Early Headlines: Imperial China, Greek Democracy Failing, Chinese Buying Up Aussie Homes, Troika 'Blackmail' and More
June 25th, 2015
Early Bird Headlines 25 June 2015
Econintersect: Here are some of the headlines we found to help you start your day. For more headlines see our afternoon feature for GEI members, What We Read Today, which has many more headlines and a number of article discussions to keep you abreast of what we have found interesting.
- Supreme Court rules for Hallsmith (The Barre Montpelier Times Argus) The mayor was a lobbyist for banks. The city planning and development director was an activist promoting the idea of public banking. The mayor had the city manager fire the director. The state supreme court has ruled the firing occurred "without due process". Whether the director will return to the job and get back pay will depend on what actions the city takes now and the city manager wrote in a news release following the judgment:
"Although disappointed in the procedural outcome, the city looks forward to promptly conducting a full hearing on the merits and remains confident that just cause exists for the termination action."
- German Business Confidence Falls as Greek Risk Weighs (Bloomberg) German business confidence fell for a second month in a sign of concern that the ripples from any Greek debt default would reach Europe's largest economy.
- Germany Says Greece Breakthrough Far Off as Terms Rejected (Bloomberg) Germany downplayed the chances of an imminent deal with Greece as Prime Minister Alexis Tsipras’s government rejected the latest terms set by creditors to unlock bailout aid.
- Last-ditch Greek rescue hopes dashed as Alexis Tsipras faces austerity ultimatum (The Telegraph) Fundamental differences force finance ministers meeting to be aborted as creditors demand more cuts from the cash-strapped country. Greece's three lending institutions rejected Athens' €8 billion reform plans, despite widely hailing it as a positive step forward only days ago.
- Greece Lurches Closer to Default (Bloomberg) Tsipras and creditors will try again this morning (Thursday 25 June).
- Greek Syriza official says lenders' proposals 'blackmail' (Reuters) A senior official of Greece's ruling Syriza party attacked the latest proposals from international lenders as "blackmail" on Thursday, highlighting the deep divisions between Athens and its creditors as wrangling continued over a bailout deal.
- Greek Democracy Is Failing (Paul Craig Roberts) Hat tip to Roger Erickson. PCR has contributed to GEI.
... the Greek "sovereign debt crisis" is being used to create a precedent that will apply to every EU member government. The member states will cease to exist as sovereign states. Sovereignty will rest in the EU. The measures that Germany and France are supporting will in the end terminate their own sovereignty, very little of which actually remains as they do not have their own currency...
- Syria crisis: IS re-enters Kurdish held town of Kobane (BBC News) Islamic State fighters have entered the northern Syrian city of Kobane, battling Kurdish forces, activists say. The Kurds captured the town earlier this year.
- China's national security law: New legislation 'will cover space, the deep sea, polar regions' (The Independent) The dawn of Imperial China? China will add its assets and activities in space, the deep sea and polar regions to its pending national security law, state media has said - the latest changes to the sweeping and controversial draft legislation.
- U.S., China stress positives, but fail to narrow differences (Reuters) A lot of generalities but few specifics after three days of high-level talks failed to narrow differences on the most contentious issues of cyber and maritime security. U.S. Treasury Secretary Jack Lew said both sides had committed to work more towards a Bilateral Investment Treaty already seven years in the making and said China had pledged to limit intervention in currency markets. It also pledged to further liberalize exchange rates, open capital markets and expand access to foreign financial service firms. The two countries also stressed cooperation in combating climate change, their shared concerns about Iran and North Korea's nuclear programs, the fight against Islamist militancy, and support for global development.
- China Goes on a $46 Billion Aussie Home Spending Spree (Bloomberg) Chinese already buy almost a quarter of new homes in Sydney and their outlay will more than double to A$60 billion ($46 billion) in the six years to 2020, according to Credit Suisse Group AG.
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