Joao Rei’s ramblings

 

Portuguese Finance Minister talks to @richardquest

Here is an interview the Portuguese finance minister gave to CNN's Richard Quest on his show Quest Means Business.

Throughout the interview the minister expresses his feeling that the markets are overreacting to the threat of debt default on the part of Portugal, and that the recent measures taken by the Portuguese parliament to increase spending on regional budgets, that were approved by the opposition without support from the government can be prevented by using legal provisions that allow the minister to cut back on spending.

Filed under: Economy EU Europe Portugal
 

The American bullies

I really like to discuss EU - US relations, and when Obama got elected, everyone in Europe cheered, for he was viewed as a moderate, not a maverick.

It finally seemed that the US had (again) a president who saw Europe as, not only an important ally, but as an important player in world politics and economics.

Of course when you add the financial crisis to the mix, people on both sides of the Atlantic are quick to point the finger at each other over who is to blame, and who is not doing enough to get it fixed (if there is any fixing to it)

I was slightly disappointed, when during the G-20 summit in London, the US team kept pushing the Europeans to "do more" to solve this crisis, by ignoring our fiscal policy and basically "spend our way out of this crisis". I really don't think that spending is the way to solve this crisis and support the German's in their tight fiscal policy and that of the Eurozone and the Stability pact.

Another key issue (not discussed during the G-20 summit) was the accession of Turkey into the EU . Obama (while on Ankara) discussed that Turkey should be allowed in the EU. 
Now, and without wanting to discuss what is the best policy for the EU and Turkey, this is not they way to go. Even before Obama, there was already pressure from the US to allow Turkey into the EU, the US has a vested interest in an ally close to Iraq and the Middle East. But telling the EU who to take or not to take inside the Union is like having Barroso go to Mexico and tell everyone we (Europeans) think Mexico should be part of the US.

Think about it... 

Obama, you let me down. Don't let it happen again. And look at Europe with a bit more respect
Filed under: Economy EU US
 

The best and the brightest

As usual, a very interesting article on the NY Times about the degradation of values in today's society , and how making a fast buck on Wall Street was hailed as the most interesting job for anyone with a brain.

“The best and the brightest meant the people who were supposed to be the smartest, not who made the most money,” she told me this week. “This application in the last few years of the phrase to anyone who’s made a pile of money on Wall Street shows a real degradation of the culture. It’s part of the dumbing down of language as well as culture. It shows a real real dumbing down of everything.”

It's certainly worth a read.
Filed under: Economy Society
 

Swiss vote YES to free movement with EU

Even though there were some doubts over the outcome, in the end a majority of 59% voted in favor of unrestricted movement of workers between Switzerland and the EU, the main question on the table was the acceptance of the EU's two newest members (and also its poorest) Romania and Bulgaria.

The vote means, that EU citizens will continue to be able to work in Switzerland, and this right is now extended to Romania and Bulgaria. In the end, economic pressures spoke higher than immigration fears, and the NO campaign had to settle with only minor victories in some cantons.

For more information, read the article on Deutsche Welle 

Filed under: Economy Europe
 

Two sentenced to death over Chinese tainted milk scandal

Two men were given the death penalty for their involvement in the contaminated milk scandal in China.

More hard sentences are expected, and the former boss of the company was given life imprisonment.

In my view, something had to be done, but I am, and have always been against the death sentence. There was no criminal intent, this was a case of, severe, negligence. I mean, they knew what they were doing, but it's hard to prove they wanted to kill babies!

If the milk scandal tainted China's image abroad, I feel that this sentence does more harm than good to the image of China's justice system.

http://news.bbc.co.uk/2/hi/asia-pacific/7843972.stm
Filed under: China Economy Justice
 

Violent protests in Vilnius, Lithuania

The riots of recent days in Riga are now spreading to neighboring Lithuania, where a riot broke out today after a peaceful demonstration was taking place in front of the national parliament building.

One begs to ask, will the same happen here in Tallinn?

http://www.delfi.lv/news/world/baltics/article.php?id=22953015
http://www.baltictimes.com/news/articles/22135/

What began as a peaceful protest near the Lithuanian parliament building has turned violent as protesters clash with police. 

The Baltic Times estimates that at least 5,000 people attended the protest, which was aimed at expressing discontent over the government's failure to address the worsening economic situation in the country. The protest began at noon and erupted into violence at about 1:30 p.m. 
Preliminary reports indicate that one officer has been hospitalized and three protesters have been detained. Police have reportedly been forced to use violence to subdue some of the protesters. 
Protesters who were initially pushed away from the parliament reportedly returned to attempt  to storm the building again, but were again rebuffed by police. 
Police have now largely subdued the protesters and put an end to the violence. 
Though the protest began as a peaceful demonstration, a group of protesters soon began throwing snowballs, rocks and glass bottles and attempting to break into the parliament building. Approximately 300 police were in attendance. 
Officers have deployed tear gas and shot rubber bullets to help keep the protesters at bay. 
The violent protest came just days after a similar protest in Riga turned into a riot, injuring numerous people and causing thousands of euros in damages. 
Filed under: Baltics Economy Europe Lithuania Vilnius
 

Protests in Sofia, Bulgaria



In what has now become a "fashion" in many Eastern European countries, Bulgaria's capital Sofia is the latest to stage violent protests against its government.

The goal of the protesters is the same everywhere, the dismissal of the current government that many see unfit to rule, corrupt and inept. The recent gas crisis in the country may have propelled many to the streets, perhaps as a way of keeping warm by exercising?

From the video on the BBC's website, it is clear that the police in Sofia were much better prepared than the police in Riga, or at least they appear to be more violent towards the crowd.


Filed under: Bulgaria Economy Energy Europe Gas Sofia
 

No EU money for Helsinki-Tallinn tunnel

According to a recent article on the Finnish newspaper Helsingin Sanomat , there won't be any EU money for the feasibility study that both Helsinki and Tallinn applied to for the underground tunnel between the two capitals.

The mayors of both cities are now considering continuing with the studies using their own money from the local government's budget.
Filed under: Baltics Economy Estonia Europe Finland
 

Aftermath of the riots in Riga


News of the riots in Riga reached the international media early this morning.

The BBC has footage of the events on its website:


Apparently the same as available on the Delfi TV website: 



According to the BBC, yesterday's riots are the largest the Baltic country has seen since regaining independence from the Soviet Union in 1991.

Around 126 people (mostly youngsters) were arrested following last night's events.

Now, what is rather puzzling is that the police seemed baffled and surprised at the rioting and looting that took place after the peaceful protests. Even though there had been reports of websites calling for violent action well before January 13th. Giving more than enough time for the police to prepare for last night's events. It is pretty obvious for anyone that if you gather 10.000 or more people in a mass demonstration against the government, some of them are going to end up drinking more than they should and spread a bit of havoc and damage. And that was exactly what happened last night. Around 300 people went in front of the parliament and started shouting for the dismissal of the government and parliament. There seemed to be only around 10-20 police officers initially to protect the parliament, and things got ugly quickly.

Now (and according to a comment on this website) the prime-minister has called on a ban on all protest actions. Not a very clever move. Is there no capable leadership in this sinking boat? Was there no foresight into what could've happen yesterday?

I'll try to follow these events closely.


Filed under: Baltics Economy Europe Latvia Riga
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