades Italy's debt
* IMF chief says that the world economy is in a 'dangerous new phase'
* Slovakia threatens Europe's euro rescue package
* Another suicide bombing threatens Afghanistan's 'peace process'
* China's banks halt FX transactions with European banks
* Yemen violence escalates, raising fears of civil war
* Terrorist attack in Ankara, Turkey

Another day of disastrous financial news for Greece and Europe


Greece's finance minister Evangelos Venizelos confers with president George Papandreou (Bloomberg)
Greece's finance minister Evangelos Venizelos confers with president George Papandreou (Bloomberg)

There's just one bad news story after another, as Europe's (and America's) financial meltdown appears to be accelerating.

According to a London contributor to the Generational Dynamics forum:

"Times are getting more and more interesting here in Europe. In fact, John has it right with the amount of real problems he is reporting, the only thing John is missing is the fear on the streets here. People are truly worried about the EU falling apart and the coming riots. Already shops on High Street which were doing very badly and are closing down in larger numbers now, jobs are even harder to find now and there are growing concerns about other Europeans coming into the UK to take jobs. My landlord said yesterday that in Ireland, mortgage rates are at 7-8%. Since the real estate collapse there in Ireland, values are down 50%."

Sooner or later, there will be full scale panic, and that time may be close.

Europeans fail again to agree on bailout for Greece

Another telephone conference call, this one lasting two hours, between EU and Greek officials failed to produce an agreement on terms for Greece to receive the next tranche of its debt bailout, before it goes bankrupt in mid-October. Greece's finance minister Evangelos Venizelos said that he made "good process" in the talk. EU and IMF officials will return to Athens next week to seal the deal. Bloomberg

S&P downgrades Italy's debt

S&P's ratings service cut its rating on Italy's debt by one notch, and kept its outlook negative, a move that took markets by surprised. The rating agency warned of a deteriorating growth outlook and damaging political uncertainty. According to one analyst, "Coming at a time when the world's financial markets are on the edge, warily watching for a default by Greece with knock-on unknown effects on the financial system, the optics of this downgrade stink." Reuters

IMF chief says that the world economy is in a 'dangerous new phase'

International Monetary Fund (IMF) Managing Director Christine Lagarde said that the world economy has entered a "dangerous new phase." She said, "Exactly three years after the collapse of Lehman Brothers, the economic skies look troubled and turbulent as global activity slows and downside risks increase." Bloomberg

Slovakia threatens Europe's euro rescue package

According to the rules, all 17 euro countries must agree to a bailout before it will be allowed. Finland has already thrown a monkey wrench into the bailout of Greece by demanding "collateral" for their share. But perhaps even greater opposition will come from Slovakia, Europe's second poorest country, and a country that's already suffered painful, self-imposed economic reforms with any EU bailout. Now they're being asked to contribute 7.7 billion ($10.9 billion) to the euro rescue fund, and if the Parliament votes against it, then the entire rescue fund will collapse. Spiegel

Another suicide bombing threatens Afghanistan's 'peace process'


 Burhanuddin Rabbani on 26-Aug-11 (Getty)
Burhanuddin Rabbani on 26-Aug-11 (Getty)

Former Afghanistan president Burhanuddin Rabbani, a leading figure in the Afghan "peace process," and head of the a government council trying to negotiate a political settlement with the Taliban insurgents, was killed on Tuesday by a suicide bomber, throwing the "peace process" into further disarray. Rabbani and 27 others were killed by a militant who detonated explosives hidden in his turban. As we've reported, there have been numerous recent terrorist attacks on Kabul, including a 20-hour assault against the U.S. Embassy and NATO headquarters in Kabul that finally ended Sept. 14. That attack killed 16 Afghans five police officers and 11 civilians, more than half of them children. CBS/AP

China's banks halt FX transactions with European banks

Bank of China and other Chinese banks are halting foreign exchange transactions with European banks. This follows the lead of other Asian banks that have been cutting credit lines and exposures to European banks during the last few months. Reuters

Yemen violence escalates, raising fears of civil war

Yemen's anti-regime demonstrations have been going on for eight months, but as we've been reporting, they suddenly took a far more violent turn on Sunday. Tuesday was the third day of increased violence, the worst since the demonstrations began. The conflict is morphing from one between the army and unarmed peaceful protesters into a military battle between forces loyal to the regime of President Ali Abdullah Saleh and army forces that have defected, led by defected General Mohsen al-Ahmar, who used to be Saleh's right hand man. There are hundreds of tents in the streets of central Sana, where thousands of protesters have been living for months, and protesters are being killed by stray shells from both sides. Estimated casualties are 50 deaths, 658 wounded, and 47 in critical condition. Yemen Post

Terrorist attack in Ankara, Turkey


Terrorist attack in Ankara
Terrorist attack in Ankara

A bomb planted inside a car near government offices in Turkey's capital, Ankara, killed three and wounded 34. No one has claimed responsibility for the terrorist act, but it's known that the Kurdistan Workers' Party (PKK) have been stepping up terrorist attacks in Turkey in the last couple of months. Hurriyet (Istanbul)

(Comments: For reader comments, questions and discussion, see the 21-Sep-11 World View -- Suicide bomb threatens Afghan 'peace process' thread of the Generational Dynamics forum. Comments may be posted anonymously.) (21-Sep-2011) Permanent Link
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