But prime minister Lucas Papademos said he hoped to strike a deal within hours following the gruelling seven hours’ negotiation.

He said chiefs of the three parties in his coalition had agreed on every point except one.

The Greek leader is now determined to get the go-ahead before a eurozone finance meeting in Brussels at 5pm today.

The long-awaited bailout would be the second for troubled Greece since 2010, with a dire year forecast for the economy.

Mr Papademos said party leaders had agreed on all points ‘with one exception which requires further inspection and discussion with the troika (Greece’s international lenders)’.

[More]

See Also

Airline industry split widens over EU carbon ‘tax’ row

Spengler: Gold and bonds as options on the inflation rate

Greece bailout: Coalition fails to agree cuts

Hannan: Where the bailout money goes

Evans-Pritchard: Trigger-happy central banks spark bond euphoria

Afternoon Updates:

12:02 pm EST, February 9th, 2012 – Greek unemployment passes 20 percent, 48 for youth

12:04 pm EST, February 9th, 2012 — Walter: Germany’s Hidden Weaknesses

12:09 pm EST, February 9th, 2012 – Greece strikes bailout deal 

Note:

Don’t get to excited about this yet.  The Greek parliament still has to ratify the deal and that is not at all assured.

12:12 pm EST, February 9th, 2012 — Bank of England injects £50bn into economy

12:14 pm EST, February 9th, 2012 — Britain could be hit with additional £1 billion demand for EU payments

12:17 pm EST, February 9th, 2012 — Caldwell: Über Alles After All

12:22 pm EST, February 9th, 2012 — Anti-German Mood Heats Up in Greece

12:30 pm EST, February 9th, 2012 — Evans-Pritchard: Greek death spiral accelerates

12:35 pm EST, February 9th, 2012 — Hungary’s central bank burns old currency notes to help needy in cold snap

12:41 pm EST, February 9th, 2012 — Debt crisis and Greek talks: live

An account of the spectacular end of that nearly US$4 million drone in November 2007 is contained in a collection of air force accident investigation documents recently examined by TomDispatch. They catalog more than 70 catastrophic air force drone mishaps since 2000, each resulting in the loss of an aircraft or property damage of $2 million or more.

These official reports, some obtained by TomDispatch through the Freedom of Information Act, offer new insights into a largely covert, yet highly touted war-fighting, assassination and spy program involving armed robots that are significantly less reliable than previously acknowledged.

[More]

Mrs Merkel said it was folly to think that a deep problem built up over many years could be solved “at one fell swoop” and dismissed talk of doubling or tripling of the EU bail-out fund as senseless chatter.

“I ask myself, how long would that remain credible? What we don’t want is a situation where we promise something we can’t back up, because if markets then attack hard, Europe’s flank really will be exposed,” she told the World Economic Forum in Davos.

She warned that Germany itself is nearing the limits of what it can bear as its public debt reaches 82pc of GDP. “We Germans have to be careful and not end up exhausting our strength, because we don’t have unlimited resources either.”

However, Mrs Merkel faces an unprecedented challenge from the key institutions that channel world opinion and have emerged as champions of the eurozone’s debtor states.

[More]

See Also:

Debt crisis: Cameron to tell euro leaders ‘stop tinkering’

UK loses out on trade due to poor flight links

Hedge Funds Bet on Profits from Greek Debt Talks

The staggering economic cost of America’s 7 million lost youth

Merkel warns Greek rescue may fail as she calls for closer ties to prevent financial meltdown

Afternoon Updates:

12:54 pm EST, January 26th, 2012 – British PM urges EU to pass trade deal

12:57 pm EST, January 26th, 2012 — Roubini: Europe needs a ‘bazooka’ (video)

1:00 pm EST, January 26th, 2012 — David Cameron: stop the madness of Europe red tape

1:05 pm EST, January 26th, 2012 — Fear may save the euro, but not necessarily Europe

1:15 pm EST, January 26th, 2012 — More public money could be needed for Greek bailout, warns EU’s Olli Rehn

1:18 pm EST, January 26th, 2012 — Spain’s Finance Minister Cristobal Montoro admits unemployment rate has jumped to 24pc

1:21 pm EST, January 26th, 2012 — Davos 2012: Prudential chief Tidjane Thiam says minimum wage is a ‘machine to destroy jobs’

1:26 pm EST, January 26th, 2012 — China’s very mysterious data

1:33 pm EST, January 26th, 2012 – Davos 2012: as it happened, January 26, 2012

1:37 pm EST, January 26th, 2012 — Debt crisis: live

The two main problems come from directives which require insurers to hold more cash in the bank, and another which prevents them from using gender when assessing payouts.

Meanwhile,Europe is in meltdown. Italy, Greece, Spain, Portugal and even France are teetering on the brink of default — and savers in Britain are sharing the pain.

As Europe’s debt woes have escalated, the value of UK pensions has crashed. Statistics produced for Money Mail show the income available from every £1,000 in a pension pot has plummeted by almost 10 per cent since last July.

A typical 65-year-old man retiring with a £100,000 nest egg today is £650 a year worse off for life compared with six months ago.

[More]

See Also:

Sir Mervyn King: no reason to despair over economy

UPDATE: IMF Warns EU Debt Crisis Could Hit US Banks

EU Seeks Bondholder Concessions as Greece Seen ‘Off Track’

IMF’s Lagarde: combining ESM, EFSF would boost confidence

IMF warning of global recession a cold slap in the face for investors

Afternoon Updates:

12:15 pm EST, January 25th, 2012 – Harper to push EU to smarten up at World Economic Forum 

12:17 pm EST, January 25th, 2012 — Davos 2012 starts with worries about eurozone crisis

12:18 pm EST, January 25th, 2012 — Unemployment to soar as UK heads back into recession

12:19 pm EST, January 25th, 2012 — Davos 2012: George Soros says ‘debt crisis could destroy European political union’

12:20 pm EST, January 25th, 2012 — Davos 2012: PwC Global Risks report highlights top five threats to world security

12:24 pm EST, January 25th, 2012 — ‘The EU Will Pay Even If Greece Doesn’t Deliver’

12:27 pm EST, January 25th, 2012 – How fast can India grow?

12:28 pm EST, January 25th, 2012 – IMF Urges G20 To Help EU Expand Its Debt Crisis Funds

12:29 pm EST, January 25th, 2012 — Euro zone must act before IMF gets new funds – Cameron

12:31 pm EST, January 25th, 2012 — Debt crisis: live

Italy’s premier Mario Monti has told Berlin that the new European Stability Mechanism (ESM) must be doubled to €1 trillion (£828bn) to restore investor confidence in southern European debt, according to Der Spiegel.

The move comes days after Mr Monti warned German Chancellor Angela Merkel that austerity fatigue is growing in the debtor states and there will be a “powerful backlash” unless the creditor powers led by Germany do more to correct North-South imbalances and lower borrowing for the whole eurozone.

In what appears to be a coordinated move by the Latin bloc, Spanish foreign minister José Manuel García-Margallo y Marfil backed the plan for a bigger rescue fund. He called for an EMU debt union and sweeping changes to the structure of the eurozone.

[More]

See Also:

America overcomes the debt crisis as Britain sinks deeper into the swamp

Bankers go to appeal court to claim €50m bonuses from 2008

Ed Miliband urges David Cameron to block bonus for RBS chief Stephen Hester

Eurozone crisis live: Greek deal on knife edge

World stocks muted as Greece debt talks drag on

Afternoon Updates:

12:45 pm EST, January 23rd, 2012 – Repossessions set to soar as obscure EU clause means those in arrears for just three months will default on loans

12:48 pm EST, January 23rd, 2012 — European Commission President welcomes Croatia to the EU

12:50 pm EST, January 23rd, 2012 — Cable wants binding shareholder vote on executive pay

12:51 pm EST, January 23rd, 2012 — IMF chief unveils euro plan and warns of ’1930s moment’

12:53 pm EST, January 23rd, 2012 — Germany rejects calls for bigger eurozone bail-out fund

12:55 pm EST, January 23rd, 2012 — Greek debt deal: Banks say ‘we’ve made our best offer, it’s up to EU and IMF bailout providers now’

12:58 pm EST, January 23rd, 2012 — ‘Hungary Should Have Voting Rights Withdrawn’

1:00 pm EST, January 23rd, 2012 — ‘Europe Mustn’t Just Focus on Austerity’

1:08 pm EST, January 23rd, 2012 — Paris and Berlin seek to dilute bank rules

1:10 pm EST, January 23rd, 2012 — Debt crisis: Live

How did liberals get to the point of attacking the most private of family matters for purposes of political gain? They got there by way of Sarah Palin and her son Trig.  Liberals used the developmentally disabled Trig as a means of getting at the governor repeatedly and in the most nasty terms.  Bizarrely, this occurred long after the 2008 campaign had closed and at a time when Palin was running for nothing.  All the same, it paid considerable dividends for liberals (and let’s not forget the movement conservatives who either joined in or looked on) in further lowering the bar of permissible political behavior and opening new horizons in invective and sleaze.

[More]

“I know what it’s like to worry whether you are going to get fired,” Mitt Romney told the crowd in this eastern New Hampshire city, where the median household income is $49,000.

“There was a couple of times when I wondered whether I was going to get a pink slip.”

It was one of those head-scratching comments U.S. voters have come to expect from the former Massachusetts governor over the course of his campaign for the Republican presidential nomination, the kind that make people wonder if he actually practices his stump speech before he delivers it.

You know, to hear how ridiculous it sounds.

[More]

#1 — CNews | Canada’s cyber security at risk: Think-tank

Canada has fallen short in protecting its critical infrastructure from a whole host of risks, says a new report published by public policy think-tank Macdonald-Laurier Institute.

[...]

#2 — Globe | Tories on alleged influence peddling at Montreal port: ‘The file is over’

The opposition laid out allegations of corruption and influence peddling by Conservative officials in relation to the nomination of a new president at the Montreal Port Authority, but the Harper government retorted “the file is over.”

[...]

#3 —  LFP | School bus drivers ordered to remove festive decorations

KINGSTON, Ont. — All Diane Pope and Brigette Klepy want for Christmas is to be allowed to decorate the school buses they drive.

[...]

#4 —  NP | Tory crime bill will make matters worse for mentally ill: expert

OTTAWA — At least one group that never got a chance to make its pitch before a Commons committee reviewing the omnibus crime bill is now coming forward to voice its concerns after Conservatives used their majority Monday night to push the bill through the House of Commons.

[...]

#5 —  OC | New RCMP commissioner Paulson vows swift justice for misbehaving Mounties

Saying that the RCMP sometimes gets too bogged down over procedural fairness, newly appointed Commissioner Bob Paulson said Tuesday he will push for swifter discipline against officers who commit plain and “outrageous” misconduct.

[...]

WORLD

#6 — BBC | Israel ex-President Katsav begins jail term for rape

The disgraced former Israeli President, Moshe Katsav, has arrived at the Maasiyahu prison near Tel Aviv to begin a seven-year sentence for rape.

[...]

#7 —  CNN | Blagojevich to address court in 2nd day of sentencing phase

Chicago (CNN) – Former Illinois Gov. Rod Blagojevich is expected to address the court Wednesday in the second day of his sentencing phase.

[...]

Afternoon Update:

“14 years!”….More.

#8 —  Fox | Issa Launches Probe of Alleged DEA Laundering Operation in Mexico

Rep. Darrell Issa is launching a congressional investigation into the Drug Enforcement Administration following claims that the agency helped drug cartels launder money — an operation the lawmaker said bears striking resemblance to the failed “Fast and Furious” anti-gunrunning probe.

[...]

#9 — DM | Saudi Arabia may need nuclear weapons to fend off threat from Iran and Israel, says former intelligence chief

Saudi Arabia may have to arm itself with nuclear weapons to counter threats from Iran and Israel, a former Saudi intelligence chief said yesterday.

[...]

#10 — Telegraph | Syria descends further into open warfare with clashes on Turkish border

Syria descended further into open warfare with armed clashes in the south and on its border with Turkey, with state media additionally pointing to the involvement of Turkish armed forces.

[...]

It was just after 9:30 a.m. Tuesday when U.S. District Court Judge Amy St. Eve motioned to the marshal to bring Rezko into the courtroom. A door in the wall opened to a sparse corridor where prisoners often wait.

But there was no Rezko. A half a minute passed. Still no Rezko. Then another half minute, like a magic trick gone bad.

And then came that loud flushing sound.

[More]

The Liberals did it in the days of Pearson, Trudeau and Chrétien by being a “big tent” party that welcomed all comers while straddling the political centre, borrowing from the left and marginalizing the right. Harper intends to do it by dominating the entire right, while pushing just far enough into the centre to keep the parties to his left divided and off balance.

A merger of the Liberals and New Democrats would threaten the Harper strategy and conceivably could defeat it — especially if they could produce a charismatic leader. But a merger is not in the cards at this point; it may take another election defeat for the opposition parties to get their heads straight. And charisma is in desperately short supply in Ottawa. There is no sign of a prospective leader who would be compelling enough to lead the centre-left to power.

Blessed with a leadership and policy vacuum to his left, Harper is free to concentrate on consolidating his base, which he has been doing by throwing hunks of red meat to core Conservatives.

[More]

Lisa Raitt attending press conference...

The differences between the new opposition and the new majority government are in stark relief on labour

In the midst of June’s 47-hour filibuster over back-to-work legislation for Canada Post, New Democrat MP Wayne Marston was moved to recall the events of 1946, when “workers and veterans fought side by side in the streets” of Hamilton for better working conditions, thus launching the modern labour movement and paving the way for what would become the NDP. When it was her turn to speak, Conservative MP Candice Hoeppner apparently felt compelled to respond. “Mr. Speaker, I have been listening to many nostalgic comments across the way about the old labour movement and the unions back in 1946. I am wondering if the members opposite recognize that we are in 2011 and that we have just come through a great recession that has damaged so many countries and from which we are just recovering,” she said. “When will they realize that we are not in the old socialist days of the good old union? We are in 2011.”

Here the differences between the new Opposition and the new majority government seemed in stark relief. But that filibuster may have only been the beginning. Months later, the issue of organized labour is a source of conflict—or the potential thereof—on numerous fronts.

[More]

See Also:

Massive wildcat strike across Quebec

Transit strike hits north Toronto