News Links: Euro stability more important than Greece
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Euro stability more important than Greece, says Angela Merkel | Business | The Guardian
Merkel said: "We would rather achieve a stabilisation of the euro with Greece than without Greece, but this goal of stabilising the euro is more important." She said the sudden Greek announcement of a referendum had changed the "psychological situation" and European leaders now needed to be able to inspire confidence in the single currency. She said the meeting was conducted "in a spirit of friendship, but also of seriousness."
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RMB convertibility: sooner than you think | beyondbrics | FT.com
“We are very close to the requirement for full convertibility. Personally, I think we are just one step away now. It will be a political decision and we are not as far away as some people think. It is not as big of a step as some people tout it,” Xia said. “We have 10 years and we should be able to do it [make the renminbi fully convertible],” he added.
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Belgische rentespread op recordniveau: De Tijd
De Duitse rente zakte maar liefst 26 basispunten tot 1,77 procent. Daardoor stijgt de spread tussen beide lange rentes tot 263 basispunten, een nieuw record. Concreet betekent dat dat België 2,63 procent meer rente moet betalen op zijn langlopende obligaties dan Duitsland.
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Italy’s ‘shock therapy’ as eurozone manufacturing buckles – Telegraph
“Italy is a serious concern. Total and export new orders collapsed,” said Francois Cabau from Barclays Capital. Italy’s economy is almost certainly in a double-dip recession already, exacerbating the country’s fragile debt dynamics.
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Judge William Adams beats disabled daughter Hillary, 16, in YouTube video | Mail Online
A family law judge faced a police investigation today after his disabled daughter posted on YouTube a secretly-filmed video of her father beating her with a leather belt.
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UK’s oldest sisters Hilda Greening and Jean Underwood reach combined age of 308 | Mail Online
It’s not every woman approaching her century who can claim to have two big sisters to look up to. Yet that is the proud boast of 97-year-old Mary Hunt. She, Hilda Greening, 107, and Jean Underwood, 104, have an astonishing combined age of 308. Each has outlived her husband and between them they have 12 children, 17 grandchildren and 29 great grandchildren
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Occupy Oakland: Protesters vandalize banks, grocery store – latimes.com
Anti-Wall Street protesters in Oakland have vandalized a Whole Foods store and shattered windows at two downtown banks. Windows were shattered at a Bank of America branch, where someone also spraypainted "Class War" and "Shut it Down," near Lake Merritt and a Chase bank at 20th and Webster streets.
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Selling More CDS on Europe Debt Raises Risk for U.S. Banks – Bloomberg
U.S. banks increased sales of insurance against credit losses to holders of Greek, Portuguese, Irish, Spanish and Italian debt in the first half of 2011, boosting the risk of payouts in the event of defaults.
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Italy Fails to Deliver Key Reforms – WSJ.com
Italian Prime Minister Silvio Berlusconi on Wednesday failed to issue growth-boosting measures demanded by European Union authorities ahead of the Group of 20 summit, raising further doubts about the government’s willingness to pass economic reforms aimed at restoring investor confidence in the country.
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Merkel y Sarkozy confirman el bloqueo de la ayuda de 8.000 millones Grecia · ELPAÍS.com
El fondo de rescate se congela hasta que se celebre el referéndum griego sobre el "sí" o el "no" a la ayuda. Papandreu, primer ministro heleno, ha dicho a los líderes de Francia y Alemania que la consulta será el cuatro o el cinco de diciembre
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Greece gets ultimatum: accept austerity plan or forgo extra bailout cash | Business | The Guardian
IMF and EU threaten to withhold €8bn of aid following Greek prime minister’s pledge to hold referendum
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French far-right leader to visit Occupy Wall Street | GlobalPost
Le Pen clearly hopes that the visit will burnish her credentials as a candidate representing the people. The question is, how will she will be greeted at Zuccotti Park?
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PIMCO’s Gross says banks need further capitalization | Reuters
U.S. banks have not done enough to ensure they are well capitalized, and getting back to a system where retail and investment banking are separated would be attractive in terms of reform, Bill Gross, manager of the world’s largest bond fund, said on Tuesday.
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What do Americans hate more: Washington or Wall Street? – The Washington Post
Big Government — in the form of the far-away monarchy in London — was the initial focus of Americans’ loathing of bigness. That mistrust of Big Government continued through the early republic, when Alexander Hamilton sought to align the interests of Big Government and the wealthy, but most of the American public sided with the anti-elitism of Thomas Jefferson. Later, Andrew Jackson cast himself and the new Democratic Partyas the champions of the people against wealthy predators.
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Private sector adds jobs, slow growth seen | Reuters
Private employers added more jobs than expected last month, though the lack of robust labor market growth reinforced the Federal Reserve’s view that economic progress will likely be "frustratingly slow."
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Euro zone factory data suggest recession | Reuters
The downturn in euro zone manufacturing in October was even deeper than previously thought, according to "grim" business surveys on Wednesday that showed the currency union’s debt crisis is dragging its economy back into recession.
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German manufacturing shrinks in Oct for 1st time in 2 years: PMI | Reuters
Markit’s Purchasing Managers’ Index (PMI) fell for a sixth consecutive month in October to hit 49.1 — just above an initial estimate of 48.9 but below the key 50 line that divides growth from contraction. It was the first time activity had shrunk since September 2009 and it was the lowest PMI reading since July 2009.
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Greece does not have an easy way out. However, its problems are no doubt far worse than if it told the Troika to go to hell two years ago. Greece should have gone bankrupt long ago. Heck, Greece should not be in the European Monetary Union (EMU – Eurozone) in the first place, and EMU bureaucrats are primarily to blame even though Greece lied to get in.
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Dutch govt wins time on euro bailout deal | Reuters
Despite anger among coalition and opposition parties about Greece’s plan for a referendum on the rescue plan, the Dutch parliament agreed to wait for details how the euro zone rescue fund EFSF would work and what powers the commission will get to enforce budget rules before reaching a view. The package negotiated last week does not need the formal approval of euro zone national parliaments.
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BofA employees flood bank’s rivals with resumes | Reuters
Bank of America Corp employees are flooding rival companies with resumes as a major cost-cutting program gets under way at the second-largest U.S. bank.
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It’s Not Just the ECB – Kantoos Economics
As Kantoos and I have argued repeatedly, a currency union needs not only inflation and open-ended credit – issues that, one may argue, are within the realm of the ECB. To be able to function, it also and critically needs the member states’ ability and willingness to adjust, to ensure they remain solvent and their economies competitive. And this is first and foremost the responsibility of individual governments.
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The New ‘Untouchables’: Down-and-Out and Abandoned
As cash-strapped states relentlessly slash spending on relief for people who fall outside the federal social safety net, a new group of “untouchables” is fast emerging, experts warn.
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Ukraine: Timoschenko richtet Appell an die EU – International – Politik – Handelsblatt
Das geplante Assoziierungsabkommen ihres Landes mit der EU sei ein Meilenstein und dürfe nicht wegen ihrer Verurteilung platzen, forderte Timoschenko in einem am Mittwoch veröffentlichten Brief an die EU
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Obama Publishes Tell-All Book About America | The Onion – America’s Finest News Source
The gossipy new account, reportedly the culmination of more than three years of intensive research into the country’s checkered past and recent shortcomings, has been described by Obama as "a story [he] had to tell," because he was the only person who knew the full extent of the American people’s problems.
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Two small earthquakes near Blackpool in northwest England earlier this year were probably caused by hydraulic fracturing, a technique of grinding underground rocks to extract natural gas.
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Mengele in America – Donna Dickenson – Project Syndicate
It’s 1946. On one side of the Atlantic, American lawyers are prosecuting Nazi doctors at Nuremberg for crimes against humanity – so-called “research” carried out on concentration camp prisoners. On the other side of the Atlantic, in Guatemala, the United States Public Health Service (PHS) is deliberately infecting prisoners and mental patients with syphilis in another “experiment” aimed at replacing the ineffective drugs used by soldiers during the war that had just ended.
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Ex-Google Reader Product Manager Posts Scathing Review Of Reader Redesign | TechCrunch
Former Google Reader Product Manager Brian Shih has posted a scathing, but fairly accurate, review of the update to Google Reader. The update, which removed Reader’s own social sharing features in favor of Google+, was unpopular among Google Reader’s most active users because it destroyed their niche community built up over the years. But in Shih’s opinion, that’s only one of its problems.
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Putin ‘had affairs and beat wife’ as KGB boss | News
Bild, Germany’s biggest paper, said: "This report gives added nourishment to the rumour that [Mr Putin] left in the spring of 1990 allegedly leaving an illegitimate baby behind."
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