World economy talk

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Turkey declares jet shoot-down a 'hostile' act - CNN.com

Istanbul (CNN) -- Turkey officially considers the shooting down of one of its military fighter jets by Syria to be a hostile act, the Turkish Foreign Ministry said Sunday.

Turkey delivered the message in a diplomatic note to the Syrian consulate in Istanbul, calling the incident "a hostile movement," ministry spokesman Selcuk Unal told CNN.

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Islamist Brotherhood candidate wins Egypt's first Presidential election...Israel not too happy about it.

question now is will the military govt give up power

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Tel Aviv stocks spike

http://www.bloomberg.com/quote/TA-100:IND

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Spain

El Gobierno pide de forma oficial al Eurogrupo el rescate de la banca | Economía | EL PAÍS

translated:

The Government officially asks the Eurogroup on bank rescue

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Cyprus

bailout

NICOSIA (Reuters) - Cyprus moved to the brink of a financial bailout on Monday, announcing emergency talks on the economy that may determine whether the country seeks aid from its EU partners or looks further afield.

The euro zone's third-smallest economy needs to raise the equivalent of 10 percent of its GDP by June 30 to recapitalize its second largest bank, heavily exposed to debt-crippled Greece.

[safeorigin]

gulfnews : Four US Navy minesweepers arrive to protect Hormuz Strait

Dubai: Four US minesweepers have arrived in the Gulf to bolster the US Fifth Fleet and ensure the safety of shipping routes, the US Navy said, as an Iranian military chief suggested on Monday that Iran might try to block the Strait of Hormuz to defend its interests.

The four additional mine countermeasures (MCM) ships arrived on Saturday and are scheduled for a seven-month deployment in an area of operations that includes the Gulf, Gulf of Oman, Red Sea and parts of the Indian Ocean.

The area also includes two other critical shipping choke points of the Suez Canal and the Strait of Bab Al Mandab between the southern tip of Yemen and Africa.

“MCM ships conduct operations with coalition forces in order to ensure the continued, safe flow of maritime traffic in international waterways,” the US Navy said in a statement late on Sunday.

Tensions between Iran and the West over the Islamic Republic’s nuclear programme have raised fears that Iran might try to block Hormuz — a vital shipping route for the global economy — if it is prevented from exporting its own oil by western sanctions that are to tighten again on July 1.

The commander of Iran’s ground forces, Ahmad-Reza Pourdastan, was quoted by the Iranian Student News Agency (ISNA) on Monday as saying Iran might use its influence over the Strait of Hormuz to defend its interests.

More than a third of all seaborne traded oil was shipped through Hormuz last year, according to the US Energy Information Administration (EIA), and even a brief blockage could cause price spikes that threaten global economic growth.

The USS Sentry, Devastator, Pioneer and Warrior are designed to clear mines from vital waterways, supporting a US Central Command request for more MCM support, the US Navy statement said.

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http://in.reuters.com/article/2012/0...8HPCZV20120625

WRAPUP 1-Turkey turns to NATO after Syria downs jet

ANKARA, June 26 (Reuters) - Turkey is to demand backing from its NATO allies on Tuesday at a special meeting called after Syrian troops shot down a Turkish warplane last week in an incident Damascus said was self-defence but which Ankara branded an "act of aggression".

Hürriyet Daily News | LEADING NEWS SOURCE FOR TURKEY AND THE REGION

Turkish jet shot in int'l air space, crashed in Syrian waters: Erdoğan_

[Ry_Tower]

WRAPUP 1-Turkey turns to NATO after Syria downs jet | Reuters




Hürriyet Daily News | LEADING NEWS SOURCE FOR TURKEY AND THE REGION

Yun lang, shot in int'l space pala. nakuw.....

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pero syempre Syria says the jet flew into its airspace

Syria knows NATO wants to invade so they're jumpy

if you believe NATO already made plans to invade Syria last year pa (which is what i think) then this incident fits perfectly into the plan

NATO needs an excuse to invade Syria

if this incident isnt a good enough excuse they'll come up with a better one

[Ry_Tower]

pero syempre Syria says the jet flew into its airspace

Syria knows NATO wants to invade so they're jumpy

if you believe NATO already made plans to invade Syria last year pa (which is what i think) then this incident fits perfectly into the plan

NATO needs an excuse to invade Syria

if this incident isnt a good enough excuse they'll come up with a better one

Just like the WMD of Iraq.

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Italy bails out its 3rd biggest bank (which is also the oldest surviving bank in the world founded in 1472)

Banca Monte dei Paschi di Siena SpA : Italy's Government Approves State Aid To Banca Monte di Paschi | 4-Traders

MILAN--The Italian government moved to loan up to two billion euros ($2.50 billion) to troubled lender Banca Monte di Paschi di Siena as Rome scrambles to shore up one of the weakest links in Italy's banking system.

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Sabi ng Syria, they shot the RF-4E with anti-aircraft artillery, which has a short range. If Nato does march into Syria, will Russia stand aside?

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Syria says they used anti-aircraft guns

Tension high between Syria and Turkey - Xinhua | English.news.cn

BEIJING, June 26 (Xinhuanet) -- Tension between Turkey and Syria is rising now after Syria shot down a Turkish fighter jet without warning on Friday. Syria insists its action was only a defensive one to protect its sovereignty. But in response, Turkey says it’s determined to settle the dispute under the framework of international law.

It has been four days now since Syrian anti-aircraft artillery brought down a Turkish military jet Syria said had penetrated its territorial airspace. Syria’s Foreign Ministry spokesman says its air defenses had to react immediately to the Turkish fighter jet flying at 100 metres altitude in what was a clear breach of Syrian sovereignty.

He told a news conference that the jet -- an F4 Phantom -- was downed by anti-aircraft fire, NOT by a radar-guided missile.

Jihad Makdissi, spokesman of Syrian Foreign Ministry, said, "The holes that appeared on the tail of the plane show that it was really shot by a land cannon and not by missiles. If the aircraft was above international waters, we would have used the missiles and not a land anti-craft gun whose maximum amplitude is 2.5 kilometres."

Turkey says it was a missile

Turkish jet was hit by Syrian 'heat-seeking missile' - The National

ISTANBUL // Syria intentionally shot down a Turkish jet in international airspace with a missile on Friday, Turkey's vice prime minister said yesterday.

Bulent Arinc told the cabinet: "The facts in our possession show that our plane was hit by a heat-seeking guided laser missile."

And Mr Arinc told a televised news conference yesterday that Syrian forces fired on a second Turkish plane that was searching for the wreckage of the downed RF-4E reconnaissance jet.

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NATO will use this incident to go into Syria

they're already spinning this incident -- international not Syrian airspace, missile not guns...

this is gonna escalate

NATO has an itchy trigger finger ever since going into Libya last year

[Ry_Tower]

Sabi ng Syria, they shot the RF-4E with anti-aircraft artillery, which has a short range. If Nato does march into Syria, will Russia stand aside?

I don't think Russia will be joining the war but they will definitely play hardline on this. But the key is for NATO to have a swift tactical war of removing the Assad regime, If they can do that, Russia will back-out since the new leadership will definitely not forget who supported the repressive dictator despite humanitarian interests.

Or NATO can make a consensus with Russia and the new regime which NATO will probably have a hand in choosing as well.

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trade war!

Iran warns it may halt imports of S Korean goods to protest oil ban - Oil | Platts News Article & Story

Iran warns it may halt imports of S Korean goods to protest oil ban
Seoul (Platts)--27Jun2012/348 am EDT/748 GMT

Iran's top envoy in Seoul warned Wednesday his country may halt imports of all South Korean goods to protest South Korea's decision to suspend Iranian crude oil imports over EU sanctions.

Iran "may decide to fully stop importing [South] Korean goods" if Seoul imposes the ban, Ambassador Ahmad Masumifar told Seoul's Yonhap News Agency.

Iran is South Korea's third-largest market in the Middle East, worth $6.1 billion in 2011, up from $4.6 billion in 2010.

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reminder

Greece will run out of money mid-July

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Obviously a reconnaissance plane has to be near or within its intended target to observe it

An IR guided missile is considered a WITHIN VISUAL RANGE weapon system

Whichever the case, it means the plane has been ID'd at knife range

Only a gullible idiot would believe the plane was shot down from beyond visual range

Oh wait! I seem to recall not one, not hundreds but millions... an entire nation... where oh where could that be?

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Spain and Italy blackmails EU for a bank rescue package...

EU leaders have agreed to use the eurozone's bailout fund to support struggling banks directly, without adding to government debt.

Speaking after 13 hours of talks in Brussels', EU chief Herman van Rompuy also said a eurozone-wide supervisory body for banks would be created.

Officials said the plans could be finalised during July.

Analysts say Germany appears to have given ground after pressure from Spain and Italy to provide more support.

French President Francois Hollande early Friday placed his support squarely behind Italy and Spain as they pushed the European Union to help them cope with high bond yields, rejecting suggestions that it amounted to "blackmail.

The two southern European countries had withheld support from an earlier plan to for a growth package worth 120bn euros (£96bn; $149bn).

They wanted measures to lower their borrowing costs.

Mr Rompuy said the new proposals would break the "vicious circle" between banks and national governments.

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http://www.consilium.europa.eu/uedoc.../ec/131359.pdf

• We affirm that it is imperative to break the vicious circle between banks and sovereigns. The Commission will present Proposals on the basis of Article 127(6) for a single supervisory mechanism shortly. We ask the Council to consider these Proposals as a matter of urgency by the end of 2012. When an effective single supervisory mechanism is established, involving the ECB, for banks in the euro area the ESM could, following a regular decision, have the possibility to recapitalize banks directly. This would rely on appropriate conditionality, including compliance with state aid rules, which should be institution-specific, sector-specific or economy-wide and would be formalised in a Memorandum of Understanding. The Eurogroup will examine the situation of the Irish financial sector with the view of further improving the sustainability of the well-performing adjustment programme. Similar cases will be treated equally.

that would take the burden of bailing out banks away from governments

• We urge the rapid conclusion of the Memorandum of Understanding attached to the financial support to Spain for recapitalisation of its banking sector. We reaffirm that the financial assistance will be provided by the EFSF until the ESM becomes available, and that it will then be transferred to the ESM, without gaining seniority status.

guess they realized subordinating bondholders is bad hehe

• We affirm our strong commitment to do what is necessary to ensure the financial stability of the euro area, in particular by using the existing EFSF/ESM instruments in a flexible and efficient manner in order to stabilise markets for Member States respecting their Country Specific Recommendations and their other commitments including their respective timelines, under the European Semester, the Stability and Growth Pact and the Macroeconomic Imbalances Procedure. These conditions should be reflected in a Memorandum of Understanding. We welcome that the ECB has agreed to serve as an agent to EFSF/ESM in conducting market operations in an effective and efficient manner.

• We task the Eurogroup to implement these decisions by 9 July 2012.

good

so it's risk on!