Any respite may prove temporary after it signed up to a program of austerity and economic reform aimed at slashing debt to 120.5 percent of gross domestic product by 2020 from about 160 percent last year. Even with investors and central bankers chipping in to relieve the debt burden, economists from Citigroup Inc to Commerzbank AG concluded Greece may again fail to deliver amid a fifth year of recession, looming elections and social unrest. The upshot could be the removal of aid and renewed debate over the merits of fresh assistance before year-end as policy makers shift toward doing more to inoculate the rest of Europe.

“The bailout bandage is on, but it won’t take much to unravel,” said David Miller, partner at Cheviot Asset Management in London. “The euro zone has done its best to ensure that Greece will deliver on promises, but there is considerable scope for backtracking on deficit reduction.” Financial markets signaled doubt the accord will fix Greece’s travails permanently or spell an end to the two-year debt crisis. The euro surrendered initial gains against the dollar and European stocks fell from a six-month high.

In return for the new cash, Greece signed up to cuts in pensions, the minimum wage, health-care and defense spending, as well as layoffs of state employees and asset sales. It must implement that austerity with unemployment already topping 20 percent, meaning more retrenchment might end up only compounding the debt stress. “The danger of Greece saving itself into economic depression and having to default and exit the common currency zone remains substantial,” said Christian Schulz, an economist at Berenberg Bank in London. Jennifer McKeown of Capital Economics Ltd repeated her forecast that Greece will quit the euro by the end of the year.

The quake was felt in Missouri, Illinois, Arkansas, Kentucky and Tennessee and there were scattered reports from four other states including as far away as Georgia. The depth of the quake was about three miles, the geological service said. Only minor damage was reported.

The New Madrid zone is considered one of the younger earthquake areas in North America, stretching some 150 miles through five states. The potential impact is larger, however, including the states of Illinois, Indiana, Missouri, Arkansas, Kentucky, Tennessee and Mississippi.

Four of the largest recorded earthquakes in North America took place in the New Madrid zone and all are believed to be in the 8.0 range. All occurred between December 1811 and February 1812. The most significant recent quake was rated 5.4 and occurred November 9, 1968. It was centered in Dale, Illinois, and was felt in 23 states.

The complex deal wrought in overnight negotiations buys time to stabilize the 17-nation currency bloc and strengthen its financial firewalls, but it leaves deep doubts about Greece's ability to recover and avoid default in the longer term. After 13 hours of talks, ministers finalized measures to cut Athens' debt to 120.5 percent of gross domestic product by 2020, a fraction above the target, securing a second rescue in less than two years in time for a major bond repayment due in March.

"We have reached a far-reaching agreement on Greece's new program and private sector involvement that would lead to a significant debt reduction for Greece ... to secure Greece's future in the euro area," Jean-Claude Juncker, who chairs the Eurogroup of finance ministers, told a news conference.

Greece will be placed under permanent surveillance by an increased European presence on the ground, and it will have to deposit funds to service its debt in a special account to guarantee repayments. The 5am deal (0400 GMT) was hailed as a step forward for Greece, but experts warned that Athens will need more help to bring its debts down to the level envisaged in the bailout and will remain worryingly "accident prone" in coming years.

The vast majority of the funds in the program will be used to finance the bond swap and ensure Greece's banking system remains stable; some 30 billion euros will go to "sweeteners" to get the private sector to sign up to the swap, 23 billion will go to recapitalize Greek banks. A further 35 billion or so will allow Greece to finance the buying back of the bonds. Next to nothing will go directly to help the Greek economy.

It is also uncertain how long the dollar will be able to maintain its exceptional global status. According to an expert of the German Council on Foreign Relations (DGAB), it had already become apparent at the last G-20 Summit that "the enormous power of the US" had "noticeably diminished" because of its economy's chronic weaknesses. The US government will therefore continue to apply pressure on Germany and the EU to increase the importation of US products and insist on a much stronger participation in military interventions. Because of its harder line toward Beijing, Washington can also be expected to formally or informally seek to expand NATO's range to Asia - to encircle China.

Washington is using two means in particular to overcome the current crisis. It is pushing its exports, to replace the insufficient domestic consumption and, by adopting a "loose monetary policy," letting inflation ease the amount of national debt. The DGAB sees the promotion of US exports behind the Obama administration's efforts to induce EU countries, particularly Germany, to expand their domestic consumption and thereby promote the importation of US American products. The loose monetary policy, on the other hand, subverts the dollar's status, as the predominant global reserve currency.

The Chinese government, which, over the next ten years, wants to establish Shanghai as the international finance center, seeks in the near future to undermine the dollar's exclusivity, as the world's reserve currency, and establish three equal-status global currencies, the dollar, the Euro, and the Renminbi. China and Japan, with national economies ranking second and third on the world scale, agreed at the end of 2011 to no longer transact their bilateral business in dollars but in their own currencies

That would take petrol to an average of £7.07 a gallon and diesel to £7.42, their highest-ever level. It would cost over £111 to fill a typical family car with diesel.

Fuel is already 15 per cent more expensive than 12 months ago and diesel last week hit a new record high of 143.05p per litre. The warnings came after Iran yesterday said it was cutting exports at once to Britain and France in retaliation for EU sanctions over its nuclear programme. Ahmad Qalehbani, head of Iran’s state oil company, warned other European countries could also be hit if they continued “hostile acts”.

That would be another blow at a time when turmoil in oil-rich countries including Syria, Sudan and Nigeria is affecting supplies and keeping crude oil prices high. Analysts JP Morgan yesterday said prices could continue rising for the next 12 to 24 months. Calling for Chancellor George Osborne to cut fuel duty in next month’s Budget, Peter Carroll of FairFuelUK said fuel could go up 20p a litre “within six weeks”. He said: “It would lead to surging unemployment, a return to recession, a growing deficit and years of economic misery. It could make us the next Greece.”

"Our strategy now is that if we feel our enemies want to endanger Iran's national interests, and want to decide to do that, we will act without waiting for their actions,'' Mohammad Hejazi told the Fars news agency, NBC News reported.

Iran announced air defense war games to practice protecting nuclear and other sensitive sites, the latest in a series of military maneuvers viewed as a message to the West that Iran is prepared both to defend itself against an armed strike and to retaliate. The US and Israel have not ruled out military action against Iran's nuclear program.

The official news agency IRNA said the four-day air defense war games, dubbed "Sarallah," or "God's Revenge," were taking place in the south of the country and involve anti-aircraft batteries, radar, and warplanes.

It warned that countries such as Iran - which is resisting international pressure to end its nuclear programme - and even eventually some "non-state actors" could acquire the technology to mount such an attack. Terrorists could also build a "crude" non-nuclear EMP weapon, with the power to cause disruption over a more limited area. But despite the vulnerability of the UK to such an attack, the committee accused the Ministry of Defence of appearing "complacent" and "unwilling to take these threats seriously", and added that ministers should start work on "hardening" the infrastructure to protect against an EMP attack as a "matter of urgency".

The committee said the Government currently rated the probability of a high-altitude EMP attack as "low", although it acknowledged that the impact would be severe. However, an official EMP commission in the United States found "rogue states" such as Iran and nuclear-armed North Korea were well aware of the potential for such an attack. The Iranians in particular were reported to have conducted missile tests which appeared to simulate the effects of an EMP nuclear strike. The Americans concluded that in the event of such an attack, the widespread collapse of the electrical power system was "virtually inevitable".

It is not only EMP weapons that have the power to wreak havoc. The committee said a naturally occurring "space weather event" caused by changing conditions in the sun's atmosphere could have a similar effect. The most severe example - known as the Carrington event after the astronomer who observed it - occurred in 1859 when a massive solar flare sent enormous electrical currents surging through telegraph systems causing shocks to telegraph operators and setting fire to papers.

The likelihood of a severe space weather event occurring over the next five years is currently assessed by the Government as being "moderate to high", the committee said. The National Grid has estimated that if there was another Carrington-sized event, there was a 91% chance that an area of the UK would be left without power for two months or more while essential satellite systems could also be damaged.

In the post-World War II Germany, the president of the federal republic is meant to serve as an obstacle to exploitation of democracy by non-democratic forces, as a lesson of the Hitler precedent. The president’s role is mostly symbolic, yet he holds powers that allow him to decide on issues of vital importance to the state.

Wulff is the second German president in a row to end his term by resigning. His predecessor, the esteemed economist Horst Kohler, was the first ever president to resign, about a year and a half ago, after facing harsh criticism over a statement he made regarding Germany’s right to militarily protect economic interests beyond the country’s borders. Kohler was accused of colonialism, and when no government member came to his defense, he surprised observers with a dramatic resignation.

Studies undertaken in the past decade show a significant decline in Germans’ trust in democracy and growing support for a “strong leader.” Corruption affairs have hurt the image of most established parties, with sympathy growing not only for the “Pirates” but also for far Right parties, including the neo-Nazi party, which was not yet outlawed despite its clear involvement in terror against immigrants.

Its fate had been hanging in the balance for weeks. But in the early hours of Tuesday, euro-zone finance ministers approved a new, €130 billion ($172 billion) rescue package for Greece. The last-minute deal effectively saves the country from bankruptcy. Without the new loans, Greece would have been forced to default on March 20, when €14.5 billion in loans mature.

Euro Group head Jean-Claude Juncker, the prime minister of Luxembourg, announced early on Tuesday that finance ministers had reached "a far-reaching agreement" on the bailout. The deal would "secure Greece's future in the euro area," he said. The announcement came after marathon talks lasting over 12 hours in Brussels. "It's no exaggeration to say that today is a historic day for the Greek economy," said Greek Prime Minister Lucas Papademos, who had attended the meeting. The euro leapt in value after news of the deal came out, climbing to over $1.32.

The €130 billion package will be funded by the euro-zone members, the European Commission and the International Monetary Fund (IMF). Of that total, €100 billion will take the form of direct assistance, while the remaining €30 billion will be used to provide guarantees for new bonds for private-sector creditors.

First things first: this commentary isn't directed against Greece. It's got nothing to do with all the talk in Germany about Greek citizens not paying their taxes, Greek civil servants who don't work or Greek politicians who break their promises. This commentary has a clear and simple message: The second Greek bailout of €130 billion ($172 billion) that euro zone finance ministers are expected to agree on Monday afternoon should not be paid out.

Sure, Greece will need help from the other European Union member states for years, possibly even decades, and Germany shouldn't refuse that help. Europe will likely end up pumping far more money into Greece in the coming years than the fresh aid now being discussed in Brussels.

The mistake isn't the size, but the construction of the bailout package. It isn't geared to the requirements of the people of Greece but to the needs of the international financial markets, meaning the banks. How else can one explain the fact that around a quarter of the package won't even arrive in Athens but will flow directly to the country's international creditors? The holders of Greek government bonds are to get some €30 billion as an incentive to convert their old paper into new bonds. The aim is to keep alive the illusion that Greece isn't bankrupt - after all, the creditors are voluntarily forgiving part of the debt. The financial sector is cleverly manipulating the fear that a Greek bankruptcy would trigger a fatal chain reaction.

SPIEGEL ONLINE: The finance ministers of the euro zone want to approve a new bailout for Greece this Monday. Can the additional €130 billion ($172 billion) save Greece?

Sinn: No, and the politicians know it can't. They want to gain time until the next election. I think we're wasting time by doing this.

SPIEGEL ONLINE: So the euro countries shouldn't approve the aid?

Sinn: They should give them the money to ease their exit from the currency union. The Greek government could use the money to nationalize the country's banks and prevent the state from collapsing. The state and the banks must continue to function through all the turmoil that an exit will entail.

SPIEGEL ONLINE: Why are the euro-zone countries so adamant that Greece must remain in the currency?

Sinn: This isn't really about the country. The Greeks are being held hostage by the banks and financial institutions on Wall Street, in London and Paris who want to make sure that money keeps on flowing from government bailout packages - not to Greece, but into their coffers.

Expats living in the country should register with the consulate “so that we can find them in situations of emergency”. Mr Burt said the Government had been “looking very carefully” at what would be needed. He said they would try to establish where UK nationals might be and work with tour operators to help those on holiday. Foreign Secretary William Hague said it would not be helpful for him to say if Greece was likely or not to leave the euro.

Greek minister for international economic affairs Constantine Popadopoulos dismissed Britain’s contingency plans, saying: “They don’t know how committed we are to staying within the eurozone.”

However, Lebanon contends that part of the gas field lies within its territorial waters, and Washington happens to agree. Engdahl explores the implications of this key development, which have already rippled into the US electoral scene, with Netanyahu betting on Republican race horses against Obama. Recent discoveries of not just significant, but huge oil and gas reserves in the little-explored Mediterranean Sea between Greece, Turkey, Cyprus, Israel, Syria and Lebanon suggest that the region could become literally a “new Persian Gulf” in terms of oil and gas riches. As with the old Persian Gulf, discovery of hydrocarbon riches could as well spell a geopolitical curse of staggering dimension.

Long-standing Middle East conflicts could soon be paled by new battles over rights to oil and gas resources beneath the eastern Mediterranean in the Levant Basin and Aegean Sea. The game-changer was a dramatic discovery in late 2010 of an enormous natural gas field offshore of Israel in what geologists call the Levant or Levantine Basin. In October 2010 Israel discovered a massive “super-giant” gas field offshore in what it declares is its Exclusive Economic Zone (EEZ).

The find is some 84 miles west of the Haifa port and three miles deep. They named it Leviathan after the Biblical sea monster. Three Israeli energy companies in cooperation with the Houston Texas Noble Energy announced initial estimates that the field contained 16 trillion cubic feet of gas — making it the world’s biggest deep-water gas find in a decade, adding more discredit to “peak oil” theories that the planet is about to see dramatic and permanent shortages of oil, gas and coal. To put the number in perspective, that one gas field, Leviathan, would hold enough reserves to supply Israel’s gas needs for 100 years.

The fly in the Mediterranean energy soup is the fact that Israel, like the USA, has never ratified the 1982 UN Convention on Law of the Sea dividing world subsea mineral rights. The Israeli gas wells at Leviathan are clearly within undisputed Israeli territory as Lebanon affirms, but Lebanon believes the field extends over into their subsea waters as well. The Lebanese Hezbollah claims that the Tamar gas field, which is due to begin gas deliveries by the end of this year, belongs to Lebanon.

Worse, 10% of the employees in mid-February were part timers in search of full-time jobs, though down a tad from January's of 10.1%, the all-time worst level in Gallup's history! Underemployment — a combination of the unemployed and part-timers who are looking for a full-time job — jumped to 19% from the mid-January reading of 18.1%. While Gallup’s unemployment reading has improved steadily over the course of 2011, the underemployment reading has simply gotten worse.

Gallup's mid-month reading has been a good predictor of the non-farm payrolls report that the BLS releases two weeks later on the first Friday of the following month. For example, Gallup’s mid-January reading improved to 8.3%, in line with what the BLS would report two weeks later (causing the above hullabaloo). Unlike the BLS, Gallup, does not seasonally adjust its unemployment reading, so some uptick during this time of the year is normal. But that kind of jump is far beyond normal.

The databases would also include Facebook communications, Twitter posts — including direct messages between subscribers — and even communications between players in online video games. According to the Telegraph, the Communications Capabilities Development Programme (CCDP) is already being attacked by privacy advocates as offering a license for abuse and as raising the “Big Brother” potential for universal surveillance. The British government, however, views it as a “vital” tool against terrorism and serious crime, and the legislation to put it into effect is expected to be proposed in May.

The information to be stored would not include the content of calls or emails but would consist of phone numbers and email addresses. These would reveal who was communicating with whom on what occasions and could also make it easy for police to track the movements of cellphone and computer users. The plan has aroused concerns not only over civil liberties but also because hackers could potentially exploit the massive databases, which would be maintained by the companies and not by the government itself.