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Generational Dynamics Web Log for 21-May-2011
21-May-11 World View -- Greece: Bailout or default nears

Web Log - May, 2011

21-May-11 World View -- Greece: Bailout or default nears

If you're reading this, then the world hasn't ended yet

This morning's key headlines from GenerationalDynamics.com.

Fitch cuts Greece's debt ratings, as bailout or default nears

Greece's credit rating was cut by three levels on Friday, to well below junk status, by Fitch Ratings. Possibly more signifcant, Fitch said that any "soft restructuring" or "reprofiling" or Greece's debt would be counted as a full-fledged default. Greece's two-year bond yields (interest rates) increased to more than 25%. S&P has previously downgraded Greek debt to junk status. Bloomberg

Adding to Greece's troubles, Iceland, Liechtenstein and Norway have decided to suspend aid payments to Greece, under a program designed to reduce economic and social disparities in central and southern Europe. According to the statement, "Greece has undertaken to co-finance 50% of the cost of each project. This has not been followed up. Moreover, it is unclear whether all the funds that have already been disbursed to the Greek authorities have been transferred to the appropriate recipients." Nasdaq/WSJ

Analysts are saying that a Greek default is inevitable, and that it would trigger a chain reaction with harsh consequences. According to one analyst, things have now gotten so bad, that we will see another Greek bailout or default within days. However, a bailout will only postpone the problem for a while, and there's a lot of opposition in many countries to a new bailout for Greece. Telegraph

Israel steps up border security

Israel boosted security on its border with Lebanon Friday amid fears that protesters could repeat demonstrations that saw thousands of Palestinians march toward a security fence on Nakba Day. Daily Star (Lebanon)

Syrian security forces kill at least 34 people on 'Azadi' Friday

It's another Friday, and another opportunity for massive demonstrations and anti-government protests following midday prayers in Syria. This week it was dubbed "Azadi Friday," using the Kurdish word for "freedom." Syrian forces killed at least 34 people. Al-Jazeera

Georgia recognizes Circassian genocide

In a jab at Russia, Georgia's parliament unanimously passed a resolution declaring that Russia's 1864 battle with Circassians in Sochi was a genocide. The Winter Olympics will be held in Sochi in 2014, on the 150th anniversary of the conflict, and the genocide claims are becoming increasingly important as the Olympics games approach. Eurasia Net

Muscovites want their children to study in schools without migrants

Now that "up to 60 percent" of the pupils in the primary schools of Moscow are children of migrants who do not speak Russian well, an increasing number of Muscovite parents are doing whatever they can to ensure that their children go to those schools which have few or no migrant children. Paul Goble

If you're reading this, then the world hasn't ended yet

Harold Camping, an Oakland minister, is predicting the end of the world on Saturday. He says that an earthquake will first shake New Zealand, triggering an apocalypse that rolls relentlessly toward the USA, reaching San Francisco at around 6 p.m. on Saturday. USA Today

(Comments: For reader comments, questions and discussion, see the 21-May-11 News -- Saudi Arabia advances Gulf Cooperation Council, further cuts U.S. ties thread of the Generational Dynamics forum. Comments may be posted anonymously.) (21-May-2011) Permanent Link
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Generational Dynamics Web Log for 21-May-2011 21-May-11 World View -- Greece: Bailout or default nears

Fitch cuts Greece's debt ratings, as bailout or default nears

Israel steps up border security

Syrian security forces kill at least 34 people on 'Azadi' Friday

Georgia recognizes Circassian genocide

Muscovites want their children to study in schools without migrants

If you're reading this, then the world hasn't ended yet

Web Log Pages

Generational Dynamics Web Log for 21-May-2011
21-May-11 World View -- Greece: Bailout or default nears