Rumors a radical leftist party which favors a return to the drachma is running neck and neck for the lead in the elections scheduled for Sunday is driving a run on Greek banks. Bankers are reporting that up to 800 million euros, or around $1 billion US dollars, is being pulled from major banks every day.
Retailers are reporting that people are using the money to stock up on pasta and canned goods. Continue reading
European Commission President Jose Manuel Barroso is pushing for a closer union among the member nations.
“I am not sure whether the urgency of this is fully understood in all the capitals,” Barroso said. He said the euro zone is facing a “systemic problem” and that a closer union would be necessary to forge a “vision of where we need to go.”
Barroso praised the EU’s quick response over the weekend in providing a bailout to Spain calling it an example of the EU’s “ability to act quickly.” Continue reading
Kenya’s prime minister is asking the United States and European Union to send troops for a “final onslaught” against a seaport seen as the main stronghold of Islamist militant group al-Shabab.
“An operation by land, sea and air,” Raila Odinga stated when asked about what would be required to take the city of Kismayo from the Islamists. Continue reading
Optimism about Spain’s banking bailout is fading fast after reports that Spain’s borrowing costs have risen to the highest point since the creation of the euro.
The benchmark 10-year bond yield peaked at 6.81%. The news created some ripples throughout the European Union as Italy’s 10-year bond yield hit 6.28%, the highest rate since January. Continue reading
The head of UN peacekeeping has declared that Syria is now in a state of civil war.
“Clearly what is happening is that the government of Syria lost some large chunks of territory,” Herve Ladsous told reporters outside the UN in New York. Asked by a reporter if Syria was in a state of civil war, Ladsous said “Yes, I think we can say that.” Continue reading
Baghlan governor Munshi Majeed told the BBC that more than 80 people have been killed in a massive landslide caused by twin earthquakes in Afghanistan on Monday.
“This is a human tragedy,” Majeed said. “An entire village was lost.” Continue reading
The numbers of deaths are expected to rise as more reports come in from areas in Afghanistan devastated by a pair of weekend earthquakes. The 5.4 and 5.7 quakes were located a few miles apart and struck within a minute of each other on Monday morning. Landslides buried or destroyed at least 20 village homes.
Three deaths have been confirmed but others are feared to have been buried in the landslides. Continue reading
French President Francois Hollande stated that Mali could become a home for Islamic terrorist groups and become a major threat to the entire region. His comments came during meetings with Niger President Mahamadou Issoufou. Issoufou shared that he had information Malian rebels are being trained by Pakistani and Afghani jihadists.
Issoufou said West African countries would approach the UN Security Council to provide assistance with military operations against the Islamist affiliated group. The French president said France would support such a move but that the African groups would need to be the ones leading it. Continue reading
Struggling banks led Spain to be the fourth and largest European Union nation to ask for a bailout. The country will receive up to 100 billion euro, however, some of the member nations, like the UK, are not contributing to the loan.
The news of the bailout initially sent worldwide stock markets soaring but the enthusiasm quickly wore off and many markets were trading lower than opening by mid-morning. Ratings agency Fitch downgraded the rating for two Spanish banks two ranks from A to BBB+. Fitch attributed the move to last week’s downgrade of Spain’s sovereign credit rating. Continue reading
UN observers and at least one BBC reporter have found evidence of a massacre in the Syrian city of Qubair. Reports of the massacre leaked out from various rebel sources but government troops had been blocking access by the UN to the town.
On Thursday, reporters and UN officials came under fire when they attempted to enter the town. Continue reading