Geopolitical chaos procreating a chaotic leaderless world is sucking the literal life out of human hope. The tentacles of austerity measures and quantitative easing are the primary catalyst of all the madness. One way or another every government financier around the world is determined to cultivate the appearance that the good times are still rolling. The only problem is that the natural rate of failure refuses to participate in the economic facade. Fiat currencies’ purchasing power dwindles, the pounding drum beat of war beckons, and an open ended hegemonic polarity struggle for commodities ensues.

While serving as a member of the Board of Governors of the Federal Reserve System in 2002, current U.S. Federal Reserve Chairman Ben Bernanke gave the world a glimpse into the past, present, and future all at once. In his speech, entitled “Deflation: Making Sure ‘It’ Doesn’t Happen Here,” Ben Bernanke stated:

“Although a policy of intervening to affect the exchange value of the dollar is nowhere on the horizon today, it’s worth noting that there have been times when exchange rate policy has been an effective weapon against deflation. A striking example from U.S. history is Franklin Roosevelt’s 40 percent devaluation of the dollar against gold in 1933-34, enforced by a program of gold purchases and domestic money creation.”

Today the infamous 40 percent strikes again, as Cyprus agreed to the terms of a European Union bailout in which banks will seize 40 percent of uninsured bank depositors’ wealth.

Moody’s Investors Service was quoted in Bloomberg as saying, “The seizure of larger deposits may spark tensions with Russia, the source of an estimated $31 billion in holdings in Cypriot banks.”

Proxy wars have gone beyond the spectrum of arming rogue militants and allied nations in dispersed pockets of the globe, graduating to the realm of state sponsored economic terrorism. As “Gerald Celente” consistently and aptly states, “Currency wars + Trade Wars = Real Wars.”

All of the economic wheeling and dealing continues on as the “Arab Spring” explodes into a caballing year round inferno engulfing the entire Middle East. Daily at the United Nations, permanent Security Council members China, Russia, France, United Kingdom, and the United States spar over regional influence with each passing veto and resolution.

This is most apparent in Syria where Russia opposes any intervention as it struggles to prop up the government of its last remaining ally in the Mediterranean region. Russian naval forces stationed at Tartus, Syria may be the last line of repellent preventing NATO intervention.

The lines of frienemy engagement get blurrier with every passing engagement.

Simultaneously as the United States prepares to implement its own austerity measure policy that has carefully been repackaged and marketed to the public under the label sequestration, it is arming rebels in Syria. All claims of being in financial dire straits gets immediately lost within the noise of controlling key choke points around the globe.

One cannot forget less than two years after watching the Al Qaeda flag being proudly raised in the Libyan city of Benghazi, that America’s new found ally the Free Syrian Army are the protégés of Al Qaeda.

The life cycle of keyboards do not possess the durability to correctly and fully analyze threats posed by the uncontrollable Kim Jong Un ruled North Korea. The isolated peninsula nation even managed to startle its longtime ally China into voting in favor of U.N. Security Council resolution 2094. Chinese Foreign Ministry spokesman Qin Gang was quoted as saying;

“China supports the UN Security Council’s necessary and moderate response to the nuclear test of the Democratic People’s Republic of Korea (DPRK).”

Barely beyond two weeks later newly appointed Chinese President Xi Jinping, warned the West not to meddle in Syria’s civil war while on his first visit to Russia.

Not even the mythical country of Chimerica can rescue the too big to fail world from the natural rate of failure. Governments around the world are taking sides now under the cloak of every global economic and geopolitical conflict, because nations know that a hegemonic storm is coming with no evacuation routes or shelter in sight. Once more, honesty of time is proving that which cannot last forever won’t.

Image courtesy: European Parliament

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Diana Vitan is a 32 year-old Romanian public speaker and the owner of Diana Vitan Consulting & Training, a company specializing in personal and business development programs. At the end of 2012, she became the first woman to win the Best Public Speaker Award in Romania, running against an all-men competition made up of experienced speakers.

Click here to view the first part of this interview.

Toonari Post (TP): How do male public speakers react to you?

Diana Vitan (DV): Men react the way anyone does: If they didn’t react, they wouldn’t be men, right? I’m just kidding. Actually, I wouldn’t divide this one up by sexes. There are people who know how to win by losing with grace and people who are willing to lose by winning dirty, it all depends on what you choose.

I chose to take the positive out of each experience and to enjoy each plus. I remember the movie ‘The Pursuit of Happyness‘ when Will Smith’s character told his son, “Don’t ever let anyone tell you what you can’t do. Not even me!”

The first four speakers designated by the online poll were all named public speaking champions, but I would have given this distinction to the entire top fifteen. They’re all strong names that have helped shape Romanian business development, and it’s an honor for me to be the lady in this extraordinary group. We’re all winners.

TP: Are you a trendsetter for Romanian women?

DV: Fortunately, there are many female public speakers in Romania, so I’m not. I may have more experience and I am unique because of the structure of my activity, because I’ve spoken in front of more than 50,000 people and I’ve worked with big names such as Paul Martinelli, Roddy Galbraith and Christian Simpson.

I also stand out by having founded one of the first personal development schools in Romania and by running a program called “Keep your head up!” the first one of its kind in the country. But I wish to support any woman who resonates with me and with my speaking style and, at the same time, I’d like to take part in events organized by other women public speakers in order to learn new things.

TP: Paul Martinelli, one of the most renowned public speakers in the world, became your coach. How did that happen?

DV: Yes, I am Paul’s only apprentice in Europe and I’m proud of it. Furthermore, after two years of apprenticeship, I am his teaching partner in Europe. It first happened when I started leading the personal development school that I mentioned. I teamed up with my colleagues, Milan Menghesi and Sorin Popa and we asked him to participate, and he said yes!

He saw me on the stage and told me he’d like to see me speak in front of a smaller group (20-30 people), speaking on a subject of his choice, which I did. And he told me I was part of the two percent of the native public speakers in the world. For me, this was a huge compliment and a yes after a huge amount of work. What followed was a period of two years of online collaboration five days a week, and me appearing on stage with him for the next six times he came to Romania, as well as working with him on his “Power Principles” in London where I met Roddy Galbraith and Christian Simpson.

TP: Was it easy to be taught by Mr. Martinelli?

DV: I am proud to have learned from a master of this caliber. Paul is an extraordinary friend and a tough teacher, as well as an exceptional motivator. During our “scrambling eggs” sessions, as he called his private coaching, I felt like giving up many times, but I realized it was just his way of making me become more driven. I am certain that no Romanian or European school could have given me the kind of intensity that his teachings gave me.

I learned to discover myself, to be a professional and to educate others. The success of my projects shows that his plan worked. My style, which was neither European nor Balkan, challenged him to “break me” and to teach a student who thought she knew it all, the most important lesson of all: to learn to forget, and then to learn again. After being a tough teacher, Paul has remained a good friend and a role model who is proud of my every accomplishment.

TP: What do you have in store for this year?

DV: For 2013 I have some surprises for the Romanian public! That is all I want to let you in on! Because the Romanian public deserves surprises and because we wouldn’t exist without them, without a public that takes us in, loves us and follows us!

Image Courtesy : Diana Vitan

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Diana Vitan is a 32 year-old Romanian public speaker and the owner of Diana Vitan Consulting & Training, a company specializing in personal and business development programs. At the end of 2012, she became the first woman to win the Best Public Speaker Award in Romania, running against an all-men competition made up of experienced speakers.

Although always on a tight schedule, she managed to squeeze in a little time to talk to Toonari Post about her experience and key moments in becoming Romania’s top public speaker.

Toonari Post (TP): How would you describe public speaking?

Diana Vitan (DV): Like any other aspect of life, I can really say that “beauty is in the eye of the beholder.” The art of speaking in public is a general notion, which can translate either into a job, a necessity or a terrible fright – it mainly depends on who you ask. For me it has definitely been a passion turned into a job. I consider public speaking to be the art of delivering a message in the most beautiful, clean and appealing way.

TP: How is this profession evolving nowadays?

DV: In the 21st Century, the era of technology and speed, communication has new meaning, new form and new priorities. People feel more comfortable communicating through email, chatting or socializing online, so one might think that live interaction is more and more scarce.

However, for public speaking, this is actually a step forward. You see, my grandfather taught me that it is not the new that is to blame for the loss of the traditional, but the lack of imagination and persuasion in adapting the traditional to the new. I firmly believe that this century is the time for strong speeches, for concentrated communication, that combines the technical and the emotional in the most efficient way.

You have to be better, more concise and more connected in order to deliver the best message. The best people are those that keep reinventing themselves.

TP: Is there a difference between Europe and the U.S., regarding your area of expertise?

DV: Let me ask you a question in return: Have you noticed the difference between the Academy Awards and the Cannes Festival? The U.S., the land of motivation and positive messages vs. Europe, the Old Continent of theatrical art and artistic detail? Each style has its own pulse and, although I really do appreciate the elegance and reasoning of the European speech, I’ve nurtured myself with American motivational literature and American public speaking role-models.

Lately, I’ve rejoiced at seeing Europe make more and more room for the wave of personal development initiative, that needed to successfully complete the public speaking family – and this trend has swept Romania as well! Here, the transition from sales training, to business coaching, to life coaching, and finally to personal development has happened in a natural and beautiful way.

The Romanian audience is becoming more and more receptive to personal as well as business development through guidance (events, books, consultants) – and this has translated into a market demand and a success story at the same time.

TP: What does your audience look like?

DV: I get to talk in front of students, young entrepreneurs, corporate players, freelancers, people in need of personal and professional development – people who want more.

TP: More of what?

DV: More clear objectives, this before anything else! Because if you start with a wrong “why,” i.e. a wrong motivation, you end up setting wrong objectives that you can either not reach – and that’s when you become frustrated – or reach  only to find yourself dissatisfied and constantly searching for more.

TP: How do you work with your audience?

DV: You start to touch people’s lives the moment you help them discover two magical buttons: : “potential” and “passion” – this is where it all begins. I’ve noticed something strange: While people search for passion, they forget to live passionately. How can that be? Most people are searching for their area of genius, of excellence, for their way. Unhappy for not getting there soon enough, they become dissatisfied and frustrated.

When I ask them “What is your passion?” I can see it in the eyes of many that they’re confused and sometimes downright angry for not having found it – and I ask them this: “How can you discover your great passion if you’re not doing everything you do with great passion?” If you’re a telephone switch operator – be the best telephone switch operator in the world and you’re not going to be stuck there for much longer.

TP: You’re the first woman to win the Best Public Speaker Award in Romania!

DV: This is true! But this is also the first Romanian contest of its kind, organized at a national level within the Business Days circuit of events by Laszlo Pacso, the president of the Online Communication Solution Developers Association (ADESCO). There were more than one hundred Romanian speakers talking in front of more than one thousand participants in a two-day event that toured the major cities in the country.

The feedback from the public helped trim the number of the speakers to a top fifteen, and these top speeches were posted on YouTube, where a voting poll decided the winners. I came up on top after the online poll, but I don’t believe that it necessarily means I am the absolute best speaker. I have a lot of respect for all the other speakers, some of whom have a lot more experience than me.

The best speaker is the one that resonates with a specific audience and the one that adapts the fastest and in the best way. I intend to continuously work and improve myself for the people that choose the hear me.

Click here to read the second part of this interview.

Image Courtesy : Diana Vitan

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In an era where global peace and tranquility is alive only in the imagination, where an economic scene is filled with a series of erroneous judgments, and where in many parts of the world societal values are diminishing, the Nobel Peace prize given to the European Union is an upright mockery of all human endurance.

The Norwegian Nobel committee recently declared the European Union (EU) as the winner of the Noble Peace Prize for 2012, for uniting the union for the last 60 years.

It is a paradoxical sign demonstrating deep ignorance of harsh global realities. Bombings, kidnappings, hijackings, violent uprisings, turbulent political sabotages and almost stable unemployment (in many countries) have become hallmarks of the 21^st century. 50 years down the line, these years will be remembered as a period of widespread inhumanity and chaos of the highest order noted in modern times.

Let me take you on a long ride to places where human existence itself is fast becoming an unbearable burden, with widespread killings, bombardments, unemployment, austerity, and fear of more darkness ahead in future.

Let’s start with Syria, where according to the Washington post, 8,003 people were killed in Homs, 3,133 in Hamah, 2,405 in Damascus, 5,896 in Rif Dimashq, 4,601 in Idilb, and 3,672 in Aleppo since the revolution began against the Syrian government. According to CNN, in an article published in early 2012,  Lynn Pascoe, a senior UN official, told the Security Council that “the death toll now often exceeds 100 civilians a day, including women and children.” She further said that “the total is certainly well over 7,500.”

In Libya, there’s a different tale behind the bloody mayhem. According to the Huffington Post, as many as 30,000 people were killed between March and September 2011, and nearly 4000 people are still missing.

Naji Barakat, the health minister in a new Libyan leadership, said “the number of war wounded is currently estimated to be at least 50,000, including some 20,000 with serious injuries, but expected to rise.”

It can be said that it’s not just civil animosity against state, nor it’s barbarous bombardment in certain country; on the contrary, it’s the convergence of crisis in many varied forms, globally accountable for vanishing away the peace.

Greece, a country once regarded as a place of intellectual evolution and philosophical enrichment, is now captive under the chains of the economic failure, where austerity has become an arsenal, wiping out peace and stability in recent years. Greece emerges as ponderous testimony completely in contrast to what the EU has achieved so far, and clearly a sign amplifying that the union has lost the economic thrust required to uphold a union.

Economic unity does not come along with the cooperation of various markets by the elimination of bureaucratic borders; rather, it’s a product of collective economic and political interests.

Unemployment in many countries can also be regarded as a pivotal factor responsible for domestic and social unrest, causing a psychological and emotional imbalance among the people. Peace is something that needs collaboration of preferences and interests so that prosperity can prevail.

In the case of the European Union, the restoration of peace requires a platform of economic equality among countries, so that the failure of economic management does not cause social upheaval. And peace is not a regional significance limited to the EU. The Nobel Peace Prize should be for the globalization of peace.

Image Courtesy of Dmitry Berkut / Shutterstock.com

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New York, U.S.A. — U.S. designation of Hezbollah as a primary supporter of the Assad regime’s brutality “is another important step in efforts to confront the murderous Syrian regime,” said David Harris, executive director of AJC, the global advocacy organization. The U.S. government announced the new designation of Hezbollah in a conference call with reporters.

Ambassador Daniel Benjamin, the State Department’s Coordinator for Counterterrorism, one of the U.S. officials announcing the new designation, said “it serves the very, very important purpose of making clear to parties around the world – both domestically and internationally – the true nature of Hezbollah’s activities.”

The U.S designation states that Hezbollah has been training Syrian government personnel inside Syria, facilitating training of regime forces by Iranian Revolutionary Guards, and actively helping to expel Syrian opposition forces from some areas of Syria.”Hezbollah’s actions in Syria are particularly egregious, extending and prolonging this deadly conflict,” said Ambassador Benjamin.

“The Syrian people are suffering and dying at the hands of this unholy alliance of Hezbollah, Iran and the Assad regime,” said Harris. “State terrorism at its worst is playing out on the streets of Aleppo, Damascus and many other Syrian cities and towns.” The U.S. designated Hezbollah as a terrorist organization in 1999. Canada, the United Kingdom and Israel have similarly labelled the group.

Several years ago, an attempt to secure European Union designation came close, but ultimately failed because a few European leaders maintained that Hezbollah, with representatives in the Lebanese Cabinet and Parliament, was a “legitimate” political organization.

“Serving at the highest levels of a government does not facto legitimize a terrorist organization,” said Harris. “Hezbollah should not be allowed to have it both ways — on the one hand, maintain its own militia and global terrorist apparatus, while, on the other hand, being recognized as a legitimate political force.”

Hezbollah, created with Iran’s aid nearly 30 years ago, is one of the world’s most dangerous terrorist organizations with a record of deadly attacks and foiled attempts in Latin America, Europe and the Middle East. Most recently, Hezbollah has been implicated in terrorist plots in two EU countries — Bulgaria andCyprus — as well as in other attempts from Kenya to Thailand.”

AJC last week sent letters to the foreign ministers of all 27 EU member states, the first step in a renewed campaign to encourage the EU to formally designate Hezbollah as a terrorist organization.”European nations should be among the very first to understand the true nature of Hezbollah and the regional and global threat it continues to pose,” said Harris. “It’s deadly involvement in Syria, as underscored by the new U.S. designation, only further underscores the point.”

Image Courtesy of   homeros / Shutterstock.com

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New York, U.S.A. — Amid continued economic, financial, and political turmoil, several E.U. countries are seeing improvement in a crucial measure of competitiveness. According to a new Executive Action Report from The Conference Board, the cost of labor per unit of output has fallen significantly in a number of the hardest-hit economies, led by Ireland and Eastern Europe.

For the Euro Area, controlling unit labor cost (ULC) — defined as nominal labor compensation per unit of real output —may be key to redressing the competitive unbalance between core and periphery that has haunted a continent and fueled four years of recurring crisis.

“A drop in unit labor cost is an important sign of the beginning of adjustments in Europe’s most trouble economies,” said Bart van Ark, The Conference Board Chief Economist and co-author of the report. “For now it is mainly the reduction in wages which leads the adjustments, but once productivity begins to increase as well, it could be the key to a more sustainable recovery.”

Since states within the Euro Area cannot devalue their currencies or dictate interest rates, boosting ULC and, thus, competitiveness relative to other members of the zone can only come about through real changes in worker efficiency,” he adds.

There are early signs that the rebalancing through unit labor cost adjustments is under way. While France, Germany, Austria, and other relatively strong continental economies have pursued social welfare policies to limit unemployment during the downturn — thereby reducing productivity and increasing unit labor costs — countries with more flexible labor markets in the “Anglo-Saxon” model have been able to make faster adjustments.

Ireland lowered its ULC by 5.3 percent between 2008 and 2011, a success only rivaled by less mature Eastern European countries such as Hungary, Latvia, and Lithuania, which still retain their own currencies. Elsewhere outside the Euro Area, ULC in the U.K. has fallen by 3.6 percent — the sharpest decline of any large economy.

In the most troubled European economies of Greece, Portugal, and Italy, a tradition of rigid labor markets kept unit labor costs rising through the early years of the crisis. Continued weakness and deepening austerity measures, however, have recently pushed them towards turning points suggesting a strong reduction in costs and faster efficiency gains compared to the Euro Area’s northern core.

In Greece, ULC rose by 4.4 percent overall between 2008 and 2011, but fell by more than 5 percent from 2010 to 2011. With its large contingent of flexible part-time workers, Spain is further along; Spanish ULC fell 4.4 percent between 2008 and 2011. Across the Euro Area, unit labor costs in manufacturing have fallen by 3.9 percent in the past two years, after rising at the outset of the crisis.

Because of the rapid shifts in unit labor cost in recent years, the German manufacturing sector has become less competitive in terms of cost per unit of output relative to the manufacturing in many other European economies — again, led by Ireland, Eastern Europe, and the United Kingdom. Dramatic reductions in workforce and compensation have propelled British firms ahead of formerly more cost-competitive French, German, and Italian rivals. Meanwhile, Ireland is now Europe’s most efficient manufacturing economy by far, ahead of even low-wage off-shoring destinations like Poland.

In contrast to manufacturing, the service sector — which is more labor-intensive with output largely composed of non-tradables — remains a weak performer across Europe. Only Spain and the United Kingdom have managed to substantially lower unit labor costs in the services sector. With output falling faster than workforce or wages can be cut, Germany, France, Greece, and Ireland all saw significant ULC increases in services. The remarkable 41.5 percent decline in Irish ULC for manufacturing was largely offset by a 26.4 percent ULC increase in services.

Given the significant private and public sacrifices needed to bring down unit labor costs against an over-strong currency, an exit from the Euro Area altogether has become a tempting option for the most troubled economies. To test the consequences of a Euro Area exit, The Conference Board modeled the impact that regaining a national currency — and independent monetary policy — would have on unit labor costs in a country like Greece compared with alternative scenarios.

“The huge devaluation following an exit from the Euro Area would certainly boost competitiveness in the first year or two,” said Bert Colijn, labor market economist for The Conference Board Europe and co-author of the report. “But these effects would quickly evaporate, as the subsequent recovery in labor compensation in the medium- to long-term outpaces GDP growth. Hollowing out labor costs can only do so much. Lasting competitiveness gains must ultimately come from the productivity side of the unit cost labor equation.”

“For this reason, we found that neither a troubled economy nor the Euro Area as a whole is likely to benefit in the long run from a unilateral exit, or a wider breakup, or the status quo of muddling through,” says Colijn. “Ultimately, the best outcome for competitiveness is achieved with greater fiscal integration, including a banking union and Eurobonds, that will encourage the sort of investment needed for productivity, innovation, and competitiveness that is substantive and sustainable.”

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Kyiv, Ukraine — Ukraine and the EU finished editing and coordinating approvals of the second – economic – part of the Association Agreement between the parties. They completed technical and legal work on the section of the document that regulates the introduction of the Deep and Comprehensive Free Trade Area by the signees, according to the EU Trade Spokesman John Clancy’s statement made for ukrinform.ua.

The agreement will be initialed in Brussels on July 19th, 2012, said Clancy. The next stage is translation of the document in official EU languages (23) and other technical processes that prepare the document for signing. “The decision on whether to sign the Agreement will depend on the political situation in the country,” mentioned Clancy.

“Once this part of the agreement is initialed, the basis for the Free Trade Area formation between Ukraine and the EU may be considered to have been formed,” said Maria Yurikova, Deputy Head of EU Delegation to Ukraine on July 12, 2012.

In March 2012, Ukraine and the EU initialed the select pages of the political and economic parts of the Association Agreement. The introduction of the Deep and Comprehensive Free Trade Area comprises the economic part of the document.

The Association Agreement creates a framework for cooperation and stipulates establishing closer economic, cultural, and social ties between the signees. The 170 page political part of the agreement regulates Ukraine – EU relations on the political level.

The economic part of the Association Agreement concerns the introduction of the free trade and covers all trade-related issues. It regulates the questions of competition, customs, energy, intellectual property, public procurement, services, and sustainable development. The provisions are set to improve investment climate in Ukraine and help develop business cooperation between the two regions.

“The EU believes that closer economic integration (in the overall context of a political association) can be a key factor in economic growth for Ukraine,” states ec.europa.eu. In 2011, the volume of Ukraine-EU trade constituted USD 44 billion, reported the Chairman of the State Customs Service of Ukraine Ihor Kaletnyk in March of 2012.

After 21 rounds of negotiations over the Association Agreement, Ukraine and the EU finalized the negotiating process on December 19, 2011. Association talks between Ukraine and the EU started on March 5, 2007.

Image Courtesy of   Πρωθυπουργός της Ελλάδας

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As of July 1, new sanctions against Iran are taking effect, effectively banning crude oil imports to the EU, which accounts for some 18% of Iranian crude oil exports. These new sanctions are coming into play as talks between the Iranian regime and the so called P5+1 nations (the U.S., U.K., China, Russia, and France plus Germany) are not making much headway.

Neither the May 23 meeting in Bagdad nor the June 23 meeting in Moscow resulted in anything substantial. Arguably, Iran is moving closer to the “point of no return” with threats being handed out on all sides and the rhetoric growing fiercer. Although a military solution seems to become more and more likely, there are compelling reasons why an air strike should be avoided at all costs.

An air strike on Iran is neither going be as easy as the Israeli strike on Iraq’s Osirak reactor in 1981, nor the strike on Syria’s reactor near al-Kibar in 2007. Iran, having learned a lesson or two from history, has gone to great lengths to protect their enrichment plants – spread out all over Iran – composing at least a dozen different sites. A top US air-force planner estimates that at least 400 targets would have to be hit, and that at least 75 would require the use of penetrating munitions (such as so called “bunker buster bombs”).

Furthermore, these sites are buried deep under ground, (such as the enrichment plant at Fordow which is located under a mountain), and are protected by sophisticated Russian-made air defence systems.

The air strike would have to be massive, continuous and surgical – and the problem is, it would do nothing but postpone the Iranian nuclear venture, (with some 2-5 years according to analysts). And detriment to the whole cause, a strike would naturally add enormous incentive for Iran to actually acquire the bomb, instead of keeping to peaceful uranium enrichment.

Following an Israeli strike, the Iranians would undoubtedly counterattack. Such a strike would be delivered both by means of conventional weapons such as ballistic missiles towards Israel (Iran has got the biggest stock of ballistic missiles in the Middle East), and also by the use of proxy forces such as Hezbollah who could target Israel with rocket strikes from the neighbouring Lebanon.

Other notable proxy strikes would come from the powerful warlord Moqtada al-Sadr, commander of the Shiite Mahdi Army, who’s openly promised to strike back at U.S. coalition forces in Iraq in the case of a U.S./Israeli strike against Iran.

If such a scenario unfolds, the U.S. would undoubtedly launch its own strike against Iran. The U.S., having built up a presence of some 125,000 troops in close proximity to Iran according to recent CENTCOM figures have the ability to hit some 10,000 targets inside Iran overnight.

However, the aftermath of a potential U.S. strike could prove to be very dangerous, as it would galvanize the other pro-Iranian powerhouses China and Russia, active in the region, and, in a worst case scenario, spark a new cold war.

Furthermore, a U.S. strike would have to be continuous and conducted over a long time span, in order to quell any resumed Iranian nuclear efforts, putting further strain on an already badly overstretched U.S. army, not to mention its economy. And all the while, soaring global oil prices would put the final nail in the coffin of an already badly beaten Western economy.

This is simply a scenario, but makes a rather convincing case why a military strike should be avoided at all costs. But amidst the threats and the gloomy outlooks, there are some positive notions.

Although the conflict has seen some escalations, such as cyber attacks on Iranian enrichment plants, as well as several mysterious and dramatic deaths of leading Iranian nuclear scientists, it has mostly been a war of words up to this point.

Historically, Israel has shown that when they are really intent on striking, such as in the cases of Iraq and Syria, it was done in the quiet, without any warning. The current amount of warnings and threats is thus a sign that Israel is content at keeping it “a war of words,” at least for now. But this rather precarious stalemate is not going to last forever.

Image Courtesy of  Mahmoud Ahmadinejar 

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The European Union (EU) has officially started the membership negotiation with the Republic of Montenegro. The talks are held to persuade other countries in the Western Balkan that the reforms are paying off. The Montenegrin government submitted an EU membership application on December 15, 2008.

The negotiation might take several years before the country can be an official member of the Union. Also, Montenegro has conducted improvement in the judicial system to curb corruption and organized crime.

In January 2011, some of Montenegro’s senior municipal officials faced accusations of corruption. The former Prime Minister, Milo Djukanovic, was investigated by the Italian police and faced charges, over one billion US dollars, for a cigarette smuggling operation based in Montenegro in 2009. Montenegro has made additional efforts to further strengthen its anti-corruption by legalizing anticorruption legislation and strategies in governmental anticorruption institutions and agencies to help the government’s effort in fighting it. Also it made efforts in independence, impartiality and efficiency of the judiciary.

According to the official European Commission website, European Commissioner for Enlargement and European Neighborhood Policy Štefan Füle said, “Montenegro already did a lot. But much more still needs to be done. This next phase of the accession process will mean even more work in more areas, with continued focus on fundamental freedoms, judiciary, fight against corruption and organized crime.”

The EU leaders have approved to begin the talks at the summit on Friday, June 29. The next screening of the Montenegrin progressive would be in September 2013.

Of the former Yugoslav republics, Slovenia, as of 2004, and Croatia, which will be an official member in July 2013, have joined the EU, while the Republic of Macedonia and the Republic of Serbia are recognized candidates of the EU. Bosnia and Herzegovina Republic and the Kosovo Republic are potential candidates with no submitted membership applications.

Montenegro is a small country that lies on the Adriatic Sea with a population of about 680,000 and an area of 13,812 square kilometers (5,333 square miles). It became an independent state from Serbia in 2006.

The Montenegrin economy is mainly based in tourism and real estate industries. Montenegro has very rich natural and historical tourist destinations in all regions of the country. Also, it has a coast line of 293 kilometers, making more than 120 great beaches in Ulcinj, Bar, Budva, Tivat, Kotor and Herceg Novi municipalities. the Natural and Culture-Historical Region of Kotor and Durmitor National park are two destinations with UNESCO’s world heritage list.

Between 2006 and 2007, Montenegro experienced a real estate industry boom. Most Russian and UK  investors in the country bought properties in the Montenegrin coast. The direct investments in Montenegro made a rapid growth of the economy. The investments in tourism and real estate fields supported the government to meet the requirement of EU membership program.

Montenegro has no national currency, but uses the Euro. Prior to 2002, it used the German Mark as the official currency. Although it was in federation with Serbia between 1992-2003, it stopped using the Serbian Dinar in 1999.

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United Nations Peace Envoy, Kofi Annan, has decided to hold an international conference regarding the ever-growing war in Syria, which has left several killed and severely injured. The meeting will take place in Geneva this coming Saturday, but cause for concern is arising, as the United States is having mixed emotions about being a part of the conference.

Secretary of State Hilary Clinton has confirmed that despite the United State’s lukewarm feelings about the conference, it will be in attendance, in addition to representatives from various countries including Russia, China, Britain, France, Turkey, and others from European Union, as well as the Arab League.

According to Annan, the purpose of the meeting, “is to forge a consensus on the terms for a political solution among international players with stakes and influence in the Syrian conflict over terms for a political solution. The U.N. envoy believes that the best hope of pressing the combatants on the ground to observe his peace plan to which they signed up in April but have not implemented, is for the foreign powers on whose support they variously depend to agree on terms.”

And the main problem that needs to be addressed this coming Saturday, is the conflict in different approaches and decisions that Russia and the United States both want to make. One of the countries that has yet to announce its appearance is Iran, which is a key factor in resolving conflict. “I have made it quite clear that I believe Iran should be part of the solution,” Annan said in Geneva last Friday. “If we continue the way we are going and competing with each other, it could lead to destructive competition and everyone will pay the price.”

The reason for both Iran and Saudia Arabia being excluded from the conference is based on the Obama Administration not wanting them there. According to Tony Karan, reporter for Time World, “The Obama Administration cited Iran’s role in backing up Syria’s bloody crackdown to declare Tehran’s involvement a “red line” for participating in the Geneva talks, and Annan presumably left out Saudi Arabia as a compensatory gesture to Russia which insists that those countries arming and funding Syria’s rebels share major responsibility for escalating the conflict.

A state department official told reporters last week that “If Kofi Annan can get the proposed participants to agree on such a plan for political transition then there will be a meeting, but that’s what we need to find out before we go to any meeting. There’s no point in going just for the sake of it.”

Image Courtesy of  United Nations

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For decades, Iran has been a subject of multilateral international sanctions which have failed to produce cumulative effects on influencing Iran’s policy on its nuclear program. The “toughest sanctions to date,” as quoted by President Obama, will come into full effect on 28th June 2012. Once again, sanctions fall under the umbrella of attempting to prevent Iran from pursuing its nuclear proliferation program.

According to an International Atomic Agency Report 2011, Iran is aiming towards obtaining nuclear weapons and the punitive methods used by the U.S. government will not just subvert the central bank of Iran but will also have an effect on its energy and transport sector. Pressure has also been exerted on other governments to join in with the implementation of a fourth round of UN sanctions on Iran.

Ranking fifth in the world in its oil reserves and second in gas reserves, Iran is clearly an important energy resource base and a major supplier of oil and natural gas to countries like India, China and Japan. In January 2012, the European Union froze assets of Iran’s central bank within its zone and will be extending oil shipment ban later in July. The severity of these sanctions has made it impossible for companies, banks and governments to do any business dealings with Iran.

The debate about whether or not Iran has a right to nuclear energy is as old as Queen Elizabeth’s ascent to the throne. For Iran, acquisition of nuclear energy has become a matter of national pride and in response to this fourth round of multilateral sanctions taken by the UN in 2010, Iran has responded by stating its right to peaceful nuclear energy.

Iran is a study of complexity and intrigue. It is difficult to understand a society that tethers between the modernism of Shah’s time and adherence to the early years of Islam. Iran’s image in the global world is tarnished, and according to a BBC poll in 2012, Iran tops their list as the country that offers “the most negative influence in the world.”

With the collapse of Saddam’s Baathist regime and the defeat of the Taliban in Afghanistan, an altered and delicate balance of power exists in Southwest Asia. Iran’s strategic importance has made itself a point of convergence of the interests of major players, particularly the US. One only needs to look at the map of the Middle East to know the strategic importance of Iran to the US.

In last 10 years, the strong and divisive fissure in U.S. foreign policy to coerce Tehran into adapting a new stance on the war on terrorism has also failed. Sanctions imposed by the Bush administration in 2006 barred Iran from dealing with US financial institutions, even indirectly. As a result, continuous rounds of sanctions have severed diplomatic ties between the two countries. The restart of the Iranian nuclear program and the US retaliation in terms of sanctions, further induces strong images of adversaries that are monolithically aggressive, diabolical, and untrustworthy. For adversaries who hold equally negative images of the other, the ability for each side to misperceive the enemy’s intent has become more pervasive. This means that it is highly possible that the mutual fear between the US and Iran may result in war.

In the present, the impending talks of attacks on Iran are chiefly driven by concern over the safety of US energy supplies, which is similar to the 2003 Iraq war. However, it is certain that the US will never mention oil as a reason for attacking Iran and furthermore, weapons of mass destruction will be cited as the principal justification for war. It is a concern that waging a war against Iran will worsen the cycle of war and violence in the Middle East since that has been continuing since time immemorial.

There is a pursuing debate among international community about the efficacy of these sanctions. With the impending global recession, and ongoing crisis in the Middle East and North African regions (MENA), boycotting Iranian oil will have an adverse effect on world supplies, especially for developing countries. Even though Iranian oil exports are down by 25%, the government has refused to compromise its stance on its nuclear program.

We shouldn’t forget that Iranian anger over centuries of foreign meddling in their sovereign affairs hasn’t yet disseminated. Iranians have yet to learn to forgive the US and its allies over the ousting of Mossadegh in 1953. If the international media can manipulate and present Iran as something out of the stone ages, then Iranian media has also been ambivalent in showing America and its allies as their version of the axis of evil.

Also, the Shiite faction across the world is fiercely loyal to Iran and has taken its impalpable oath of allegiance to the Ayatollah of Iran. Ali Khamenei’s term is coming to an end, but to think that the new government will be easy to manipulate like the puppet governments of Afghanistan and Pakistan could merely be more wishful thinking. Already, the sanctions have fueled bitter resentment against countries participating in them. Perhaps it’s a time for Euro-Anglo-American bodies to renew their policies and ascertain a modus vivendi that will build ties and, more importantly, will guarantee the stability of the Gulf region.

Economic sanctions throughout history have had corrosive effects on the population of a sanctioned country. Though the government of Iran is confident in its ability to ‘weather’ such sanctions, this is the biggest challenge the country will face since the end of the bloody Iran-Iraq war. With the evolving recession crisis worldwide, it will be interesting to see how Iran will overcome these further imposed sanctions.

Image Courtesy of  [john]

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On Friday, June 8 2012 violence broke out in Western Myanmar (also known as Burma) leading to days of ethnic and religious violence including knife attacks and rioting. According to Reuters and MSNBC as of Monday 21 have died, another 21 have been wounded, and 1,662 houses have been burned to the ground. At least 4,100 people have lost their homes and are taking up refuge in schools and Buddhist monasteries.

The Western state of Rakhine is home to the majority religion group the Rakhine Buddhists and the minority group, Rohingya Muslims. The tension has been building for years as the Buddhists and the Muslims have different ethnic, religious, and cultural ties. The former military government has also persecuted the Rohingya Muslims for many years.

According to the UN the Rakhine state – this distraught region of Myanmar – is one of the most discriminating areas in the world. Tomas Ojea Quintana, the UN special rapporteur on the human rights situation in Myanmar, claimed, “the underlying tensions that stem from discrimination against ethnic and religious minorities pose a threat to Myanmar’s democratic transition and stability.”

President Thein Sein has also admitted, “what is currently happening in the Rakhine state is about putting grievances, hatred, and desire for revenge at the forefront, based on racial and religious grounds, and that’s why anarchic actions are becoming widespread.”

The recent violence began after three Muslims were arrested in relation to the rape and murder of a Buddhist woman. A few days later, on June 3, a mob attacked a bus and lynched ten Muslims who were unrelated to the case. The Buddhists are also worried about the Rohingyas taking the jobs in the area where employment is scarce.

The rioting originally broke out in the city of Maungdaw on June 8, but quickly spread to the neighboring towns and cities including the state capital city of Sittwe.

During the violence on June 11, the United Nations pulled out 44 of 150 members of its staff in the western region of Myanmar. Ashok Nigam, the UN’s resident and human coordinator in Yangon – Myanmar’s largest city – stated that the relocation was a precaution for the safety of its staff.

Mohammad Sadek of Malaysia’s Rohingya Arakanese Refugee Committee stated, “We are trying to call on the international community, especially the UN, to send peacekeeping forces to mediate. Thousands of Rohingya are displaced, the wounded can’t get medication, it’s a crisis.”

President Thein Sein declared a state of emergency in the coastal region of the Rakhine state Sunday, June 10. Police were forced to fire shots into the air on Tuesday June 12 in order to disperse a rioting Rohingya group that was burning houses in Sittwe. As of the following day, there were soldiers patrolling the streets of Sittwe preventing individuals from carrying weapons and setting fire to houses.

Soldiers are also helping groups of Rohingya Muslims escape from Sittwe to Thae Chaung village since many individuals’ houses have burned down. The presence of soldiers in Sittwe seems to be calming the violence and residents since, according to Reuters’ reporters, more people are leaving their homes.

The 800,000 Rohingya Muslims living in Myanmar claim to be from the Rakhine region but they have been persecuted by the Myanmar government for years and are still not recognized as citizens, according to the United Nations. Instead the Myanmar government claims the Rohingya Muslims are from Bangladesh and are illegal immigrants; however, the Bangladesh government will not accept them as citizens either. During the 1990s around 250,000 Rohingyas fled to Bangladesh to escape the persecution of the Myanmar government. The Bangladesh government eventually stopped letting the Rohingyas into the country in 1992.

Recently three boats carrying about one thousand Rohingya Muslims tried to enter Bangladesh to flee the current violence but were turned away. Around thirty Rohingyas actually managed to enter Bangladesh ten of whom were injured in the rioting violence in Myanmar and are being treated.

In the past year or so Myanmar has been working to end decades of military rule and economic isolation; however these riots and other recent conflicts have somewhat stalled its efforts. There have been several protests over recent months due to power cuts and workers have also blocked access to twelve mines in Mandalay Division because of bad labor conditions and job cuts.

The military junta in Myanmar ruled the country for decades and heavily supported  the ethnic majority of Burmans over the minority groups in the country. According to Jan Zalewski, a South Asia analyst with IHD Global Insight based in London, “the rest, the non-Burmans, were pretty much persecuted.” Zalewski also suggests a reason for the recent protests and violence during these government reforms. “As you reform and open up the media, people have an opportunity to vent their anger over everything that’s sitting quite deep. So you increase the polarization between groups.”

President Sein was elected with the backing of the military but he has worked to get rid of many of the former, oppressive policies and has worked toward the pro-democracy movement advocated by Nobel Peace Prize Laureate and former political prisoner Auug San Suu Kyi. Myanmar’s government over the past year has released political prisoners, held free elections, and signed peace deals with rebel minority groups; several Western governments that have previously left Myanmar in economic isolation have relaxed economic sanctions with these changes.

Some have been worried that the government will use this outbreak of violence as an excuse to tighten control again. However the European Union announced that it was ‘satisfied’ with the response by the Myanmar government, possibly implying that they believe the government has not overstepped its bounds during this crisis.

The United States Secretary of State, Hillary Rodham Clinton also made a statement saying, “We urge the people of Burma to work together toward a peaceful, prosperous and democratic country that respects the rights of all its diverse people.”

Although the violence seems to be calming, the International Crisis Group, a non-governmental research organization, warns, “How the government handles this case will be a major test of the police and courts in a country that has just begun to emerge from an authoritarian past. It will also test the government’s will and capacity to reverse a longstanding policy of discrimination toward the Muslim Rohingya.”

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After the three police investigations and thirty arrests that resulted from the News International scandal, the United Kingdom has begun a media ethics trial to investigate the influence and ethical issues surrounding the media. The previous criminal trial began after Murdoch’s tabloid “News of the World” hacked a kidnap-murder victim’s phone and the emails and phones of war veterans and their families.

The former British Prime Minister John Major – Conservative party premier from 1990 to 1997 – testified at the media ethics trial, known as the Leveson inquiry after Lord Justice Leveson was appointed to oversee the evidence.

Major claimed that Rupert tried to influence the government interactions with the European Union by asking Major at a private dinner to withdraw the United Kingdom from the European Union; Major refused.

Murdoch told the inquiry on 25 of April that he “[has] never asked a prime minister for anything.” Major responded that he assumes Murdoch meant, “he [Murdoch] has never asked for anything that would benefit him personally or his company…in my very limited contact with Mr. Murdoch his statement is on a strict interpretation literally true.”

Major went on to explain for what Murdoch seemed to ask. “Certainly he never asked for anything directly from me but he was not averse to pressing for policy changes. In the run-up to the 1997 general election in my third and last meeting with him on 2 February 1997 he made it clear that he disliked my European policies which he wished me to change.”

According to the former Prime Minister, Murdoch made the implication that if Major did not change his European policies the prime minister would lose the support of Murdoch’s media networks. Major stated, “so far as I recall he made no mention of editorial independence but referred to all his papers as ‘we’…Both Mr. Murdoch and I kept our word. I made no change in policy and Mr. Murdoch’s titles did indeed oppose the Conservative party. It came as no surprise to me when soon after our meeting the Sun newspaper announced its support for Labour.”

Shortly after the private dinner party where this conversation took place Murdoch’s two major papers backed Tony Blair in the 1997 general election; Blair won the election three months later.

News International, Murdoch’s news corporation, has since issued a statement in regards to Major’s comments. “News International titles did not act in unison in the 1997 election. The Sunday Times supported John Major, the Times was neutral, and the Sun and the News of the World supported Labour.”

Gordon Brown and Tony Blair have also testified at the inquiry about their relationship with the media mogul. Brown claimed that Murdoch’s papers undermined the British government’s efforts in Afghanistan.

Major made several comments about the influence of Murdoch and his media empire. “I do think parts of his press, parts of his media empire have lowered the general quality of the British media…I think the interaction that there has been with politicians has done no good either to the press or to the politicians.

“I think the sheer scale of the influence he is believed to [have] whether he exercises it or not, is an unattractive facet in British national life, and it does seem to me an oddity that in a nation which prides itself on one man, one vote, we should have one man, who can’t vote, with a large collection of newspapers and a large share of the electronic media outlets.”

Major claims that he has not talked about the conversation with Murdoch in the last fifteen years but since he was under oath at the inquiry he was bound by law and his word to talk about it.

Major and Murdoch also had meetings in 1992 and 1993 although neither party remembers what was discussed at those meetings. Murdoch claims that he does not remember the conversation at the private dinner with Major in 1997.

Before the meeting in 1993 Major’s press secretary, Sir Gus O’Donnell, sent out a memo stating that Murdoch has “made matters worse” and his papers “ceased to make rational criticisms of policy and are now simply anti-everything and [Major] in particular.”

Image Courtesy of  david_shankbone

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According to a report put out by the European Central Bank on Wednesday, May 30, 2012, none of the eight countries that are waiting to join the euro currency are ready. Most countries in the group have only been waiting since 2004 or 2007 but Sweden has been waiting since 1995.

Bulgaria, the Czech Republic, Latvia Lithuania, Hungary, Poland, Romania, and Sweden are the eight countries that are members of the European Union but are not a part of the Eurozone – meaning they are not using the euro as their currency. Seventeen countries are currently using the euro, including Greece, although there have been discussions that it may have to leave the Eurozone. Currently the United Kingdom and Denmark are not using the euro either – instead they are using the pound sterling and krone respectively – but the decision to not use the euro was theirs, not the European Central Bank’s.

The United Kingdom opted out of the euro by negotiating an exception within the Maastricht Treaty of 1992. Joining the euro was heavily opposed by most of the United Kingdom, although its close neighbor, the Republic of Ireland, has adopted the euro. Denmark was able to opt out of the euro as one of the four conditions of the Edinburgh Agreement in 1992.

The European Central Bank must report on the progress of these eight countries every two years. So far it appears as if only Latvia will be able to join the euro currency by the next assessment in 2014. According to the bank, “in none of the eight countries examined, [is] the legal framework fully compatible with all requirements for the adoption of the euro.” They also claimed, “incompatibilities remain regarding central bank independence” in all of the countries.

Additionally Latvia and Lithuania are the only two countries of the eight currently taking part in the exchange rate mechanism II for more than two years which is required to be a part of the Eurozone.

Many of the countries’ economies are doing better than current eurozone countries. Seven of the eight countries – the exception being Hungary – have a debt-to-GDP ratio under 60% which is the Eurozone limit. Currently Greece’s ratio of debt-to-GDP is 165.3% and Italy, Ireland, and Portugal had ratios last year above 100%.

According to a statement from Prime Minister Donald Tusk of Poland earlier this May, Poland is still interested in joining the Eurozone even though the euro has been damaged by the current debt crisis.

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German Chancellor Angela Merkel met with the English Prime Minister David Cameron to discuss the Eurozone crisis. Both leaders support a two-speed approach to the future of Europe.

Several leaders outside of the Eurozone, such as U.S. President Barack Obama, have urged Germany and the other participating nations to take immediate action on the crisis. Cameron stated, “I’m very clear that urgent action is needed to deal with the market uncertainty… [it] is about building firewalls and recapitalizing the banks.” Although Cameron has urged the Eurozone to solve this crisis, he has made it quite clear that he expects them to solve their own problems.

The United Kingdom and Denmark, although members of the European Union, negotiated agreements in 1992 to be excluded from the euro. Both countries wanted to maintain their own currency, which now appears to have been the best course of action.

Merkel has already admitted that the Eurozone crisis has been building over the last ten years and will not be solved in a day. Merkel stated, “now it will also take a few years to get things right again.”

Many economic experts have claimed that the Eurozone structure is faulty because seventeen nations are connected through a currency but are not coordinated with their budget plans. This lack of budget coordination is not a problem until a crisis such as the 2008 recession arises; now the weaker economies are dragging down the whole system. Merkel agrees that something must be done to integrate these nations better. “We need more Europe, we need not only a monetary union, but we also need a so-called fiscal union, in other words more joint budget policy,” she said.

European Union officials in Brussels want Germany, the strongest economy in the Union, to accept jointly guaranteed European debt and allow the European Central Bank to issue eurobonds. These eurobonds would help to regain some of the debt for the other countries as well as Germany, but Merkel worries that issuing these eurobonds would harm the German people and the German economy more. Before any kind of fiscal union is created in Europe, Merkel is insistent that there needs to be more stability from other European Union countries. Some experts claim that the integration cannot wait.

Another suggestion from the European Commission and European Central Bank is the creation of a central banking authority that would help alleviate concerns of excessive debt. Currently, Spain’s finance minister has claimed that credit markets are “effectively shut” to Spain at this time, making it impossible for them to get the billions in euros to rescue their banks. As of 6 June 2012, the European Commission has announced a plan for a “bank union” in Europe that would make it easier for countries like Spain to get credit.

Although many worry that Spain will need a bailout, Spain insists that they will not. Merkel has stated that Germany will not pressure Spain to take a bailout although the funds will be there if they are necessary.

The European Central Bank cannot provide bailouts due to the ‘no bailout’ clause of the Maastricht Treaty of 1992. However, starting in July there will be a 500 billion euro rescue fund known as the European Stability Mechanism.

Merkel has insisted on austerity measures in bailout countries such as Greece, but these measures have been met with great opposition. Many claim that what governments should be focusing on is growth. Merkel claims, “budget consolidation [aka austerity measures] and growth are two sides of one and the same coin.”

Currently a budget-discipline agreement is being discussed across Europe and has already been ratified in some countries. The Irish referendum vote in the previous week affirmed the agreement. Merkel’s coalition government in the German Parliament is working to get the two-thirds majority necessary to approve the agreement. However, the opposition party – which believes the debt crisis can only be solved by spending for growth – has also requested a financial transaction tax be added to the agreement or at least followed by Germany.

The United Kingdom, with London being the biggest financial center in Europe, is opposed to a Europe-wide financial transaction tax. Cameron stated that the tax would “simply [draw] those transactions offshore and to other places.”

On 7 June 2012 Merkel stated, “we need a political union first and foremost… step by step we must from now on give up more competences to Europe, and allow Europe more powers of control.” Although Cameron agrees that the Eurozone must become more integrated financially, his country is not a member of the Eurozone and would not have to deal with the consequences.

After meeting with Cameron, Merkel announced that she is tolerant of a ‘two-speed’ Europe, meaning that while the current Eurozone countries become more integrated fiscally and politically, other countries such as Denmark and the United Kingdom that use their own currency would still be a part of the Union but relegated to the edges. Merkel claims, “we have to be open. We always have to make it possible for everyone [to join]… but we must not stop because one or the other don’t want to come along just yet.”

Merkel says that one of the greatest aids for the European Union countries is to become more competitive. She claims that the economies will improve when they begin producing more on the global market.

An EU summit is planned for later in June and the leaders will discuss plans for a political union. However, according to Merkel, the decision and the arrangements will not be completed in one summit and more meetings will have to be planned.

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Kyiv, Ukraine – Investors claim to profit in Ukraine, said Ukrainian First Vice Prime Minister Valeriy Khoroshkovskyi in an interview with the Polish news agency PAP. Ukrainian official said that the incoming investments would be protected and profitable. “I am certain Ukraine can help EU recover from the economic crisis,” stated Khoroshkovskyi.

He noted that the reforms Ukraine was recently implementing brought the country closer to the EU standards, creating favorable investment conditions. Among the most recent changes Khoroshkovskyi listed the adoption of judicial reform, criminal and customs codes, as well as changes in energy legislation.

Among the highlights of the judicial reform were the salary increases for the judges, the limitation of the duration of the court proceedings, and the introduction of random assigning of a case to a judge.

New criminal code provides for equal opportunities for each party in the criminal proceedings. The result of the proceedings should now be based on the principle of competitiveness. The new legal document broadens investigation opportunities and ensures proceedings are not delayed.

Reform in customs provides for faster and more transparent customs operations. New customs code introduces the right of entities involved in foreign economic activities to be subjected to customs processing at any customs body. Now the customs authorities face several limitations that include the enforcement of the time limit to perform customs control procedure, prohibition to confiscate goods and vehicles, as well as absence of the right to execute court rulings independently.

As for energy legislation, Ukraine changed legal regulations of natural gas and crude oil extraction, transportation, refinement, and sale. These functions now have to be performed by separate, financially and legally independent companies. This reflects the norms of the European Union Directive N2003/55.

Such major international companies as Chevron and Exxon Mobil intend to invest in gas production in Ukraine. Accommodating investors’ interest, the government exempted companies producing shale gas in the country from import tax on equipment and export duty.

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The Spanish economy is currently trapped in the heavy shackles of debt, leading to harsh spending cuts and perhaps intolerable levels of financial hardship among the people. This became more evident when Standard and Poors (S&P) downgraded Spain’s rating by two notches.

Spain’s rating was downgraded from an A to a BBB+. This is the second time the rating was lowered within a year, leading to widespread fear and uncertainty over Spain’s fiscal conditions. Unfortunately, this is just part of an overload of bad news for Spain, along with unemployment reaching a record high of 24.4 percent and confirmation from the central bank that Spain is in recession for the second time in three years.

Debt and budgetary problems appear sovereign, but others should not be impacted even by its sheer scale. The problem is the movement of capital between nations, leading to the vicious cycle of debt. When fiscal imbalances erupted in Greece a few years back, they seemed to have transmitted unequivocally, like a deadly virus. After Greece’s announcement, another debt bomb exploded in Italy, again in Spain, and again in Portugal. Greece was the first of  multiple incidences of crisis.

Countries in debt struggle with a clash of recession and fiscal inefficiency in terms of debt management. One smooth way to get rid of debt is to increase tax rates so that the state can repay it and reduce interest burden. But a tax rate increase requires sound and consistent growth rate, which can rarely be found in the short-term.

Another major problem associated with public debt is a rise in the cost of borrowing in domestic as well as international markets, leading to complications in finding sources to repay it. In Spain, the economy contracted by o.3 percent in the last quarter of 2011. Bringing back a growth rate that can complement a rise in tax rates is a distant dream in the short term. On an annual basis, GDP slipped by 0.4 percent.

Debt problems have both micro and macroeconomic implications. At the microeconomic level, the households feel the heat of debt in terms of a rise in cost of living and a rise in interest rate in the initial stages of a problem.

At the macroeconomic level, public debt seems to grow if the ratio of debt to GDP is bigger. According to Global Finance magazine, Spanish Debt-GDP ratio was 56 percent in 2009. In 2012, the  ratio stood at 79.8 percent, a troublesome turnaround.

Out of the 100 percent of what a country produces, it is required to pay almost 80 percent to creditors, even at a time when the economy is struggling to get back to normalcy. If, somehow, a country reduces its debt load, then stiffer austerity measures are hardly necessary.

Smooth functioning of the economy acts as a cushion while fighting with debt. Because debt and growth in GDP are inversely related, when the GDP growth rate is higher debt can easily be warded off. But when the debt component is greater than GDP rate, the country faces crisis.

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For years, women world-wide have been fighting for their rights and to have equality with their male counterparts. While some nations have progressed much more rapidly for the equality of women, other nations are still struggling to give women the rights and freedom that men have.

According to the dailybeast.com, “in the last year, Denmark elected a female prime minister, Brazil elected a female president and a female took the helm of the International Monetary Fund. In the last decade, Ethiopia passed the most progressive abortion laws in Africa to combat unsafe abortion rates and Mali passed a law that says women are not required to obey their husbands.

It seems the state of women’s rights and freedoms worldwide are perhaps better than ever before. But, large and sobering discrepancies remain. Women aren’t allowed to drive in Saudi Arabia, are subject to genital mutilation in Mali and are killed for honor in Pakistan.”

Another country, which is considered one of the worst to live in for women, is Turkey. Their rights are extremely limited. But for Turkish women, things might start looking up for those who have succumbed to inequality for decades. According to the United Press International (UPI), “the European Parliament (EP) recently adopted a report urging Turkey to follow up on its recent work toward securing gender equality and women’s rights.”

The report, written by Socialists & Democrats Member of European Parliament Emine Bozkurt, lays out a series of goals for Ankara, Turkey’s capitol, to accomplish by 2020 in raising the status of women to fully equal members of Turkish society as Brussels and Ankara seek to breathe life into the country’s stalled European Union (EU) accession bid.

Bozkurt, the EP’s rapporteur on women’s rights in Turkey, discussed the passage of the report and named it, “A 2020 Perspective for Women in Turkey” which is meant to ensure that the European Commission keeps the issue of women’s rights and domestic violence in the forefront of its efforts to promote a “positive agenda.” Also, the report “stresses that there can be no democracy without women and that women should be treated as individuals rather than just as family members or as mothers.”

While ministries are working toward gender equality in Turkey, many problems remain.

According to the report, Turkey’s new law against domestic violence “lacks a mechanism which immediately removes [alleged perpetrators] from the vicinity of the woman who has been subjected to violence.” Stefan Fule, the European Commissioner for Enlargement, believes Turkey still has a long way to go and that several inequalities still need to be addressed.

Fule says, “On women’s rights, every step needs to be taken to implement the recent law on violence against women, also, to improve the situation on the ground of women in Turkey as regards education, employment and political representation.”

Image Courtesy of  homeros / Shutterstock.com

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Leaders from business, political and religious life are falling desperately short of expectations around the world – with Europeans and Americans the most disillusioned according to a 12-country survey by global communications firm Ketchum. More people globally believe leadership will actually get worse in 2012. Quite startling the report found a 28% gap between expectations of leaders and their delivery against those expectations

The study reveals leadership credibility in 2012 and beyond requires a combination of decisive action and honest, transparent communication – most effectively achieved through a leader’s personal presence and involvement.

“Our study reveals for the first time the full extent of the world’s disappointment with its leaders across every category of human endeavor,” said Rod Cartwright, Director of Ketchum’s Global Corporate Practice. “What is clear is that effective leadership and effective communication are inextricably linked

Perhaps unexpectedly, the Ketchum Leadership Communication Monitor found that business leaders were seen as the most effective over the past year – beating politicians, not-for-profit bosses and even religious leaders. More than a third of respondents said they were more confident in business leaders than a year ago, with 36% viewing business as providing effective leadership (receiving an “excellent” rating of 8 or above on a scale of 0-10) and 48% seeing them as effective communicators.

This compared with just 25% of politicians and religious leaders, who achieved the same “excellent” rating. Although expectations of politicians to provide effective leadership in difficult times were higher than any other group (63%), they suffered the lowest vote of confidence, with 47% expecting worse political leadership in 2012.

Within the business community, knowledge-based industries were perceived as having the most effective bosses. Ranked highest on leadership effectiveness was technology, with a 44% approval rating, followed by media (39%) and telecommunications (36%). Banking chiefs came in fourth overall in the poll worldwide with 32%. The energy sector and financial services leaders were ranked fifth (31%) and sixth (30%) respectively. Consumer business leaders lagged far behind on leadership, with consumer packaged goods placed lowest at 20%.

Perhaps most significant for the business community, the research underlines a direct link between positive perceptions of leadership and business-critical decisions such as a willingness to buy stock, goods and services or recommend working at a company. This explains crisis response being seen as the most important area for business leaders to communicate personally (53%), followed by financial results (48%) and the state of the business (40%).

Clear, transparent communication topped the table of key leadership behaviors. For 84%, effective communication is extremely important to strong leadership, while 48% rated it as the number one factor. However, action matters – with tough decision-making, leading by example and calm crisis-handling following immediately behind.

The study also revealed that globally, the number one action leaders should take to restore confidence in 2012 is to be open and honest about the nature and scale of the challenge ahead (57% US; 52% Europe vs. 43% China). By contrast, only 17% indicated a preference for leaders to spare them the full picture to avoid panic.

Trustworthiness was seen as the number one source of leadership credibility for corporations, placed above quality of management and financial strength. In order to win that trust, the report found that the personal “presence” and involvement of a leader in communicating was vital. As a result, communication via face-to-face and traditional media left social media trailing. Face-to-face contact provided the greatest source of leadership credibility (50%), followed by televised speeches (43%), broadcast media (41%) and print media (38%). Digital platforms and social media were well off pace, with blogs at 20%, Facebook at 16%, advertising at 13% and Twitter at just 8%.

Cartwright said: “It is clear that mainstream media still carries a great deal of credibility. When it comes to digital and social media, the message is that most people don’t believe that the leader is actually involved. This doesn’t mean we should conclude that these channels are redundant as a vehicle for establishing credible leadership – quite the contrary. Rather, it underlines the absolute imperative of making the ‘presence’ of the leader shine through.”

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Vladimir Putin has done it again; Putin received over 63% of the votes for presidency in Russia this past Sunday leaving several mad, dazed and confused. While it seemed certain that Putin was going to win, many are questioning his future plans for Russia, and his relationships with the rest of the world.

After tens of thousands of Russians rioted against Putin in Moscow on Monday evening, many are questioning if his re-election into office was “rigged.” Opposition activist Garry Kasprov believes that there was “massive fraud” surrounding the election by claiming the polls had been packed with additional voters.

And Putin is even admitting that their might have been some sort of violation of the electoral law. On Wednesday, Putin spoke out about any potential violations by stating that, “it’s possible there were some irregularities; there probably were some.” Putin believes that these irregularities could have only influenced up to 1% of the total vote while opposition supporters believe that his victory was inflated by over 10% of votes.

Considering all of the allegations of electoral fraud, the U.S. State Department decided to ask for a “credible” investigation of the election. Additionally, the department chose not to congratulate Putin as cause for concern of Putin’s motives rises. The United States and Europe have concerns that Putin will try to intervene with their policies regarding threats of Israel’s military strike against Iran and the bloodshed from the uprising going on in Syria.

While Putin claims that he won’t dabble in any international interference with what’s going on in Syria, he claims that the U.S. would rather be “vassals” than allies. Putin is already criticizing the United States and Europe for their plans to place missile defense elements in Eastern Europe but claims that he is fully against any military strikes against Iran.

Former Russian President, Dmitry Medvedev sought to improve Russia’s relationship with the U.S. during his time as President from 2008 to 2012 and even signed an agreement with the United States regarding a nuclear arms reduction pact as well as working toward making Russia one of the countries part of the World Trade Organization, a goal the country had been working on for nearly two decades.

It seems that Putin has little intentions of further improving ties with the U.S. as he is already opposing a new United Nations resolution with Syria. Deputy Foreign Minister Gennady Gatilov claims the reason for the opposition is because the resolution is a “slightly modified version” of what Russia was wanting.

Putin plans on spending over $700 billion dollars in the next decade in order to create a stronger military and upgrade the country’s weaponry. Considering that a single presidential term in Russia is only six years, it looks as though Putin is already looking toward re-election in 2018. The European Union relies on Russia for approximately one quarter of it’s natural gas, as Russia relies on the Western hemisphere for technological purposes to modernize Russia’s economy.

Tony Brenton, a former U.K. ambassador to Russia, put it bluntly as he stated, “like it or not, we have to do business with the Russian government, whoever is in power and however they got there.” Despite all the allegations of electoral fraud regarding Putin, that’s just what the U.S. might have to do.

Image Courtesy of   Mark III Photonics / Shutterstock.com

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The European Union and the United States announced that beginning June 1, 2012, organic products certified in Europe or inthe United States may be sold as organic in either region. This partnership between the two largest organic-producers in the world will establish a strong foundation from which to promote organic agriculture, benefiting the growing organic industry and supporting jobs and businesses on a global scale.

The organics sector in the United States and European Union is valued at roughly 40 billion euroscombined, and rising every year. Formal letters creating this partnership were signed on February 15, 2012, in Nuremberg, Germany, by Dacian Ciolos, European Commissioner for Agriculture and Rural Development; Kathleen Merrigan, U.S. Agriculture Deputy Secretary; and Ambassador Isi Siddiqui, U.S. Trade Representative Chief Agricultural Negotiator.

The signing took place at the BioFach World Organic Fair, the largest trade show for organic products in the world. ”This agreement comes with a double added value,” said EU Agriculture and Rural Development Commissioner Dacian Ciolos. “On the one hand, organic farmers and food producers will benefit from easier access, with less bureaucracy and less costs, to both the U.S. and the EU markets, strengthening the competitiveness of this sector.

In addition, it improves transparency on organic standards, and enhances consumers’ confidence and recognition of our organic food and products. This partnership marks an important step, taking EU-U.S. agricultural trade relations to a new level of cooperation.”

“This partnership connects organic farmers and companies on both sides of the Atlantic with a wide range of new market opportunities,” said U.S. Deputy Agriculture Secretary Kathleen Merrigan. “It is a win for the American economy and President Obama’s jobs strategy. This partnership will open new markets for American farmers and ranchers, create more opportunities for small businesses, and result in good jobs for Americans who package, ship, and market organic products.”

“This is a significant step in strengthening our bilateral trade relations,” added Ambassador Isi Siddiqui. “I am confident that this arrangement will facilitate and boost agriculture trade between the European Union and the United States – and lead to more jobs in this important sector for both America and Europe.”

Previously, growers and companies wanting to trade products on both sides of the Atlantic had to obtain separate certifications to two standards, which meant a double set of fees, inspections, and paperwork. This partnership eliminates significant barriers, especially for small and medium-sized organic producers. All products meeting the terms of the partnership can be traded and labeled as certified organic produce, meat, cereal, or wine.

Leading up to today’s historic announcement, both parties conducted thorough on-site audits to ensure that their programs’ regulations, quality control measures, certification requirements, and labeling practices were compatible. Although there are small differences between the U.S. and European Union organic standards, both parties individually determined that their programs were equivalent except for the prohibition on the use of antibiotics.

The USDA organic regulations prohibit the use of antibiotics except to control invasive bacterial infections (fire blight) in organic apple and pear orchards. The European Union organic regulations allow antibiotics only to treat infected animals. For all products traded under this partnership, certifying agents must verify that antibiotics were not used for any reason.

In addition, all products traded under the partnership must be shipped with an organic export certificate. This document will show the production location, identify the organization that certified the organic product, verify that prohibited substances and methods were not used, certify that the terms of the partnership were met, and allow traded products to be tracked.

Both parties are committed to ensuring that all traded organic products meet the terms of the partnership, retaining their organic integrity from farm to market. The European Commission’s Directorate General for Agriculture and Rural Development and the U.S. Department of Agriculture’s (USDA) National Organic Program—which oversees all U.S. organic products—will both take on key oversight roles.

The United States and the European Union will continue to have regular discussions and will review each other’s programs periodically to verify that the terms of the partnership are being met. The EU and U.S. will also begin to work on a series of cooperation initiatives to promote organic production and tackle important topics such as animal welfare and other issues.

Both programs will share technical information and best practices on an ongoing basis to further enhance the integrity of organic crops and livestock production systems. Currently, this agreement only covers products exported from and certified in the United States or the European Union.

For more information, please see:
USDA National Organic
http://www.ams.usda.gov/NOPTradeEuropeanUnion
European Commission Organic Farming
http://ec.europa.eu/agriculture/organic/home_en
Speech by EU Agriculture Commissioner Dacian Ciolos
http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/12/98

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Leo W. Gerard, International President of the United Steelworkers (USW), on February 07, 2012 issued a positive but cautious reaction to the signing of understandings reached by the U.S. with the European Union, and separately with Japan, in long running trade disputes over antidumping methodology called ‘zeroing.’

“USW members have been a petitioner or supporter of more than a third of the antidumping cases brought against imports during the last twenty years,” Gerard said.  “Strong trade remedy laws are important for stopping the destructive practices of many of our trading partners who dump products in our market that harm our union members and domestic producers.”

Historically, U.S. law has captured 100 percent of dumping found with no reduction based on non-dumped sales. The World Trade Organization (WTO) Appellate Body, in a series of decisions in the last decade, viewed the WTO Antidumping Agreement as requiring WTO members to give ‘credit’ for non-dumped sales. The U.S. under two Administrations has viewed the WTO Appellate Body decisions as overreaching and contrary to what the U.S. had negotiated.

The agreements made by the USTR with the European Union and Japan were the result of U.S. efforts to settle long standing disputes with two major trading partners.

The USW has long urged a clarification of U.S. rights within the WTO in the ongoing Doha negotiations to specifically permit capture of 100 percent of dumping found, while also seeking to clarify the intended limits on the power of the WTO Appellate Body. The announcement from U.S. Ambassador Ron Kirk is a positive development on two counts – and raises cautions on a third.

“One count of our core objectives has been met with these announced agreements – a prospective application of any change – meaning no retroactivity – while avoiding retaliation is certainly a very positive outcome,” Gerard said.

“Also positive is Ambassador Kirk’s confirmation that the U.S. will continue to pursue clarification of our rights within the WTO to apply zeroing, which is important to all companies and their workers who rely on conditions of fair trade in the U.S.  We will be working with the Administration to see that the clarification happens as quickly as possible,” he added.

The USW President acknowledged there was no question that the modification will significantly undermine the historic ability of our antidumping duty law to address all injurious dumping. ”U.S. manufacturers and their workers will be disadvantaged, which now makes clarification of such rights extremely important.”

Gerard said the USW will be monitoring how the changes are implemented and trusts that the Administration will rebalance the operation of U.S. law so jobs are not needlessly lost to international price discrimination. “This is a highly technical area of the law but, it has a huge impact on the jobs of our members,” he explained.

“The Administration has the opportunity to review and alter existing U.S. practices by reviewing our rights under international law and determining how we can alter our approach to address the predatory pricing of our competitors to implement our rights and fight for our producers and workers.”

Gerard emphasized: “Rebalancing must be a priority of the Obama Administration and of the Congress.  No group has a greater interest in the vigorous enforcement of our antidumping law than the men and women who are employed in American manufacturing facilities.”

Image Courtesy of   http://www.flickr.com/photos/unitedsteelworkers/

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2012 looks set to be the best year yet as the European Commission offers new thinking and support to quit smoking with their innovative campaign, “Ex-Smokers are Unstoppable.”

A New Year is a new start – and the European Commission is dedicated to helping smokers across the European Union to become unstoppable; finally stopping smoking and enjoying a better life. According to a recent survey, nearly 80 percent of people who make New Year’s resolutions will fail to stick to them, as many lose motivation and focus instead on the downside of not achieving their goals.

Uniquely, “Ex-smokers are Unstoppable” offers an inspiring and motivating approach to quitting smoking, inviting smokers to think again about the benefits of giving up cigarettes, which include better health, better social interaction, more money, and of course, a better quality of life.

In less than half a year, over 150,000 smokers in the European Union have registered with the European Commission’s innovative digital tool iCoach, launched in June 2011. This step-by-step personalized support tool has already helped thousands of smokers across the EU to quit and aims to support thousands more to achieve their New Year’s resolutions and become unstoppable ex-smokers in 2012.

iCoach offers:

- Personalized tips and advice to support smokers to kick the habit

- Regular emails to provide support at every step of the journey to a smoke-free life

- A forum to allow smokers to support each other and share their own inspiring stories

- Graphs showing the user’s progress towards their end goal: Becoming an unstoppable ex-smoker

“I am delighted that “Ex-Smokers are Unstoppable” has helped 150,000 smokers so far,” said Commissioner Dalli. “We look forward to supporting many more thousands of smokers to achieve their goal of a smoke-free life in 2012.

As we enter this new year, there is an opportunity to make 2012 the best year it can be as the “Ex-smokers are Unstoppable” campaign will be even bigger and better. I gave up smoking myself some years ago, and I really understand just how great it feels to be an ex-smoker.”

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Ukraine assumes chairmanship at the Central European Initiative for the period of 2012. The Minister of Foreign Affairs of Ukraine, Kostyantyn Gryshchenko, highlighted the importance of active participation of Ukraine in the work of this regional organization given the country’s strategic goal to integrate with the EU.

Ukraine replaces Serbia that presided over the CEI in 2011. In August of 2011, the President of Ukraine, Viktor Yanukovych, assigned the Prime Minister to prepare for the CEI presidency. On November 11, 2011, the Secretary General of the CEI, Ambassador Gerhard Pfanzelter, visited Kyiv in preparations for the presidency of Ukraine.

The representatives of both parties agreed on the importance of deepening of cooperation between the macro regions within the CEI, including the following: the Baltic, the Black Sea, the Adriatic-Ionic, and the Danube.

Such cooperation would serve the goals of the international organization that aims to promote political, social-economic, scientific, and cultural cooperation, as well as strengthen safety and secure stability of the region. Moreover, during the meeting in Kyiv, the sides expressed full support to the core CEI missions to promote regional cooperation for European integration.

The Minister of Foreign Affairs of Ukraine, Kostyantyn Gryshchenko, noted that Ukraine considered the European Strategy for the Danube Region an important initiative that could enhance regional cooperation in the Danube area. He also emphasized that cooperation with the EU remained one of the main priorities of the Initiative.

On December 9, 2011, the CEI was granted the UN observer status.  The Prime Minister of Ukraine, Mykola Azarov, claimed to be eager to explore the opportunities this new status gives the CEI and its member states. Prime Minister Azarov suggested holding a meeting of member states’ finance ministers at the beginning of 2012. The aim of the meeting would be to jointly elaborate on a way to overcome the financial crisis.

Formed in 1989, the CEI is a forum for regional cooperation in Central, Eastern, and South Eastern Europe. Ukraine has been cooperating with the CEI since 1992. By 1994, Ukraine became an associate member and, already in 1996, acquired full membership in the organization. 2012 is the year when Ukraine assumes the chairmanship at the CEI for the first time.

Image Courtesy of   http://www.flickr.com/photos/ctbto/

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Britain is on the verge of obtaining approval for a set of reforms that would limit the ability of the European Court of Human Rights to overrule British judges in immigration cases.

Kenneth Clarke, the Lord Chancellor and Secretary of State for Justice, told the Daily Telegraph that the changes were intended to limit the use of the court to serious matters involving major points of law. “What we are trying to do is get the role of the court sorted out, so that it deals with serious human rights issues of the kind that require an international court,” he told the Telegraph.

“We want the court back to its proper business as an international court which takes up serious issues of principle when a member state or its courts or its parliament, are arguably in serious breach of the [European Human Rights] convention.”

Ryan Rodrick Beiler / Shutterstock.com

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The most faltering and tragic questions of the 21st century is how to manage the fiscal system of a country regardless of their level of economic growth. Leaders, politicians, lawmakers and ordinary citizens are deeply baffled and greatly offended by the scale of the problem in their domestic economy, and in the recent global economy.

The economy was still in its sick bed in late 2009 when the Greek government spilled the truth about their official figures being misrepresented for years. The most pronounced effect of the horrific level of public debt has been had the outcome of the unpopular austerity measures.

The unprecedented action to curtail and mitigate the dangerously high proportion of debt failed to bring in the amount of hope that the measures were designed for. Attempts to subsidize or fend-off the crisis were made by the European Commission, the IMF and the European central bank by setting-up a tripartite committee to prepare appropriate programs and economic policies.

A loan agreement was reached between Greece and the other Euro zone members, with an agreement settling on a total of 110 billion €. Greece, being member of the Euro zone, it cannot unilaterally stimulate the economy by expanding monetary policy. According to Vicky Pryce, senior director of economics at FTI, “we will see a haircut on Greek bonds, a recapitalization program of banks and increase in the size of the bailout”

Ultimately, nations under the hammer of fiscal congestion and monetary impossibilities will have fewer possibilities of revitalize the sluggish economy in order to gradually subside the debt debacles. President Obama said when German Chancellor Angela Merkel Visited the US, that “European Debt Crisis must be brought under control predicting disastrous results if there is an uncontrolled spiral and default in Europe”

According to the German Finance minister, Wolfgang Schauble, creditors holding soon-to-mature Greek bonds would need new bonds on similar terms that are payable for several years. But this plan doesn’t release Greece from the shackles of their staggering debt — it only shifts the burden to future generations, providing a short-term relief.

In another plan which has been accepted by the European Central Bank, a ‘no bond exchange’ requires that private creditors can cash in on maturity and be encouraged to re-lend some of their money. This plan is only viable if private creditors believe that re-lending to the government won’t put them back to previous risk levels.

Even so, Greece is not out of the woods completely, since it will also require paying interest with principal for those bonds. Some economists have echoed the option of Greece leaving the Euro zone. Greece has some good reason to leave the Euro zone. If it can devalue its currency, Greek exports will rise and provide a cushion for economic activity and bring in cash.

But it might push the inability of other members of the Euro zone to rescue a financially unstable member country and may endanger the whole financial system of the region.

If Greece withdraws itself from the Euro zone, the confidence in Europe would be tarnished, inviting catastrophic consequences to other debt laden nations like Portugal, Italy, and Ireland. Nevertheless, debt restructuring and beyond could be a possibility now the ECB has granted permission for exposed countries to have unilateral monetary policy.

 
vicspacewalker / Shutterstock.com

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From the moment Romania officially entered the European Union in 2007, policies were defined, measures were taken and funds were allocated. But while the country awaits the result, the need to address further issues is starting to build.The European status subscribes to rights and responsibilities, but after four years, negotiations are still at a critical point.

Recently, three Romanian citizens living in Paris have felt that being Romanian does not always involve being European. On 9^th of September, three Romanian citizens, one of them a student at Sorbonne, were accused of theft on the grounds that one of their outfits bore a similarity with that of the real culprit.

The local police was alerted about the theft of a mobile phone by the victim in Paris, Pigalle. The description of the persons involved was a random match to two young Romanians who happened to be not far from the site of the theft, along with their friend – a female student at Sorbonne.

Without any other consideration, the three were taken to the police station. Not only were they arrested, but also treated with a complete lack of respect. The police were quoted for mockingly saying that there might be another Sorbonne for poor Romanian people and one even shouted at them: “Shut-up, I don’t like Romanians!”

Fortunately, the story had a happy ending with the intervention of the press but the only apology given by the judge was that “unfortunately other persons from your country steal phones and you suffered the consequences.” The three young Romanians have since decided to sue the French state, according to Hotnews.ro

The incident comes after the football match between France and Romania earlier this month. In the day of the match the TV show Les Guignols de l’Info presented in the form of satire several discriminating observations about Romanians. Examples ranged from “We know that the Romanian national sport is begging, not football” to “We have to pay attention to their game?

Why – is it tough? No, they have lice” or “I have a good joke – do you know how you say trashcan in Romanian? …Bucharest.” Another similar TV discussion took place last year in July, on the same channel France 2, where the humorist Jonathan Lambert showed the Romanian greeting as “S’il vous plait, Messieurs!” with a raising hand.

The whole studio repeated the gesture. Around the same time, France decided to expel all Roma people (n. gypsies) in France to Romania, giving them 300 Euros as incentive. Not to say that Romanians are necessarily different from the Romany community, but their similar sounding names does not have the same background.

However, Romanians or Roma, they are all Europeans and should have access to Europe on the same level as the rest of the Union.Moreover, discrimination and a lack of respect was proved by the lively journalist Nelson Monfort on France 2, when he added to the news about the French swimmer of Romanian origins, Roxana Maracineanu: “We should take care on this issue with Romanians.”

Being in Europe gives you the basic right of fair treatment under the law, without stereotypes and discrimination. The effort has to come from both side: West Europe and East Europe.

If we take a look at the low rate (8, 6%) of absorption of European funds in Romania, the disastrous sporting ground of the aforementioned football match or the large number of Roma people with Romanian citizenship begging on the streets, we should compare them to some of the negative sides of our fellow European nations.

Eventually, being poor in financial capital or simply historical good fortune should not determine whether you are less European than others — should it?

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The European Central Bank cut its economic growth forecast for the Euro zone amid rising fear for the economic health of the continent. This move is a downward revision of earlier forecast by ECB. ECB President Jean-Claude Trichet said at a press conference that “there is a risk that growth will slow to near standstill nest year.”

The downward spiral of the European economy has been so powerful that it has casted clouds over the future prospect of whole Euro zone. A crisis of sovereign debt might develop unprecedented fissure in the union which perhaps may lead Greece to exit the EU. Furthermore there has been growing concerns over the future of the Euro as currency.

On the possibility of the Euro zone sinking back into recession, Trichet said “it is difficult to make forecasts in the current situation.”An unfortunate economic situation in Europe is emerging from fiscal disintegration among nations in the Euro zone, coupled with an overall fragile economy. Even so, authorities could have averted the debt dilemma if the economy would have been functioning well.

The confidence in the 17-nation currency area was further dented when Italy was forced to pay the highest interest rates since joining the EU. “I think there is a possibility, if wrong steps are taken, that the system goes off the rails” said Sergio Marchionne, CEO of Italian car maker FIAT. Markets have already taken interest rates on Italian bonds to much higher levels indicating the risks involved in the vehicle.

Yields on bonds are determined according to market sentiment — if investors feel very edgy and uncertain, interest rates may soar and vice versa, leading to a breeding burden on governments. Five year bond yield hit a Euro lifetime high of 5.60 percent recently. Domenico Lombardi, president of the Oxford institute of Economic Policy said “European policy makers must act fast to ward off a full-blown market attack on Italy.”

On the other hand, Moody’s rating agency downgraded two top French banks over fear of their exposure to Greek sovereign debt. Moody’s cut the rating of Credit Agricole bank, one of biggest of Europe from Aa1 to Aa2 and also downgraded the rating of Societe Generale from Aa2 to Aa3.

Banking industry in the Euro zone is in the circle of gloom for being exposed to various potentially unsafe securities of government bonds. The institute of international finance told that prolonged inability to deal with Europe’s debt issues put its banking system at severe risk.

In his description of the magnitude of severity of economic uncertainty, European commission head Jose Manuel Barroso said “the most serious challenge of a generation. This is a fight… for the economic and political future of Europe.” It all depends on how the financially big countries of Europe behave in a bid to rescue the area — how well they hear the brawl of economically beleaguered nations by designing a suitable rescue package that optimally saves the EU from disintegration in the future.

What is needed is a temporary bail-out and stringent fiscal integration among nations in the future in order to ward-off economic demons.

Image Courtesy of  http://www.flickr.com/photos/worldbank/

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Greek crisis evokes the concerns about the country’s future, since the 110 billion euros bail-out given by EU/IMF is about to run-out, and despite the vote of confidence for George Papandreou’s government on June 22, Greeks seem extremely unpleased to run into more debt in return to meet the the conditions of European Union by sacrifising more . Greek unrest does not seem to calm down within a short-time.

The country is facing real hard times after the recession in 2009. Currently, the debt is 340 billion euros, which means for a country of 11.3 million population the debt per person is more than 30.000 euros. According to Standard & Poors, Greece became the lowest-rated country in the world, despite the efforts of the European partners. The recent Reuters article “Quick Guide to the Greek Crisis” indicates that, “Greece holds two unwanted world records: the lowest credit rating for a sovereign state, and the most expensive debt to insure”.

On Thursday and Friday, EU leaders in Brussels is going to discuss a new Greek bailout, in return for the commitment of economic reform in Greece,  since EU leaders share the concern that a possible Greek default is going to harm the confidence in the euro. Greek example is bringing up the question of European Union’s credibility.

Slavoj Zizek, one of the most influential philosopher and critical theorist of our century, in his “Capitalism and Assault on Reason” article, claims that the Greek crisis is a sign that “not only the Euro, but the entire project of the European Union itself is dead.”

Zizek, sees “Brussels-shaped cold Europe”, against Greek passion and corruption, or in other words, reason against pathos.

Despite the drift of  financial crisis, Zizek offers to hold on to an internationalist and universalist approach by re-politicizing Europe by evoking the phenomenon of ancient Greek democracy and French revolution, instead of adopting a  speech of global capitalism.

Defined as a post-Marxist  philosopher Zizek emphasizes on Marxist jargon and offering communism as an alternative:

“What I would argue is that this state of affairs demonstrates why we need an alternative to the current system of global capitalism, and that communism remains the best name for that alternative. For communism begins with the “public use of reason,” with thinking, with the egalitarian universality of thought.

When St Paul says that, from a Christian standpoint, “there are Jew nor Greek, no slave nor free, no male nor female,” he was thereby claiming that ethnic roots, national identity, gender and so on are not a category of truth.

Or, to put it in precise Kantian terms, when we retreat to the comforts of ethnicity, localism, or even the indulgences of commodity capitalism, we engage in a private use of reason, constrained by contingent dogmatic presuppositions.

We behave, in other words, as “immature” individuals, not as free human beings who occupy the dimension of the universality of reason.”

For Zizek’s insight of economic crisis and critique of capitalism, please watch his interview with Riz Khan, “Are we living in the end times?”

Find more at http://english.aljazeera.net/programmes/rizkhan/2010/11/201011111191189923.html

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Portuguese Government is likely to step down in the upcoming months as the announcement of a new austerity package (PEC IV), hours before the last Friday EU leaders meeting in Brussels, has been causing an enormous unrest in the country, analysts say.

The Portuguese President, Anibal Cavaco Silva, and the opposition parties were not informed of such measures until Friday. José Sócrates, The Portuguese Prime Minister, is now criticized for having prepared the new package, along with the European Central Bank and the European Commission, without consulting the President and the other parties.

Pedro Passos Coelho, leader of the major opposition party, has said that would vote against this new package in the Parliament. The other parties have also opposed to it, the Portuguese press reported.

The new package, called PEC IV, comes after three packages that had already introduced tough cut deficit measures. PEC IV asks for even more efforts from Portuguese families that have been doing serious sacrifices, paying more taxes and receiving less social benefits.

“This new package is cruel for elderly people with low income pensions. In my view Sócrates has committed a tremendous mistake as he left the President, the Parliament and other stakeholders apart of the negotiations with the European Union. The political stability is now in danger and this does not help to calm down the markets”, said Professor Marcel Rebelo de Sousa on TVI news.

The PEC IV has been imposed by European Union in order for Portugal to benefit from the European Financial Stability Facility (EFSF). During last Friday’s meeting, Europeans Leaders decided that these funds, which values 440 billion euros, would be available to buy bonds from countries that cannot afford anymore the current high interest rates. The European Leaders also decided to lower the interest rates on Greece bailout loans by 1 per cent and extend the maturity to ease the burden.

This political crisis can prevent Portugal from benefiting of the European Financial Stability Facility, since to access this financial mechanism the country needs to commit itself to the PEC IV.

If the Portuguese Government steps down before the conclusion of the European negotiations regarding the bailout fund, the country will not have access to it. Therefore, it will stay more and more vulnerable to the markets and the result might be the bankrupt, a European diplomat said.

Today, José Sócrates called together all the ministers for an extraordinary meeting. The agenda was not revealed.

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