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Updated at 5 a.m. ET: BRUSSELS -- After months of tough negotiating, Europe and the International Monetary Fund sealed a deal early Tuesday to hand Greece €130 billion ($170 billion) in additional bailout loans to save it from a default that threatened the viability of the euro, undermining global economic confidence.
The early-hours agreement to avert default comes after negotiators persuaded private bondholders to take greater losses and Athens to commit to very severe austerity measures.
Ministers finalized measures to cut Greece's debt to 120.5 percent of gross domestic product by 2020, a fraction above the target, to secure its second rescue in less than two years and meet a bond repayment next month.
What does the Greece bond swap bailout deal mean?
On top of the new rescue loans, Athens will also ask banks and other investment funds to forgive it some €107 billion in debt, while the European Central Bank and other national central banks in the eurozone will forgo profits on their holdings.
The accord, which had been months in the making, seeks to reduce Greece's massive debts on all fronts, with both private and official creditors going beyond what they had said was possible in the past.
But the costs for Greece, in potential loss of autonomy and further strict austerity measures, were implicit from a statement from Eurogroup, which Europe's finance ministers belong to.
"The Eurogroup is fully aware of the significant efforts already made by the Greek citizens but also underlines that further major efforts by the Greek society are needed to return the economy to a sustainable growth path," the statement read. "We reiterate our commitment to provide adequate support to Greece during the life of the programme and beyond until it has regained market access, provided that Greece fully complies with the requirements and objectives of the adjustment programme."
So it was clear that Greece, which kicked off Europe's debt crisis two years ago, was at the very best starting a long and painful road to recovery. At the worst, the new program would push the country even deeper into recession and see it default on its debts further down the line.
"It's not an easy (program), it's an ambitious one," said Christine Lagarde, the head of the IMF, adding that there were significant risks that Greece's economy could not grow as much as its international creditors were hoping.
The austerity measures wrought from Greece are also widely unpopular among the population and may hold difficulties for a country which is due to hold an election in April. Further protests could test politicians' commitment to cuts to wages, pensions and jobs.
So social upheaval was a real risk, Paschos Mandravelis, a political analyst at Greece's Kathimerini newspaper, told NBC News' Andy Eckardt.
"If people in the broad middle class landscape get desperate and feel choked, there is the possibility of some kind of uprising," he said.
A Greek's only hot seller: Tear gas masks
And some economists say there are still questions over whether Greece can pay off even a reduced debt burden.
A return to economic growth could take as much as a decade, a prospect that brought thousands of Greeks onto the streets to protest against austerity measures Sunday. The cuts will deepen its five-year recession, hurting government revenues.
Europe's economy edges closer to recession
A report prepared by experts from the European Union, European Central Bank and International Monetary Fund said Greece would need extra relief to cut its debts near to the official debt target given the worsening state of its economy.
If Athens did not follow through on economic reforms and savings to make its economy more competitive, its debt could hit 160 percent by 2020, said the report, obtained by Reuters.
"Given the risks, the Greek program may thus remain accident-prone, with questions about sustainability hanging over it," the nine-page confidential report said.
NBC News, msnbc.com, Reuters and The Associated Press contributed to this report
Posted at 06:51 AM | Permalink | Comments (0)
Tags: bailout, economy, eu, euro, europe, granger whitelaw, grangerwhitelaw, greece, greek
TIVO TIME !!
by granger whitelaw
Saturday morning and yes, its TIVO TIME ! Well, actually I have comcast cable and a built in DVR, but same result. I can set it to record my favorite TV shows I am unable to watch during the week and watch when I want. So, for me, that is usually early in the morning on Saturday - today - and I have my coffee and hit play.
This morning I started with Are you the Chelsea? It stars the girl from that 70's show - no not Mila, the blonde, LOL. I'm not 100% on it yet, but its growing on me. I followed that with Suburgatory starring Carly Chaikin from Larry Sanders and Jeremey Sisto. Now...this show cracks me up. I mean its like part Stepford Wives, part Beverly Hills 90210 and part Caddyshack . Then we jump over to ROB , then the morning Finale - The Big Bang Theory . TBBT is the BEST! Seriously, if you have not seen this show, you must watch it. Along side How I met your Mother , they are the best brain dead comic relief TV going today.
Now I know what you may be thinking. Really, you watch this crap? But Alas! One mans crap is another mans Mulch. For me, this is the perfect way to wake up and start a day - one of the FEW times I ever have to just think about nothing - do nothing - and trust me, that is very hard for me. So with the help of my Boob tube and some good slapstick brain numbing shows - I get to relax.... well, at least for a while.
There are a number of other shows I DVR regulary, when I look at it, probably too many. But when you have a 3 year old and a choice between Wonder Pets, Chuggington Choo Choo and My Little Ponies or the Wiggles - this is like sitting by a tropical beach with a cool drink and watching the waves roll in.
WAIT - I live in a tropical paradise....Gotta go.... BEACH TIME !!!!!!
Feb 6, 2012 12:00 AM EST
We hear so often about Muslims as victims of abuse in the West and combatants in the Arab Spring’s fight against tyranny. But, in fact, a wholly different kind of war is underway—an unrecognized battle costing thousands of lives. Christians are being killed in the Islamic world because of their religion. It is a rising genocide that ought to provoke global alarm.
The portrayal of Muslims as victims or heroes is at best partially accurate. In recent years the violent oppression of Christian minorities has become the norm in Muslim-majority nations stretching from West Africa and the Middle East to South Asia and Oceania. In some countries it is governments and their agents that have burned churches and imprisoned parishioners. In others, rebel groups and vigilantes have taken matters into their own hands, murdering Christians and driving them from regions where their roots go back centuries.
The media’s reticence on the subject no doubt has several sources. One may be fear of provoking additional violence. Another is most likely the influence of lobbying groups such as the Organization of Islamic Cooperation—a kind of United Nations of Islam centered in Saudi Arabia—and the Council on American-Islamic Relations. Over the past decade, these and similar groups have been remarkably successful in persuading leading public figures and journalists in the West to think of each and every example of perceived anti-Muslim discrimination as an expression of a systematic and sinister derangement called “Islamophobia”—a term that is meant to elicit the same moral disapproval as xenophobia or homophobia.
But a fair-minded assessment of recent events and trends leads to the conclusion that the scale and severity of Islamophobia pales in comparison with the bloody Christophobia currently coursing through Muslim-majority nations from one end of the globe to the other. The conspiracy of silence surrounding this violent expression of religious intolerance has to stop. Nothing less than the fate of Christianity—and ultimately of all religious minorities—in the Islamic world is at stake.
At least 24 Coptic Christians were killed in Cairo during clashes with the Egyptian Army on Oct. 9., Thomas Hartwell / Redux
From blasphemy laws to brutal murders to bombings to mutilations and the burning of holy sites, Christians in so many nations live in fear. In Nigeria many have suffered all of these forms of persecution. The nation has the largest Christian minority (40 percent) in proportion to its population (160 million) of any majority-Muslim country. For years, Muslims and Christians in Nigeria have lived on the edge of civil war. Islamist radicals provoke much if not most of the tension. The newest such organization is an outfit that calls itself Boko Haram, which means “Western education is sacrilege.” Its aim is to establish Sharia in Nigeria. To this end it has stated that it will kill all Christians in the country.
In the month of January 2012 alone, Boko Haram was responsible for 54 deaths. In 2011 its members killed at least 510 people and burned down or destroyed more than 350 churches in 10 northern states. They use guns, gasoline bombs, and even machetes, shouting “Allahu akbar” (“God is great”) while launching attacks on unsuspecting citizens. They have attacked churches, a Christmas Day gathering (killing 42 Catholics), beer parlors, a town hall, beauty salons, and banks. They have so far focused on killing Christian clerics, politicians, students, policemen, and soldiers, as well as Muslim clerics who condemn their mayhem. While they started out by using crude methods like hit-and-run assassinations from the back of motorbikes in 2009, the latest AP reports indicate that the group’s recent attacks show a new level of potency and sophistication.
The Christophobia that has plagued Sudan for years takes a very different form. The authoritarian government of the Sunni Muslim north of the country has for decades tormented Christian and animist minorities in the south. What has often been described as a civil war is in practice the Sudanese government’s sustained persecution of religious minorities. This persecution culminated in the infamous genocide in Darfur that began in 2003. Even though Sudan’s Muslim president, Omar al-Bashir, has been indicted by the International Criminal Court in The Hague, which charged him with three counts of genocide, and despite the euphoria that greeted the semi-independence he grant-ed to South Sudan in July of last year, the violence has not ended. In South Kordofan, Christians are still subject-ed to aerial bombardment, targeted killings, the kidnap-ping of children, and other atrocities. Reports from the United Nations indicate that between 53,000 and 75,000 innocent civilians have been displaced from their resi-dences and that houses and buildings have been looted and destroyed.
Posted at 10:37 AM in Current Affairs, Religion | Permalink | Comments (1)
By msnbc.com staff and wire
Posted at 05:39 PM | Permalink | Comments (0)