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European leaders intensify their efforts to get Greece to sign off on another debt deal

Efforts to end an impasse over funding have become urgent as Athens faces a debt repayment to the IMF on Friday.

Alex Christoforou

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Post originally appeared on Bloomberg.

European leaders and the head of the International Monetary Fund agreed to step up the intensity of talks over Greece’s fate after an extraordinary meeting in Berlin about ways to avert a default.

The top-level huddle lasted past midnight Tuesday morning at Germany’s government headquarters with Chancellor Angela Merkel, IMF chief Christine Lagarde, European Central Bank President Mario Draghi, French President Francois Hollande and European Commission President Jean-Claude Juncker in attendance. The goal was to hammer out an offer that Greece could consider in coming days, according to two people familiar with the plan.

After Merkel left, her office put out a statement saying the five leaders “agreed that work must now be continued with greater intensity” and that “they have been in closest contact in recent days and want to remain so in the coming days, both among themselves and naturally also with the Greek government.”

Efforts to end an impasse over funding have become urgent as the Mediterranean nation faces a debt repayment to the IMF on Friday. While Greece says it can make the payment, it’s the smallest of four totaling almost 1.6 billion euros ($1.78 billion) this month. The timing coincides with the expiration of a euro-region bailout by the end of June.

With talks dragging into their fifth month, deadlines have come and gone with meetings, calls and summits yielding little as disagreements over pensions and labor laws persisted.

“Even a mediocre agreement is much better than the alternative for Greece, which is bankruptcy,” said Nicholas Economides, professor of economics at New York University’s Stern School of Business. “Bankruptcy within the euro would be very difficult to manage and would require tremendous support from the ECB, which is unlikely.”

Common Ground

Technical negotiations on economic measures Greece must take were resuming and an agreement is closer, though not ready, a Greek government spokesman said on Monday. The aim is to release about 7 billion euros from its existing bailout before the debate begins over a new package.

Merkel was expected to be more involved as time runs out between this week and a meeting of euro-region finance ministers on June 18 in Luxembourg. According to an international official over the weekend, creditor institutions were working on a common proposal that would be presented to Greece in the next few days.

The joint position may be communicated to Greek Prime Minister Alexis Tsipras by European political leaders, the person said, asking not to be named, as he wasn’t authorized to speak publicly on the matter.

Tsipras held a call with Merkel and Hollande on Sunday, with a German government official calling it “constructive.” At the same time, Greece and its creditors traded accusations for the lack of progress in talks, a hallmark of recent months.

Not Acceptable

Tsipras wrote in French newspaper Le Monde that any intransigence wasn’t the fault of his four-month-old administration. He referred to “absurd proposals” being presented to his government by institutions.

A senior German lawmaker said on Monday it was up to Greece to adhere to reforms agreed to before Tsipras took power. Michael Fuchs, deputy parliamentary leader of Merkel’s Christian Democrat party, said Greece is to blame for the crisis and it’s unacceptable for the government to accuse the European Union. He spoke to Bloomberg Television.

Financial markets in Athens will open after shutting on Monday for the Orthodox Pentecost holiday.

The yield on Greek 10-year bonds rose to 11.49 percent in London, up from 11.25 percent on Friday. Last week, the yield moved between 10.95 percent and 11.98 percent as local reports of progress were contradicted by warnings from European officials that a default can’t be ruled out.

JPMorgan Call

JPMorgan Chase & Co., which in April 2014 helped Greece return to international debt markets, recommended investors sell some longer-dated Greek government bonds. The U.S. bank said there was an increasing risk of caps on the amount of money people can withdraw from Greek banks.

After recommending buying Greece’s longer-dated bonds about the time Tsipras was elected in January, JPMorgan said investors should take 10 basis points of profit on a long position in the 3 percent Greek bond maturing in February 2042. A JPMorgan spokesman in London said the strategists are independent of the bankers involved in capital markets, who declined to comment.

“Although the central scenario is for Greece to reach a compromise before missed payments and/or capital controls, our conviction is not high enough to justify aggressive risk- taking,” Gianluca Salford and Aditya Chordia, rates strategists at JPMorgan in London, wrote in a note to clients.

References:

http://www.bloomberg.com/news/articles/2015-06-01/greece-s-creditors-said-to-meet-in-berlin-to-discuss-next-steps

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‘Meme-killing’ EU regulation could end YouTube as we know it, CEO warns

The proposed amendments to the EU Copyright Directive would require the automatic removal of any user-created content suspected of violating intellectual property law.

The Duran

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Via RT


YouTube’s CEO has urged creators on the popular video site to organize against a proposed EU internet regulation, reinforcing fears that the infamous Article 13 could lead to content-killing, meme-maiming restrictions on the web.

The proposed amendments to the EU Copyright Directive would require the automatic removal of any user-created content suspected of violating intellectual property law – with platforms being liable for any alleged copyright infringement. If enacted, the legislation would threaten “both your livelihood and your ability to share your voice with the world,” YouTube CEO Susan Wojcicki warned the site’s content creators in a blog post on Monday.

The regulation would endanger “hundreds of thousands of job,” Wojcicki said, predicting that it would likely force platforms such as YouTube to allow only content from a hand-picked group of companies.

“It would be too risky for platforms to host content from smaller original content creators, because the platforms would now be directly liable for that content,” Wojcicki wrote.

While acknowledging that it was important to properly compensate all rights holders, the YouTube chief lamented that the “unintended consequences of Article 13 will put this ecosystem at risk.”

She encouraged YouTubers to use the #SaveYourInternet hashtag to tell the world how the proposed legislation would impact them personally.

“RIP YOUTUBE..IT WAS FUN,” read one rather fatalistic reply to the post. Another comment worried that Article 13 would do “immense damage … particularly to smaller creators.”

The proposal has stirred considerable controversy in Europe and abroad, with critics claiming that the legislation would essentially ban any kind of creative content, ranging from memes to parody videos, that would normally fall under fair use.

Alphabet, the parent company of Google and YouTube, has opposed Article 13 for months. The measure was advanced in June by the European Parliament. A final vote on the proposed regulation is expected to take place sometime next year.

World Wide Web inventor Tim Berners-Lee and Wikipedia founder Jimmy Wales have also spoken out against Article 13.

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WSJ Op-Ed Cracks The Code: Why Liberal Intellectuals Hate Trump

WSJ: The Real Reason They Hate Trump

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Via Zerohedge


As pundits continue to scratch their heads over the disruptive phenomenon known as Donald Trump, Yale computer science professor and chief scientist at Dittach, David Gelernter, has penned a refreshingly straightforward and blunt Op-Ed in the Wall Street Journal explaining why Trump has been so successful at winning hearts and minds, and why the left – especially those snarky ivory-tower intellectuals, hate him.

Gelernter argues that Trump – despite being a filthy rich “parody of the average American,” is is a regular guy who has successfully resonated with America’s underpinnings.

Mr. Trump reminds us who the average American really is. Not the average male American, or the average white American,” writes Gelernter. “We know for sure that, come 2020, intellectuals will be dumbfounded at the number of women and blacks who will vote for Mr. Trump. He might be realigning the political map: plain average Americans of every type vs. fancy ones.”

He never learned to keep his real opinions to himself because he never had to. He never learned to be embarrassed that he is male, with ordinary male proclivities. Sometimes he has treated women disgracefully, for which Americans, left and right, are ashamed of him—as they are of JFK and Bill Clinton. –WSJ

Gelernter then suggests: “This all leads to an important question—one that will be dismissed indignantly today, but not by historians in the long run: Is it possible to hate Donald Trump but not the average American?“.

***

The Real Reason They Hate Trump via the Wall Street Journal.

He’s the average American in exaggerated form—blunt, simple, willing to fight, mistrustful of intellectuals.

Every big U.S. election is interesting, but the coming midterms are fascinating for a reason most commentators forget to mention: The Democrats have no issues. The economy is booming and America’s international position is strong. In foreign affairs, the U.S. has remembered in the nick of time what Machiavelli advised princes five centuries ago: Don’t seek to be loved, seek to be feared.

The contrast with the Obama years must be painful for any honest leftist. For future generations, the Kavanaugh fight will stand as a marker of the Democratic Party’s intellectual bankruptcy, the flashing red light on the dashboard that says “Empty.” The left is beaten.

This has happened before, in the 1980s and ’90s and early 2000s, but then the financial crisis arrived to save liberalism from certain destruction. Today leftists pray that Robert Mueller will put on his Superman outfit and save them again.

For now, though, the left’s only issue is “We hate Trump.” This is an instructive hatred, because what the left hates about Donald Trump is precisely what it hates about America. The implications are important, and painful.

Not that every leftist hates America. But the leftists I know do hate Mr. Trump’s vulgarity, his unwillingness to walk away from a fight, his bluntness, his certainty that America is exceptional, his mistrust of intellectuals, his love of simple ideas that work, and his refusal to believe that men and women are interchangeable. Worst of all, he has no ideology except getting the job done. His goals are to do the task before him, not be pushed around, and otherwise to enjoy life. In short, he is a typical American—except exaggerated, because he has no constraints to cramp his style except the ones he himself invents.

Mr. Trump lacks constraints because he is filthy rich and always has been and, unlike other rich men, he revels in wealth and feels no need to apologize—ever. He never learned to keep his real opinions to himself because he never had to. He never learned to be embarrassed that he is male, with ordinary male proclivities. Sometimes he has treated women disgracefully, for which Americans, left and right, are ashamed of him—as they are of JFK and Bill Clinton.

But my job as a voter is to choose the candidate who will do best for America. I am sorry about the coarseness of the unconstrained average American that Mr. Trump conveys. That coarseness is unpresidential and makes us look bad to other nations. On the other hand, many of his opponents worry too much about what other people think. I would love the esteem of France, Germany and Japan. But I don’t find myself losing sleep over it.

The difference between citizens who hate Mr. Trump and those who can live with him—whether they love or merely tolerate him—comes down to their views of the typical American: the farmer, factory hand, auto mechanic, machinist, teamster, shop owner, clerk, software engineer, infantryman, truck driver, housewife. The leftist intellectuals I know say they dislike such people insofar as they tend to be conservative Republicans.

Hillary Clinton and Barack Obama know their real sins. They know how appalling such people are, with their stupid guns and loathsome churches. They have no money or permanent grievances to make them interesting and no Twitter followers to speak of. They skip Davos every year and watch Fox News. Not even the very best has the dazzling brilliance of a Chuck Schumer, not to mention a Michelle Obama. In truth they are dumb as sheep.

Mr. Trump reminds us who the average American really is. Not the average male American, or the average white American. We know for sure that, come 2020, intellectuals will be dumbfounded at the number of women and blacks who will vote for Mr. Trump. He might be realigning the political map: plain average Americans of every type vs. fancy ones.

Many left-wing intellectuals are counting on technology to do away with the jobs that sustain all those old-fashioned truck-driver-type people, but they are laughably wide of the mark. It is impossible to transport food and clothing, or hug your wife or girl or child, or sit silently with your best friend, over the internet. Perhaps that’s obvious, but to be an intellectual means nothing is obvious. Mr. Trump is no genius, but if you have mastered the obvious and add common sense, you are nine-tenths of the way home. (Scholarship is fine, but the typical modern intellectual cheapens his learning with politics, and is proud to vary his teaching with broken-down left-wing junk.)

This all leads to an important question—one that will be dismissed indignantly today, but not by historians in the long run: Is it possible to hate Donald Trump but not the average American?

True, Mr. Trump is the unconstrained average citizen. Obviously you can hate some of his major characteristics—the infantile lack of self-control in his Twitter babble, his hitting back like a spiteful child bully—without hating the average American, who has no such tendencies. (Mr. Trump is improving in these two categories.) You might dislike the whole package. I wouldn’t choose him as a friend, nor would he choose me. But what I see on the left is often plain, unconditional hatred of which the hater—God forgive him—is proud. It’s discouraging, even disgusting. And it does mean, I believe, that the Trump-hater truly does hate the average American—male or female, black or white. Often he hates America, too.

Granted, Mr. Trump is a parody of the average American, not the thing itself. To turn away is fair. But to hate him from your heart is revealing. Many Americans were ashamed when Ronald Reagan was elected. A movie actor? But the new direction he chose for America was a big success on balance, and Reagan turned into a great president. Evidently this country was intended to be run by amateurs after all—by plain citizens, not only lawyers and bureaucrats.

Those who voted for Mr. Trump, and will vote for his candidates this November, worry about the nation, not its image. The president deserves our respect because Americans deserve it—not such fancy-pants extras as network commentators, socialist high-school teachers and eminent professors, but the basic human stuff that has made America great, and is making us greater all the time.

Mr. Gelernter is computer science professor at Yale and chief scientist at Dittach LLC. His most recent book is “Tides of Mind.”

Appeared in the October 22, 2018, print edition.

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The Trump Miracle and the Logical End of US Democracy: What Happened?

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I don’t wish to dine with a Clinton Snowflake.

And a Clinton Snowflake would rather see me off to San Quentin, the Deplorable that I am.

Something happened under Obama-Clinton rule that has never happened before, not even in the heat of passions culminating in the Civil War. The country polarized, splitting into two groupings. Forever.

Obama’s, Grand Canyon divide was cemented, subsequently, by Clinton’s “Deplorables” gaff interpreted as disdain and disrespect for the working, one-half of the country. Millions of Americans will never accept her and her Snowflakes and vice versa. “Never say never,” it’s said, often enough. But, this time, “never,” is an unequivocal: “Never!”

Quite simply, the Obama-Clinton regime politicized that which should never be politicized, namely, core beliefs and values, starting with God.

Debate is one thing, but the regime followed up with direct and indirect actions, which some writers call rainbow fascism. “You won’t bake a wedding cake for two gays out of some fossilized belief in scripture? We’ll shut you down.”

The regime’s aggression against the Church, the family, and the infant in the womb is dynamite inserted into the foundation on which the country stands.

Along with compassion and sensitivity to opposing views, compromise used to help mend political wounds. It allowed the nation to move on after an election. However, when religious tenets are challenged by a political Party with executive order power, the door on possible compromise slams shut. Obama-Clinton politicized the sacred and the Holy, a big no-no considering that politics divide. It wasn’t done out of ignorance, disrespect, or plain arrogance. It was a conscience, systematic attack by the Godless against God-fearing Christians.

God either exists or He doesn’t – no compromise, here. That is, “He might exist,” placates neither the believer nor the atheist. The Bible is either the Word of God as delivered through His prophets or it isn’t. No compromise possible.

Abortion-on-demand is another issue without compromise considering the commandment: Thou shalt not kill (murder). There is also common sense compassion, which makes us human and says that abortion is wrong. You’re either for murder of the defenseless or against it.

A partial birth abortion, despite the insinuation of compromise in the term, is actually a viler variant of infanticide because it’s performed in the last trimester, at 5-7 months. The well-developed, living infant is pulled out of the womb, legs first. The medical executioner then plunges a probe with a catheter into the living brain in order to suction out a bloody slurry and collapse the skull. Is it murder of the defenseless or a “woman’s right” as Snowflakes call it?

Clinton claims: “Fetuses feel no pain and have no rights.” Curiously, Himmler leaned on a nearly identical contention to justify ghoulish, medical experiments on pregnant women in Konzentrationslager. Is there a difference? Indeed, there is. Clinton is a woman, making her serial murders more of a monstrosity.

The Holy Bible is either the Word of God or it isn’t. It’s not a book to be adapted to one’s whims or sexual lusts. Scripture strictly condemns male homosexuality in at least three passages and, implicitly, in some one-half dozen others. Nonetheless, Obama-Clinton attached the promotion of LBGTq-ism to the Democratic plank, overriding scripture. Clinton informed one audience that Christians would have to change their beliefs on some issues.

Hold on! “I’m getting my musket,” as more than one American has said.

I used to enjoy dialogue. But a sour aftertaste remains from the last time that I waded, innocently enough, into an after-dinner, back-and-forth. The topic was the upcoming primaries.

Dodging a flurry of leftism hooks from a New York Cityite at a Hamptons hideaway, I smiled through early-round attacks recalling how Mohammed Ali used to taunt opponents and cockroaches until they lost their cool. It worked. My opponent promptly tangled himself up in the ropes of his emotions.

It became apparent, in the ensuing minutes, that the Achilles heel of the Left was the absence of a viable candidate. That is, one who could be liked – a leader with charisma with a realistic chance winning.

Hillary was the only figure looming big on the horizon. After flying about on her crooked broom, peddling influence and laundering bloody cash from terrorism-sponsoring sheiks, wads of cash stuffed her Pampers. The Wicked Witch of the West, as victims of her foreign policy still address her, apparently, had it all. Except likeability. Or, something new to offer millions of working Americans beyond the scandals, a world in flames, and the same old corrupt things, starting with her foundation, which kept the cash but forgot Hattian children.

Deep-down inside, my opponent knew that getting excited about Hillary would be a daunting task. It’s precisely Hillary’s inability to generate enthusiasm that eventually metamorphosed into, “What Happened?” It wasn’t Russia; it wasn’t the dog that ate her homework.

As Secretary of State, Clinton’s role in creating and sponsoring head-choppers, baby burners, and heart-eating fanatics in ISIS’s jumpsuits was already well-established for anyone who was interested in looking beyond the hyaluronic acid smile and the praise of her attendant, media handlers.

Propagandists led by CNN and MSNBC did their best to sequester her “Arab Spring” fiascos. Her ties and support of the Muslim Brotherhood, apparently, inspired by live-in aide and right-hand woman, Huma Abedin were off limits for the press. Lesbian lover or not, the real issue is the between-the sheets confidences of one woman, holding one of the highest positions in the US Government and another with connections to jihadist circles inspired by Sayyid Qutb, the godfather of al Qaeda. What would have been made of it by the press if Trump had a mistress whose grandfather was Osama bin Laden?

Clinton’s connivance, her intrigue, and her use of the sword to overthrow foreign governments constituted the essence of her foreign policy. Now, the rich, sweet thing is crying over supposed, Russian interference that she claims cost her the election! No proof of Russian involvement has been found, despite massive efforts and the wasteful expenditure of millions of dollars. Even so, in her warped sense of reality, it’s inconceivable that American voters chose a vulgar, thrice-married, casino operator who trash talks instead of her. Curiously, it was Christians, in particular – Catholics, Protestants and the Orthodox – fearing a de facto Obama third term, who voted in droves for Trump.

Jonathon Van Maren writes: “…Christians are having conversations around the dinner table about what do if the government forces curricula on them that they cannot accept, because their own government is increasingly indicating that Christian parents are too homophobic and too hateful to teach their own children.”

Fear is setting in at both ends of the political spectrum. Meltdown, weep-in snowflakes fear Trump yet he and Christians are not forcing the LGBTq groupings etc., to make lifestyle changes. In contrast, Obama-Clinton’s Rainbow Fascism demands core value changes, or else! It’s already ruining the lives of those who cannot compromise religious tenets. What’s next? Obviously, children must be taken away from homophobic and irresponsible parents. It’s already happening in Norway and Sweden.

Curiously, WaPo’s entire editorial board endorsed her. Isn’t endorsement of Clinton’s terrorism by proxy tantamount to being a terrorist? Can WaPo be trusted, again? Another liberally slanted paper, the NY Times largely swept Clinton’s sordid past under the carpet, with about 90 percent of its articles casting her in a positive light. In contrast, it was open season on Republicans and, soon enough, on Trump.

“Considering her international war crimes record, if you vote for her, as I’m sure you’ll end up doing, you’re going to be an accomplice. Of terrorism,” I sighed. “So unfriend me now, please.”

Swinging, aimlessly – now, a bug in my web – my opponent’s accusations turned Archie-Bunker-personal – “You’re a SOB, M#*/!er. All you do is criticize but you haven’t done squat! Do something in the community instead of blaming everything on Obama and Clinton.

“Some time ago, I saw little, practical sense in it,” I replied. “That is, in wasting time to change the system.”

If it was ever possible to improve matters on a local level, those days are gone. Plato, Socrates and Aristotle did not consider the rule of money to be compatible with democracy. After three, consecutive, two-term geniuses steering the US Titanic – Clinton, Bush, Obama – the scraping sounds of hitting the iceberg are all-too-audible. The mass media orchestra plays on yet the waterline has reached the nation’s gunwales.

“Sorry, trends are apparent enough. Liberty, freedom of expression – all on the wane. Government as well as media controls are tightening! Prisons are full. Stalin has been outdone. His maximum Gulag stay was 15 years regardless of the charge. What’s ours? A life sentence for being in a romantic relationship with a drug smuggler? Common sense is being pushed aside by nonsense. Sorry, I find little sense building sandcastles at ebbtide.”

My opponent had had enough. Spilling whisky to get away from me, he spewed more venom and parted the room. Forever.

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