Denmark has imposed border controls to stop uncontrolled immigration.

Wednesday, the financial crisis which is threatening all Europe deepened, as the rates for Portuguese government debt instruments jumped higher based upon a decision by Moody’s rating service to reduce those bonds four levels to "junk" status. The drop was from Baa1 to Ba2 on long-term Portuguese bond ratings.

 Problem loans at China’s banks are significantly worse than initially thought, according to Moody’s Investors Service’s news release on July 4th. This raises concerns already expressed about China’s continued ability to grow its economy at annual rates approaching double-digits. The weakness is so pervasive that Moody’s “views the credit outlook for the Chinese banking system as potentially turning to negative. ” It added:

We assume that the majority of loans [by the banks] to local governments are of good quality, but based on our assessment of the loan classifications and risk characteristics, as provided by the NAO [China’s National Audit Office] and other Chinese agencies, we conclude that the banks’ exposure to local government borrowers is greater than we anticipated…

burqa londonOnly months after the French government banned the wearing of burqas in public (as in London, left), police in Australia have announced that they will begin to require suspects to remove their head coverings so that their identities can be confirmed.

The French ban on the burqa came into effect in April, with punishments that emphasized assimilation into French society; as The Telegraph reported at the time the ban went into effect, the penalty for wearing a burqa is a “fine of 150 euros (£133) and/or a course of citizenship lessons. A man who forces a woman to go veiled will be fined 30,000 euros (£25,000) and serve a jail term.”

 Eurogroup President Jean-Claude Juncker said in an interview over the weekend that the austerity measures being imposed on Greece in exchange for additional bail-out funding from the IMF will result in “the sovereignty of Greece [being] massively limited. ” He added, “One cannot be allowed to insult the Greeks. But one has to help them. They have said they are ready to accept expertise from the euro zone.”

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