The Greek crisis, which the GEAB has been writing about since 2010, laid bare!
Whilst Euroland is just emerging from the most traumatic episode of the indeterminable “Greek crisis”, the LEAP team has thought it helpful to publish a compilation of all its anticipations on this subject since 2010 as an exercise of transparency, evaluation and teaching. This backward look on our anticipated reading on the different stages of the Greek crisis is teaching in more than one way: essentially, the validation, by the facts, of our anticipations on the subject prove the value of our angle from which we read events, yet completely the opposite to the media’s reading; the errors, inevitable, are all in the fact that, despite our poor opinion of our leaders’ capacity to manage this crisis, we are consistently on top of the reality…
Greece's Tsipras says loan deal with lenders close
Prime Minister Alexis Tsipras said on Wednesday that Greece was close to concluding a deal with lenders on a multi-billion-euro bailout, which he said would end doubts over its place in the euro zone...
Here's what citizens of 11 advanced nations really think of their economies
The economies of advanced nations aren't doing so well. That's what respondents from around the world said when asked by the Pew Research Center if they thought the condition of their national economies was good or bad. A median of 56% of the respondents from advanced nations described their economy as bad, versus 40% who described it as a good. Some advanced countries have become more satisfied with their current economy but..
Small investors flee the market
The number of small investors holding stocks in their accounts slid to 51 million at the end of July from 75 million at the end of June, according to China Securities Depository & Clearing Corp, the government agency that tracks accounts. Shanghai Composite Index plunged 14 percent, a record single month drop in six years...
China’s schools are testing factories. Why is Britain so keen to copy them?
The BBC will carry forward the great myth that Chinese education is “better” than Britain’s. A documentary comparing Chinese and British teachers in a Hampshire school will show Chinese teachers appalled at how disruptive, challenging and idle British pupils could be. That, by implication, is why Chinese children do better, far better, in international tests.
Russia re-submits Arctic claims to UN
Russia Tuesday (4 August) announced it had submitted a revised application to the UN seeking the expansion of its Arctic shelf border, rich in oil and other natural resources. The move is likely to add to the simmering tensions on who has jurisdiction over parts of the Arctic with the US, Canada, Denmark and Norway all in the race.
Kosovo approves war crimes court following EU, US pressure
The EU has welcomed a decision by Kosovo on Monday (3 August) to set up a special war crimes court to prosecute former members of the Kosovo Liberation Army (KLA). “While recognising that this step by MPs of the Kosovo Assembly was not easy, it is a sign of responsibility and determination to establish the truth and make decisions compatible with Kosovo’s European path,” EU foreign policy chief Federica Mogherini said in a statement...EUObserver
La France et la Russie trouvent un accord sur les Mistral
Le président François Hollande et son homologue russe Vladimir Poutine ont trouvé un terrain d'entente sur la non-livraison des navires Mistral, dont la France aura «la pleine propriété et la libre disposition»...
US urges halt of land reclamation in South China Sea
Washington will not tolerate navigation restrictions in the South China Sea, US Secretary of State John Kerry said at a summit in Malaysia. China and several Asian countries have disputing claims in the strategic region...Deutsche Welle
Puerto Rico misses debt payment with string of defaults to come
Puerto Rico is in technical default on a $58-million debt bill due Monday, reflecting an economy in trouble amid an extended drought in the U.S. territory. The island paid just $628,000 toward a $58-million payment due to creditors of its Public Finance Corp., whose debt is mostly owned by ordinary Puerto Ricans through credit unions...CBC
China knocks on the reserve-currency door
Rarely in their 46-year history have Special Drawing Rights commanded quite so many headlines. SDRs play a mostly arcane role in the global financial system. Technically they constitute an international reserve asset that helps maintain balance between countries with big external liabilities and those flush with cash. In practice, they are more marginal, as countries largely rely on capital markets and hard currencies to cover their obligations...The Economist
Russia accuses Britain of forcing out its diplomats
Russia has accused the British government of forcing out its diplomats in violation of international law, saying it believes some of the country's politicians have taken a strategic decision to worsen relations with Moscow. In a series of statements and interviews this week, the Russian embassy in London and its ambassador, Alexander Yakovenko, have accused the British government of trying to "degrade" their work by "squeezing out" four Russian diplomats...Reuters
'Rain of ruin': the dropping of the atomic bomb on Hiroshima
August 2015 marks the 70th anniversary of the first nuclear weapons to be used in warfare. On 6 August 1945, the US dropped ‘Little Boy’ on Hiroshima, Japan, flattening the city and killing tens of thousands of civilians. Three days later, ‘Fat Man’ was dropped on the city of Nagasaki...The Guardian
New Jersey legislator seeks federal loans to bail out state pensions
A top New Jersey Democrat wants the federal government to create a low-interest loan program to rescue states with big public pension problems. State Senate President Steve Sweeney called on Wednesday for a nationwide pension debt restructuring plan under which the U.S. Federal Reserve would offer low-interest loans to state governments to pay down unfunded pension liabilities...Business Insider
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