2015/04/23 - LEAP/E2020 Press Review on the Global Systemic Crisis

Chinese stock market : a well-prepared opening Despite Chinese GDP growth of over 7% each year, the Shanghai stock exchange, after a slight recovery at the beginning of 2009, didn’t stop falling between July 2009 and June 2014 (-40%). In comparison, at the same time the Dow Jones Index has more than doubled. Enough to already put the current “bubble” into context. It’s no coincidence that Chinese leaders opened the Shanghai stock market to foreign investors in November 2014. First of all, whilst economic growth is running out of breath (slightly), the country still has a huge need of funding for its energy transition, its infrastructure, the emergence of a large middle class and the establishment of a social security system for its 1.36 billion people. This last point alone requires a tripling of public spending on health and pensions between now and 2030... GEAB No 94 / LEAP ECB examines possible Greek IOU currency in case of default, sources say The European Central Bank has analysed 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. Ekathimerini Turkey pivotal to future of European gas supplies On March 16, the presidents of Turkey, Azerbaijan and Georgia travelled to Kars in Turkey’s mountainous northeast, and then to a remote worksite near the border with Georgia, to launch construction of the 1,850km Trans-Anatolian gas pipeline (Tanap). Financial Times Conservatives aim to sell Lloyds shares to small investors Chancellor George Osborne said on Sunday that he intends to sell billions of pounds of government shares in Lloyds Banking Group (LLOY.L) to small investors if his Conservative Party wins the May 7 election. Reuters When words speak louder than guns “In war, avoid what is strong and strike at what is weak”, Sun Tzu said. Russia has taken this to heart in spinning its narrative surrounding the Ukraine crisis, leaving Europe at a loss on how to counter Moscow’s relentless propaganda campaign. EUObserver IMF says yuan on path to inclusion in SDR basket China‘s economic reform plans, including opening up its capital account and deepening financial markets, should help Beijing meet the IMF’s criteria to join its Special Drawing Rights currency basket, the head of the IMF said on Thursday. Reuters Hélicoptères : Airbus en lice pour un méga contrat en Pologne Cap sur la Pologne ! Varsovie a sélectionné Airbus Helicopters face à l’américain Sikorsky et à l’anglo-italien AgustaWestland pour fabriquer 50 hélicoptères de transport multi-rôles . Les Echos Victory for Greece: First big tax dodger snared Greece has scored its first big victory against a high-profile tax dodger. One of the country's most prominent businessmen, Leonidas Bobolas, was arrested Wednesday on charges of tax evasion, Greek TV reported. CNN Russia willing to restore relations with Kiev The restoration of relations with Kiev is in Russia‘s interests, Russian President Vladimir Putinsaid Thursday during his annual live Q-and-A session. Xinhuanet Centrists win Finnish elections, PM Stubb ousted Finnish voters got rid of prime minister Alexander Stubb’s government in parliamentary elections Sunday (19 April), leaving the winning Centre Party to find coalition partners on its left or right. EUObserver Comment l’État taxera les sociétés off-shore L’avant-projet de loi sur la « taxe Caïman », cet impôt qui doit lutter contre les constructions juridiques basées dans des paradis fiscaux, vient d’être terminé par le ministre des Finances Johan Van Overtveldt (N-VA). Le Soir a pu en prendre connaissance en primeur. Le Soir Yemen Houthi rebels call for United Nations peace talks, end to fighting Yemen's Houthi rebels have said they want to participate in UN-sponsored peace talks, but only after a complete ceasefire. Saudi-led airstrikes against the group continued Wednesday, despite Riyadh's plan to stop them. Deutsche Welle US sends 300 troops to Ukraine to train forces fighting pro-Russian rebels Hundreds of U.S. paratroopers have arrived in Ukraine to train its forces fighting pro-Russian rebels in the east, the U.S. army confirmed Friday, a move Moscow warned could “destabilize” the country. Al Jazeera En Afrique, la montée en puissance de banques locales redistribue les cartes En Afrique, dans un paysage bancaire en pleine ébullition, la fulgurante expansion de groupes issus du continent vient bousculer des acteurs européens implantés de longue date, alors que ce secteur s’apprête à décoller. Liberation Poland furious over FBI Holocaust comments, summons US envoy Poland has summoned the US ambassador to Warsaw and demanded an apology over comments made by the director of the FBI about Poland’s role in the Holocaust. The incident sparked an outcry among Polish leaders. Deutsche Welle

This special Press Review reviews articles from the French and Engligh-speaking international online media relating to the unfolding global crisis. It is delivered freely on a weekly basis to 60,000 recipients worldwide. Subscription / Contact: centre@europe2020.org