New Pope – Italian, African or Canadian?

On February 28, Benedict XVI, who was the 265th Pope of Rome, resigned. This is the first case within several centuries that a Pope leaves his post while he is alive. Now, the world is trying to guess who will be the next Pope.

Theoretically, any Roman Catholic, if he is a man and is not married, may become the Pope of Rome. However, within the last several centuries, only cardinals were elected popes. Who will be the next pope? Candidates review (PHOTO), Voice of Russia presents a biography review of the candidates:

Peter Kodwo Appiah Turkson (born 11 October 1948) is a Ghanaian cardinal of the Catholic Church. He is the president of the Pontifical Council for Justice and Peace since his appointment by Pope Benedict XVI on 24 October 2009. He had served as Archbishop of Cape Coast. He was elevated to the cardinalate by Pope John Paul II in 2003, and is widely regarded as papabile. Immediately following the announcement on 11 February 2013 of the impending resignation of Pope Benedict XVI, at least two bookmakers, Paddy Power and Ladbrokes, made Turkson the favourite to be elected as the new pope, with Paddy Power giving 2/1 odds. Turkson has also been mentioned in regards to St. Malachy's apocalyptic list Prophecy of the Popes, given that its final Pope is named Peter. Odds of 4/1 are given.

Marc Ouellet, PSS (born June 8, 1944) is a Canadian Cardinal of the Catholic Church. He is the present prefect of the Congregation for Bishops and concurrently president of the Pontifical Commission for Latin America since his appointment by Pope Benedict XVI on 30 June 2010. Previously, he was archbishop of Quebec and primate of Canada. He was elevated to the cardinalate by Pope John Paul II, on 21 October 2003. He is the present prefect of the Congregation for Bishops and president of the Pontifical Commission for Latin America since his appointment by Pope Benedict XVI on 30 June 2010. He succeeded Giovanni Battista Re, who had reached the age limit.

Francis Arinze (born 1 November 1932) is an Igbo Nigerian Cardinal of the Roman Catholic Church. He is Prefect Emeritus of the Congregation for Divine Worship and the Discipline of the Sacraments, having served as prefect from 2002 to 2008. He is the current Cardinal Bishop of Velletri-Segni (succeeding Joseph Ratzinger, who became Pope Benedict XVI) since 2005. Arinze was one of the principal advisors to Pope John Paul II, and was considered papabile before the2005 papal conclave, which elected Benedict XVI.

Tarcisio Pietro Evasio Bertone, S.D.B. (born 2 December 1934) is an Italian prelate and a Vatican diplomat. A cardinal of the Catholic Church, he currently serves as Cardinal Secretary of State and Camerlengo, having previously served as Archbishop of Vercelli from 1991 to 1995, as Secretary of the Congregation for the Doctrine of the Faith, when Cardinal Ratzinger, the future Pope Benedict XVI, was Prefect, and Archbishop of Genoa from 2002 to 2006. Bertone was elevated to the cardinalate in 2003. On 10 May 2008, he was named Cardinal-Bishop of Frascati. Besides his native Italian, Bertone speaks fluent French, Spanish, German and Portuguese. He has some knowledge of English, although he is not fluent, and he can read Polish, Latin, Greek and Hebrew.

Angelo Scola (born 7 November 1941) is an Italian Cardinal of the Catholic Church, philosopher and theologian. He was appointed Archbishop of Milan by Pope Benedict XVI on 28 June 2011. He had served as Patriarch of Venice since 2002. He was elevated to the cardinalate in 2003. He is considered a contender to succeed Pope Benedict XVI, who has announced his resignation effective 28 February 2013

João Braz de Aviz (born 24 April 1947) is the current prefect of the Congregation for Institutes of Consecrated Life and Societies of Apostolic Life since his appointment by Pope Benedict XVI on 4 January 2011. On 11 February 2013, Pope Benedict XVI announced that he will resign on 28 February 2013. Braz de Aviz is cited as one of the Papabili or potential popes. Voice of Russia, Wikipedia: At present, there are more than 200 cardinals in the entire Roman Catholic Church, and it is very hard to guess who of them will be elected the next pontiff. However, quite a few people find it very likely that the next Pope will be an Italian. Before the two last Popes, Pole John Paul II and German Benedict XVI, the papal throne had been occupied by Italians within many years, and now, Italian clergymen will probably try to revive this tradition, some people suppose. In an interview with the Voice of Russia, Executive Director of the Franciscan publishing house in Moscow Igor Baranov said: “It is very likely that the next Pope will be an Italian. The new Pope will be elected from a conclave of 117 cardinals. Out of them, 60 are Europeans, and out of these 60, the majority are Italians.” “One of the candidates who has good chances to win the elections is Angelo Scola, the 71-year-old archbishop of Milan,” Igor Baranov continues. “His Eminence Angelo has large experience in establishing public relations between the Church, on the one side, and politicians and journalists, on the other. Besides, Angelo Scola has initiated, and now heads, an organization that is trying to establish closer relations between Christians and Muslims. I believe that the decision to create such an organization was very timely.” The Voice of Russia has also interviewed Krzysztof Tomasik from the Polish Catholic Information Agency, and he said: “It is hard to predict with a 100% certainty who will be the next Pope. However, many of my colleague journalists say that if they had the right to vote, they would have voted for Milan’s Cardinal Angelo Scola. But there is also a big chance that the new Pope will be a non-European.” The next Pope may even be an African. There are two cardinals from Africa among the candidates, who, as experts say, have good chances to be elected - Francis Arinze from Nigeria and Peter Kodwo Appiah Turkson from Ghana. “Both Cardinal Arinze and Cardinal Turkson are very worthy people,” Igor Baranov says. “At present, the number of Roman Catholics in Africa is rapidly growing. Meanwhile, in Europe, the number of Catholics is decreasing, and in the US and Latin America, it is staying at the same level.” Another non-European who is often mentioned among the candidates with good chances to win is the 68-year-old Canadian Cardinal Marc Ouellet, who is the prefect of the Congregation for Bishops. His Eminence Marc has a reputation of a traditionalist. For example, he is radically against abortions. At the same time, Cardinal Ouellet believes that the old ban for Roman Catholic clergymen to be married should be abolished. Russian Orthodox priests, of course, have no right to vote for or against a new Pope of Rome or give any orders to Roman Catholics. However, they have the right to say whom they would prefer to see as the new head of the Roman Catholic Church. Archpriest Dmitry Sizonenko from the Russian Patriarch’s Office says: “There are many friends of Russia among the current candidates for the papal throne – for example, Italian Cardinal Gianfranco Ravasi, who knows Russian culture and Russian Christian traditions very well and loves them. His Eminence Gianfranco has met several times with Metropolitan Illarion, who is responsible in the Russian Church for ties with other Christian denominations. If Gianfranco Ravasi becomes the Pope of Rome, this would be very beneficial for the relations between the Russian Church and the Roman Catholic Church.”Source: Voice of Russia

Read More........ → March 05, 2013

Berlusconi introduces his new First Lady – Francesca, 27

IT SEEMS that Silvio Berlusconi is back in the game in more ways than one. As the perma-tanned 76-year-old embarks on an unlikely bid to become prime minister of Italy for a fourth time, he has a new squeeze in tow who, at 27 years old, is almost 50 years his junior. Rumours that Berlusconi had been dating former TV showgirl Francesca Pascale were confirmed first by one his own MPs, Daniela Santanche, and then, according to The Times, in a "small item on page five of the Berlusconi family's newspaper, Il Giornale". Robert Fox: Don't write off the Demon king, Pascale, who was a pro-Berlusconi councillor in Naples and even founded a group called "Silvio We Will Miss You" when he was ousted from office in 2006, has been linked to Berlusconi since 2010, although they first met in 2004, when she was still a teenager. In 2011 her Smart car was spotted outside Berlusconi's Rome palazzo after his government collapsed. She has also been pictured alongside the former prime minister at AC Milan football matches. He owns the team. The Times also reports that Pascale and Berlusconi were spotted having dinner with his daughter, Marina, on Sunday night. At 46, Marina is old enough to be Pascale's mother. According to The Daily Telegraph, Pascale claims her life revolves around three things - her family, politics, and Signor Berlusconi."[She] is said to be jealous of the other women in his inner circle, including Mara Carfagna, a glamour model whom he appointed equal opportunities minister in his last government.” In the Italian media, Pascale has already been dubbed the country's new 'First Lady', even if her boyfriend is out of power currently. La Repubblica described Pascale as "enterprising" and "careerist" but others have queried her motives. "She, like all the others, was in search of success on TV and is now mysteriously in love with politics," sniffed blogger Elide Messineo. Meanwhile another former Berlusconi squeeze, teenage belly-dancer Karima El Mahroug, better known as Ruby the Heart Stealer, is back in the news after she missed a court date in Milan. Berlusconi is on trial for allegedly paying Roby for sex when she was underage. Her lawyer said she was in Mexico. Source: The Week UK

Read More........ → December 18, 2012

When in Rome

My character is of a hooker who makes prostitution seem like a desirable profession. She is very professional, she looks at this job with dignity, and she wants to be the best at it What character do you play in To Rome with Love? My character is of a hooker who makes prostitution seem like a desirable profession. She is very professional, she looks at this job with dignity, and she wants to be the best at it. She is convinced she is helping people, and is really necessary for society.  How would you describe the film? To Rome with Love is described as “a story about a number of people in Italy, some American, some Italian, some residents, some visitors, and the romances and adventures and predicaments they get into. How was it working with Woody Allen again? How did he approach you with the film? It was easier this time because I knew Woody, so I wasn’t so nervous because of all the stories you hear about him. He is peculiar and unique and different, but it is really a blessing to spend time with him, He is one of the funniest people in the world. Everyday he does something that surprises you, and that you will remember forever. What do you have to say of him as a director? Allen’s known for only giving his actors the basic info on the story and then just letting them run with it. He gives all this freedom, which is very liberating. He lets actors add their own flavour to the character. As I said, he is peculiar; you just ask him something and expect some answers that you could never think of. Mostly he avoids talking to his actors on the sets. How would you compare this outing with your earlier Vicky Cristina Barcelona? Maria Elena is a mad character more often seen in easy dresses, bare foot and fringed huge bags, more of a bohemian style. She is a restless character and has to create some chaos wherever she is. Whereas Anna is a well dressed, tucked in from head to toe, who thinks she is helping the society through prostitution. Anna is street smart, whereas Maria was mad and innocent. How do you normally approach your characters? I read my character with a neutral mind and try to think and visualise how the character could be better portrayed. What are the kind of scripts that catch your attention almost immediately? Scripts that have some meat or a role that convinces me. Would you say Hollywood films are now gaining precedence over European cinema comprising, French, Spanish, Italian, among others? And if it is, is it co-opting the local stories? I guess both are going hand in hand. English speaking people have now gone beyond Hollywood and the French, Spanish, Italians are taking interest in Hollywood. Is it difficult traversing Europe and America juggling your professional assignments? No,I always did one thing at a time and now I have different priorities so now may be just one or two movies a year will reduce the amount of travelling. What’s coming up next? My upcoming films are The Counselor (2013), I’m So Excited (2013), Twice Born (2012) are going to be released.  Have you worked in any of Hollywood’s magnificent animation films? What is your opinion of them? I have not yet worked in magnificent animation films but am looking forward to it, if I get an opportunity. Well, it’s really fun working in such projects, as maximum people like animated films especially children. It’s getting recognition because it’s entertainment for whole family so it’s really wonderful to be associated with it. Source: Screen India

Read More........ → September 19, 2012

Future Cars: 2013 Maserati Quattroporte Sports Sedan

It is hard to believe that the current Pininfarina-designed Maserati Quattroporte has been with us since 2004. Yes, it may be getting old but arguably, it looks better now than ever. Nevertheless, the Italians aren't keen on resting on their laurels and have been hard at work on the Quattroporte's successor, which is expected to make its world premiere at the 2013 Detroit Motor Show - unless Maserati surprises us in Paris next month. Based on a set of patent drawings and spy shots/videos, I have brought a fresh visual perspective of how the next Quattroporte may look. The gentleman's express features similar design elements to the Kubang SUV, but arguably shares more in common with the GranTurismo. With its aggressive grille ready to inhale oxygen and wildlife, the new car throws a much bigger visual punch. The surface language is more dynamic and sculptured, which lends to a sleeker and more modern look. There are still some similarities with the old car. The roofline and glass area have been thoroughly massaged and carried over, while the car now features frameless side windows. The signature side vents make it to the new car as do the central hood creases. Will the next Quattroporte have what it takes to go head to head with its main rivals? Well, only time will tell but one thing is for sure; the Porsche Panamera and Mercedes-Benz AMG limos won't make things easy. By Josh Byrnes, Design Credits: Josh Byrnes for CarScoop, Source: Carscoop

Read More........ → August 12, 2012

Online gambling site PokerStars settles dispute with US govt for $731 million

PokerStars, the company that operates the world's largest online poker site said yesterday that it has settled a dispute with the US department of justice (DoJ) by paying $731 million in compensation, ending a long-running battle between the DoJ and online poker sites. In 2011, the DoJ charged both PokerStars and its former rival Full Tilt Poker for using fraudulent methods to process payments, violating US online gambling laws. Following the charges, the US operations of the sites were shut down by the Federal Bureau of Investigation (FBI) in 2011. PokerStars.com launched in 2001 has over 49 million registered members worldwide. The company operates worldwide under licences from the Isle of Man, a self-governing British Crown dependency located in the Irish Sea, and Malta governments. It also operates under separate licences in Belgium, Denmark, Estonia, France, Italy and Spain. Under the terms of the settlement, PokerStars has agreed to acquire the assets of Full Tilt Poker and committed to the full reimbursement of Full Tilt Poker Customers outside the US. Full Tilt Poker is an online card room launched in 2004. The company had licences in Alderny, in Channel Islands as well as in France. In September 2011, Alderny Gambling Control Commission revoked the licence of Full Tilt Poker. PokerStars will pay an amount of $547 million to the US government over period of three years. It will include reimbursement provision for all Full Tilt Poker customers in the US. In addition, PokerStars will also make available in a separate bank account, all outstanding balances owing to all non-US customers of Full Tilt Poker an amount of $184 million within 90 days of the transaction. PokerStars chairman Mark Scheinberg said, ''We are delighted we have been able to put this matter behind us, and also secured our ability to operate in the United States of America whenever the regulations allow.'' ''Acquiring certain assets of Full Tilt Poker strengthens PokerStars, brings welcome relief to Full Tilt Poker players who have been waiting over 12 months for repayment of their money, and benefits the entire poker community,'' Scheinberg further said. The agreement permits PokerStars to apply for licence to relevant US authorities under both PokerStars and Full Tilt Poker brands, to offer real money online poker when state or federal governments provide an opportunity. In most markets, Full Tilt Poker will be re-launched as a separate brand which will operate under a new independent management team. Full Tilt Poker's operations will continue to be run from Dublin, but regulatory oversight will be transferred to the Isle of Man. ''Full Tilt Poker's customers outside the US can soon look forward to accessing their accounts and playing on the re-launched site, confident that they are supported by PokerStars' history of integrity and our track record of delivering high-quality and secure online poker,'' the company said. Another company, Absolute Poker, whose assets will be seized by the government, is also part of the settlement. The deal is yet to be approved by the US court. Source: Domain-B

Read More........ → August 06, 2012

Tata-Fiat JV bleeds away, Fiat slips to 10th spot in car market

Fiat India Automotive Ltd (FIAL), a 50:50 joint venture between Tata Motors and Italy-based car major Fiat, continues to be in the red, though losses have significantly came down from the previous fiscal. The company- which sells Fiat models Linea and Grande Punto in India -  reported a loss of Rs. 86.78 crore for 2011-12 against Rs. 248 crore last fiscal. Although FIAL has managed to bring down its losses, the company has been steadily losing sales volumes and market share over the years. Selling 17,129 cars last fiscal, Fiat

Read More........ → July 21, 2012

ArcelorMittal preparing for massive job cuts in Europe

Arcelor  Mittal, the world's largest steelmaker is preparing plans for thousands of job cuts in Europe due to the continuing economic turbulence in world's second-richest continent. The Luxembourg-based steelmakers yesterday said that it is planning to "optimise its support services" at its European flat carbon steel division, which unions have said world lead to thousands job losses.At the company's European work's council meeting held this week in Luxembourg, ArcelorMittal's Flat Carbon Europe division gave a presentation on guiding objectives on future organisation in regards to support services, which includes administration, human resources, technology and purchasing, according to report from AFP news agency. "To face economic difficulties in Europe, the Flat Carbon Europe division considers it vital to improve and insure competitively of its activity at all levels," ArcelorMittal said in a written statement to AFP. Edouard Martin, of the French CFDT union told the news agency that the entire exercise is a "hidden layoff plan" which will lead to thousands of job cuts in Europe. The CFE-CGC union of France envisages between 3,000 and 5,000 jobs could be cut from the 10,000 support jobs mainly in Belgium, France, Germany, Spain, Poland, and Romania. Lakshmi Mittal, chairman and CEO of ArcelorMittal had last week told the Financial Timesthat the ''sustained collapse in European [steel] demand has created a severe imbalance with potential supply (of the metal)'' and that the overall problems for the world economy remained ''very concerning.''  He also ruled out further site closures in Europe as the global steel industry currently has an overcapacity due to the slowdown in demand and consumption in China. Brussels-based World Steel Association had last month in its monthly report said that the European Union remained slow as production fell 5.5 per cent to 15.3Mt against 16.1Mt in May 2011. Germany produced 3.7Mt of crude steel, a decrease of 9.7 per cent over May last year. Italy's crude steel production for May 2012 was 2.6 Mt, down by 3.3 per cent. France produced 1.5 Mt of crude steel, up by 1.3 per cent compared to May 2011. Spain's crude steel production for May 2012 was 1.3 Mt, a massive 13.9 per cent lower than May 2011. While Lakshmi Mittal had earlier forecaste global steel consumption to grow by 4 per cent in 2012 and 2013, the World Steel Association earlier this year projected that steel consumption in Europe was expected to shrink by 1.2 per cent this year to 150.9 million tonnes due to the sovereign debt crisis. ArcelorMittal produced 92,629,000 tonnes of steel last year or 6 per cent of the global steel output, 37 per cent of it was produced in Western Europe, while 11 per cent was in Central and Eastern Europe. The company has already temporarily shut several plants in Europe since last year and idled many more, citing structural over-capacity in Northern Europe amid a difficult European market. Source: Domain-B

Read More........ → July 16, 2012

Photos and Videos of the Alfa Romeos at the Goodwood Festival of Speed

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Alfa Romeo, the famous Italian brand that should have been among the Fiat group's first priorities but which has been heavily neglected and steered towards the wrong direction over the years, had a strong presenceat last weekend's 2012 Goodwood Festival of Speed. Among other impressive production models on show was a yellow-colored example of the built-to-order by Zagato, Alfa Romeo TZ3 Stradalethat is based on the running gear of the V10-powered Dodge Viper ACR. Alfa Romeo also brought along several racing modelsfrom including a mid-1990s 155 V6 TI DTM sedan sporting a 444hp 2.5-liter V6 and a GTA 1300 Junior Coupe 1972 featuring a 1.3-liter inline-four with 163hp. If you head past the break, you will find several videos from the Alfa Romeo models that participated in the hill climb together with a batch of pictures from the event. Source: Carscoop

Read More........ → July 12, 2012

European leaders push ahead with plans but drop demands for all nations to be included .........For Now!

Britain will be spared a swingeing new tax on City transactions as European leaders confirmed they will press ahead with plans for a single currency superstate. Eurozone leaders vowed to plough on with the Robin Hood tax plans alone yesterday as they declared that a Brussels summit next week will be a ‘defining moment’ in EU history. Nine countries yesterday vowed to impose new taxes on financial deals – which Britain thinks will cripple economic growth – but demands for all 27 EU nations to be included were dropped. In a sign that next week’s summit will usher in new measures to set up a eurozone superstate, Germany, France, Italy and Spain all agreed it will lead to a ‘clear medium and long-term vision for greater integration’. German Chancellor Angela Merkel told the meeting in Rome: ‘The lesson from the crisis is not less Europe but more Europe.’ Spanish PM Mariana Rajoy said the leaders had agreed on the need for ‘a political, banking and fiscal union’. Italian prime minister Mario Monti warned that leaders may have just one week to save the euro with Spanish banks teetering on the brink of collapse.Source: The Coming Crisis

Read More........ → July 05, 2012

Italy beat Germany to reach Euro 2012 final

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WARSAW: Striker Mario Balotelli struck twice to seal Italy's 2-1 semi-final win over Germany on Thursday to leave the Germans' Euro 2012ambitions in tatters while the Azzurri march on to the final. The 21-year-old Manchester City star broke German hearts with a first-half header and sublime strike as Joachim Loew's inexperienced team - the youngest of the 16 at Euro 2012 - failed to cope with Cesare Prandelli's street-wise Italians. A late penalty from Mesut Ozil proved no more than a consolation score for the Germans whose 16-year wait for a major title continues. Italy are now into Sunday's final in Kiev to face defending champions Spain with the Italians bidding to win their first European crown since 1968. Victory at Warsaw's National Stadium means Italy maintain their impressive record of having never lost to Germany at a World Cup or European Championships on their eighth meeting at a major tournament. Having dropped three of his forwards for last Friday's 4-2 quarter-final win over Greece, Loew again tinkered with his starting line-up, but this time it back-fired as the Germans lacked an effective Plan B when things went wrong. Arsenal-bound Lukas Podolski was hauled off at half-time, striker Mario Gomez also made way for 34-year-old veteran Miroslav Klose after the break, while Toni Kroos barely troubled the Italian defence from the right wing. Germany had a couple of golden chances early on, but the Azzurri soon asserted themselves and after Riccardo Montolivo tested Germany goalkeeper Manuel Neuer, Italy took the lead on 20 minutes. Antonio Cassano ghosted through two German defenders and crossed for Balotelli to beat his marker Holger Badstuber and slam his header past Neuer. It was the first time since the Euro 2008 final Germany had fallen behind in a European Championship match after their ten wins in qualifying and their four wins so far at Euro 2012. The perplexed looks in the German ranks told their own tale. Rattled, the Germans tried to reassert themselves with Mesut Ozil and Gomez both squandering half chances, but Italy captain Gianluigi Buffon stood up to the challenge in goal before the Azzurri struck again. A sublime pass from Fiorentina's Montolivo split the German defence and gave Balotelli all the space he needed to curl his shot past Neuer on 36 minutes. With the Germans now reeling, Reus was quickly into the action after replacing Podolski and tested Buffon with a well-struck free-kick with an hour gone. But the Italians were not to be denied their first European final since their Euro 2000 defeat to France when Claudio Marchisio fired wide on 67 minutes and again eight minutes later. Balotelli made way for Antonio Di Natale on 70 minutes and with time running out, the Udinese forward missed a golden chance with the German defence all at sea. A handball by Federico Balzaretti in the 92nd minute gave Germany brief hope as referee Stephane Lannoy pointed to the spot and Ozil blasted home the spot-kick, but it was too little, too late. The Azzurri can now dream of denying world and European champions Spain a third consecutive major title on Sunday. Source: Naim's blog

Read More........ → June 30, 2012

Germans "plot to take control of Europe" (Third time's a charm)

GERMANY is plotting a European power grab using the economic ­crisis as a smokescreen. A group of 10 EU foreign ministers and officials – none from Britain – has held talks in Berlin this week on exploiting eurozone debt problems to create a superstate. A European army, an IMF-style monetary fund and a finance minister for the whole EU were among radical suggestions put forward. The group aims to set the scene for a summit in Brussels next week of EU leaders – and to encourage further thinking about how “political union” might be achieved. Tuesday’s meeting of the 10-nation “reflection group”, including France, Italy, Spain and Austria as well as non eurozone EU members Poland and Denmark, underlined how many influential figures on the Continent wish to see a United States of Europe – and was immediately seen by some as a plan for Berlin domination. German Foreign Minister Guido Westerwelle, who chaired the talks, urged: “We should take advantage of the crisis to take a historic step towards more integration.”Source: The Coming Crisis

Read More........ → June 30, 2012

Quest: Why survival of the eurozone depends on leaders spinning plates

London (CNN) -- I have often thought of European officials as the proverbial "plate spinners" from the circus. Those talented artists who balance spinning plates on sticks, ever increasing the number of sticks, rushing from one to the other, giving them a tug and pull to keep them moving, always aware that if they are too slow or too fast, one of the plates will crash to the ground. That is exactly what we have in Europe today. Only the

Read More........ → June 25, 2012

Why Germany should exit the euro

The Coming Crisis: (CNN) -- With Greece probably heading for an exit from the euro, the European and global economies may be facing disaster. However, there is still time for European leaders to reverse this destructive dynamic with one simple, outside-the-box solution: Instead of pushing Greece out of the eurozone, Germany should voluntarily withdraw and reissue its beloved deutsche mark. The analysis of the problems of the euro and the European Union has long been upside down, focused on the debt and competitive weaknesses of the so-called peripheral countries (Greece, Italy, Spain, Portugal and Ireland) and especially of Greece. But issues of debt and competitiveness existed and were dealt with rather easily long before the euro arrived, through periodic devaluation of the currencies of the less-competitive countries against those of the more competitive countries, and especially against the deutsche mark. The problem now is not the weaknesses of the periphery, it's the excessive competitive strength of Germany. Not only is the German economy inherently strong as a result of the high productivity of its workforce, its exports have added competitiveness because the euro is undervalued as far as Germany is concerned. Source: The Coming Crisis

Read More........ → June 20, 2012

India to add $10 bn to aid Europe

(L-R) Brazilian President Dilma Roussef, Russian President Vladimir Putin,Indian Prime Minister Manmohan Singh, Chinese President Hu Jintao and South African President Jacob Zuma pose for group photo in Los Cabos, Mexico. AFP Photo/Ria-Novosti Pool/Alexei nikolsky

India will pledge an additional $ 10 billion to the International Monetary Fund’s (IMF’s) firewall against a eurozone financial conflagration. This was announced by Prime Minister Manmohan Singh in his opening speech at the Group of 20 summit in Mexico. The money will be part of related stories an estimated $63-billion contribution by the BRICS countries, the emerging group og economies currently chaired by India, to the IMF’s $430-billion emergency fund. The BRICS countries, comprising Brazil Russia India China and South Africa, had earlier agreed that their contributions would be conditional on the IMF enhancing their voting rights and “that this recourse will be called upon only after existing resources are substantially utilised.” If India’s IMF vote share is actually increased, it will have to pay another $ 11 billion, said government officials. Though the Greek general elections on Sunday gave the euro zone some breathing space, high interest rates still commanded by Spanish and Italian government bonds indicate markets remained unconvinced that the crisis is on the path of resolution. Prime Minister Manmohan Singh warned that Europe’s “uncertainty” was the greatest threat to the global economy. Source: Hindustan Times

Read More........ → June 20, 2012

European debt crisis: Who's next?

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By Jessica Jordan; As the European debt crisis continues some economists say Italy could be next in line for a bailout. And while the country’s banks don’t have a huge amount of debt, the government does - especially when compared to the size of the economy. Four other countries have already received financial assistance, including Spain, over the weekend. European finance ministers have decided to commit $125 billion to help the country out of its debt. Spain has agreed to take the aid in loans to be added to the public debt burden. We’re on the line with Alen Mattich, who also joined us earlier this week to talk about it. He’s a London-based financial journalist, you can follow him on Tweeter by going to @AlenMattich  Source: Voice of Russia. 

Read More........ → June 15, 2012