Saturday, 12 November 2011
This whole Michael Jackson stuff stinks…
Italy hopes Greece can hold onto marbles
The beginning of this article was written 6 months ago...
EU finance ministers are meeting today amidst growing fears that Greece’s protracted debt crisis could spill over into Italy. For some time now, commentators have referenced Italy in cautionary tales of the spread of Greek contagion but few dared speculate vociferously of the robustness (or lack of) of the euro zone’s third-largest economy’s sand bagging. That was until last week. As Reuters put it, “policymakers have been seized with a new sense of urgency after Italy came under market attack last week, fearing any further delay in putting together a second Greek package could poison investor confidence in weak economies around the region”. A default on its debt by Greece to mark-down its debt (considered a possible last-ditch plan until recently) has all but been ruled out now as speculators insist this could send the euro markets reeling with massive ramifications for countries such as Italy. The situation is precarious and the remaining options are few and far between. The euro zone just prays that Greece can keep its marbles while a more viable solution is sought.
Although the UK is not a member of the single currency, 40% of its trade is with the eurozone and Mr Osborne said there were signs the continuing uncertainty was having a direct effect on the UK economy - which has seen sluggish growth.
"There's no doubt that growth in Britain, jobs in Britain, have been hit by what's going on in the eurozone.
"It's all the more reason that we in Britain weather this storm by taking the difficult decisions we take on our own terms - rather than being forced to do so by the markets."
After passing the Italian senate on Friday, a far-reaching package of spending cuts and tax rises is expected to get final approval at the weekend.
Italian prime minister Silvio Berlusconi is set to resign once both houses of Parliament have passed the measures, with former EU commissioner Mario Monti tipped to succeed him.
n Greece, Mr Papademos is leading a new government of national unity which is expected to implement further austerity measures - seen by EU leaders as a prerequisite for any further bailout.
Murdoch in the dock
Highly placed Westminster sources said Crone was likely to be severely reprimanded by the Commons culture, media and sport select committee over his failure to fully answer questions about surveillance carried out by the paper when he gave evidence in September.
Crone told MPs in September he "may" have commissioned private investigators "a long time ago maybe … on various things like tracing, maybe a bit of surveillance".
James Murdoch is expected to be characterised as ill-informed rather than mendacious by MPs, but News Corp's deputy chief operating officer is also likely to emerge with little credit when the report is finally published.
It is thought MPs will express surprise at Murdoch's lack of knowledge about phone hacking at the paper at a time when several key documents were circulating within the company that clearly showed the practice was widespread.
Previously (6 months ago)-
Opposition Labour party leader Ed Miliband said on Sunday that he would force parliament to vote this week if Cameron did not take steps to halt the £8.7 billion bid by Murdoch's News Corp for the 61 percent of BSkyB that it does not already own. The independent quote a senior government source as saying: "we are working on a plan to suspend the deal while the police investigation is taking place," – a move seen to head off a potentially damaging Commons vote which could potentially see Cameron’s Lib Dem coalition partners (apparently less favoured my Murdoch and company) side with a Labour party looking to make capital casting the Prime Minister as some sort of aloof pariah.