| | Thursday 19 July 2012 THOUGHT FOR THE DAY  Hello Crazy Team,
When I suggested to my eldest son, who is in the last year at uni, that he'll have to take job seeker's allowance if he can't get work, he looked at me in horror. I'll never take hand-outs, he said.
Well, that made me rather proud – for a bit. But we all have to survive and I do not begrudge help to those on low incomes. Also, how long will he maintain that precarious stand if he gets hungry?
Which brings me to the Greek people. They do not get welfare payments. They rely on friends and family. And on charities which are doing their best in very hard circumstances.
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ON THE SHARECRAZY BLOG Even the most deluded of Euro-loon now concedes that Greece is bust. It is a theme I have covered once or twice in recent weeks as your man on the spot. It is a hard job having to report on the economic crises, live from various beaches, heaving with bikini clad Swedish blondes across the Med but someone has to do it and but I have manned up to take on the mantle for a couple of months and so far I am bearing up. Gosh, the heat, the swimming pools, the blue sea, the “views” on the beach, the great sea food and salads. It is a dreadful burden. By the way how is the rain back in Blighty?
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Paper Round Britain, Sicily, BP
British economy. He indicates that the programme of spending cuts, initially planned to take five years, is now likely to last for the entire decade. Mr Cameron insists that he still wants to cut tax but that any reductions would have to be funded by even greater public spending reductions. Asked whether the austerity programme would now last a decade until 2020, the Prime Minister replies: "I think it's going to be...this is a period for all countries, not just in Europe but I think you will see it in America too, where we have to deal with our deficits and we have to have sustainable debts. I can't see any time soon when...the pressure will be off.
Italian premier Mario Monti is mulling emergency action to take direct control of Sicily's regional government before the island spirals into a full-blown financial crisis, fearing contagion to the rest of Italy. Mr Monti held an "urgent" meeting with the country's president Giorgio Napolitano on Wednesday to grapple with the constitutional issue after it emerged that the region faces a deficit of up to €7bn (£5.49bn) this year and is in danger of default without sweeping cuts. Sicily's regional councillor Andrea Vecchio warned that the island has run out of money. "I'm afraid we will soon no longer be able to pay civil servants' salaries," he said. "The developments in Sicily are very serious," said Prof Giuseppe Ragusa from Luiss University in Rome. "It is just the sort of negative shock we don't want right now. Everything has to go perfectly for Italy to pull through," The Telegraph writes.
BP was facing a tactical headache last night after four Russian billionaires in the oil group's TNK-BP joint venture crashed in on its plan to sell its stake. Alfa Access Renova (AAR) said yesterday that it had formally notified BP that it was interested in increasing its 50% ownership in TNK-BP. The move means that BP must spend the next 90 days in "good faith" negotiations with AAR about offloading a stake that the Russians value at between $16bn and $20bn. BP is understood to value the stake considerably higher and has attracted interest from two other buyers — a Russian government entity and a possible Chinese bidder. However, it cannot seal a deal until it has concluded talks with its Russian partners, The Times reports.
Regulators are focusing on at least four of Europe's biggest banks as they investigate the attempted manipulation of the region's benchmark interest rate, suspecting that Barclays's traders were the ringleaders of a circle that included Crédit Agricole, HSBC, Deutsche Bank and Société Générale. Evidence of links between traders at all four banks and Barclays' former euroswaps trader Philippe Moryoussef is under scrutiny, people involved in the process have told the Financial Times.
Sir Mervyn King has invited the heads of the world's leading central banks to make proposals to reform Libor, the flawed series of interest rates at the heart of the financial system. The Governor of the Bank of England has written to members of the Economic Consultative Committee, which he heads, suggesting a dinner on September 9 in Basel, Switzerland, as a forum for exchanging ideas on addressing Libor's shortcomings. His proposal came after the US Government declared that it wanted to take reform of the bank interest-rate setting process out of the hands of Threadneedle Street after British officials appeared to ignore warnings about the scale of the rate-rigging scandal, according to The Times.
Chinese President Hu Jintao has pledged African governments $20bn in credit over the next three years and called for more China-Africa coordination in international affairs to defend against the "bullying" of richer powers. China has emerged as Africa's main trading partner and a major source of investment for infrastructure. But its presence has also sparked concerns about labour abuses and corruption. Hu made the lending pledge on Thursday during the opening ceremony of the Forum on China-Africa Cooperation in Beijing. Hu also said China and African countries, as developing nations, should better coordinate their response to international affairs to counter the practices of "the big bullying the small, the strong domineering over the weak and the rich oppressing the poor," The Telegraph writes.
The trade minister, Lord Green, has been drawn in to the HSBC money laundering scandal after Labour warned he had "serious questions" to answer about the way the bank laundered money for drug cartels, terrorists and pariah states while he was at the helm. Green was chief executive of Britain's biggest bank between 2003 and 2006 and was its chairman until 2010 when he resigned to take up a position of trade minister in the coalition government. A damning Senate report - which concluded the bank had a "pervasively polluted" culture - covers the period 2004 to 2010 and shows that HSBC subsidiaries moved billions of dollars around the financial system from countries such as Iran and Syria as well moving cash for Mexican drug cartels, The Guardian says.
THE LATEST ON THE CRAZY BOARD The top 5 hot company threads on the Bulletin Board: Rockhopper Falkland Oil & Gas Bloomsbury Publishing IP Group Running trading thread
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BOOK OF THE WEEK  By Wilhelm Hankel and Robert Isaak
A book review by Emanuil Halicioglu of Growth Equities & Company Research Democratic capitalism, one of the greatest civilising forces known to man, has been pushed to the edge of a precipice. A brave new world economy, one not in thrall to a runaway interbank credit system, is struggling to be born, and only the actions of world policymakers, working in concert to make the hard choices, can bring it into being.
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