Tuesday, April 24, 2018

Brexit wipes $2tn off markets as Moody’s lowers UK credit rating outlook

Amid concerns that the EU referendum result risks sparking fresh financial crisis, Bank of England governor says it is ready to do whatever is needed. The ratings agency Moody's has lowered the outlook for the UK's credit rating from stable to negative amid what it said would prove a prolonged...

Manuel Valls defies calls to resign, forces labor bill through parliament

PARIS — French Prime Minister Manuel Valls used an executive decree Tuesday to force a controversial labor reform bill through parliament, triggering calls for him to step down amid fresh street protests. Valls, who has tied his own credibility to passing the bill, told a group of Socialist MPs that he had...

Germany Appears to Cave on Greek Debt

What a difference a meeting makes. Hours after Europe and Greece appeared far apart on the latest bailout payment to Athens, German Finance Minister Wolfgang Schäuble late Monday signaled a readiness to make some kind of deal on Greek debt. His acquiescence came after a meeting of European finance ministers...

The European Union always was a CIA project, as Brexiteers discover

Brexiteers should have been prepared for the shattering intervention of the US. The European Union always was an American project. It was Washington that drove European integration in the late 1940s, and funded it covertly under the Truman, Eisenhower, Kennedy, Johnson, and Nixon administrations. While irritated at times, the US has relied...

German minister asks for half a billion to create jobs for refugees

Federal Minister of Labour and Social Affairs Andrea Nahles has called for €450 million to help integrate refugees into the labour market. EurActiv Germany reports. Nahles has asked for nearly half a billion euros from Minister of Finance Wolfgang Schäuble in order to provide better access to jobs, according to...

Here’s What Putin’s Counter-Sanctions Did To EU Exporters

European food exporters have lost nearly a half a billion dollars in Russian business since the annexation of Crimea last March. Back then, Russia imports totaled around $1.2 billion. But then all hell broke loose in Ukraine. A pro-Russian politician got sacked by protesters and the Kyiv government put in Arseniy...

Should America Care Whether Britain Stays in the EU?

In less than two weeks, British voters will determine the future of not just their nation, but of the European Union. Having just spent a couple weeks in Britain myself, the looming June 23 referendum on EU membership was inescapable, with signs and leaflets everywhere, and just about every conversation coming...

Mobilize European workers to defend French strikers!

As oil refinery blockades and occupations, port walkouts and calls for further strike action in defiance of attacks by riot police spread across France, the working class is emerging as the leading force in the struggle against the Socialist Party (PS) government's reactionary labor law. The movement is beginning...

Now Poland’s Government Is Coming After the Internet

Warsaw is tightening control over the Web in the name of national security — and setting an ominous precedent for other democracies. “Yesterday, you were defending thieves; today, you’re defending terrorists.” With these words, uttered early this morning, the leader of Poland’s ruling conservative party silenced the parliamentary opposition. Not...
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How Western Military Interventions Shaped the Brexit Vote

Michael Hudson argues that military interventions in the Middle East created refugee streams to Europe that were in turn used by the anti-immigrant right to stir up xenophobia. Michael Hudson is a Distinguished Research Professor of Economics at the University of Missouri, Kansas City. He is the author of The...

Greece Makes €450 Million Payment to International Monetary Fund

Greece transferred around €450 million to the International Monetary Fund (IMF) on Thursday. As a result, Athens has repaid its second major loan without being able to access new assistance. The country had already paid the IMF €1.5 billion at the end of March. Greek Finance Minister Yanis Varoufakis had...
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French Labor Law, Brexit, and Greek Austerity: Class War Against European Workers

Economist Richard Wolff says the old European elite believed it could fix their broken capitalism on the backs of the masses and that has proved to be a fatal mistake. Richard D. Wolff is a Professor of Economics Emeritus at the University of Massachusetts, Amherst, and currently a Visiting Professor...
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The Greek Surrender Finance As A New Means Of War

Greece's economic crisis has perhaps been eclipsed by Europe's refugee crisis, terrorist attacks, and by the forthcoming Brexit referendum. But it has not gone away. Greece's Syriza coalition faced violence on the streets and a 3 day general strike last week that had brought much of the country to...

EU allies defy US to join China-led Asian Infrastructure Investment Bank

The new China-led Asian investment bank, a potential rival to institutions such as the Asian Development Bank and the World Bank, has enlisted more US allies as members after Britain decided to join last week. The membership of the Asian Infrastructure Investment Bank (AIIB) is set to expand further, with...

Brexit Is Only the Latest Proof of the Insularity and Failure of Western Establishment...

The decision by U.K. voters to leave the EU is such a glaring repudiation of the wisdom and relevance of elite political and media institutions that — for once — their failures have become a prominent part of the storyline. Media reaction to the Brexit vote falls into two general categories: (1) earnest, candid attempts...

Labour accused of covering up warnings about immigration

Secret research commissioned by Labour ministers warned that the number of immigrants moving to Britain threatened to drive down wages and inflame community tensions, The Daily Telegraph can disclose. One of the reports, to be published today under freedom of information laws, showed that immigration into rural areas almost doubled...

Washington’s Orchestrated Conflict with Russia: The Choice Before Europe

Washington continues to drive Europe toward one or the other of the two most likely outcomes of the orchestrated conflict with Russia. Either Europe or some European Union member government will break from Washington over the issue of Russian sanctions, thereby forcing the EU off of the path of...

EU gears up for propaganda war with Russia

BRUSSELS (Reuters) - The European Union is set to launch a first operation in a new propaganda war with Russia within days of EU leaders giving formal approval to the campaign at a summit on Thursday. Officials told Reuters that a dozen public relations and communications experts would start work...

Europe’s Big Freedom Fail

It's time for the European Union to get serious about enforcing democratic standards. The European Union doesn’t give a damn about democracy. Yeah, sure, they keep saying they do — and they’ve been saying it again in the wake of this week’s terrorist attack in Brussels. But their actions are...

ECB examines possibility of Greek IOU currency in case of default

(Reuters) - The European Central Bank has analyzed a scenario in which Greece runs out of money and starts paying civil servants with IOUs, creating a virtual second currency within the euro bloc, people with knowledge of the exercise told Reuters. Greece is close to having to repay the International...

EU signs deal to deport unlimited numbers of Afghan asylum seekers

Plans for dedicated reception terminal in Kabul, but experts warn that violence and instability in Afghanistan make deportations unsafe. The EU has signed an agreement with the Afghan government allowing its member states to deport an unlimited number of the country’s asylum seekers, and obliging the Afghan government to receive...

If the Refugee Deal Crumbles, There Will Be Hell to Pay

It won’t just be the millions of refugees that will suffer. Liberal European democracy may be the ultimate casualty. A strange thing happened in the Aegean Sea last month: No refugees drowned. This modest piece of good news was, however, overwhelmed by the calamity in the Mediterranean, where 1,083 refugees...

Alan Greenspan says British break from EU is just the tip of the iceberg

Former Fed Chairman Alan Greenspan told CNBC on Friday the U.K. vote to leave the European Union ushers in a period that's even worse than the darkest days of October 1987. Britons voted by 51.9 percent to quit the 28-country union, shocking markets that had priced in a win for...

For sale: Greek islands, hotels and historic sites

As privatisation agency chairman, Stergios Pitsiorlas is seen as the right man to expedite disposal of a growing list of assets. In Greece today, government power comes with few trappings. Unable to tap capital markets and dependent wholly on international aid, the debt-stricken country’s senior officials are acrobats in a...

World’s longest rail tunnel to open in Switzerland under Alps

EU heads to take 57km maiden voyage in €11bn Gotthard base tunnel on Wednesday. Measuring 57 km in length, situated 2.3km deep under the Alps and having cost €11bn to complete, Switzerland’s Gotthard base tunnel is more than just the world’s longest and most expensive tunnelling project. At a time of...

EU-Turkey deal could see Syrian refugees back in war zones, says UN

Refugees chief questions legality of agreement to send people back to Turkey without guarantees for their protection. A senior UN official says he is very concerned that a hasty EU deal with Turkey could leave Syrian refugees unprotected and at risk of being sent back to a war zone. Filippo Grandi,...

Fear of immigration drove the leave victory – not immigration itself

Victory for leave came despite fact that those who experienced highest levels of migration were least anxious about it. David Cameron’s failure to give a convincing response to the publication of near-record net migration figures in the first week of the EU referendum campaign has proved to be its decisive...

I do not believe that Brexit will happen

There will be howls of rage, but why should extremists on both sides dictate how the story ends? All good dramas involve the suspension of disbelief. So it was with Brexit. I went to bed at 4am on Friday depressed that Britain had voted to leave the EU. The following...

EU Focuses on Security Measures After Brussels Attacks

European Union justice and security ministers hold talks in Brussels Thursday on ways to shore up intelligence and security, as police search for yet another suspect in the attacks in the Belgian capital that killed at least 31 people and wounded 300 others. Police have launched a manhunt for a...

EU Now More Vulnerable Than Any Time in Its History

A familiar sight returned to the street of Athens this past weekend: Violent protests over spending cuts pushed through the Greek parliament Sunday by Prime Minister Alexis Tsipras as a necessary step to receive the latest tranche in a financial bailout worth 86 billion euro ($98 billion). It’s not...

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