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Mon, 05 Jun 2023
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Bad Guys

European Banks Sink on Greek Vote Bombshell

bank vault
French banks and other lenders exposed to Greece and other weak euro zone countries slumped on Tuesday after Greece's leader said he would put a bailout plan to a referendum, raising the risk of a disorderly default.

The European bank index was down 6.1 percent at 133.2 points.

The index gave up all the gains made on Thursday, when banks staged their biggest rally for 18 months after EU leaders and banks agreed to write off half Greece's debt as part of a wider euro zone rescue plan.

If Greek voters reject the unpopular bailout plan it could result in a "hard default", which could force banks to take losses of about 75 percent on their Greek sovereign bonds, trigger payouts on credit default swap insurance contracts, and raise the threat of a systemic risk, said Andrew Lim, banking analyst at Espirito Santo in London.

Bad Guys

Greek vote would be on euro membership: Finnish minister

A Greek referendum on the bailout deal would be a vote on its euro zone membership, a Finnish minister said in a TV interview on Tuesday.

Greece's Prime Minister George Papandreou on Monday called the unexpected referendum, citing the need for wider political backing for the fiscal measures and structural reforms demanded by international lenders.

The vote is seen bringing uncertainty back to markets and threatening Europe with a new crisis after euro zone leaders only last week agreed on the last-minute bailout deal.

"The situation is so tight that basically it would be a vote over their euro membership," Alexander Stubb, the Finnish minister of European affairs and foreign trade, said in an interview with Finnish broadcaster MTV3.

Bad Guys

Germans warn of Greek euro exit after referendum gambit

Share trader Robert Halver
© Reuters/Kai Pfaffenbach
Share trader Robert Halver reacts as the German share prize index DAX reaches a six percent loss during the afternoon trading session at Frankfurt's stock exchange November 1, 2011.
Germans expressed fury and frustration on Tuesday at the Greek prime minister's shock decision to call a referendum on a new financial rescue package, political leaders saying it could plunge Greece into bankruptcy and force it out of the euro zone.

George Papandreou stunned his own people and his European colleagues with the announcement on Monday evening, only days after European leaders had agreed the outlines of a second bailout for Athens at marathon summit talks in Brussels.

The move hammered markets and prompted leaders of the big euro zone countries to hastily arrange a crisis meeting with Papandreou on Wednesday in Cannes, a day before the start of a G20 summit.

"Everyone is asking why Papandreou is doing this? Why now? Is he messing with us?" the top-selling tabloid Bild said on its website.

Bad Guys

Greek Government "On Verge of Imploding"

Greece's government looked on the verge of implosion on Tuesday ahead of a Friday confidence vote as a socialist deputy defected and another cadre called for early elections after the prime minister called a referendum on his EU debt rescue.

Greek Prime Minister George Papandreou called the referendum late Monday in a bid to secure approval of his disputed economic policies without early elections.

But the gambit backfired when a former deputy minister defected, reducing the ruling party's majority in the 300-seat parliament to 152 deputies.

Moments later, the head of parliament's economic affairs committee Vasso Papandreou called for an early ballot and a temporary unity government to "safeguard" the EU deal agreed last week to slash Greece's huge debt by nearly a third.

Che Guevara

Libya, Getting it Right: A Revolutionary Pan-African Perspective


Thousands of Indians, Egyptians, Chinese, Filipinos, Turks, Germans, English, Italians, Malaysians, Koreans and a host of other nationalities are lining up at the borders and the airport to leave Libya. It begs the question: What were they doing in Libya in the first place? Unemployment figures, according to the Western media and Al Jazeera, are at 30%. If this is so, then why all these foreign workers?

For those of us who have lived and worked in Libya, there are many complexities to the current situation that have been completely overlooked by the Western media and 'Westoxicated' analysts, who have nothing other than a Eurocentric perspective to draw on. Let us be clear - there is no possibility of understanding what is happening in Libya within a Eurocentric framework. Westerners are incapable of understanding a system unless the system emanates from or is attached in some way to the West. Libya's system and the battle now taking place on its soil, stands completely outside of the Western imagination.

News coverage by the BBC, CNN and Al Jazeera has been oversimplified and misleading. An array of anti-Qaddafi spokespersons, most living outside Libya, have been paraded in front of us - each one clearly a counter-revolutionary and less credible than the last. Despite the clear and irrefutable evidence from the beginning of these protests that Muammar Qaddafi had considerable support both inside Libya and internationally, not one pro-Qaddafi voice has been allowed to air. The media and their selected commentators have done their best to manufacture an opinion that Libya is essentially the same as Egypt and Tunisia and that Qaddafi is just another tyrant amassing large sums of money in Swiss bank accounts. But no matter how hard they try, they cannot make Qaddafi into a Mubarak or Libya into Egypt.

Bad Guys

Greece: Papandreou's Power Weakens as Lawmakers Rebel

George Papandreou
© Reuters/Francois Lenoir
Greece's Prime Minister George Papandreou sits in his car as he arrives at a European Union summit in Brussels October 26, 2011.
Greek Prime Minister George Papandreou's grip on power weakened before a confidence vote later this week as his decision to call a referendum on a new bailout package provoked a lawmaker rebellion.

Milena Apostolaki said she will defect from Papandreou's socialist Pasok party. With Kerdos newspaper reporting that Eva Kaili will also abandon Pasok, Papandreou would only control 151 seats in the 300-seat chamber. Six members of the party called on the premier to resign in a joint letter, Athens News Agency said today. Ministers are due to meet this evening.

Stocks fell, the euro tumbled and Italian bonds plunged on concern that the referendum, which blindsided Greek lawmakers as well as European policy makers, will push Greece into a disorderly default if the bailout is rejected. Austerity steps imposed by creditors have sparked a wave of social unrest in the past 18 months, undermining support for the government. Papandreou won his last major vote on austerity measures by 154 votes to 144 on Oct. 20.


Gaddafi Was Not Deliberately Killing Civilians, Victim of Conspiracy Between Western Powers and Rebels

A report by Human Rights Watch shows that Gaddafi was not deliberately killing civilians but rather targeting armed rebels fighters who were targeting his government.

Alan J. Kuperman, a professor at the University of Texas argued there is simply no evidence Gaddafi was targeting civilians, therefore there is no possibility Obama could have had evidence or reason to enter Libya and begin a military intervention.

"Civilians are caught in the middle," he said. "We didn't stop a bloodbath but we are prolonging and perpetuating the suffering of civilians in Libya."

Che Guevara

What You Don't Know About Gaddafi

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In the Theater of the Absurd: US-NATO Support "Al Qaeda in Libya"

Libya, Getting it Right: A Revolutionary Pan-African Perspective


Propaganda Alert: New signs of Syria-Pakistan nuke tie

© AP Photo/GeoEye Satellite Image
This Aug. 14, 2011, satellite image provided by GeoEye, shows a facility in Al-Hasakah, Syria. Invesigators at the U.N.'s International Atomic Energy Agency have asked Syria about this complex, in the center of the image, in the country's northwestern city of Al-Hasakah because they believe it closely matches plans for a uranium enrichment plant sold by the father of Pakistan's nuclear bomb A.Q. Khan.
Washington - U.N. investigators have identified a previously unknown complex in Syria that bolsters suspicions that the Syrian government worked with A.Q. Khan, the father of Pakistan's atomic bomb, to acquire technology that could make nuclear arms.

The buildings in northwest Syria closely match the design of a uranium enrichment plant provided to Libya when Moammar Gadhafi was trying to build nuclear weapons under Khan's guidance, officials told The Associated Press.

The U.N.'s International Atomic Energy Agency also has obtained correspondence between Khan and a Syrian government official, Muhidin Issa, who proposed scientific cooperation and a visit to Khan's laboratories following Pakistan's successful nuclear test in 1998.

The complex, in the city of Al-Hasakah, now appears to be a cotton-spinning plant, and investigators have found no sign that it was ever used for nuclear production. But given that Israeli warplanes destroyed a suspected plutonium production reactor in Syria in 2007, the unlikely coincidence in design suggests Syria may have been pursuing two routes to an atomic bomb: uranium as well as plutonium.

Details of the Syria-Khan connection were provided to the AP by a senior diplomat with knowledge of IAEA investigations and a former U.N. investigator. Both spoke on condition of anonymity because of the sensitivity of the issue.

Comment: We've seen this before a time or two. The next thing will be Hillary giving physical [faked] evidence of Mustard Gas, Atomic bombs that can be launched and hit anywhere in the world in less than 15 minutes, etc.. to the United Nations. So many things in this article are implied as statements of facts coming mostly from anonymous individuals.The fact is the Western world has little to no evidence, only mountains of speculation, hubris and a desire to sideline Syria along with the rest of the Middle East that hasn't yet been colonized.

Perhaps a Democracy could rise up, in friendship and trust, and communicate the need for Syria to come clean WITHOUT threats of violence? Sadly there is little to no Democracy going on anywhere in the world.


The New Golden Parachute: Buyout Deals

© Sack/Star Tribune
Golden parachutes, the huge payouts some CEOs receive when they're ousted from the top job, have been the subject of increasing public scrutiny.

But now, exorbitant payouts to chief executives of companies that have been acquired are becoming a new kind of parachute and they are even more lucrative than getting sacked, according to a Wall Street Journal analysis of filings with the Securities and Exchange Commission.

The CEOs of three recently acquired companies will rake in sums of $50 million or more as a result of the deals, according to The Wall Street Journal.

For example, cell phone maker Motorola's CEO Sanjay Jha could receive a $65.7 million payout from Google's acquisition of the company if he leaves within two years. Michel Orsinger, the chief executive of medical device company Synthes, which was acquired by Johnson & Johnson, could get $51.9 million if he leaves the company within two years. And George Lindemann, the CEO of natural gas pipeline operator Southern Union, could receive $53.8 million from the acquisition by rival company Energy Transfer Equity, the WSJ reported.

The payouts are considerably higher than those of chief executives who have been let go; for example, Leo Apotheker, the former CEO of Hewlett Packard who was recently replaced by Meg Whitman in September, received about $13 million for walking away from the job.

The Dodd-Frank financial reform law attempted to inhibit such payouts by calling for advisory votes on exit packages for deals requiring shareholder approval, but so far, only 25 such votes have been scheduled, according to the WSJ.