Analysis Greek euro exit seen manageable, not cat
Posted on | May 17, 2012 | No Comments
LONDON (Reuters) – Greek voters’ rejection of pro-bailout political parties in Sunday’s election has raised the chances of Greece leaving the euro but this unprecedented step is seen as manageable rather than catastrophic for the currency bloc.
Some banks have raised estimates of the likelihood of Athens quitting the euro. But after a year of investors shedding bonds issued by highly indebted euro zone countries and big injections of central bank cash, they said the damage could be contained.
Spanish and Italian government bonds initially sold off, the euro fell and European shares slid on Monday, the first trading after the elections. However, all these assets recovered somewhat by the end of the day despite the deep uncertainty.
“This makes you wonder whether Greece is still a systemic threat or whether Greece is more of a Greek problem and a political problem for the rest of Europe,” said Valentijn van Nieuwenhuijzen, head of strategy at ING Investment Management.
“Unless you have strong contagion into Spain and Italy, it’s unlikely to be really an issue that would undermine the whole euro zone.”
The Greek impasse, created when voters sick of austerity deprived the two main parties which back the country’s international bailout program of a parliamentary majority, has potentially increased the risk of it having to restructure its debts for a second time.
Citi raised the probability of Greece leaving the euro area to between 50 and 75 percent from 50 percent previously. Its currency strategist, Valentin Marinov, said the bank’s economists expect it would be out within 12 to 18 months.
Since Greece took the first of its two bailouts in May 2010, international banks have sharply reduced their exposure to Greek and other peripheral government debt.
Greek debt is largely in the hands of the ECB as well as Greek domestic banks and speculative investors such as hedge funds which pose less of a risk to the entire euro zone.
“From that point of view, there is the possibility that Greece would be allowed to go its own way, whatever the Greek people choose that to be, and it could be managed by the rest of Europe,” Rabobank currency strategist Jane Foley said.
“By putting up the ring-fences and limiting the exposure, the damage that Greece could do is far lessened.”
As Greece, Ireland and Portugal successively took bailouts, European institutions increased the firepower of their rescue fund in an effort to calm markets and the European Central Bank made available 1 trillion euros of cheap three-year funding.
One fear haunting markets has been that if one country left the euro and was able to devalue its currency to regain competitiveness, other weaker members might follow.
“Our view is that Greece will not trigger such exits. In response to any escalation in market concerns euro zone policymakers and the ECB will take steps to preserve the remainder of the euro zone and keep it in one piece,” Citi’s Marinov said.
Similar fears of contagion were raised in the year before Greece restructured its debt McAfee Product Key, imposing huge losses on private creditors. However, the event itself in March made few waves in global financial markets.
ORDERLY EXIT
That does not mean there would be no market impact.
The premium investors demand to hold peripheral debt rather than German benchmarks would rise and the euro would fall, analysts said, though Marinov said it could strengthen to $1.40-$1.45 from around $1.30 now within 6-12 months of an orderly Greek exit.
Given the political uncertainty over Greece’s future in the euro zone, market players say it is difficult to position for a possible exit and that there are few signs of investors pulling out of the common currency with this scenario in mind.
“Even if I knew what I wanted to do, I’m not sure how I’d do it,” said one bank’s London-based head of foreign exchange sales.
While markets’ focus has been primarily on Greece, some said the French presidential election victory of Socialist Francois Hollande, who has argued against cutting deficits too fast and for a greater emphasis on growth, could be more significant.
“It is difficult to see a major economic or financial impact coming from Greece having to default or being forced out of the euro but clearly the political dimension in Europe is changing and it is coming out of France,” said Sanjay Joshi, head of fixed income at London & Capital Windows 7 oem key, a $3.5 billion fund that no longer holds Greek debt.
(Reporting by Jessica Mortimer, Nia Williams, William James Windows 7 product key free, Marius Zaharia, Toni Vorobyova, Ana da Costa, Swaha Pattanaik and Nigel Stephenson; editing by David Stamp)
World Greece
Anti-bailout government impossible in Greece part
Posted on | May 17, 2012 | No Comments
ATHENS (Reuters) – The leader of a small right-wing party said on Wednesday there was not enough parliamentary support to form a Greek government opposing the EU/IMF bailout. replica watches
“It is an established fact there is not a sufficient majority to form an anti-bailout front replica watches,” said Panos Kammenos, leader of the “Independent Greeks” party which came fourth in May 6 elections.
Kammenos spoke after meeting the leader of Greece’s Left Coalition (SYRIZA), Alexis Tsipras replica watches, who is trying to form an anti-bailout government after the election.
(Reporting by Harry Papachristou; editing by Barry Moody)
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My Neighbor’s Faith A Test of Character
Posted on | May 17, 2012 | No Comments
In the fall of 2010, we saw a disturbing rise in religious intolerance in the U.S. From the much-politicized opposition to a proposed Muslim community center near Ground Zero in New York City to a fundamentalist pastor’s threat to burn Qurans, a wave of Islamophobia appeared to be sweeping the country.
How should Christians respond? There are some key questions that get to the heart of the issue Custom Tattoo Machines, and our answers say a lot about ourselves, our own faith and the collective character of our country.
The first question is this: Does our judgment of our neighbors come from their religious labels or the content of their character? I do not advocate a religious pluralism that blurs the significant differences between religions, but I do believe that my religious tradition calls me to be a peacemaker and to love my neighbors, especially when I do not agree with them. When Muslim leaders step up to lead an initiative to reduce tensions and promote understanding, do we judge them by the actions of terrorists (whom those leaders have condemned) or by their integrity and character? This does not mean we have to agree with them on everything, but rather that we’re called to love and respect them.
The second question asks: Do we believe in freedom for my religion or freedom of religion? The “establishment” and “free exercise” clauses of the First Amendment were revolutionary statements. They represent ideals to which we aspire but have not always lived up to. Anti-Catholic sentiment, anti-Semitism, and other forms of religious bigotry have reared their ugly heads over and over in our history. But ultimately, many minority groups have flourished here because of our strong history of religious liberty. Whether we allow religious freedom for Americans of Islamic faith — near Ground Zero or anywhere else — will give evidence of our own character The Best Tattoo Machine, the integrity of our faith and our real commitment to the ideals that have distinguished our nation.
Finally, we must ask a third question: In the face of global terrorism, who wins when the U.S. restricts religious freedom? Religious sensitivities, especially around Ground Zero, are understandable. Sept. 11 was a crime against humanity and, tragically, it was the first significant encounter many Americans had with radical Islam or Islam of any sort. But this is why the mission of the Manhattan community center is so important, as it plans to run programs that reduce tensions and build understanding. In order for our country to continue healing, more of us need to build trust with those who are different — especially with the many Muslims who love this country. There are thousands of interfaith conversations, service projects and relationships that have been built since 9/11. These should be publicized and encouraged.
One good example is that of Heartsong Church in Cordova, Tenn., which — in a rare departure from the cable networks’ steady drumbeat of conflict — was featured on CNN. In 2008, Heartsong’s pastor, Steve Stone Tattoo Gun Needles, learned that the Memphis Islamic Center had bought land adjacent to his church. Rather than protest the plans, he put up a large sign that said: “Heartsong Church Welcomes Memphis Islamic Center to the Neighborhood.” The Muslim leaders were floored. They had dared to hope only that their arrival would be ignored. It had not occurred to them that they might be welcomed.
When the Islamic Center’s new building was under construction, its members used Heartsong Church for Ramadan prayer services. Heartsong’s community barbecues now serve halal meat. Pastor Stone said the two congregations are planning joint efforts to feed the homeless and tutor local children.
Stone also told me that he got a call from a group of Muslims in a small town in Kashmir. They said they had been watching CNN when the segment on Heartsong Church aired. Afterward, one of the community’s leaders said to those who were gathered, “God just spoke to us through this man.” Another said, “How can we kill these people?” A third man went straight to the local Christian church and proceeded to clean it, inside and out.
Stone says he is just trying to love his neighbors, as he says Jesus instructs him to do. For their part, the residents of that small town in Kashmir told him: “We are now trying to be good neighbors, too. Tell your congregation we do not hate them, we love them, and for the rest of our lives we are going to take care of that little church.”
This conflict is really about the role that faith will play in America. It is about whether or not we will accept Muslim Americans as true Americans or as second-class citizens. It is about whether we will blame millions of American Muslims and 1 billion Muslims worldwide for the actions of a small number of Muslims who try to use their brand of faith to murder innocent people. It is a test of our character, and we dare not fail it.
This column is an excerpt from ‘My Neighbor’s Faith: Stories of Interreligious Encounter, Growth, and Transformation.’
British Drum ‘N’ Bass Pioneer Photek Set to Play D
Posted on | May 17, 2012 | No Comments
Pioneering drum-n-bass DJ/producer Photek (born Rupert Parkes) is a product of the late 1980s U.K. rave culture from clubs like Telepathy or Labrynth; places that he says changed the way he looked at music overnight. With his acclaimed debut album Modus Operandi in 1997 and his 1998 follow-up Form & Function, Photek propelled himself into the forefront of the drum-n-bass culture in the U.K. With his 2000 release Solaris, Photek transitioned his sound to something much more influenced by Chicago and Detroit house, and has since continued to shape shift his music in new and exciting ways.
While Solaris might have had more of an obvious Detroit techno influence than his previous works, the soul of Detroit has long been into the music of Photek and many of the other drum-n-bass originators. “Actually those influences came into play with me from way before jungle ever appeared Tattoo Gun Buy,” explains Photek recently via an email interview. “Most of the original drum-n-bass producers were big Detroit and Chicago heads back then. Kevin “Reese” Saunderson is responsible for the bassline that dominated drum-n-bass for years. Ask any real drum-n-bass producer about Derrick May or Carl Craig and they’ll tell you that’s where it all began.”
The now Los Angeles-based Photek makes his way back to Detroit this Memorial Day weekend as he plays at the Movement Electronic Music Festival for the second time since his debut performance back in 2006. “It was an amazing event, I can’t wait to come back this year,” says Photek. For his set this year, expect a few old drum-n-bass records Starbrite Tattoo Ink, but he’s going to take it across the board of electronic music.
With the recent popularity of different forms of electronic dance music, Photek finds that it’s a bit of the throwback to his early days with a return to freedom in the music you make or play. “There’s so much opportunity to make and play different styles now,” describes Photek. “I haven’t really seen that since my first rave experiences. Back in ‘88 you would hear techno, breaks, hardcore and the occasional pop song all in the same night. That was reflected in the music that people were making over the next decade. Then things eventually became more specialized and club culture lost some of that. I love it that today’s audience is so open to everything.”
Photek still continues to tour and make music, and recently contributed to the famed DJ Kicks series from !K7 Records, along with getting a grammy nomination for his remix of Daft Punk’s “End of Line” from the Tron Legacy soundtrack. More releases are heading our way from Photek, including an album he is trying to finish up this year, along with releases on his label from Genier, Kuru, and Dustmite that are going to set the stage for a boutique club night in the works in Los Angeles.
Photek has been putting out records for around 20 years now, and how does someone of his caliber stay relevant in this fickle music industry? “I think as long as you are still genuinely excited about your music and make something that appeals to you,” answers Photek. “The chances are that there are other people who will feel the same way. This has always been my take on things. I suppose it’s served me well over all this time.”
Photek plays the Movement Electronic Music Festival at Hart Plaza in Detrot on Saturday, May 26 at 8:30 p.m.-9:30 p.m. on the Red Bull Music Academy stage. For more information on the Movement Festival, the full lineup and schedule, or to purchase tickets Damascus Steel Tattoo Machines, visit movement.us.
Sex with teen lands man in jail for 10 weekends
Posted on | May 16, 2012 | No Comments
Updated 10:13 AM Tuesday, May 15 Marc Jacobs Dresses sale, 2012
A Hamilton man avoided prison Monday when a Butler County judge sentenced him to 10 weekends in jail and five years community control for having sex with a minor.
Jeremy Bowlin Cheap Bandage dresses, 32, was facing a possible 10-year prison term for an alleged sexual relationship with a 16-year-old Monroe girl last August. He pleaded guilty to one count of unlawful sexual conduct last month and was looking at a possible two-year prison sentence.
Common Pleas Judge Patricia Oney said she took into consideration Bowlin has no criminal history when she deemed him amenable to community control. He will however have to spend 10 weekends in the Butler County Jail beginning May 25. He must register as a Tier II sex offender and report in every 180 days, with the local sheriff where he lives, works or goes to school. She also fined him $400 and assessed court and supervision costs.
The judge told Bowlin he can have no contact with the victim. Assistant Prosecutor Kelly Heile asked that he be banned from contact with anyone younger than 18. His attorney John Helbling told the judge that was going too far.
“This particular individual came of her own free will, to hang out with Mr. Bowlin,” he said, adding that concluding he is a danger to other minors is “over broad.”
Bowlin told the judge he has a niece who is younger than 18. She said he can visit his niece if her parents are there.
The victim was not in court on Monday and Oney did not indicate whether she filed a victim’s impact statement.
Heile and Helbling declined comment on the case.
Contact this reporter at (513) 696-4525 or dcallahan@coxohio.com.
UPDATEToyota F1’s Ricardo Zonta sets Laguna Seca r
Posted on | May 15, 2012 | No Comments
After nipping the old Champ Car track record on Friday, Toyota F1’s Ricardo Zonta well and truly demolished it Saturday and Sunday, finishing the weekend with a best time of 1:06.309 Sunday morning.
Zonta’s time is an impressive 1.413 seconds faster than Helio Castroneves’ 2000 record. With his lap times falling in every on-track session Tattoo Supplies, Zonta and his TF106 certainly entertained the crowd Tattoo Supplies, adding some front straight donuts as the finishing touch.
Zonta has posted short articles over on SpeedTV.com all weekend, and his recounting of a Formula 1 lap of Laguna Seca will make interesting reading for anyone who has ever had the pleasure of lapping the course.
Source: SpeedTV, MontereyHistoric.com]
Hyundai launches Eon in India, challenges Maruti S
Posted on | May 14, 2012 | No Comments
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Meet the Hyundai Eon, the Korean automaker’s new pint-sized econobox for the Indian market. Bloomberg Businessweek says Hyundai expects to sell 140 Buy Herve Leger gown,000-150,000 of the $5 Replica Emilio Pucci Dresses,496 hatchbacks in the subcontinent each year. With styling and interior treatments borrowed from higher up in the Hyundai food chain, we wouldn’t be surprised.
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The Eon is designed to compete directly with the Maruti Suzuki Alto Discount Bandage dresses, the best-selling car in India. Suzuki Maruti currently holds 43 percent of the market, with Hyundai capturing only 20 Cheap Christian Audigier Clothes, according to Bloomberg Businessweek.
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Geneva PreviewMore details on Alpina B6 GT3 come t
Posted on | May 14, 2012 | No Comments
Click on the image above for a high-res gallery of the Alpina B6 GT3 Discount Hale Bob Dresses
More images and details of Alpina’s B6 GT3 racer have hit the web, and it looks like despite spending two decades away from motorsports Replica Chloe Dresses, there are no flies on the leading Bimmer tuning haus.
Based on BMW’s 6-Series coupe Buy Hale Bob Dresses, the B6 weighs under 3,000 pounds and gets a supercharged 4.4-liter V8 that gives more than 520 horsepower and 535 pound-feet of torque. Backed by a six-speed X-Trac sequential gearbox Replica White Herve leger, the car is reportedly capable of hitting 62 miles-per-hour in 3.9 seconds en route to a top whack of at least 177 mph (a speed it has already reached in testing on the Nürburgring).
The B6 GT3 will debut at next month’s Geneva Motor Show before going on to scrap with Aston Martin Discount Bandage dresses, Porsche Karen Millen Dresses sale, and Ferrari on circuits around the world. Alpina will field its own team (it is reportedly considering a number of pro drivers), but privateers will also be able to buy their own B6 if they fancy going it alone.
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Mercedes-Benz furthers Grand Edition franchise wit
Posted on | May 14, 2012 | No Comments
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Ain’t life grand? Mercedes-Benz seems to think so, as the German automaker recently introduced its Grand Edition lineup Cheap Emilio Pucci Dresses, starting with the Sprinter van, and now including the GL-Class crossover.
Available on the entire GL range, the Grand Edition adds unique 20-inch light-alloy wheels Buy Hale Bob Dresses, newly designed two-tone leather seats and black ash wood trim inside the cabin. Other grandiose cues include dark-tinted headlamps Cheap Hale Bob Dresses, a black grille and a redesigned front bumper that incorporates standard LED running lamps for maximum bling effect.
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David vs. Goliath in Tulsa
Posted on | May 13, 2012 | No Comments
Thanks to the megaphone that is Romenesko, I learned today that the daily Tulsa World is suing the alternative weekly Urban Tulsa—along with the weekly’s publisher and one of its writers, Michael Bates—for alleged libel in Bates’ column this week. A newspaper suing another newspaper for libel? Most newspapers are so opposed to libel suits that they would rather drown in printer’s ink than file one. What’s gotten the World’s laces in such a tangle?
According to the World’s news story, the suit—which I have not seen—alleges that the Bates column falsely claims “that the World had misled advertisers about the newspaper’s circulation.” World Publisher Robert E. Lorton III tells the World’s reporter, “When a firm purportedly in the news business makes a claim that we have misled our advertisers, they call into question our integrity, and we cannot and will not let that stand.” According to the World article, the suit—which, remember, I have not seen—says that Urban Tulsa knowingly published the false information in an attempt to “gain commercial advantage.”
Lorton could be absolutely right, except here’s what Bates actually wrote:
The steep drop between the paid consultant’s March 2005 [circulation] count and the March 2006 ABC numbers suggest that the World was inflating its circulation by as much as 20 percent.
Bates also states that the World’s circulation drop was “concealed for a time” because the World moved its circulation audit from one company to another.
Does this smell like libel to you? In my opinion, you could feed a starving Cub Scout troop with the fudge Bates packs into his piece: “suggest” and “as much as” give Bates an excess of wiggle room to fend off a suit. And he’s not putting a specific number to the hypothetical inflation but stating a maximum estimate of 20 percent.
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Nor does Bates write that the World fraudulently inflated its circulation. Newspaper and magazine publishers rely on all sorts of techniques sanctioned by the industry to increase—or, depending on your view, inflate—their audited circulations. For example, when Newsday got busted for circulation fraud in 2004 Best place to buy Replica Titoni Watches, the paper’s news staff reported how generous the Audit Bureau of Circulations’ standards were Where find Replica Bell & Ross Watches, especially to a newspaper keen on increasing its audited circulation. From the July 19 Wholesale Replica Longines Watches, 2004, Newsday:
The definition of what is paid circulation is liberal. It includes copies given away to employees (at Newsday, that’s about 5,500 per day, with a percentage comparable to other major papers) and a small percentage of bad-debt accounts Replica BMW Watches, where subscribers are late in paying for copies received. … Also eligible to be counted as paid circulation are additional copies distributed at no extra cost to households that subscribe for a couple of days in hopes they will sign up for the entire week.
Publishers are permitted to exclude from circulation statements the instances where sales were unusually low. A maximum of 40 days—holidays and the days immediately before or after—can be excluded if each day’s sales were at least 5 percent below the same day from the week before.
The same holds for an unlimited number of days when production problems Fake B R M Watches for sale, severe weather or news events affected sales. (Newsday omitted 31 days from its report for the 12 months ended September 2003, the most recent available.) …
John Payne, ABC’s senior vice president of communications and strategic planning, acknowledged that the group’s rules could appear less stringent to a layperson. “There are some rules that don’t appear logical Replica Versace Watches,” he said, noting copies given away to a publisher’s workers are counted as paid circulation because they are judged to be part of employee compensation.
(For a well-reported overview of the 2004 circulation scandals, see the New York Times piece by Jacques Steinberg and David Carr.)
My unsolicited advice to Bates and Urban Tulsa: Call a press conference, pass out party hats, and say that you welcome the World’s suit! Tell the Tulsa press corps you’re dying to use the power of discovery to dig deeply into the World’s circulation numbers to determine precisely how accurate its audits have been over the last 20 years. Oh, and make sure to enlist one of the World’s big, regular advertisers as your ally. They’ll be very interested in getting a close-up of the paper’s circulation numbers.
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