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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

Democracy (Obama), anarchy (Greece) and communism (China)

Well, at least we don’t have to worry about what crazy things Paul Ryan is capable of. Obama won the election and now has the luxury of another four years to finish what he started without having to start campaigning again two years down the line. With 303 versus 206 electoral votes, the result is much more saturated than anybody expected after the polls had put the candidates up for a close finish. The Republicans keep the House, the Democrats the Senate. Obama, as positive as ever, said “For the United States of America, the best is yet to come.

An extension of the Obama-Bernanke days, means that the US economy will continue to have access to funds to stimulate growth. In response, the dollar fell against every but one counterpart currencies.

But as the new old president is just waking up, the media has pasted his name into all those now-that-we-got-this-settled-lets-talk-about-the-fiscal-cliff-some-more articles. FT WSJ

Bloomberg Businessweek is making another point: see picture

Back in Europe, Greek drama is looming – again. On November 27, the nation is due another bailout payment, this time worth €31.3bn. But Brussels can delay the tranche again, as the policy disagreements that have delayed it to begin with are still not resolved. In Athens, politicians are voting on austerity measures tonight. They could include abolishing Christmas bonuses for public service workers and more cuts in welfare and pensions. read article

In the background David Cameron and Angela Merkel are clashing over the EU budget. Cameron wants to see cuts worth €1tn over the next seven years, while Merkel is pressing for a €100bn budget increase. Cameron is threatening to block the budget. Merkel is threatening to block the budget meetings in case of the UK exercising its threat. Good times. read article

Tomorrow, China’s Communist party is holding its 18th party congress. President Hu Jintao has only one week left in office, before Xi Jinping taken over. Time to revisit how China’s democratic ambitions are doing. read article

So long.

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One Response

  1. princess1960 says:

    BETTER FROM ALL IS CHINE ..
    THANK YOU

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