Thought Id start this one going because its rather dead on this board at the moment and I suppose all my usual muckers are either at the Stella tennis event watching Dim Tim (lose again) or at Henly Regatta eating cucumber sandwiches (they wish,...NOT).

Anyway please feel free to just talk to yourself blast away and let it go on any company or subject you wish. Just wish Id thought of this one before.

cheers GF.

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{"s" : "MXG1.BE","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""} (c) Sky News 2011, 19:21, Monday 20 June 2011

Britain has not been asked to take part in any new European bailout of Greece, Downing Street has said.

The UK was not involved in the original 110bn euro (96.5bn) deal approved for Greece a year ago, which was put together by the eurozone countries to help save one of their own.

The only UK commitment came from its share of an International Monetary Fund (IMF (Berlin: MXG1.BE - news) ) contribution, in the form of loan guarantees.

That obligation would only be called in if Greece defaults.

At the time the prospect was dismissed as scare-mongering.

But with the pace of Greek deficit reduction painfully slow and the economic crisis far worse than feared, a second bailout is now inevitable.

However, Athens has been told it must approve 28 billion euros worth of spending cutss after parliament votes on Tuesday or it will not get the next instalment of a European bailout.

Meeting in Luxembourg, eurozone finance ministers decided not to sign-off on giving Greece another 12 billion euros just yet.

The country's government was told it has two weeks to approve tougher austerity measures before the EU-IMF loan is handed over.

This new rescue deal should not include any commitment from the UK.

Chancellor George Osborne has insisted Britain should not be part of any new aid package.

Germany and France have also indicated that Britain should not need to pay a share of a repeat bailout.

Prime Minister David Cameron's official spokesman told reporters on Monday: "There is no proposal on the table which would involve us.

"The arrangements in place for Greece are arrangements that involved eurozone countries, and we weren't involved in those arrangements."

Mr Osborne has already made clear at talks in Luxembourg that the issue remains one for the eurozone alone.

However, a bailout fund was set up by the EU after last year's Greek crisis, specifically intended to finance future economic problems in the member states, and it involves all 27 member states.

If a majority vote to use the fund for a second Greek aid package, rather than repeat a eurozone-only rescue, the UK Treasury would be responsible for 12% of the new loan guaranteed to the Greek government.

One UK official admitted there is "theoretical risk", but again, no money will be involved unless Greece defaults.

Last night Greek prime minister George Papandreou insisted his country would not default and is determined to crackdown on its mounting deficit.

He said failure to do so would be a "catastrophe".

Meanwhile, Boris Johnson has said Greece should be allowed to default on its debts and leave the euro.

Writing in The Daily Telegraph, the London Mayor said the single currency is responsible for aggravating the international financial crisis.

"The euro has exacerbated the financial crisis by encouraging some countries to behave as recklessly as the banks themselves," he said

Do you think UK is insulated against the failure of the Euro?

If so, think again.

Any failure will effect us more than people realise.

Let's hear it for Boris!

:-)

No rehab, no release
Says Boris Johnson, Mayor of London
20 June 2011

SOFT is the perfect way to enjoy French cheese, but not how we should approach punishing criminals.

It's time to stop offering shorter sentences and get-out clauses.

The Met Police is currently doing the biggest project in its history, Operation Target, which is cracking down on prolific robbers and burglars after three years of falling crime in London.

In little over a week the results have been superb - over 900 arrests and the recovery of firearms, drugs and tons of stolen property.

I helped them launch it and took part in a dawn raid on suspected drugs dens. I can't say the people inside the raided homes were particularly pleased to see me.

Nor should they smile at the prospect of jail. Prison shouldn't be about sitting on a mattress, playing video games and networking with seasoned criminals. Prison should change people and if it doesn't they shouldn't be let out.

I've taken a different approach to the revolving door of offending with the prison wing - Heron - I opened at Feltham Young Offenders Institute.

On the wing we've managed to halve that national youth re-offending rate of 78 per cent by allocating each prisoner an individual "motivational"member of staff who helps them sort out their lives during their jail term, then works with them for a year after their release.

The prisoners are pushed into further education, helped to apply for jobs and we've even got a few into university.

If the boys start to commit crimes again, we don't pay the staff. It's payment by results. And it's a powerful incentive. It's not soft but sensible.

I'm now pushing for a similar approach to be adopted more widely across councils, where we can offer payments to agencies who help keep local criminals on the straight and narrow.

In short, local councils, police and the criminal justice system need to work hand in hand to stop the spread of people gearing towards a life time of criminality - career criminals.

It's the only way we can stop the revolving door of criminality.

I'm meeting the key heads of these agencies today and I will urge them to support our proven model of rehabilitation.

Let's all get behind a solution that can really turn around the lives of those entrenched in crime: "No rehab, no release."

Taken from http://www.thesun.co.uk/sol/homepage/news/3647252/Boris-Johnson-tells-Ken-Clarke-No-soft-justice.html#ixzz1PrJkknc9

Let's not forget overcrowding in prisons and staff shortage. How many prisoners are non British ? When will we stop importing criminals.

Blairs charge children 10 to attend son's end-of-term party at their 6million country mansion

100BN WIPED OFF OUR SHARES

Tuesday June 21,2011
By Macer Hall Political Editor
Daily Express

ANGRY MPs last night demanded the break up of the eurozone after figures showed the Greek debt crisis had so far cost the British economy a devastating 100billion.

More than 5.6billion was wiped off the share values of the UKs top 100 companies yesterday as EU finance ministers squabbled over a new bail-out for Greece.

It took total losses on the FTSE 100 index to a colossal 100billion over the last six weeks affecting pension and investment funds held by millions of Britons.

In heated clashes at Westminster, senior Tories said it would be better to allow the European single currency to fail rather than throw further billions of pounds of taxpayers money into emergency bail-outs.

Former Foreign Secretary Jack Straw said the eurozone in its current form cannot last and he urged the Government to be open about the break up. He added: If this euro in its current form is going to collapse, is it not better that it happens quickly rather than a slow death?

Mr Straw also warned that British banks could lose 8billion if the Greek government defaults on its debts.

The euro crisis deepened yesterday after EU finance ministers postponed a deal to lend Greece an extra 10billion. They are refusing to offer more cash until the Greek government ignores the demands of protesters on its streets and introduces austerity measures to begin slashing its huge 300billion debts.

As a summit broke up in Luxembourg, Chancellor George Osborne insisted the Greek crisis was a matter for the eurozone countries and could be solved without help from Britain. He said: The eurozone has not asked the UK to participate in the proposed new bail-out. Our position on this is well understood in the euro area. What this shows is the danger faced by countries that cant pay their way in the world.

But concerns were growing last night that the crisis was already damaging Britains recovery. The FTSE 100 share index has plunged from a high of 6,082.88 on May 3 to 5693.39 yesterday, wiping 100billion from the value of Britains top 100 quoted companies.

At one point yesterday, share prices plunged by 17billion before rallying later.

Tory MP Anne Main said Britain should allow Greece to fail and quit the euro rather than pour billions more in taxpayers money through the International Monetary Fund.

She told MPs: The next debate we are going to have today is about cutting back on pensions to save our taxpayers money and yet we are still planning to put money through the IMF, a third party, taxpayers money that we are having to scrimp and save for at home.

My constituents wont stand for it. I am disappointed to hear the language of the Government at the moment that seems to imply this is an economy that is too big to fail. This is the same that we had with the banks. Put Greece out of its misery. Its flatlining and no more of our public money should be sent abroad.

And fellow Tory John Redwood said Greece needed a work out rather than another bail-out. He said a second Greek bail-out would be throwing good money after bad. He added: Greece went bankrupt over a year ago while finance ministers waste taxpayers money pretending it hasnt happened.

Amid the exchanges at Westminster, a Government minister conceded for the first time that the eurozone could be on the verge of disintegrating. Treasury minister Mark Hoban said: I am not going to comment on whether the euro is going to remain intact.

Stephen Booth, of think-tank Open Europe, later said: The minister has let the cat out of the bag and revealed how close the eurozone is to crumbling due to the huge pressure its under. Although less exposed than France and Germany, a Greek default would have huge knock-on effects for the UK. The Government, therefore, needs to take a far more pro-active approach in urging the eurozone to come up with a long-term sustainable solution.

London Mayor Boris Johnson yesterday joined in the row and called for Greece to be allowed to quit the single currency. In a newspaper article, Mr Johnson wrote: For years, European governments have been saying that it would be insane and inconceivable for a country to leave the euro. But this second option is now all but inevitable, and the sooner it happens the better.

But Lib Dem Deputy Prime Minister Nick Clegg a fanatical EU supporter last night castigated Tories predicting the euros demise. He said: The UK is not part of the eurozone but we are heavily dependent on the eurozone for our own prosperity. So I dont think it helps our interests and our long-term economic fortunes to start making predictions of catastrophe in the eurozone, which I dont believe for one moment will materialise. A strong eurozone is in Britains interests. A weak eurozone is not in Britains interests.

And the IMF yesterday urged eurozone nations to integrate faster to prevent the currency from collapsing.

IMF acting director John Lipsky said: The euro area needs to strengthen economic governance and may need to be more intrusive in terms of national structures.

From: http://www.express.co.uk/posts/view/254014-100bn-wiped-off-our-shares#ixzz1PtnnKnwm

I need Aid.

I see the law and order party is in reverse again. Clarke and Cameron in control of the system.

Reversal, reversal, reversal and the collapse. U U U U U U U U U U U

8-)

Apologies, it is not an U-Turn.

Just a "re-think" after "consultation" with members of the tory back benchers and the Libs.

I don't think the government is fit for purpose.

Just heard Cameron is offering "strong" government.

Good to change is policies after listening to public opinion.

Does that mean the public leads and government follows.

Ouch this is going to hurt, good news.
tweet0Print..Topics:InternationalEurope.Sean O'Hare, 16:52, Tuesday 21 June 2011

Switzerland believes a deal with the UK and Germany to tax undeclared assets hidden in Swiss bank accounts is imminent, despite taking longer than expected.

In accordance with the Swiss government's desire to pursue a "white money strategy", while ensuring a client's right to privacy, an experimental deal with Germany and the UK was tabled last year and is expected to be in place before the end of summer.

A "clear the slate" charge is to be handed to depositors with undeclared assets and a new witholding tax to be levied on future earned investment.

According to Mario Tuor, spokesman for the State Secretariat for International Financial Matters (SIF), the deal is expected to be rolled out in July.

"The complexity is quite big and clarifying the detail has taken longer than expected but it doesn't need much more time," he said.

The size of the charge has yet to be disclosed, although British depositors with undisclosed assets in Switzerland should expect to be charged a one-off fee according to how long their assets have been in Switzerland and how they have performed.

The witholding tax is expected to be fixed at a rate that mirrors, more or less, the rate charged in that person's home country.

In return, depositors will be guaranteed their anonymity, and Switzerland will not be subject to the automatic handing over of information relating to its clients.

Critics argue that the deal is futile because by charging the same tax rate as a client's home country, the allure of banking in Switzerland suddenly disappears, while a lesser rate would encourage every higher tax payer to move their account offshore to Switzerland.

On the other hand, Swiss bankers remain hopeful that the country's reputation for stability and its banking expertise will ensure that clients continue to consider it a safe haven for their money.

They must be talking about bankers

..World stocks rally, euro gains on Greek hopes

By Herbert Lash | Reuters 8 minutes ago
....tweet0EmailPrint......Related Content.
..
Enlarge Photo.Euro notes are spread out at a bank branch in Madrid
....NEW YORK (Reuters) - Global stocks advanced broadly and the euro jumped on Tuesday on growing expectations that Greece will avoid a debt default.

Investors bet that Greek Prime Minister George Papandreou would survive a confidence vote in parliament, a key hurdle the country must clear to avert a debt default. The vote is due around 5 p.m. New York time (10 p.m. British time).

World stocks have tumbled almost 8 percent from three-year highs set in early May as the threat of a disorderly restructuring of Greek debt roiled global markets and hit banking shares in Europe and elsewhere.

The euro broke through resistance at the 55-day simple moving average against the U.S. dollar, rising as high as 1.44217 on electronic trading platform EBS.

The euro was up 0.6 percent at $1.43907. In contrast, the U.S. dollar index shed 0.5 percent.

Euro-zone finance ministers said the Greek government had until July 3 to approve reforms to get the next installment of 110 billion euros in aid from the European Union and International Monetary Fund.

"There is increased optimism that one, the prime minister will survive the confidence motion tonight and two, that will pave the way for austerity measures to be passed," said Nick Stamenkovic, a strategist at RIA Capital Markets in London.

"As a result, Greece will get the necessary financing to push the debt restructuring further down the road," Stamenkovic said. "But the stakes are high."

European shares rose at their fastest pace in two months, bouncing off three-month closing lows, and benchmark government debt prices on both sides of the Atlantic fell.

Commodities also advanced broadly, with the 19-commodity Reuters-Jefferies CRB index climbing 0.5 percent after paring earlier gains.

On Wall Street, the Dow Jones industrial average was up 94.65 points, or 0.78 percent, at 12,175.03. The Standard & Poor's 500 Index was up 14.53 points, or 1.14 percent, at 1,292.89. The Nasdaq Composite Index was up 46.42 points, or 1.77 percent, at 2,676.08.

The FTSEurofirst 300 index of top European shares added 1.5 percent to close at 1,096.95 points, the biggest gain since April 20.

The MSCI world equity index rose 1.5 percent and an index of emerging market stocks gained 1.4 percent.

The Federal Reserve began a two-day meeting that ends on Wednesday when Fed watchers hope to learn more about U.S. central bank policy to deal with an economy that shows signs of slowing while underlying inflation pressures build.

Traders said the euro's gain sparked a relief rally, although many questioned its strength.

Even if Papandreou's cabinet survives the confidence vote, the euro's gains would be short-lived as it would not necessarily guarantee that Greece will be able to pass new austerity measures on June 28, traders said.

"We should see cautious trading ahead of the Greek vote and if it is passed, euro/dollar should react positively," said Roberto Mialich, currency strategist at Unicredit in Milan, who expected gains to be capped below $1.4450.

"The picture is so uncertain about the euro zone periphery that it will prevent big investors from taking large directional positions," Mialich said.

In London, the August contract for Brent crude fell 61 cents to $111.12 a barrel. The U.S. crude contract for July expired and settled up 14 cents at $93.40 a barrel in choppy trading on the New York Mercantile Exchange. The August contract rose 52 cents to $94.14.

Data showed U.S. sales of existing homes fell in May about in line with expectations.

The benchmark 10-year Treasury note was unchanged in price and yielding 2.96 percent.

Gold prices rose, lifted by investors still worried about a possible Greek debt default and financial contagion.

Spot gold was bid at $1,545.69 a troy ounce

DOW up 131 points

While wandering around France a short while ago,I was chatting with an Austrian financial advisor about taxation in France, Switzerland and Britain and she informed me that the banking system and accounts are also being examined and become much tighter in its administration.

.Wed 22 Jun 2011 6:17 - UK Markets open in 1 hr and 42 mins
..Greek government survives vote, battles on to avert bankruptcy

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{"s" : "MXG1.BE","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""} Harry Papachristou and Dina Kyriakidou, 4:16, Wednesday 22 June 2011

ATHENS (Reuters) - Greece's government will approve its new austerity package on Wednesday after it survived a confidence vote, clearing the first hurdle in a battle to secure emergency loans and avert the euro zone's first sovereign debt default.

Prime Minister George Papandreou's reshuffled cabinet aims to get parliament approval for a package of spending cuts, tax hikes and state asset sales by June 28 and then push through laws needed to implement it within the next two weeks to avoid missing out on 12 billion euros (10.6 billion pounds) in aid and plunging into bankruptcy.

The vote follows a European ultimatum linking the release of the next instalment of a 110 billion euro EU/IMF (Berlin: MXG1.BE - news) aid package due in two weeks to a new five-year belt-tightening plan.

Without the loans, Athens will run out of cash next month and policymakers fear a default would send shock waves through the global financial system.

The euro rose in hopes that the immediate threat of market chaos could be avoided, but the gains were short-lived as traders cited concerns about implementation of harsh austerity measures in a nation bruised by its worst recession in 37 years and doubts about Greece's ability to reduce its debt burden without some form of restructuring.

"The reaction of the people is going to be critical. If we see cars burning and protests tomorrow, then all this short term success is going to get sucked out the window," said William Larkin, a fixed-income portfolio manager at Cabot Money Management in Salem, Massachusetts.

DEFAULT ONLY WAY OUT FOR GREECE?

Speaking just hours after the vote, Mohamed El-Erian, head of Pimco, the world's biggest bond fund, said he expected Greece to end up defaulting on its debt.

"For the next three years, we're going to see different economies work out different problems. For European economies, especially Greece, it would be through default," El-Erian told a conference in Taipei.

Papandreou managed to stifle dissent within his party last week by replacing unpopular government figures with critics of the austerity plan and repeatedly hammering home the message of what was at stake.

"If we are afraid, if we throw away this opportunity, then history will judge us very harshly," Papandreou said in a final appeal for support before the confidence vote.

All of Papandreou's Socialist Party deputies voted solidly with the government, handing him a victory by 155 votes to 143 with two abstentions, while thousands of protesters besieged the parliament building, shouting insults at politicians and shining hundreds of green laser lights at the building and at Greek police.

Having already missed targets agreed in its first, year-old bailout, Athens needs the reforms to keep receiving those funds and secure a second bailout worth an estimated 120 billion euros.

The new mid-term plan envisions raising 50 billion euros by selling off state firms and includes 6.5 billion in 2011 fiscal consolidation, almost doubling existing measures that have helped extend a deep recession into its third year.

Most analysts remain sceptical that Greece will be able to reduce its vast public debt pile of 340 billion euros, 1.5 times its annual economic output and more than 30,000 euros for each of its 11.3 million people, even if the reforms are implemented.

But for now both markets and European policymakers are willing to give Greece the benefit of the doubt.

"Although this clearly is not going to be a long-term fix, investors see this as a chance that the can will be kicked further down the road," said David Dietze, Chief Investment strategist at Point View Financial Services.

ANGER BUILDS IN ATHENS

European Commission President Manuel Barroso, who had piled on pressure before the vote, expressed relief.

"Tonight's vote in the Greek Parliament removes an element of uncertainty from an already very difficult situation," he said, adding that Papandreou could now concentrate on implementing the reforms.

Acting IMF chief John Lipsky sent a similar message, saying international lenders were willing to help peripheral euro zone economies as long as they tried to carry out reforms. He said the Greek fiscal system was broken but could be fixed with the right political will.

The cabinet will meet on Wednesday afternoon to approve a draft bill implementing the austerity plan, officials said. It will aim to get it passed in parliament by June 28 and then it must push through laws implementing the reforms -- potentially more difficult as it will tackle individual privatisations, tax measures and spending cuts -- in time for an extraordinary meeting of euro zone finance ministers on July 3.

As parliament debated the confidence motion, demonstrators stepped up their protests in the square, where hundreds have camped for weeks to show their opposition to more austerity, which has deepened the worst recession for 37 years.

"I believe we should go bankrupt and get it over with. These measures are slowly killing us," said 22-year-old student Efi Koloverou. "We want competent people to take over."

Glykeria Madaraki, a 39-year-old unemployed woman, said: "God help us. There is no way these people are getting us out of the crisis. I feel insecure and I see my country being sold off. They didn't ask what we think about all this. I want elections."

Inside parliament the opposition poured similar disdain on the government.

"This is not a programme to salvage the economy, it's a programme for pillage before bankruptcy," said Alexis Tsipras, head of the small opposition Left Coalition.

Newly appointed Finance Minister Evangelos Venizelos, in an attempt to answer a key grievance of protesters, told parliament the government's top priority would be to build a fairer tax system.

Inspectors from the International Monetary Fund and European Union arrived on Tuesday to examine a request by Venizelos for changes to the mid-term plan. Greece's government has said the lenders' inspectors would discuss changes "at a technical level."

Euro zone officials have told Reuters the plan for the new bailout, meant to extend Greece's year-old 110-billion-euro deal and fund it into late 2014, would feature up to 60 billion euros of fresh official loans, 30 billion euros from the private sector and 30 billion euros from privatisations.

Leading global credit ratings agencies have warned, however, that changes to terms of existing government

Anyone buying JELY today ?

A friend of mine emailed me to say that she was taking a short trip to France [ she's a Austrian financial advisor ] and this boring old English fart tried to chat her up by mumbling something about Tory toff's and u bends. Very strange man she said, I told him I didn't like toffee's and if I had trouble with my U bend , i knew a good Plumber.

Are you referring to the the Boy's Own reject Cameron and his latest attempt to portray himself as the new "tory messiah"?

I think he should go back to his job of being a PR stuntman. Mind he could be a circus clown without any training,

Cabinet announcing today further strong government with more rapid U turns in quick response to public opinion.

Cameron says it is better, quicker and easier than doing research before announcing further policies.

Also much more cost efficient.

Just came across this elsewhere. Radiation Map Of Fukushima,

Thanks for that Skinny. Grim reading. My wife has stopped calling relatives in Fukushima for the time being as very hard to know what to say.