EUROPE - “If the euro fails, then Europe fails,” said the Chancellor in May of 2010, shortly after the first Greek bailout program was agreed. “The euro is in danger. If we do not avert this danger, then the consequences for Europe are incalculable and then the consequences beyond Europe are incalculable.” Merkel worked closely with Mr Schauble at the Finance Ministry and her Minister of Economics, Rainer Brüderle, to write a draft proposal outlining the changes Germany wanted in the European Union.
EUROPE - The European Union faces "the most critical" moment in its 64-year history, after leaders warned they had five days to prevent Greece from careering out of the euro and into a full blown humanitarian crisis. "Our inability to find agreement may lead to the bankruptcy of Greece and the insolvency of its banking system", said Donald Tusk, head of the European Council, after talks between Greece and its partners ended without agreement on Tuesday night.
GERMANY - Following the latest revelations about surveillance by the United States on the German government and media, it is high time for Chancellor Angela Merkel to take action against the systematic spying. The German-American friendship no longer exists.
GERMANY - In any great political crisis, there comes a moment when great leadership is required — the sort of leadership that prioritizes the general good over sectional interests and that shapes events rather than reacting to them. Following Sunday’s referendum in Greece, the European debt crisis, which is ultimately a political crisis, has reached such a moment. Because of the way the European Union works, only Angela Merkel, the Chancellor of Germany, is in a position to preserve not just Greece’s continued membership in the eurozone but the larger vision of an open, democratic, and fraternal Europe that has dominated the continent’s history for the past seventy years.
GERMANY - The German Patriot air and missile defense systems, stationed at the Turkish border with Syria, have carried out “unexplained” commands allegedly issued by unknown hackers, according to a German media report since rebutted by the government. The US-produced missile systems, belonging to the German Bundeswehr armed forces and based on the territory of NATO ally Turkey since 2013, have been compromised, according to a report in the German Behörden Spiegel.
LIBYA - ISIS members could infiltrate Europe together with masses of refugees from Libya, Syria, and Iraq – ironically fleeing ISIS terror in their homelands, said Michele Coninsx, head of the EU's judicial cooperation agency Eurojust. Speaking Monday in Brussels, Coninsx told reporters that the EU was working together with other countries to prevent the migration of ISIS terrorists. She declined to specify exactly what steps were being taken.
UNITED NATIONS - In declaring the Temple Mount area a “Muslim holy site of worship,” the United Nations Educational, Scientific and Cultural Organization (UNESCO) on July 7 issued a “completely one sided resolution” on the Old City of Jerusalem that “deliberately ignores the historical connection between the Jewish people and their ancient capital,” Israeli officials said.
ISRAEL - ‘Temple Mount’ organisations and groups have demanded in an official letter to Israeli Prime Minister Benyamin Netanyahu that Al-Aqsa Mosque be closed to Muslims for a week from July 26. The closure of the mosque compound would include the week of ‘The destruction of the Temple’, a Jewish holiday which comes a week after Eid al-Fatr at the end of Ramadan. Al-Aqsa Foundation said that settlers had demanded Al-Aqsa Mosque be closed to Muslims during this week, and that settlers be permitted to enter, from July 26.
USA - Investors tend to respond to impending doom by selling risky stuff and hiding out in safer assets - namely, bonds in places such as Germany and the US. There’s a problem with that formula this time around: Traders aren’t so sure they can find anything that’s truly safe right now.
PUERTO RICO - Democratic presidential frontrunner joins calls to allow the US territory to restructure its $72 billion debt as senators prepare new legislation. In Washington, two Democratic senators hope to move forward within weeks with legislation in Congress that would allow the US territory to restructure debts in bankruptcy court, instead of risking chaos.
VATICAN - Pope Francis recently released a new encyclical. Portions of it deal with environmentalism, global warming, and climate change. Naturally, this has prompted controversy. It’s noteworthy that Francis didn’t merely make a passing comment on global warming during this or that sermon, but that he issued a papal encyclical on the matter.
ISRAEL - A re-established and self declared Israeli Sanhedrin, the religious High Court composed of 71 sages, has declared that it is putting Pope Francis on trial unless he retracts his statement that the Jews have no right to the land of Israel or to Jerusalem. In February 2013, the Vatican officially recognized the “State of Palestine” but more significantly, the Vatican signed a treaty in June with “Palestine” in which the Holy See switched its diplomatic relations from the Palestinian Liberation Organization to the “State of Palestine”.
VATICAN - The first Jesuit pope and the first non-European pope in more than 1,200 years, Francis has differed significantly from his predecessors with his outspoken style and his approach to leading the church. His comments on poverty, church reform, climate change and divorce have made headlines around the world. Here is a look at some of them.
GREECE - Greek 'No' vote sees lenders act in concert, warning of imminent bankruptcy unless Athens capitulates to fresh reform demands. The European Central Bank has tightened liquidity conditions for the Greek banking system following the landslide victory for the Leftist government in Sunday’s referendum.
EUROPE - The Greeks have just voted, in dramatic fashion, to defy the European establishment, and hardly anything happened. Sure, the equity markets and the euro fell slightly, and bond yields rose, but Lehman Brothers-style chaos was avoided. It was just a normal, bad day in the markets. Given the seismic nature of the event, and the fact that opinion polls had been so wrong, the fallout was eerily minimal.
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The views expressed in this section are not our own, unless specifically stated, but are provided to highlight what may prove to be prophetically relevant material appearing in the media.