The sovereign debt woes of the European Union are nearing a critical stage. Greece's short-term bonds have recently shot to 60 percent, indicating an extremely high probability that the ancient country will default. Though Portugal and Spain, two of the other “PIIGS” member-states in the EU, are temporarily off the radar screen, neither has solved its fundamental debt problems.
Swiss bank UBS trader Kweku Adoboli (left) was arrested early Thursday morning and charged with two counts of false accounting and one count of “suspicion of fraud by abuse of position.” His position was director of the Delta One trading desk at UBS in London, where he had worked as a trader for the past three years and as a technical advisor for two years before that.
If the European Union begins to disintegrate, what signs would portend its spiral into disunion? One would be a member nation utterly ignoring the financial rules intended to support the EU by providing false and misleading information about its economy — actions already undertaken by both Greece and Portugal. Another indication of impending EU disintegration would be a member state simply printing its own euros — after only technically meeting the requirement of notification — as did Ireland a few months ago.
Pro-life leaders in Poland remain optimistic despite the narrow defeat of a bill that would have completely banned abortion in the largely Catholic nation. The historic bill, the result of a nationwide grassroots campaign that garnered 600,000 petition signatures in support of the law in two weeks, was narrowly defeated in late August in Poland’s parliament by a 191-186 vote, with five abstentions and 78 lawmakers not present for the vote, according to LifeSiteNews.com.
Prime Minister George Papandreou’s speech on Saturday evening in Thessaloniki was designed to reassure not only his Greek citizens that all would be well but also that those holding Greek sovereign debt would be getting their money back. The government’s top priority, he said, is “to save the country from bankruptcy.”
Collectivist statists from America to southern Europe are singing a familiar tune: The private sector is to blame for the economic nightmare that they have created. The Obama administration began complaining that businesses with cash were not instantly using that cash to hire employees, whether market conditions made that a prudent decision or not. Now the Greek government is issuing more bonds and, according to the condition of their second proposed bailout by the European Union, is being required to convince private investors to acquire the vast majority of the new debt of the Greek government.
A rare abortion debate has been incited among lawmakers in Britain, who are now reconsidering the nation’s approach to abortion. The debate is focused on whether clinics that are paid to perform abortions should also be permitted to give advice to women who are unsure of how to handle unwanted pregnancies. Unfortunately, the proposal to provide alternative sources for pre-abortion counseling was rejected by Members of Parliament today.
Those who are hoping for a more optimistic report of the global economic future should probably not read on. According to a report released by the Union Bank of Switzerland entitled “Euro Break Up-The Consequences,” the death of the euro is inevitable and the long-term effects of such an event will potentially include civil war, the collapse of international trade and sovereign default.
The global economy is facing a meltdown, according to World Bank President Robert Zoellick. “We are moving into a dangerous period,” he told Bloomberg Television at a Singapore interview. The chances of an American recession are made increasingly likely by the danger of an economic implosion in the eurozone.