President, eurozone finance ministers and bailout troika
hold emergency meeting as €100 limit imposed on ATM withdrawals.
UK Guardian - By Ian Traynor • Photo:A protester's shadow is cast on to a Cypriot flag during an anti-bailout rally outside the presidential palace in Nicosia. Photograph: Yorgos Karahalis/Reuters
Wealthy Russians stand to lose billions of euros in Cypriot banks under draconian terms being hammered out on Sunday night in Brussels to prevent the Mediterranean tax haven becoming the first country forced out of the single currency.
Negotiations got underway amid a hardening of the stance held by the International Monetary Fund and Germany, who insisted that depositors must take the hit for bailing out the eurozone's latest crisis economy.
There were signs of panic in Cyprus as a €100 (£85) limit was imposed on ATM withdrawals, with more stringent capital controls to follow if a deal is reached.
The European Central Bank has threatened to cut off funds propping up Cypriot banks on Monday, precipitating the island's exit from the euro if agreement was not reached on Sunday night at the emergency meeting between eurozone finance ministers, the president of Cyprus Nicos Anastasiades, and the bailout troika of the IMF, European Commission and the ECB.
The Europeans, with the Germans and the IMF taking a particularly hard line, demanded the winding up of Cyprus Popular Bank, the country's second biggest, and the restructuring of Bank of Cyprus, the biggest financial institution.
The parties considered new proposals that had emerged over the weekend with European officials speaking of a levy of up to 25% on Bank of Cyprus depositors with accounts holding more than €100,000, plus a further levy of up to 5% on similar deposits in other banks.
"The numbers have not changed. If anything they've got worse," said Wolfgang Schäuble , Germany's finance minister. He said that last week's agreement to raise €5.8bn had to be achieved. This time, however, savers with less than €100,000 would be spared, meaning the burden would fall much more heavily on the wealthy than the 9.9% levy proposed for their accounts last week.
Berlin is determined that the island deflates a bloated financial sector that exceeds the size of the Cypriot economy by a factor of seven. "It is well-known that I won't allow myself to be blackmailed, by no one or nothing," said Schäuble. "I'm aware of my responsibility for the stability of the euro. If we take the wrong decisions, we'll be doing the euro a great misservice," he told a German Sunday newspaper.
Russians are estimated to hold more than €20bn of the €68bn deposited in Cypriot banks. Some €38bn of the total is in accounts liable for the levy, suggesting that Russians could forfeit around €3bn. If the Cypriot government balked at the bank levy, the IMF and German officials were likely to demand even stiffer terms, including a "bail-in" arrangement whereby account holders with more €100,000 would forfeit up to 40% of their savings in return for shares in restructured banks.
Anastasiades held meetings with EU officials in Brussels before the main summit with the euro group – the 17 finance ministers of the single currency area – which included troika representatives Christine Lagarde, head of the IMF, Mario Draghi, president of the ECB, and Olli Rehn, European commissioner for economic and monetary affairs.
Little progress was reported from the earlier meetings on Sunday on resolving the stalemate over how to structure a €17bn bailout, with creditors unwilling to offer more than €10bn while expressing dissatisfaction over Cypriot proposals to supply the remainder.
Over the weekend, Nicosia moved on legislation to wind up Cyprus Popular Bank and to introduce capital controls to try to prevent a bank run and flight of money out of the country.
If an agreement is found, the proposed deal would still need to pass the Cypriot parliament probably by Monday at the latest. It was clear that whether Cyprus accepted or rejected the bailout terms, its economy and banking sector faced maximum disruption and turmoil. "There are only hard choices left," said Rehn.
The Senate’s bipartisan immigration working group split along party lines during a contentious budget vote to prevent illegal immigrants who receive legal status from receiving federal health benefits.
The Senate early Saturday morning defeated the amendment to the budget resolution which would have put the Senate on record as opposing access to health care under Medicaid or the Affordable Care Act for undocumented immigrants who get a green card.
The amendment, which failed 43 to 56, was offered by Senate Budget ranking member Jeff Sessions, R-Ala.
All Democrats — including gang members Dick Durbin of Illinois, Bob Menendez of New Jersey, Charles E. Schumer of New York and Michael Bennet of Colorado — opposed the amendment. They were joined by Sen. Susan Collins, R-Maine, and Sen. Lisa Murkowski, R-Alaska. All other Republicans — including immigration negotiators Marco Rubio of Florida, John McCain of Arizona, Lindsey Graham of South Carolina and Jeff Flake of Arizona — supported the amendment.
The gang of eight has been negotiating a comprehensive immigration reform package that they hope to unveil when the Senate returns the week of April 8 from spring recess.
Sessions contended the vote bodes poorly for the state of negotiations.
“The result of today’s vote places immigration reform in jeopardy,” Sessions said.
Immigration reform advocates, including National Council of La Raza, said Friday they would be monitoring what they contend to be any anti-immigrant votes and put members of both parties on notice that their votes would be remembered come election day.
During debate, Sessions argued that illegal immigrants who are given legal status in the future should not be eligible for these health care benefits.
“If a person is in our country illegally and they are rewarded with some legal status, do they then immediately become eligible for federal health care benefits,” Sessions said. “It’s a different situation than someone who came legally and has got legal status.”
After the vote Sessions said in a release that the failure to adopt his amendment “will dramatically accelerate the insolvency of our entitlement programs and is unfair to American workers and taxpayers.”
Menendez said the amendment was not needed because the group was working on a plan that would have to be approved by the Senate.
“Nothing is contemplated to change what the senator is concerned about in our negotiations,” Menendez said. He added that any change to the immigration laws “would have to come before this body before in fact it could be changed.”
The Senate approved by voice vote an amendment offered by Menendez that restates current law that illegal immigrants are not eligible for the federal health care programs.
Menendez also warned that adoption of the Sessions amendment could disturb immigration negotiations and goes against the stated desire of the Republican National Committee, which urged Republicans to do a better job of appealing to immigrants, including embracing comprehensive immigration reform.
Negotiation on the immigration law “is currently being done in a bipartisan fashion,” Menendez said. “The last thing we need to do in this budget process is to try muck that up.”
He continued, “This is not a great way to try to do your out reach to the Hispanic and immigrant community.”
Sessions and other Republicans had teed up other amendments on immigration — including one that would prevent illegal immigrants, or illegal immigrants granted legal status, from qualifying for refundable tax credits, including tax credits designed to help low-income families. But the Senate did not vote on that or others before narrowly passing the budget, shortly before 5 a.m. Saturday, on a 50 to 49 vote. Roll Call - Humberto Sanchez ** Immigration Vote Splits Gang of 8
4 Years of Bara¢k Hussein Kardashian: Corruption, scandal, tax-cheats, lobbyists, cronyism, special interests, corporate welfare, surge, indefinite detentions, torture, regime change, quagmire, imperialism, war crimes, gaffes, lies, purgery, fraud, cover-ups, election tampering, conspiracy, thuggery, McCarthyism, libel, intimidation, extortion, fascism, radical extremism, incompetence, racism, censorship, earmarks, pork, power-grabs, fear-mongering, propaganda, secrecy, hyper-partisanship, ecological disaster, high unemployment, higher under-employment, malaise, inflation, stagflation, stock market meltdown, food & gas price skyrocket, tax-hikes, six trillion dollars of deficit spending, and two credit rating downgrades HopenChange
The Washington Free Beacon’s Ellison Barber walks you through the latest on Sen. Bob Menendez’s controversial donor Dr. Salomon Melgen, who Politico reported this week flew Senate Majority Leader Harry Reid on his private jet and posed for photos with President Obama.
Sprawling and Struggling: Poverty Hits America's Suburbs
CNBC.com - By Allison Linn • Photo:Tara Simons, left, and her daughter Alexis talk in their kitchen in West Hartford, Conn. David Friedman | NBC News
Like many Americans who move to the suburbs, Tara Simons came to West Hartford, Conn., because she wanted her daughter to grow up in a nice, safe place with good schools.
Her fall from a more financially secure suburban life to one among the working poor also happened for the same reason it's happened to so many others. She had a bout of unemployment and couldn't find a new job that paid very well.
As a single mother, that's made it hard to hold on to the suburban life that is, in her mind, key to making sure her daughter gets off to the right start.
"I'm basically paying to say I live in West Hartford," she said. "It is worth it."
It's a struggle that many Americans bruised by the weak economy can relate to.
The number of suburban residents living in poverty rose by nearly 64 percent between 2000 and 2011, to about 16.4 million people, according to a Brookings Institution analysis of 95 of the nation's largest metropolitan areas. That's more than double the rate of growth for urban poverty in those areas.
"I think we have an outdated perception of where poverty is and who it is affecting," said Elizabeth Kneebone, a fellow at the Brookings Institution and co-author of the research. "We tend to think of it as a very urban and a very rural phenomenon, but it is increasingly suburban."
Simons' situation is complicated by the fact she's a single mom. Poverty and financial insecurity among single moms is far higher than for households headed by single dads or two parents.
The rate of poverty among single mothers actually improved dramatically through the 1990s, thanks to a strong economy, more favorable tax breaks and the success of so-called welfare-to-work programs. But two recessions and years of high unemployment erased many of those gains.
Moving for a Better Life
Simons and her daughter Alexis moved from Massachusetts to West Hartford eight years ago because Simons had a job with a local rug retailer.
Alexis, now 14, made friends, became an avid lacrosse player and is now a high school freshman.
The picturesque suburb, with its well-kept homes and an upscale town center, has a median household income of $80,061, more than double that of Hartford itself, which is $29,107 according to the Census Bureau.
And yet the number of people needing help has skyrocketed in recent years, said Susan Huleatt, the human services manager for West Hartford.
About five years ago, Huleatt said a mobile van began coming to town once a month to distribute fresh produce to people in need. Now, four vans come each month, and more than 200 people sometimes line up for the food. That's in addition to the city's own food pantry.
Simons expected to work for the rug retailer until retirement, but about a year ago she quit after disputes with one of the two owners. She had never had trouble finding a new job and was unprepared for how hard it would be.
"I know that part of it is my fault and I absolutely take responsibility for that, but I never in a million years thought that I would (be in this position)," she said.
Simons went without work or unemployment benefits for five months before she got her current job about six months ago. The position, as a customer service representative for a local health products company, pays $14 an hour. That leaves her with take-home pay of about $460 to $480 a week, plus about $127 a week in child support. Simons has full custody of her daughter.
She is behind on her electric and gas bills and owes nearly $400 to her daughter's club lacrosse team, which has her worried that her daughter won't be able to play this spring.
Like many working poor people, she has fallen into a debt spiral. She took out an $800 payday loan, and she estimates that it will end up costing her $1,600 to pay it back. She also has several hundred dollars in credit card debt and has worked to pay off hundreds of dollars in bank overdraft fees. She's sold jewelry for cash.
She and Alexis had to leave the house they were renting after she lost her job and a roommate. She got one-time aid from the city's crisis fund to help with the down payment for her new, cheaper apartment. Still, the $1,125 rent eats up more than half of her monthly take-home pay.
She went on Medicaid after being unable to afford health insurance.
Simons said it's been hard, and sometimes embarrassing, to accept help.
"The thing is, I don't want it," she said. "I want to pay my bills."
Hoping for a Break
Simons has continued to apply for jobs daily, hoping to land a higher-paying position with health insurance she can afford.
One morning in early March, she got a break. A rug retailer about 40 miles from West Hartford offered her a job interview. Excited and anxious, Simons carefully picked out her clothes and fretted about her hair. She was too nervous to eat.
A few hours before the interview, her boyfriend Phil Volonis stopped by to give Simons some gas money. Her 2005 Chevrolet Cavalier had broken down the day before, so he had lent her a car.
Later that evening, Simons walked out of the interview confident that she had done well, but still not sure if she had gotten the job.
Driving home in the pouring rain, Simons said that while living in West Hartford has been good for her and her daughter, she dreams of moving somewhere warmer.
She mused that perhaps Alexis will go to University of Florida—which has a good women's lacrosse team—and she could move down there, too.
But for now, she said, she would do almost anything to keep her daughter in this town.
"The kid's been through enough," Simons said. "So, I just want her to feel as safe and settled as possible, and I want her to know that she can count on her mom to keep her where she is and keep promises."
• Photo:Posters showing President Obama in the West Bank city of Ramallah are vandalized Friday. He's on his first trip to Israel as the U.S. president. Majdi Mohammed, AP
President Obama's first journey to Israel as president comes amid earth-shattering change in Middle East, much of it for the worse. The Arab Spring, which once raised hopes of freedom and dignity, has diverged onto the dark path of Islamist authoritarian rule. In Syria, tens of thousands of people have died in a bitter civil war that might have recently seen its first use of chemical weapons. And Iran continues its march toward nuclear weapons capability, heedless of international condemnation. Obama's effort to seek peace between Palestinians and Israelis is in tatters.
That's why the White House has been lowering expectations for Obama's trip to Israel all this week. He will announce no new peace plan, grand design or major foreign policy initiative. His advisers are calling the trip a "listening tour." That is what you call a state visit when you have little to say.
Failed beginning
Despite downgrading the trip, many see Obama's arrival as the sequel to his 2009 visit to Cairo, where he announced a "new beginning" with the Muslim world. Four years later, that doesn't auger well for renewed efforts in Israel and the West Bank. According to the latest survey by the Pew Research Center's Global Attitudes Project, confidence in Obama in Muslim countries dropped from 33% to 24% in his first term. Approval of Obama's policies declined even further, from 34% to 15%. And support for the United States in Egypt, Jordan, Lebanon and Pakistan is lower today than it was in 2008 in the closing year of George W. Bush's administration. That collapse of support has not happened elsewhere.
In his Cairo speech, Obama pledged a relationship between America and Muslims around the world "based on mutual interest and mutual respect." But in 2013, interests are diverging, and respect is in short supply.
Of all the strained relationships in the Middle East, the partnership with Israel is the most important and potentially the most easily repaired. Obama is not popular in the country. A poll released last week showed he had a scant 10% approval rating in Israel, with an additional 32% saying they respect but don't like him. But the president is making significant symbolic gestures to heal the breach, such as visiting the grave site of Theodor Herzl, the founder of modern Zionism. It's being interpreted as showing support for the Jewish people's historic connection to the land of Israel, something Obama avoided in his first term. Unpopular in Palestine
If Israelis don't like Obama, Palestinians are even less favorable.Washington's perceived failure to take a harder line with Israel over the final status of Jerusalem, and U.S. opposition to President Mahmoud Abbas' successful campaign for higher Palestinian status in the United Nations, have engendered a deep sense of frustration. Passions spilled over in Bethlehem this week, when young Palestinians defaced a billboard with Obama's image and burned pictures of him in the streets. Obama's symbolic nods to Israel's history are likely to raise Palestinian ire even further.
• Photo:President Obama examines a source of green jobs / AP
There are more “green jobs” in the American coal and petroleum manufacturing sectors than there are in the solar and wind energy power generation sectors, according to data released Tuesday by the federal government.
The jobs numbers, released Tuesday in the Bureau of Labor Statistics’ annual report on “Employment in Green Goods and Services,” were cited by critics as evidence that the definition of “green jobs” is overly broad and not useful as confirmation that efforts to promote renewable energy or other commonly associated initiatives lead to a boost in employment.
William Yeatman, an energy policy expert with the Competitive Enterprise Institute, called the BLS report “absurd.” Its definition of green jobs, he said, “is impossibly broad.”
“There isn’t a sector of the economy that isn’t green if you believe this report,” Yeatman added.
BLS declined to comment on criticism of its green jobs definition.
Rep. Mike Pompeo (R., Kan.), a member of the Energy and Commerce Committee who has sponsored legislation to repeal energy tax credits, called BLS’s methodology “questionable.”
“This report appears to be highly inaccurate and I would question whether there is any value in keeping track of green jobs in the first place,” Pompeo said in a statement to the Washington Free Beacon.
“Many of these jobs being counted as ‘green’ are not green and not new,” Pompeo added. “BLS is counting green jobs to include bus drivers, trash collectors, radio broadcasters, and movie producers.”
The BLS report is the second annual tally of the nation’s “green jobs” and will be the last. The report will be discontinued due to sequestration budget cuts that took effect this month.
Center for American Progress fellow Bracken Hendricks told Businessweek the report’s demise “means the U.S. will be flying blind on the growth of a very, very important sector in the U.S. economy.”
Critics of the survey, though, say it was too broad to divine any meaningful economic information.
The report does not actually examine one sector of the economy, as Hendricks suggested. It classifies scores of industries as “green.”
Some of those sectors speak to the vagueness of BLS’s “green jobs” definition. The bureau includes clothing stores, television and radio broadcasters, and office furniture manufacturers among the country’s green industries.
“This is a political document, not a disinterested statistical analysis,” Yeatman said. “That said, it’s conspicuously silly, so its political utility is somewhat limited.”
President Barack Obama pledged on the 2008 campaign trail to create 5 million green jobs. The BLS report claims that 3.4 million Americans are employed in such jobs.
Pompeo said BLS was “simply reclassifying existing jobs in an effort to mask the president’s failure to live up to his green jobs promise.”
“The BLS report paints a rosy picture that we’re well on our way to reaching” the president’s green jobs goal, said Heritage Foundation energy policy expert Nick Loris, “but you don’t have to scratch the surface too deeply to realize that these numbers are bogus.”
Those numbers have been used to support claims that “the clean-economy” sector employs more Americans than the country’s oil and gas sector.
However, oil and gas jobs are included in BLS’s list of green jobs, as are a host of industries—including coal mining, chemical production, and nuclear energy—that environmentalists frequently criticize as detrimental to what the president calls “our clean energy future.”
The BLS report shows that the 3,278 green jobs in the coal and petroleum-manufacturing sector, generally considered the antithesis of “clean energy,” outnumber the 3,246 green jobs in the solar and wind power generation sectors.
My agents notified me that they had been informed that at the conclusion of the two month extension granted in February, my last day at CNN would be April 6. I have thoroughly enjoyed my little over six years there. There are many folks I will miss dearly, especially wonderful colleagues like Josanne Lopez, Soledad O'Brien, Ali Velshi, and so many bookers and producers.
But I also miss the folks I tried to speak for and represent the most when I was on the air: the men and the women who worked on the crew; the security guards; and even the janitorial workers. Those were the people I most spoke for; those were the people who would cheer me on as I walked down the streets, in the grocery store; and at airports.
I have had the likes of Harry Belafonte, Sidney Poitier, Spike Lee, Halle Berry, and others in sports and entertainment thank me for being an unwavering and unapologetic voice of truth, and unwilling to back down when someone needed to stand up.
Before I signed with CNN, I sat in the lobby of 1 Time Warner Center and said, 'God, if it's your will to be here, then so be it.' I said the same these last two months.
I've worked hard to ensure that my voice wasn't heard in one place. I will continue with my show on TV One, a network I was with before CNN; will continue my daily segment on the Tom Joyner Morning Show; and will continue my nationally syndicated column.
In my final days at CNN when I'm on the air, I will to do as the Tuskegee Airmen did, fight to the last hour, last minute, last second, for what is right. And I will do that as long as there is breath in my body.
Martin is probably most famous for a run-in with GLAAD early last year, after those fascist, left-wing bullies attacked as homophobic a series of perfectly innocent Tweets the CNN contributor fired off during the Super Bowl.
Despite all the hype behind veteran journalist Jake Tapper’s move to CNN and his new show “The Lead,” yesterday’s Nielsen ratings suggest the former ABC White House correspondent has some catching up to do. Tapper, described by CNN president Jeff Zucker as “the face of new CNN,” had a lackluster debut on Monday, barely drawing a scratch (50,000 viewers or more) in the coveted 25-45 demographic.
Numbers courtesy of Nielsen Media Research:
Monday 3/18 at 4PM Your World/FNC: 1,102,000 (172,000 in 25-54) Making it America/HLN: 779,000 (211,000 25-54) Martin Bashir/MSNBC: 479,000 (100,000 in 25-54) Lead with Jake Tapper/CNN: 400,000 (87,000 in 25-54)
Based on data for 2013 to date, CNN at 4 p.m. with Tapper at the helm is down 40 percent in the 25-54 demo and down 30 percent in the overall P2+ audience. For the month of March 2013 to date, Tapper is down 26 percent in 25-54 demo and down 19 percent in P2+.
Fox News’ “Your World with Neil Cavuto” continues to lead overall at 4 p.m., beating both Tapper and MSNBC’s Martin Bashir combined in total viewers. HLN’s “Making it America,” with its strong focus on the Jodi Arias trial over the last few weeks, continues to hold strong in the 25-54 demo for the time slot.
There’s nothing more embarrassing for union bosses than their own unionized staff striking against them or, in this case, threatening to strike.
In San Francisco, SEIU staff, represented by the left-wing Communications Workers of America, has been without a contract since their contract expired last September.
Last week, after months without a contract, 94% of the SEIU’s own union staff voted to strike.
After several cancelled negotiating sessions between the two sides (which haven’t met since our story was published), CWA last week called for a strike authorization vote that was approved by 94 percent of voting members. CWA Area Director Libby Sayre and Nick Peraino, a CWA shop steward at Local 1021, say the vote repudiates Sanchez’s characterization that it is a small but vocal group that is unhappy with management.
“We’re very much united in our position and our willingness to do what it takes to get a decent contract,” Peraino told us. Sayre told the Guardian, “There is widespread sentiment they’re being low-balled by management.”
Of course, this isn’t the first time the purple behemoth’s staff has had troubles with its own union staff.
In 2009, then SEIU-boss Anna Burger was the target of union picketing by her own employees over the SEIU bosses’ laying off one third of its union staff.
Union members yesterday picketed an event at which their boss was being honored – accusing her of union-busting and anti-worker policies in connection with layoffs and contract talks at their workplace. [snip]
“Anna Burger is a hypocrite,” said Malcolm Harris, president of the Union of Union Representatives, which represents 210 employees of the SEIU. Harris said 75 of the 210 are scheduled to be laid off.
While it is unknown whether the CWA-represented staff at the SEIU’s local 1021 will actually strike their SEIU bosses, the fact that union bosses are exposed as no different that the companies they often target is, nevertheless, another lesson in union bosses’ do-as-we-say-not-as-we-do hypocrisy.
Democratic Party leaders are stepping back and taking a clear look at the candidate, and some say she may not be best to run against the five-term Kentucky senator in 2014, Newsmax reports.
“She’s going to have a tough road to hoe,” said Jim Cauley, campaign manager for Democratic Gov. Steve Beshear in 2007, in a ThisWeek.com report. “She doesn’t fit the damn state,” which is a conservative stronghold. Fully 60 percent of Kentuckians voted for Mitt Romney in 2012.
Democrats have begun expressing concern about some of Ms. Judd’s statements and views. ThisWeek.com reports, “Democrats worry that Judd, a political neophyte, could cost the party a winnable race.”
And the National Journal reports, “the honeymoon is over for Ashley Judd.” The actress had traveled to Washington, D.C., a few weeks ago to meet with top Democratic Party officials, including those with the Democratic Congressional Campaign Committee, the campaign arm of House Democrats.