Before we get to the headlines, another choice cartoon about the Greek crisis, this one featuring two of the key players, International Monetary Fund boss Christine Lagarde and Greek Prime Minister Antonis Samaras. From Kathimerini English:
Now on with the latest of the shutdown/default crisis in Washington, first with a headline from MSNBC. And yes, there really is a poll [PDF]:
Congress less popular than dog poop, more so than Miley Cyrus, twerking
Next, from Al Jazeera America:
World fears potentially catastrophic effects of US debt default
Economic leaders warn that failing to come to a debt-ceiling agreement could hurt dozens of economies globally
From north of the border, the GlobalPost weighs in:
The US is sneezing like crazy. Will the world catch a cold?
Analysis: Odd as it may seem, investors in Rio or Zurich or Hong Kong may have their financial decisions influenced by backwoods voters in Alabama or Texas, who, through the magic of redistricting, have been able to push an increasingly hard-line agenda on America and the world.
While the Buenos Aires Herald offers a dash of optimism:
Moody’s says US default extremely unlikely
Moody’s Investors Service sees very little chance of a US debt default later this month, the rating agency’s president and chief operating officer said today.
And with a new pick for head of the Federal Reserve, UC Berkeley emeritus economist Janet Yellen Sky News reports would-be marching orders:
IMF Issues $2.3trn Warning Over QE’s End
The International Monetary Fund puts a number on the potential cost of a messy end to emergency central bank support worldwide.
Tea Party tells Santa “Bah, humbug,” via BuzzFeed:
U.S. Retail Industry Group Says Shutdown Threatening $600 Billion Holiday Season
The government shutdown is crushing consumer confidence and making it harder for retailers to plan their businesses. The National Retail Federation says more than 10% of Americans work in retail and related fields.
From BuzzFeed again, spare change?:
Furloughed Government Employees Are Selling Their Possessions On Craigslist For Cash
“I am only selling this guitar because my wife was affected with the government shutdown and I am trying to help with some bills,” wrote one user.
And Slashdot offers us real reassurance [snicker]:
90% of Nuclear Regulators Sent Home Due To Shutdown
from the homer-simpson-asked-to-come-in-for-overtime dept.
From Bloomberg, from those with the least to give, the most is asked:
States Eliminating Aid for Poor as U.S. Shutdown Forces Layoffs
Michigan is preparing to put as many 20,000 state workers on unpaid leave and eliminate cash and food aid to poor residents. North Carolina furloughed 366 employees and closed its nutrition aid program to tens of thousands of women and children. Illinois this week may furlough hundreds of federally-funded employees, including workplace safety inspectors.
And a reminder, via The Allegiant:
Over 26,000 Americans Died in 2010 from a Lack of Health Insurance
Should a Lack of Health Insurance Excuse 26,000 Deaths of Americans Who Need Care?
Baby Boom goes bust, via Bloomberg Businessweek:
U.S. Drops to No. 11 in Global Retirement Rankings
The 2013 edition of the Melbourne Mercer Global Pension Index (PDF), a ranking of national retirement systems around the world, has the U.S. ranked 11th, down two slots from last year. The bottom line: Americans don’t save enough, our policies are inadequate to help poor and middle-income earners, there are too many loopholes that reduce savings further, and we’re unprepared for how long we’re going to live in retirement.
While CNBC takes a penthouse view:
In New York, the billionaires have all the fun
And Ars Technica offers the inevitable:
AT&T: The Internet is awesome, so let’s get rid of phone regulations
Astroturf group pushes AT&T agenda to deregulate telecom.
On to Europe, first with a regional story from Reuters:
EU must speed up banking union to gain trust, IMF says
The International Monetary Fund urged the European Union to quickly set up an agency that would close or salvage troubled banks across the continent as part of an effort to shed a mountain of bad debt impeding economic recovery.
But will trust be all that easy to earn, given that things in Brussels work much as they do in Washington? Spiegel illustrates:
Conflicts of Interest: Brussels’ Revolving Door for Top EU Officials
Senior European Commission officials have a penchant for changing sides when they join the private sector. They take up positions with Chinese companies, cigarette manufacturers or PR firms — and potential conflicts of interest are often ignored.
EUbusiness covers transcontinental trolling:
EU seeks China investment boost
Investment flows between the EU and China, major trade partners, are far below what they should be and must be improved, EU Trade Commissioner Karel De Gucht said Tuesday.
And the companion headline from EUbusiness:
MEPs urge tough conditions on China investment accord talks
European lawmakers insisted Wednesday they should have oversight of talks on an EU-China investment protection agreement and set conditions which could prove unwelcome in Beijing.
Meanwhile, as New Europe reports, he regulated seek to shed their regulators:
We need less regulation, not more, says ETNO
New telecoms plans will stifle investment says industry group
But there’s one place European governments want more regulation,. And that’s at the borders. From Spiegel:
Fortress Europe: How the EU Turns Its Back on Refugees
They come seeking refuge, but when asylum seekers cross into the European Union, they often find little compassion. In Greece, they are held in squalid detention camps, while in Italy they often end up on the street. Here is what they face at entry points across the EU.
New Europe reports on the latest moves from EU’s Maritime Affairs and Fisheries Commissioner, Maria Damanaki
Commissioner says Lampedusa illustrates European problem
Damanaki urges for more sea surveillance funds
And from New Europe as well, concern from the European Commission’s Number Two, Viviane Reding, who singled out attempts to impose border controls to block the free movement of the Roma and Europe’s other wandering peoples:
Commission Vice-President says she’s ashamed of some MEPs’ comments
Reding: ‘no invasion expected after 2014′
Meanwhile, Northern Europe wants to kick the fallen. From Keep Talking Greece:
EU wants hikes in V.A.T & other taxes in Greece, Portugal, Spain, Italy…
We begin our country coverage with a London Telegraph head:
IMF: Britain’s deficit to shrink at fastest rate in developed world in 2013
Global fund performs second about-turn in as many days on the health of Britain’s economy
From the Telegraph again, more misery to accompany the sale of an iconic commons:
Royal Mail warns of job losses after privatisation
Royal Mail has warned MPs that job losses are likely after its historic privatisation as the industry continues to modernise.
And another falloff for another British icon, from New Europe:
Industrial production fell by the most in almost a year
Record fall for the British industrial output
At the very same time, those at the top get a handout, via the London Telegraph:
UK top rate tax cut was world’s largest in 2013
Britain’s top rate of tax has fallen from fifth to 11th highest in the EU – but it remains higher than in Greece or Italy.
The Telegraph again, reporting the failure to make a logical connection:
OBR: UK hurt more by lack of investment than austerity
Government’s official forecaster says private investment, particularly from business, has been “almost completely absent” over the past few years
On to Germany, and a sentiment that flourished in Germany 80 years ago rises anew, via EurActiv:
Germany refuses to take in more refugees
As the human tragedy near the Italian island of Lampedusa prompted calls to rethink the EU’s immigration policy, the German Interior Minister rejected any suggestion that his country should accept more refugees. EurActiv.de reports.
While EUbusiness covers the rise of similar sentiments in France:
French far-right in pole position for EU election
France’s far-right anti-immigration and anti-EU Front National party is tipped to get 24 percent of the domestic vote in next May’s election for the European Parliament, a survey said Wednesday.
On to the Alps, and a headline from MarketWatch:
Swiss to vote on plan to give everybody $34,000 a year: reports
Next up, Spain, with numbers epitomizing the growing class divides. From El País:
Stock market recovery helps boost number of millionaires in Spain by 13%
Spaniards with wealth measured in seven digits stands at over 400,000
Meanwhile, there are close to six million people in the country without a job
BBC News sounds an austerian warning:
Watchdog warns Spain of impact of cuts on children
The Council of Europe, the continent’s main human rights watchdog, has warned Spain its austerity programme could have a devastating impact on children.
El País again, with more numbers:
IMF improves growth forecasts for Spain but raises its estimate for unemployment
Agency sees GDP contracting 1.3 percent this year, but predicts growth of only 0.2 percent in 2014, 0.5 points less than the government
More on the IMF’s latest pronouncement from thinkSpain:
FMI says 40% of Spain’s debt is ‘in the hands of businesses’ and warns lack of cashflow is stifling growth
THE International Monetary Fund (FMI) says the ‘huge’ level of debt sinking companies in Spain, Portugal and Italy and the ‘weak’ state of the three countries’ banks are the main obstacles to their economies ever recovering or credit flowing freely.
El País parses austerian semantics:
Finance Minister defies official figures and claims Spaniards’ wages aren’t falling
Montoro insists there has merely been moderation in pay increases
And Europe Online watches the ax fall:
Spain’s Catalunya Banc to sack one-third of its staff
Bailed-out Spanish lender Catalunya Banc plans to shed between 2,400 and 4,800 people from its workforce, the bank announced Wednesday.
The Portugal News takes us to the eastern side of the Iberian Peninsula, where certain immigrants are welcomed with open arms:
Golden Visas bringing in millions
Investment in excess of €150 million had been attracted to Portugal under its “gold” fast track visa system, Deputy Prime Minister Paulo Portas told the second Business Forum gala dinner taking place in Vilamoura, the Algarve.
From the Portugal News again, optimism:
Government betters its economic outlook
The Portuguese government took a slightly less pessimistic view on the macroeconomic conjuncture for this year and improved that for the next in documentation sent out to social partners.
Italy next, with an entry from ANSAmed:
Italian households’ spending power crumbles
Down 1.7% in first half of 2013
And that rare economic news item from the Vatican, via Spiegel:
Like an Offshore Paradise: Vatican Moves to Close Dirty Accounts
More than 1,000 customers who have no business holding accounts at the Vatican Bank have parked more than 300 million euros there, money the institution’s officials suspect is illicit. They are now calling for the funds to be removed.
After the jump, the latest criminal and austerian developments from Greece, Latin American news, more woes from India, neoliberalism from the People’s Republic, and the latest shocker in Fukushimapocalypse Now!. . .
We begin Greek coverage with a complaint from the Greek physician’s union via To Vima:
EOPYY doctors accuse troika of restricting access to specialists
Doctor union considers troika and Ministry of Health decisions to undermine primary healthcare services
And some more harsh lashing from a Troikarch, via Keep Talking Greece:
IMF on Greece: new austerity measures €6.7 billion, new “haircut”
International Monetary Fund wants new austerity measures worth 6.7 billion euro from Greece and thus until 2016. The IMF sees no primary surplus to be achieved for 2013 and furthermore that additional debt restructuring (haircut) will be required.
More from Greek Reporter:
IMF Report Disputes Greek Surplus Claims
A report from one of Greece’s international lenders, the International Monetary Fund has rattled the government because it estimates that a third bailout of about 6.9 billion euros – with corresponding austerity measures that Prime Minister Antonis Samaras swore he would never impose again – are likely needed, 2.9 billion euros next year.
Bank of Greece Governor Giorgos Provopoulos says, hey, it’s just in case. Via To Vima:
Provopoulos: “Banks are testing for two more years or recession”
Greek central banker claims that stress test are for “adverse scenario”, optimistic of growth in 2014
A modicum of good news from ANSAmed:
Crisis: Greece; private sector employment rises in September
While EnetEnglish.gr scents a scandal involving some of Greece’s wealthy elite:
Investigation into suspected tax dodgers on Lagarde list shelved?
Finance ministry rushes to deny Eleftherotypia article
Internal fraud squad circular states that any unaudited files subject to a statute of limitations must be handed over to the tax office, which fraud squad officials point out is ill-equipped to deal with complex cases of tax evasion
Neos Kosmos reports a temporary reprieve:
Troika postpones key decisions
Senior EU official says debt relief must wait until after April, when primary surplus may be confirmed
But the looting of the commons continues, with the privatization of the state railroad system nearing completion. From To Vima:
Troika and investors bring huge changes to railroad network
European Commissioner Almunia will decide upon who will assume control of trouble Greek railroad network
And others are hunting bargains, too. From ANSAmed:
Crisis: Greece; investors eye low-price Athens property
As winter nears, the government tries to forestall another Troika-mandated tax boost, as To Vima reports:
Government negotiating reduction of heating taxes with troika
Ministry of Finances wants to expand the income and asset criteria of applicants for heating benefit
On to the Golden Dawn crisis, first with a prime ministerial pronouncement from ANA-MPA:
Samaras: Zero tolerance to neo-nazism
Prime Minister Antonis Samaras on Tuesday evening addressed a Greece-Israel business forum in Jerusalem, during which he said his government would show “zero tolerance to neo-nazism. We shall eliminate the (far-right) Golden Dawn (Chryssi Avghi) party from the country’s political life.”
To Vima covers the arrest of Yannis Kazantzoglou, 32, charged as an accomplice in the murder of rapper Pavlos Fyssas, the trigger that finally forced the state into action:
Police arrest Kazantzoglou as an accomplice to Fyssas murder
The Golden Dawn member appears to be the shaved headed car passenger who disappeared after the murder
Stakes, being raised, via EnetEnglish.gr:
Golden Dawn MPs may face charges of high treason
Prosecutors say they have found evidence that party sought to overthrow state
Golden Dawn’s aim ‘from the beginning and remains the overthrow of the democratic system,’ note two investigating magistrates in a report submitted to parliament
From ANA-MPA, a pointed message to the Left:
Gov’t spokesman: We’ll show people what GD is really all about
Government spokesman Simos Kedikoglou on Wednesday underlined that “when we talk about conversation monitoring practices we should be very careful,” underlining that “we cannot talk nonsense just to say something like (main opposition Radical Left Coalition (SYRIZA) leader Alexis) Tsipras did”.
More from EnetEnglish.gr:
Secret service chief to appear before MPs amid concerns over political wiretaps
Public order minister insists that MPs’ phones are not being monitored
Decision to call National Intelligence Service (EYP) to appear before MPs follows a war of words between the government and Syriza over the agency’s alleged surveillance of political parties
To Vima covers another criminal front:
Police searching for Golden Dawn’s hidden weapon caches
Witness reveal that ultra nationalist party has hidden weapons caches in Haidari, Aspropyrgos and Nemea
And ANA-MPA covers another key maneuver:
Parliament lifts immunity of four MPs following the request of prosecutors
The Parliament on Wednesday voted in favour of lifting the immunity of four MPs, three from the party of New Democracy (ND) and one from SYRIZA, and rejected a request to lift the immunity of a PASOK MP.
From Neos Kosmos, another salient of attack:
Golden Dawn’s finances investigated
Judges seek access to MPs’ bank accounts, ask Parliament to lift immunity of three more lawmakers
And To Vima notes the latest cop-on-cop action in a law enforcement system heavily staffed with officers closely allied with Golden Dawn:
Internal Affairs “raids” Omonia Police Department, finds drugs
Omonia and Agios Panteleimonas departments have had many complaints of police corruption and brutality
For our last Greek item, resistance from University of Athens Rector Theodosis Pelegrinis, who’s refusing to give the government a mandated list of employee layoffs via To Vima:
Pelegrinis: “If I have committed a crime, they can come arrest me”
Ministry of Education’s deadline to submit lists of administrative staff to face suspension expires today
Latin America [Latam] next, starting with a regional report from MeorcoPress:
Lower commodity prices and poor infrastructure cut Latam growth prospects says IMF
The International Monetary Fund on Tuesday cut its economic growth forecast for Latin America and the Caribbean, blaming, at least in part, poor infrastructure and lower commodity prices. In its latest World Economic Outlook report, the IMF noted that emerging markets generally were facing a dampening of growth amid “less supportive external conditions and domestic supply-side constraints.”
Next, a major new initiative reported by the Argentina Independent:
Bolivia: Morales Signs Decree to Allow Worker-Run “Social Enterprises”
Yesterday, Bolivian President, Evo Morales, approved decree 1754 to support factory workers’ rights and grant them new powers to take control of troubled businesses. It allows private companies which are on the verge of bankruptcy, in the process of liquidation, or that have been closed or abandoned, to be turned into “social enterprises” to be owned and managed by the workers themselves.
From MercoPress again, qualified good news for Argentina:
IMF forecasts higher growth for Argentina this year, but reliability of official stats remains controversial
Argentina’s growth has recovered because of an abundant crop but economic activity continues to be contained because of the exchange rate and other administrative controls, according to the IMF latest World Economic Outlook (WHE), Latam and Caribbean chapter released on Tuesday. The IMF statement refers to Argentina’s export duties and the so called “dollar clamp” which bans even saving in US dollars.
The Buenos Aires Herald bring us word on the health of the head of the head of state following brain surgery to treat a subdural hematoma:
CFK ‘in good spirits,’ ‘evolves favourably’
Presidential spokesman Alfredo Scoccimarro said President Cristina Fernández de Kirchner “evolves favourably” after “resting all night.” Said to be “in good spirits”, the head of state “thanks the shows of affection,” the official added.
Next, Brazil, starting with this from the Argentina Independent:
Brazil: Protests Turn Violent in Río de Janeiro and Sao Paulo
Demonstrations by teachers engaged in an ongoing protest wages turned violent last night in Río de Janeiro and Sao Paulo, causing widespread damages.
More from Brazil, via MercoPress:
Brazil finishes trade liberalization proposal for Mercosur/EU negotiations
The Brazilian government National Trade Council, Camex, approved the contents of a proposed trade liberalization offer to be made by Brazil involving negotiations for a wide ranging cooperation and trade agreement between Mercosur and the European Union.
India next, first with a headline from the Economic Times:
Govt rejects IMF projections on economic growth
PTI Planning Commission termed the projections as “pessimistic” and said that Indian economy will grow at a rate higher than 5% this financial year.
The latest chapter in the $900 million ongoing collapse of one of India’s leading commodities exchanges from the Financial Express:
NSEL crisis: Vice-president Amit Mukherjee arrested by Mumbai Police
The first arrest in the Rs 5,600-crore payout scam that has ballooned into the NSEL crisis has been made by the EOW. Amit Mukherjee, a top official of the beleaguered spot commodity bourse, which defaulted on its payment for the eighth time in a row, was held today by Mumbai Police’s Economic Offence Wing (EOW).
Quartz sees an augury in an Indian failure:
barbarian at the gate
Wal-Mart can’t crack India, and that bodes poorly for its troubled economy
China next, first with a headline from Europe Online:
Chinese car industry plans global expansion drive: survey
From the South China Morning Post, ongoing blowback from a Manila hostage-taking crisis three years ago that ended wth the deaths of the hijacker and eight hostages from Hong Kong:
Lawmakers propose to ban maids to force apology over Manila bus tragedy
Lawmaker Albert Chan’s group wants to change immigration law to ban Filipino workers until Aquino apologises for Manila hostage tragedy
A case of overly conspicuous consequential consumption from SINA English:
Beijing official sacked over son’s lavish wedding
A village official in Beijing has been sacked for holding lavish wedding celebrations for his son at a time when central government is urging frugality.
And let’s go straight to Fukushimapocalypse Now!
From NHK WORLD:
Nuclear regulator says worker morale is declining
The head of Japan’s Nuclear Regulation Authority says a decline in worker morale at the crippled Fukushima Daiichi nuclear power plant is one of the causes behind radioactive water leaks and other problems.
Again from NHK WORLD, it’s about damn time something got done. But let’s hope it’s more concrete than mere fear-dispelling:
Japan to work with IAEA on radioactive wastewater
Japan and the UN’s nuclear watchdog have agreed to work together to dispel global fears over radioactive wastewater at the Fukushima Daiichi nuclear plant.
And without further ado, the latest Fukushima fuckup, first via Kyodo News:
Workers covered in toxic water as pipe disconnected at Fukushima plant
Highly radioactive water leaked from a desalination facility at the severely damaged Fukushima Daiichi nuclear power plant on Wednesday morning when workers wrongly disconnected a pipe, plant operator Tokyo Electric Power Co. said.
More from the Japan Daily Press:
Fukushima worker accidentally cuts pipe, exposes five others to radiation
In its second accident in three days, a worker at the Fukushima Daiichi nuclear plant accidentally removed a pipe that is connected to the contaminated water treatment system. It has resulted in the worker and five others being exposed to radiation, as well as the leakage of several tons of water in almost one hour.
And still more from Reuters:
Latest leak at Japan’s Fukushima plant contaminates 6 workers
Plant operator says 7 tonnes of radioactive water leaked
Tepco says leak contained, six workers exposed to radiation
Japan’s nuclear regulator says exposure level “not serious”
Here’s a video report from euronews:
Fukushima : Contamination of 6 workers in latest toxic water leak
NHK WORLD reports the latest diagnosis of an earlier leak:
Corroded tank plates caused Fukushima leakage
The operator of the damaged Fukushima Daiichi nuclear plant says they’ve discovered the reason that radioactive water leaked from a storage tank in August. The cause was gaps created on steel plates that had corroded at the bottom of the tank.
From NHK WORLD again, something that should come as no surprise:
Nuclear regulator says worker morale is declining
The head of Japan’s Nuclear Regulation Authority says a decline in worker morale at the crippled Fukushima Daiichi nuclear power plant is one of the causes behind radioactive water leaks and other problems.
The ruling party ponders corporate corporate dismemberment, via the Asahi Shimbun:
INTERVIEW: LDP’s Oshima says TEPCO breakup an option
The ruling Liberal Democratic Party will make proposals this month on how to handle the embattled operator of the crippled Fukushima nuclear plant, including the possible break-up of the giant utility, a senior party policymaker said on Oct. 9.
Though Jiji Press does offer one upbeat note:
TEPCO to Complete Water Tank Construction 2 Years Earlier
Tokyo Electric Power Co. said Wednesday it aims to complete the construction of additional tanks for storing radioactive water at its Fukushima No. 1 nuclear power plant two years earlier than the current plan.
As does the Japan Times, at least if you’re a heifer:
No-go zone bulls’ sperm count said OK
Long exposure to radiation not seen having huge impact
The testicles and the sperm counts in bulls abandoned in the evacuation zone around the battered Fukushima No. 1 nuclear plant have so far not been affected by chronic exposure to radiation, an academic study has found.
But business is business, reports the Japan Daily Press:
PM Abe to make second trip to Turkey to further nuclear power development
The Japanese prime minister will have his second trip to the Anatolian Peninsula within six months time as he intends to beef up ties between Japan and Turkey. Abe will also push Japanese cooperation with the Eurasian country on its plan to build another nuclear power plant.
And for our final headline, another reactor, another country, via SINA English:
S. Korea: DPRK restarts Yongbyon reactor
South Korea’s intelligence agency confirmed that the Democratic People’s Republic of Korea (DPRK) restarted its mothballed Yongbyon nuclear reactor around two months ago, the Yonhap news agency reported on Tuesday.
