The European Union and the International Monetary Fund pledged nearly $1 trillion Monday to defend the embattled euro, hoping to repel relentless attacks on the weakest of Europe's debt-laden nations and prevent the common currency from disintegrating.
Central banks around the world joined the coordinated effort to prop up the euro and prevent Europe's debt crisis from derailing the global economic recovery. The U.S. Federal Reserve reopened a currency "swap" program to ship billions of U.S. dollars overseas in a bid to pump more short-term cash into the financial system and ensure banks have the dollars they need. Separately, the ECB jumped into the bond market, saying it is ready to buy debt from the eurozone — EU nations that use the euro — to shore up liquidity in "dysfunctional" markets.
Many investors, rattled for weeks by the prospect Greece would default on its mountain of debt, heaved with relief. The euro climbed to $1.2963, up from the 14-month low of $1.2523 it hit late last week. Japan's Nikkei 225 stock average rose 1.3 percent to 10,499.25 and Hong Kong's Hang Seng index climbed 0.8 percent to 20,080.18. Futures suggested Wall Street would welcome the euro defense. Dow futures jumped 233 points, or 2.3 percent, to 10,568, and S&P and Nasdaq futures were both up more than 2.7 percent.
There was cautious endorsement from analysts who still feared the measures may not be enough to save the common currency, which was adopted by many of the EU's member states in 1999.
"It buys time. We don't know if it will be enough. They're trying to give the impression that they're still united. They've bought some breathing space but that's all," said Song Seng Wun, an economist with CIMB-GK Research in Singapore. "This perhaps just postpones the inevitable, the euro may have to ultimately give way, that's the worst case scenario."
Under the three-year plan, the European Commission — the EU's governing body — will make euros60 billion ($75 billion) available while countries from the 16-nation eurozone would promise backing for euros440 billion ($570 billion). The IMF would contribute an additional sum of at least half of the EU's total contribution, or euros250 billion.
"We shall defend the euro whatever it takes," EU Commissioner Olli Rehn said after an 11 hour-meeting of EU finance ministers that capped a hectic week of chaotic sparring between panicked governments and aggressive markets.
Officials hope the massive sums will deter currency speculators from betting on a euro collapse after political posturing and soothing words failed to convince investors that Greece's financial implosion could be contained.
Markets had battered the euro and Greek government bonds even as EU leaders insisted for days that Greece's problems were a unique combination of bad management, free spending and statistical cheating that doesn't apply to other euro-zone nations.Market jitters also partly contributed to a nearly 1,000-point drop in the Dow Jones industrials last Thursday. The Securities and Exchange Commission is meeting with heads of exchanges Monday to discuss how conflicting trading rules may have exacerbated the historic stock market plunge.
In the end, even longtime skeptic Germany realized Europe had to show the money after financial attacks on Greece's debt seemed poised to spread to other weak European nations such as Portugal and Spain. Fear of default led to investors demanding high interest rates that Greece could not pay, forcing it to seek a bailout. Many feared market skepticism would make Portugal and Spain pay more and more to borrow, worsening their plight.
"We now see herd behaviors in the markets that are really pack behaviors, wolf pack behaviors," Swedish Finance Minister Anders Borg said Sunday. If unchecked, "they will tear the weaker countries apart. So it is very important that we now make progress."
Spain and Portugal have committed to "take significant additional consolidation measures in 2010 and 2011," a statement from EU finance ministers said. The two countries will present them to EU finance ministers at their meeting on May 18.
"We are facing such exceptional circumstances today and the mechanism will stay in place as long as needed to safeguard financial stability," the ministers said.
Some eurozone nations, meanwhile, blamed financially weak nations and a lack of European cooperation for the crisis.
"I'm against putting all the blame on speculation," said Austrian Finance Minister Josef Proell. "Speculation is only successful against countries that have mismanaged their finances for years."
Separately, eurozone leaders on Saturday gave final approval for a euros80 billion ($100 billion) rescue package of loans to Greece for the next three years to stave off default. The International Monetary Fund also approved its part of the rescue package — euros30 billion ($40 billion) of loans — in Washington Sunday.
The Fed's move to back the euro defense plan reopens a program put in place during the 2008 global financial crisis under which dollars are shipped overseas through foreign central banks. In turn, these central banks can lend the dollars out to banks in their home countries that are in need of dollar funding. Swap agreements generally allow one central bank to borrow a currency from another, offering an equivalent amount of its own as collateral.
The Fed said action is being taken "in response to the reemergence of strains in U.S. dollar short-term funding markets in Europe" and to "prevent the spread of strains to other markets and financial centers." A so-called "swap" line with the Bank of Canada provides up to $30 billion. Figures weren't provided for the other central banks involved. They include the Bank of England, the European Central Bank, the Swiss National Bank, and the Bank of Japan.
____AP Business Writers Emma Vandore in Brussels and Jeannine Aversa in Washington, and Associated Press writers Elaine Ganley in Paris, Matt Moore in Frankfurt, Alex Kennedy in Singapore and Daniel Wagner in Washington contributed to this reportrelief
You and me锟斤拷It's real锟斤拷
kneel only to God
man from hell
Just have a little faith
.http://www.ridetech.com/forum
http://www.jezycjada.jedyna.com/forum
http://www.neverne-bebe.com/forum
http://www.shoegaze.co.uk/shoegazeforum
http://forum.eufi.org
Monday, May 10, 2010
A Climb Marked by Confidence and Canniness
She was a creature of Manhattan’s liberal, intellectual Upper West Side — a smart, witty girl who was bold enough at 13 to challenge her family’s rabbi over her bat mitzvah, cocky (or perhaps prescient) enough at 17 to pose for her high school yearbook in a judge’s robe with a gavel and a quotation from Felix Frankfurter, the Supreme Court justice, underneath.She was the razor-sharp newspaper editor and history major at Princeton who examined American socialism, and the Supreme Court clerk for a legal giant, Thurgood Marshall, who nicknamed her “Shorty.” She was the reformed teenage smoker who confessed to the occasional cigar as she fought Big Tobacco for the Clinton administration, and the literature lover who reread Jane Austen’s “Pride and Prejudice” every year.She was the opera-loving, poker-playing, glass-ceiling-shattering first woman to be dean of Harvard Law School, where she reached out to conservatives (she once held a dinner to honor Supreme Court Justice Antonin Scalia) and healed bitter rifts on the faculty with gestures as simple as offering professors free lunch, just to get them talking.Elena Kagan has been all of these things, charting a careful and, some might say, calculated path — never revealing too much of herself, never going too far out on a political limb — that has led her to the spot she occupies today: the first female solicitor general of the United States, who won confirmation with the support of some important Republicans, and now, at 50, President Obama’s nominee for the United States Supreme Court.
“Elena is open-minded, pragmatic and progressive,” said Walter Dellinger, a former acting solicitor general in the Clinton administration who is close to both Ms. Kagan and the White House. “Each of those qualities will appeal to some, and not to others.“Her open-mindedness may disappoint some who want a sure liberal vote on almost every issue. Her pragmatism may disappoint those who believe that mechanical logic can decide all cases. And her progressive personal values will not endear her to the hard right. But that is exactly the combination the president was seeking.”In some respects, Ms. Kagan’s traits — her desire to build consensus through persuasion, her people skills, her ability to listen to others — mirror those Mr. Obama sees in himself. They are qualities that the president hopes will play out in a leadership role on a deeply divided court. While Ms. Kagan has cited Justice Marshall as one she admires, some expect her to behave more like the center left Justice David Souter, who retired last year, or the master tactician John Paul Stevens, whom she would replace if confirmed.“She was one of the most strategic people I’ve ever met, and that’s true across lots of aspects of her life,” said John Palfrey, a law professor who was hired at Harvard by Ms. Kagan. “She is very effective at playing her cards in every setting I’ve seen.”Ms. Kagan’s paper trail is scant, her academic writings painstakingly nonideological. And unlike Justice Sonia Sotomayor, a fellow New Yorker and Princeton graduate, who has written and spoken extensively about her childhood, Ms. Kagan, the daughter of a lawyer and a schoolteacher, is more private. During her academic and public life, she has rarely spoken of her political beliefs.
When Mr. Dellinger interviewed her recently for a forum at Georgetown Law, he prodded her to talk about her growing up, and the influences that shaped her. She obliged, somewhat reluctantly, serving up only some bland details about her admiration for her parents.
Yet as a young writer for The Princetonian, the student newspaper at Princeton, Ms. Kagan offered clear insight into her worldview. She had spent the summer of 1980 working to elect a liberal Democrat, Liz Holtzman, to the Senate. On Election Night, she drowned her sorrow in vodka and tonic as Ronald Reagan took the White House and Ms. Holtzman lost to “an ultraconservative machine politician,” she wrote, named Alfonse D’Amato.
“Where I grew up — on Manhattan’s Upper West Side — nobody ever admitted to voting for Republicans,” Ms. Kagan wrote, in a kind of Democrat’s lament. She described the Manhattan of her childhood, where those who won office were “real Democrats — not the closet Republicans that one sees so often these days but men and women committed to liberal principles and motivated by the ideal of an affirmative and compassionate government.”
It was perhaps the last time Ms. Kagan wrote so openly of her own political beliefs. Last year, at her confirmation hearing to become solicitor general, senators focused less on her politics, but on whether she was too much in the ivory tower, with too little lawyerly experience to argue cases before the nation’s highest court. That question will almost certainly come up again, given that Ms. Kagan has never been a judge.
“One of the things I would hope to bring to the job is not just book learning, not just the study that I’ve made of constitutional and public law, but of a kind of wisdom and judgment, a kind of understanding of how to separate the truly important from the spurious,” Ms. Kagan said. “I like to think that one of the good things about me is that I know what I don’t know and that I figure out how to learn it when I need to learn it.”
At Hunter College High School in the 1970s, Ms. Kagan was a standout in a school of ultrabright girls. At least one classmate there, Natalie Bowden, remembers she had an ambitious goal: to become a Supreme Court justice.
“That was a goal from the very beginning,” Ms. Bowden said. “She did talk about it then.”
The school, which then occupied three floors of an office building at 46th Street and Lexington Avenue, was and remains one of New York’s elite public high schools. It drew girls from across the city and an array of backgrounds — all admitted on the strength of their performance on an entrance exam, rather than money or family connections.
“We were really exposed to tremendous diversity there — whether it was a Jewish girl from the Upper West Side or a cop’s kid from the Bronx or the daughter of a C.E.O. from the Upper East Side or kids whose parents worked in sweatshops in Chinatown,” said Ellen M. Purtell, a high school classmate of Ms. Kagan’s. “It was never about what you were wearing. It was: Did you bring your best game academically with you today and could you contribute to the discussion?”
The school, which went coed soon after Ms. Kagan left in 1977, was a rigorous, nurturing environment that instilled an ethos of public service.
“There was no driver’s ed, there was no home economics, you didn’t learn to type,” said Jennifer Raab, the president of Hunter College, who was a few years ahead of Ms. Kagan. “You were reading great books and you were going to college. You were going to lead, you were going to give back.”http://zulfikar.forumup.com
http://priuschat.com/forums
http://forum.transfery.info
http://www.dancingmood.net/forum
http://www.mancityfans.net/mcfnet Ability
Chocolate
Secret eyes
See through
Watch out
“Elena is open-minded, pragmatic and progressive,” said Walter Dellinger, a former acting solicitor general in the Clinton administration who is close to both Ms. Kagan and the White House. “Each of those qualities will appeal to some, and not to others.“Her open-mindedness may disappoint some who want a sure liberal vote on almost every issue. Her pragmatism may disappoint those who believe that mechanical logic can decide all cases. And her progressive personal values will not endear her to the hard right. But that is exactly the combination the president was seeking.”In some respects, Ms. Kagan’s traits — her desire to build consensus through persuasion, her people skills, her ability to listen to others — mirror those Mr. Obama sees in himself. They are qualities that the president hopes will play out in a leadership role on a deeply divided court. While Ms. Kagan has cited Justice Marshall as one she admires, some expect her to behave more like the center left Justice David Souter, who retired last year, or the master tactician John Paul Stevens, whom she would replace if confirmed.“She was one of the most strategic people I’ve ever met, and that’s true across lots of aspects of her life,” said John Palfrey, a law professor who was hired at Harvard by Ms. Kagan. “She is very effective at playing her cards in every setting I’ve seen.”Ms. Kagan’s paper trail is scant, her academic writings painstakingly nonideological. And unlike Justice Sonia Sotomayor, a fellow New Yorker and Princeton graduate, who has written and spoken extensively about her childhood, Ms. Kagan, the daughter of a lawyer and a schoolteacher, is more private. During her academic and public life, she has rarely spoken of her political beliefs.
When Mr. Dellinger interviewed her recently for a forum at Georgetown Law, he prodded her to talk about her growing up, and the influences that shaped her. She obliged, somewhat reluctantly, serving up only some bland details about her admiration for her parents.
Yet as a young writer for The Princetonian, the student newspaper at Princeton, Ms. Kagan offered clear insight into her worldview. She had spent the summer of 1980 working to elect a liberal Democrat, Liz Holtzman, to the Senate. On Election Night, she drowned her sorrow in vodka and tonic as Ronald Reagan took the White House and Ms. Holtzman lost to “an ultraconservative machine politician,” she wrote, named Alfonse D’Amato.
“Where I grew up — on Manhattan’s Upper West Side — nobody ever admitted to voting for Republicans,” Ms. Kagan wrote, in a kind of Democrat’s lament. She described the Manhattan of her childhood, where those who won office were “real Democrats — not the closet Republicans that one sees so often these days but men and women committed to liberal principles and motivated by the ideal of an affirmative and compassionate government.”
It was perhaps the last time Ms. Kagan wrote so openly of her own political beliefs. Last year, at her confirmation hearing to become solicitor general, senators focused less on her politics, but on whether she was too much in the ivory tower, with too little lawyerly experience to argue cases before the nation’s highest court. That question will almost certainly come up again, given that Ms. Kagan has never been a judge.
“One of the things I would hope to bring to the job is not just book learning, not just the study that I’ve made of constitutional and public law, but of a kind of wisdom and judgment, a kind of understanding of how to separate the truly important from the spurious,” Ms. Kagan said. “I like to think that one of the good things about me is that I know what I don’t know and that I figure out how to learn it when I need to learn it.”
At Hunter College High School in the 1970s, Ms. Kagan was a standout in a school of ultrabright girls. At least one classmate there, Natalie Bowden, remembers she had an ambitious goal: to become a Supreme Court justice.
“That was a goal from the very beginning,” Ms. Bowden said. “She did talk about it then.”
The school, which then occupied three floors of an office building at 46th Street and Lexington Avenue, was and remains one of New York’s elite public high schools. It drew girls from across the city and an array of backgrounds — all admitted on the strength of their performance on an entrance exam, rather than money or family connections.
“We were really exposed to tremendous diversity there — whether it was a Jewish girl from the Upper West Side or a cop’s kid from the Bronx or the daughter of a C.E.O. from the Upper East Side or kids whose parents worked in sweatshops in Chinatown,” said Ellen M. Purtell, a high school classmate of Ms. Kagan’s. “It was never about what you were wearing. It was: Did you bring your best game academically with you today and could you contribute to the discussion?”
The school, which went coed soon after Ms. Kagan left in 1977, was a rigorous, nurturing environment that instilled an ethos of public service.
“There was no driver’s ed, there was no home economics, you didn’t learn to type,” said Jennifer Raab, the president of Hunter College, who was a few years ahead of Ms. Kagan. “You were reading great books and you were going to college. You were going to lead, you were going to give back.”http://zulfikar.forumup.com
http://priuschat.com/forums
http://forum.transfery.info
http://www.dancingmood.net/forum
http://www.mancityfans.net/mcfnet Ability
Chocolate
Secret eyes
See through
Watch out
Fluent both in English and Mandarin
· Over ten years working experience in manufacturing field· Excellent material planning and purchasing skills.cheap polo shirts
discount wedding prom dressesdiscount wedding prom dressesbest clothes blog· Excellent communication and IT background.cheap polo shirtsBe familiar with MS office and SAP/APS· Valuable inventory control experience and skills· Outstanding supplier based development and management capability· Fluent both in English and Mandarin best clothes blog· A good team leader as well as a team player
http://www.inspircd.org/forums
http://www.pescamarina.com/foro
http://www.lubuk.net/forum
http://www.bbsus.com
http://www.radio531pi.com/forum
discount wedding prom dressesdiscount wedding prom dressesbest clothes blog· Excellent communication and IT background.cheap polo shirtsBe familiar with MS office and SAP/APS· Valuable inventory control experience and skills· Outstanding supplier based development and management capability· Fluent both in English and Mandarin best clothes blog· A good team leader as well as a team player
http://www.inspircd.org/forums
http://www.pescamarina.com/foro
http://www.lubuk.net/forum
http://www.bbsus.com
http://www.radio531pi.com/forum
Develop and coordinate
Good administrated and researched，ugg boots 2010Easy to accept new knowledge ugg boots 2010Good sprits of teamwork,polo shirts shop.Honest.Develop and cultivate excellent relationships with the State Tax Bureau and other local tax authorities in China;cheap jeans shopCoordinate with business to negotiate for maximum local tax incentives for the company;polo shirts shop cheap jeans shopEasy to manage the preparation of tax forecasts and tax planning with a focus on US tax as it applies to the local country; Develop and coordinate implementation of tax planning initiativeshttp://the-addicted.net/forums
http://www.soutalgnoub.com/vb2
http://www.alienarmy.net/badnewz4u/forum
http://biopole.info/forum
http://forum.airserbia.com
http://www.soutalgnoub.com/vb2
http://www.alienarmy.net/badnewz4u/forum
http://biopole.info/forum
http://forum.airserbia.com
Subscribe to:
Posts (Atom)