Italian banks could spark next euro financial crisis?????.
With its record profits in Greece, Greece is a perfect laboratory for the new German banking machine, they say, and the only way to be safe from their banking machine is to stay away.
There could be no way out of this dilemma, however. After the worst Greek economic crisis since the 1930s and during which Greece lost close to 75 billion euros, banks are refusing to lend out any more. The country is now in an emergency account for the euro, which is threatening to turn into a permanent euro-zone crisis. In addition, the Greek government has slashed government spending by almost 3% compared to previous estimates, with some estimates rising as high as 3.6%. The European Commission has decided it will not let Greece out o??? ???f a euro-zone rescue programme without new debt relief for the next six months, while even Merkel’s European partners seem to be moving too fast to the door.
The most significant aspect of this crisis is the fact that the Greek bank deposit system is collapsing. The country has just 0.12 trillion euros as collateral, and these don’t even hold all of the Greek banks’ Greek liabilities. “At least until there is an injec????tion of emergency liquidity, the Greek banking system cannot be saved,” says Alexei S. Shvartzkov, deputy chief economist at Barclays. Greece’s banks have been closed since late November and December, which means that they have all but collapsed under the weight of the Greek banking system. In December alone, bank reserves fell from 2.35 trillion euros to 1.85 trillion euros – which has an average shortfall of 6.5%, according to the Bank of Greece.
It is therefore essential that Greece does not face a further crisis, argues Shvartzkov: “While the government and its creditors keep making concessions, the Greek economy appears to be on a knife’s edge. This is a crisis that only the Greek people can get out of. Otherwise, a crisis would have consequences not just for Greece but for many of the eurozone’s weaker members.”
On Monday night, the government announced an extraordinary package to help Greek banks: to increase government spending by 500 million euros to 5.7% of GDP by next year, as well as by 50 billion euros in order to ensure banks are able to lend out more. If the latest Greek government claims are credible, then this package will raise GDP over that of the EU-27 by 2.4%. There are suggestions that the government has been offering money to banks on interest rates rather tha
Newcastle neighbourhood watch dying out
A new report has found the growing popularity of neighbourhood watch programs like “The Neighbourhood Watch” across North York is a threat to community safety as it is being used by young people in a dangerous, reckless manner.
The study conducted by the North York Association of School Boards concluded that most of the programs use young people as “targets,” who are given weapons, explosives and drugs as a weapon training and the potential to become professional criminals should they become involved in crime.
The study states that these programs are “one of the most problematic elements of the urban community watch model,” meaning the organizations can become “a source of risk and risk aversion in schools, workplaces, and neighbourhoods.”
“Cops, school nurses, school officers, teachers, school counsellors, and community officers, are the members that make up the ‘police beat,'” the authors write.
The association also noted that several of the programs, including the “Neighbourhood Watch” program, were developed at the height of the global crack cocaine epidemic that devastated the U.S. and Canada, leaving “community leaders, neighbourhood watch members and residents confused, disconcerted, and frightened.”
In response to questions raised, the director of the North York Association of School Boards said the association decided to shut down the programs following a review by North York police.
“What’s important is that the system we have in place is robust, it’s robust enough to make sure the programs aren’t being jarvees.comused in this way,” said Don McQjarvees.comuillan.
When asked about the role of neighbourhood watch programs in violent crimes, McQuillan told CBC that in some cases it’s part of the training for youth, but in other cases, it’s to investigate and try to identify criminal behavior.
However, in the vast majority of cases, he said, the programs aren’t being used for that purpose.
“It appears the youth are using their experience from these programs … they don’t want to be subjected to that, and that’s part of why,” McQuillan said.
McQuillan said there is a difference between neighbourhood watch and regular community police.
“There are some organizations where the police officer is actually the program ??????member,” he said. “That’s called a program and the police officer is there as a program participant, rather than as an observer. The police officer is working with and as the participant in that program, so that’s wha
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