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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

Monday, #36: different kinds of bad

Overshadowed by the EU drama-in-86-acts, the UN Framework Convention on Climate Change agreed on new accords, the Durban Platform for Enhanced Action. The target: get a legally-binding agreement on carbon cuts by 2015 and to enforce it by 2020. The negotiations of the act will start next year in Qatar. The biggest win of the summit was that the USIndia and China, the three countries with the highest carbon emissions, finally joined the party. They might not be as enthusiastic about legally-binding action as the European countries, but a start is a start.
The summit also prolonged the Kyoto protocol that was going to expire next year to 2017, to smooth the gap between the old and new agreement. The EU was planning to cut carbon emissions by 20% by 2020, but increased that target to a cut of 30% by 2030.
The UN Green Climate Change Fund that distributes money to combat carbon emissions to developing nations will be increased to up to $600bnread article

About a month ago, the last OECD CLI (composite leading indicators) pointed towards an economic slowdown, which didn’t really come as a surprise to anyone [I hope]. Today, this got a little more substance to it: The outlook is still bad, but it’s going to be different kinds of bad in different countries. While things only look a little bit shit for Russia and Japan, they look really really shit for Brazil, France, Germany, Italy, India, the UK and the eurozone as a whole. Here graphs and data for those who enjoy it, and here an article saying the same with fewer numbers.

Meanwhile, the rating agencies [among others] continue to be unimpressed with the EU’s solution to the eurozone problem and keep the hand over the downgrade-button. read article

Said EU solution, has thrown David Cameron straight back into election-campaign-mode, or so it seems.Here a blog post from the Economist, including pretty hilarious quotes displaying British-French hatred.

Have you thought about if facebook drives the Greek debt crisis? No? Well, you probably should. Businessweek’scorrelation or causation infrographic shows how lying with numbers is done right… view graphic

So long.

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