Sunday, June 24, 2012

Headline's of the "END TIMES"

Turkey’s leader vows retaliation over downed jet

Turkey’s president vowed to retaliate against Syria in response to the downing of a Turkish military jet in Syrian airspace.

Syrian town searches for reasons for deadly assault

Syrian forces shelled Taftanaz on April 3 in the first volley of what residents say was a massive assault after a string of protests calling for the end of President Bashar Assad’s regime.

Egypt to announce election results Sunday

The announcement will put an end to the country’s nerve-wracking uncertainty about who is the official winner, but promises no resolution to power struggles.

New Greek government plans to recast bailout

Coalition leaders highlighted the main points they plan to renegotiate with lenders of the country’s $170 billion bailout.

Flooding in northern Afghanistan kills at least 37

More than 100 homes, hundreds of acres of farmland and farm animals were destroyed by the floods that followed four or five days of heavy rain in the region.

Pope seeks advice from cardinals on leak scandal

Pope Benedict XVI convened a special meeting of cardinals Saturday for advice on how to deal with the Vatican’s leaked documents scandal.

Hamas vows more airstrikes on Israel

Gaza’s militant Hamas rulers threatened to escalate fighting with Israel on Saturday after airstrikes killed several gunmen in the coastal territory.

Former IRA commander to meet Queen Elizabeth II

Martin McGuinness will meet Queen Elizabeth II next week — a moment that will have great symbolic value.

Norway massacre trial draws to close

Defense lawyers insisted that Anders Behring Breivik was sane when he killed 77 people last year and should be sentenced to prison.

Bolivian police mutiny grows over demand for higher pay

A mutiny by rank-and-file Bolivian police demanding higher wages spread across the nation on Friday, with an estimated 4,000 officers occupying barracks.
STORY 10 OF 14

Israel says Gaza militant killed in airstrike

It was the latest casualty in a weeklong exchange of cross-border attacks.
STORY 11 OF 14

In statement, Uganda appears to recognize rights of gays

The government said in a statement Friday that it does not discriminate against people ‘‘of a different sexual orientation.’’
STORY 12 OF 14

Somalia’s leaders OK constitution

Somalia’s political leaders approved a draft constitution Friday that the UN says was nearly seven years in the making.
STORY 13 OF 14

Egypt’s Brotherhood says military holding onto election results

Egypt’s military and the Muslim Brotherhood traded blame for rising tensions Friday as the country awaited the outcome of a presidential runoff vote.
STORY 14 OF 14

(Updates to add debt comments from sixth paragraph. Click on TOP CRIS <GO> for more on the euro crisis.)

June 21 (Bloomberg) -- The euro area crisis has reached a “critical stage” and member nations must make a “strong commitment” to the shared currency to stop the plunge in investor confidence, the International Monetary Fund said in a report that recommended issuing common debt as one solution.
“Despite extraordinary policy actions, bank and sovereign markets in many parts of the euro area remain under acute stress, raising questions about the viability of the monetary union itself,” the Washington-based organization said in a report today. “The financial and economic environment continues to deteriorate. Investors are withholding funding from member states most in need, moving capital to safe havens and driving risk premiums to new records.”
Europe’s monetary system needs a closer union of its banks and more fiscal integration to “arrest the decline in confidence engulfing the region,” the IMF said. A “strong commitment” to the monetary union would restore faith in the shared currency, the organization said.
The Stoxx Europe 600 Index declined 0.5 percent to 248.4 at the close, after earlier climbing as much as 0.3 percent and dropping as much as 0.8 percent. The benchmark measure has fallen 8.8 percent from its high on March 16 amid concern that Greece will have to leave the euro currency union.

Immediate Priority

“The immediate priority is concrete action toward a banking union for the euro area,” the IMF report said. “The proposed EU framework for harmonized national bank resolution processes is a necessary first step. But it needs to go further. A deposit guarantee scheme needs to be established at the regional level to help break the links between domestic banks and their sovereigns, and support depositor confidence.”
Spanish bond yields jumped at an auction in Madrid today with the government paying 4.706 percent to borrow for two years, compared with 2.069 percent at a similar auction in March. Spain’s 10-year yields reached a euro-era record of 7.285 percent on June 18 while Italy’s benchmark yields surged to 6.342 percent on June 14, the most in about five months.
“Introduction of a limited form of common debt, with appropriate governance safeguards, can provide an intermediate step towards fiscal integration and risk-sharing,” according to the IMF.
While monetary policy doesn’t offer a “lasting solution,” falling inflation gives the European Central Bank room to ease policy rates and signal a “commitment to a more accommodative stance for a prolonged period,” the report said. The ECB also must ensure that its monetary support is effective across the region, and it should keep providing “ample liquidity support to banks” under flexible conditions.
If necessary, unconventional policy measures should be used, the IMF said, and the central bank should consider non- standard measures such “some form of quantitative easing” or re-activating the Securities Markets Program.

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