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Spanish house prices need to fall further, Goldman warns Spanish house prices need to fall another 10pc, posing fresh problems for the country’s troubled banking sector, Goldman Sachs has warned. Spain cuts growth forecasts but rejects reforms Spain has downgraded its growth forecast for 2013 to -1.3pc, as the country’s deputy prime minister declared there was no need for major new reforms. Spanish unemployment above 27pc Spain’s unemployment rate reached a new record of 27.16pc [...] Algerian security officials say two people have been killed and several foreigners abducted in an attack on a gas facility near In Amenas in the east of the country. http://www.bbc.co.uk/news/world-africa-21042659 IRISHMAN CONFIRMED TO HAVE BEEN KIDNAPPED. Ireland’s Deputy Prime Minister Eamon Gilmore called for the Irishman’s immediate release. He said: “The Government stands ready to use all the resources available to us to ensure that our citizen is released as soon as possible. http://news.sky.com/story/1038832/bp-gas-site-brits-caught-up-in-hostage-drama EPJ Yet another reason the US government hates gold, unlike dealing with paper money in bank accounts, there is no way they can stop international trade in gold and it is difficult to track gold movements. WSJ reports: Turkey on Friday acknowledged that a surge in its gold exports this year is related to payments for imports of Iranian natural gas, shedding light on Ankara’s role in breaching U.S.-led sanctions against Tehran. The continuing trade [...] Blast hits Tel Aviv bus, at least 21 hurt; police chasing two terror suspects Explosion occurred just after noon, at corner of Shaul Hamelekh and Henrietta Szold Streets; one casualty seriously wounded, one lightly-to moderately, and the rest sustain light injuries; passersby ordered to keep distance from scene. An explosion hit a bus in central Tel Aviv on Wednesday, wounding at least 21 people. One of the casualties was in serious condition, [...] The United Nations Security Council has called an emergency meeting to discuss escalaing tensions between Israel and the Palestinian territory of Gaza. The meeting is scheduled for 0200 GMT, and will take place behind closed doors. http://rt.com/news/gaza-israel-hamas-attack-687/ Egypt recalls Israel ambassador after Gaza raid CAIRO – President Mohamed Morsi on Wednesday recalled Egypt’s ambassador to Israel after a series of air strikes in Gaza killed a top Hamas militant and at least six [...] Oct. 4 (Bloomberg) — The Cypriot government will seek an 11 billion-euro ($14.2 billion) bailout, 62 percent of gross domestic product, to recapitalize its banks and pay its bills, according to three people with direct knowledge of the matter. The country’s banks, which lost more than 4 billion euros in Greece’s debt restructuring earlier this year, need 5 billion euros of fresh capital, according to Finance Minister Vassos Shiarly, the people said. The [...] London Gold Market Report from Ben Traynor BullionVault Friday 28 September 2012, 06:45 EDT
Gold in Euros Sets New High as Crisis “Escalates” and Spain “Lays Groundwork” for Bailout
U.S. DOLLAR gold prices hovered near seven-month highs above $1780 an ounce for most of Friday morning’s London trading – a few Dollars up on where they started the week – while stocks failed to hold early gains after a analysts interpreted Spain’s budget as “laying the groundwork” [...] Australian Treasurer Wayne Swan said “cranks and crazies” in the U.S. Republican Party are threatening economic growth as Congress remains deadlocked on tax increases and spending cuts set to take effect in January. “Let’s be blunt and acknowledge the biggest threat to the world’s biggest economy are the cranks and crazies that have taken over the Republican Party,” Swan said in a speech in Sydney today. “Global markets are nervously watching the positioning [...] MOSCOW — Russia should set itself the “super goal” of building a large base on the moon it could use to achieve “leaps” in science and to give a new sense of purpose to its troubled space program, Deputy Prime Minister Dmitry Rogozin said on Tuesday. Calling the task “big, prestigious and political”, Rogozin said the country’s space industry — which has suffered a string of costly and embarrassing failures — [...] Rebel commander says shelling of Salaheddin district in country’s largest city is “the most violent” since July 20. http://www.aljazeera.com/news/middleeast/2012/08/…html The growing involvement of al-Qaida operatives is evident in fighting against Assad forces, some of whom are fully cooperating with the rebels’ Free Syrian Army. http://www.haaretz.com/news/diplomacy-defense/as-al-qaida-s-power-in-syria-rises-israeli-officials-ready-for-possible-attack.premium-1.455938 Forty-eight Iranian pilgrims were kidnapped from a bus in the Syrian capital, the Iranian embassy consular chief in Damascus told Iran’s state television. http://www.google.com/hostednews/ap/article/ALeqM5hCS0rql2W1XgC_-BiVRXxjAudNhQ?docId=f9895e787d134c059fd96cfb27dd09a8 Syria has reached an agreement to send [...] Patrick Henningsen and Daisy Jones It’s official: an Englishman’s home is no longer his castle. In a move that is hardly witnessed in wartime, let alone in peacetime, the UK’s military establishment has been given the green light to quarter residential homes without any permission or notice. In the run-up to the 2012 Olympics in London, the UK’s Ministry of Defence (MOD) has taken the unprecedented step of erecting surface-to-air missile [...] Israel’s opposition leader Shaul Mofaz, who until last week served as deputy prime minister to Benjamin Netanyahu, gave a broad hint on Monday that the prime minister intends to launch a military strike against Iran. Mofaz, who led his Kadima party out of the coalition last week, declared that Kadima wanted no part in “operational adventures” planned by Netanyahu, which he said would endanger Israelis. “Kadima will not set out on operational [...] Benjamin Netanyahu, the Israeli prime minister, was forced to consider calling an early general election on Tuesday night after the largest party in the country’s parliament walked out of his ruling coalition. Just two months after joining a unity government, Shaul Mofaz led his Kadima party into opposition after failing to secure legislation extending conscription to Israel’s ultra-Orthodox Jews. Mr Mofaz also resigned as deputy prime minister as negotiations over a new [...] Moody’s cuts Italy’s credit rating to just above junk Latest 15.30 Spain’s economy minister, Luis de Guindos, has approved a new fund of up to €18bn to ease the regions’ difficult funding situations: The fund will finance the autonomous communities on the basis [...] While the elections for a 200-member National Congress is unlikely to grant a majority to any one faction, the Muslim Brotherhood and its Islamist allies are confident they can join their counterparts in Tunisia and Egypt at the helm of leadership. Negotiations between the Muslim Brotherhood and a secular-based political movement led by former interim prime minister Mahmoud Jibril have focused on forming a post-election government as soon as the result [...] At this point even those who have never heard of the Gulf of Tonkin know where this is headed: SYRIAN ACT ‘WON’T GO UNPUNISHED,’ TURKEY’S ARINC SAYS And yet: TURKISH JET ‘MISTAKENLY’ ENTERED [...] DEMANDS for the British people to have a say on our role in Europe got a huge boost yesterday. A new poll showed more than 80 per cent of voters are crying out for a referendum.
Nearly half of voters – 49 per cent – want their voices heard straight away, according to the survey. A further third, 33 per cent, believe that there should be a vote “in the next few [...] Source: Moscow Times A group of United Russia deputies wants to reinstate Soviet-era military training in high schools to promote patriotism and fondness for the armed forces. During communist times, the program taught teens how to react to a nuclear or chemical attack, render first aid and field-strip an AK-47 assault rifle. Duma Deputy Alexei Zhuravlyov is leading the proposal to reinstate the training. He is considered the right-hand man of Deputy Prime Minister Dmitry Rogozin, who oversees the military-industrial complex. Zhuravlyov told Izvestia on Monday that the program should be implemented at least in the ninth grade [...] Senior European officials last night issued a grave warning that the very survival of the euro is at risk as the crisis in Spain threatens to tear the region apart. Politicians and central bankers said the situation in the eurozone was unsustainable and drastic action was needed to prevent the ‘disintegration’ of the single currency. They spoke out as European leaders scrambled to stop the financial crisis in Spain spiralling out of [...] If there was one piece of news that could force an all out panic in a market already on the edge, it is that outgoing (as in finally departing) US Treasury Secretary, Tim Geithner, was getting involved in the European Crisis. Sadly, this is precisely what happened. SPAIN DEPUTY PM: US TREASURY’S GEITHNER AGREES TO WORK WITH SPAIN TO RESOLVE BANK CRISIS – DJ From the WSJ article:
“A bailout loan could stretch the resources of both the IMF and the euro zone “Neither the IMF, nor the euro zone, can shoulder this bill with three other Alas don’t worry Spain is going a begging: Spanish government officials are [...] Reuters Central banks and companies risk making a grave error if they do not brace for a possible Greek exit from the euro zone, Belgium’s foreign minister said on Friday, rattling markets already alarmed by Spain’s deteriorating finances. Greek elections are scheduled for June 17 and could hasten the country’s departure from the currency club should a government intent on ripping up the country’s bailout program result. Contrasting findings of opinion polls on [...] via CNBC: Central banks and companies risk making a grave error if they do not brace for a possible Greek exit from the euro zone, Belgium’s foreign minister said on Friday, rattling markets already alarmed by Spain’s deteriorating finances. Greek elections are scheduled for June 17 and could hasten the country’s departure from the currency club should a government intent on ripping up the country’s bailout program result. Contrasting findings of opinion polls [...] The Government is making contingency plans to cope with a potential increase in immigration should the euro currency collapse, the Home Secretary has revealed. There is rising concern that Greece will be forced to abandon the euro after five years of recession, two bailouts and rising anger among voters over draconian austerity measures. Political leaders in the European Union and Germany have said the euro will survive even if Greece leaves – [...] via BBC News: “But a Greek exit from the euro would not just have political and economic consequences – it could have highly personal implications for British tourists and expatriates. Plans are in place to help tourists but mass evacuations are not anticipated The Foreign Office prides itself on contingency planning and officials have discussed a range of possibilities and probabilities. Sources admit there could be serious issues if tourists cannot get money out [...] Greek people ordered to dance to the banksters tune or get out of Europe:
http://rt.com/news/greece-eurozone-political-crisis-093/
William Hague, UK gov Foreign Secretary tells any ordinary working citizens they must work harder stop complaining or get out. He suggests anyone who is unemployed must not get on their bikes to look for work, as Norman Tebbit advised many years ago, but rather anyone that’s unemployed should get on planes and leave UK to help [...] From Telegraph: Speaking exclusively to The Sunday Telegraph, Theodoros Pangalos said he was “very much afraid of what is going to happen” after Greek voters rejected the deal in elections last Sunday. “The majority of the people voted for a very strange mental construction,” he said. “We want to be in the EU and the euro, but we don’t want to pay anything for the past.” The main beneficiary of the election, the hard-Left Syriza [...] • Spanish banks told to raise €30bn to protect from property losses Latest 13.40 More detail from Spain - banks which need to go to the government to raise the extra capital required under the new rules will be able to get five-year [...] Prime Minister Benjamin Netanyahu and opposition chairman MK Shaul Mofaz (Kadima) reached a surprise agreement early Tuesday morning to form a national unity government. The move came as the Knesset was preparing to disperse for early elections, which were expected to be scheduled for September 4. Under the agreement, Kadima will join Netanyahu’s government and commit to supporting its policies through the end of its term in late 2013. Mofaz [...] |
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