Worldcrunch
For the first time, countries are growing richer, but their people are not. Income and wealth inequality not only skew per capita averages, they make economies seem healthier than they are. In short, they reflect realities of a few, at a huge cost to others.
The European Commission has committed €100 million to support Tunisia in the effort against migration, with an affectional €900 million in funding for the country. But how does the agreement expect to find success with a formula that has long held a reputation of failure?
As recession predictions abound, stakes are higher than ever for the number crunchers at the world’s top central banks, who must also contend with the whims of the political class.
For Cairo, Qatar had been part of an “axis of evil,” with anger directed at Al Jazeera, the main Qatari outlet, and others critical of Egypt after the Muslim Brotherhood ouster. But the vitriol is now gone, with the first ever visit by Egyptian President al-Sisi to Doha.
Which leaders will be remembered from this moment in history? So asks Catherine Chatignoux.
Not surprisingly, early indicators point to a less bleak future for Sweden’s still-open economy than for that of its European counterparts. A recent study by Swedbank shows that private consumption in Sweden shrank 17% between April 6 to April 19 compared to the same period last year, while revenue from hotel and restaurants was down […]
The temptation to get rid of coins and paper bills is evidence of the failure of the monetary policy of central banks, which has led to negative interest rates.
OSLO — Global oil prices are falling again this week, having dipped below $30 for the first time in 13 years. In oil-dependent economies from Russia to Saudi Arabia to Venezuela, the crisis continues to spark panic and weigh on national budget deficits and unemployment rates. And yet another major oil producer, Norway, is looking […]
La Razón, July 1, 2015 Right-leaning Spanish daily La Razón declared Wednesday that “the Greek contagion is Podemos.” According to the Madrid-based newspaper, allowing the Spanish left-wing populist party Podemos to come into power could undermine Spain’s economy just as it has begun to recover from a deep recession. Podemos was one of several anti-establishment […]
“Save Europe, drown a Greek,” reads this week’s cover of satirical French weekly Charlie Hebdo, which depicts International Monetary Fund chief Christine Lagarde drowning a Greek pensioner. Largarde and other creditors now want Greece to push its retirement age to 67 and to cancel benefits for its poorest pensioners. They’ve given Greece an ultimatum to […]
GAZA CHILD KILLINGS “TRAGIC ACCIDENT” Israel Defense Forces have closed an internal investigation into its controversial bombing in last year’s Gaza war, in which an Israeli missile killed four children aged 9 to 11 on a Gaza beach, clearing itself of any culpability, Haaretz reports. The Israeli advocate general’s office described the attack as a […]
TOLL OF CHINESE SHIPWRECK CLIMBS Photo: Stringer/Cpressphoto/ZUMA Hopes of finding survivors of China’s shipwreck were fading Wednesday, after a total 14 survivors were rescued from the Eastern Star, the cruise ship carrying 456 that sank Monday night in China’s Yangtze River after a storm hit. So far, 19 bodies have been recovered, leaving more than […]
The Greek Prime Minister’s ultimatum to Eurozone partners and other negotiators as the debt crisis reaches a critical hour. The full Le Monde editorial in English.
U.S. AND CUBA MAKE HISTORY IN PANAMA U.S. Secretary of State John Kerry and Cuban Foreign Minister Bruno Rodriguez met last night in Panama City in what represented the highest-level meeting between the two countries in more than 50 years. The meeting preceded the Summit of the Americas, which begins there today. A U.S. State […]
H Efimerida ton Sintakton, April 9, 2015 Before Greek Prime Minister Alexis Tsipras met with Russian President Vladimir Putin in Moscow Wednesday, European commentators warned that Greece could become Russia’s “Trojan horse” against Brussels. But Greek newspaper H Efimerida ton Sintakton instead described the “revival of Greek-Russian relations” as a “historic opportunity for the two […]
OBAMA’S IRAN ULTIMATUMIran should agree to a verifiable freeze of its nuclear program for at least a decade if the country wants to strike a deal with the U.S., President Barack Obama told Reuters in an exclusive interview. Obama explained his goal was to make sure “there’s at least a year between us seeing them […]
IMF CUTS GROWTH PROSPECTSThe International Monetary Fund has sharply cut its global growth forecast of just six months ago, with almost every economy except the United States expected to grow at a slower pace than previously thought, Bloomberg reports. The Washington-based lender said an economic slowdown in China, recession in Russia, and poor prospects in […]
The neoliberal global system shows remarkable staying power. A German critic of the system explains how the so-called ‘sharing economy’ is the ultimate trick and triumph of capitalism.
Credit cards, ratings agencies and currency supremacy are some of the battlegrounds where Beijing and Moscow are teaming up to take on the West.
Following fast on the heels of President Xi Jinping’s recent trip to Indonesia and Malaysia, China’s Premier Li Keqiang also showed up in Southeast Asia, attending the East Asia leaders’ meeting before bilateral visits to Brunei, Thailand and Vietnam. It is rare in China’s diplomatic history that its president and premier visit the same region […]
MENA (Egypt), NEW YORK TIMES (USA), RT, AP Worldcrunch CAIRO – Ousted Egyptian President Mohammed Morsi is being detained over alleged ties with the Palestinian militant group Hamas, and questioned on related charges of murder and kidnapping. A top Cairo court has ordered that Morsi be questioned on whether he collaborated with Hamas for his […]
IMF APPROVES $17 BILLION IN UKRAINE AIDThe International Monetary Fund approved a $17 billion bailout package over the next two years for Ukraine, with a first installment of $3.2 billion available immediately, Bloomberg reports. The loan “is dependent on strict economic reforms, including raising taxes and energy prices,” with reports of planned severe cuts in […]
AP (USA), BBC, THE GUARDIAN (UK) Worldcrunch NICOSIA – Cyprus has no intention of leaving the euro zone, President Nicos Anastasiades said in a press conference on Friday. “In no way will we experiment with the future of our country,” declared President Anastasiades. He said the situation of the country had been “contained” following its […]
BBC, REUTERS, TWITTER Worldcrunch NICOSIA – Banks in Cyprus have reopened Thursday after a two-week closure as the government was forced to accept a strict European Union rescue package to avoid bankrupcy. As discussions between the EU and the International Monetary Fund took place, eventually culminating in Sunday night’s late bailout deal, the doors had […]
President Kirchner lets loose on Twitter…
-Editorial- BUENOS AIRES – There is much to criticize the Cuban government about, but its decision to allow its citizens to travel abroad without the infamous “white card” exit visa, deserves applause. Since January 14, Cubans are allowed travel abroad, just like citizens of any other democratic country – with a valid passport and a […]
LE POINT, LE PROGRÈS (France) Worldcrunch PARIS – It’s been an eventful couple of days for French actor Gérard Depardieu. Or is it Belgian actor Gérard Depardieu? Wait, you said Russian? In case you’re having trouble keeping up with Gégé’s moves, here’s a quick overview of what’s happened the past three days in the life […]
BBC, GUARDIAN (UK), DIE WELT, FRANKFURTER ALLGEMEINER ZEITUNG (Germany), LES ECHOS (France) Worldcrunch ATHENS – Greek unions are staging “the mother of all strikes” as Parliament votes on another round of budget cuts, writes the Guardian. The bankrupt Greek government is facing a tough job: convince the Greek people that austerity measures are necessary. “This […]
BERLIN – The euro zone has granted Athens two more years to rein in its debt, Süddeutsche Zeitung has learned. Euro zone leaders have agreed to give Greece until 2016 instead of 2014 to push deficits down under to 3% of GDP. Deadlines for the implementation of employment and energy reforms and the selling of […]
KATHERIMINI (Greece), THE GUARDIAN (UK), REUTERS Worldcrunch ATHENS – The three-month old Greek coalition government is facing its first anti-austerity general strike Wednesday, with disruptions bringing the country to a standstill. Greek public sector unions have called a strike that is likely to draw thousands of workers out into the street today to protest against […]
BRUSSELS – Greece needs at least two more years and an additional 30 billion euros in order to be able to meet the targets set for it by the euro zone countries, European sources tell Süddeutsche Zeitung. When – and indeed if – the country gets money from the second bailout package is unclear. In […]
FOCUS, BERLINER MORGENPOST (Germany), LES ECHOS (France) Worldcrunch BERLIN – The German Constitutional Court has upheld the legality of the European Stability Mechanism (ESM), which had been set up to help bail out countries in the euro zone on the verge of financial collapse. With the decision Wednesday, a great source of anxiety was lifted […]
EGYPT INDEPENDENT, AL-AHRAM (Egypt), AL JAZEERA (Qatar), BBC NEWS (UK) Worldcrunch Egypt’s Salafi Nour Party has slammed the government’s negotiations with the International Monetary Fund about a $4.8 billion rescue package, stating any potential loan that the government receives would be against sharia law. Younis Makhyoun, a member of the ultra-conservative Islamist party said: “Borrowing […]