We are now officially at the "big crisis" phase of the EU, and soon, we can expect the "big changes" to take place.
With just in one day worth of news one can see the severity of the crisis and the need for some big changes:
Police fired stun grenades and tear gas at protesters yesterday as tens of thousands poured into the streets of Athens as part of a nationwide strike to challenge a new round of austerity measures that are expected to cut wages, pensions and healthcare once again.
Greece has been told to implement a succession of spending cuts and structural reforms in an effort to bring down its massive debt in exchange a bailout of nearly €200bn (£160bn). But many experts warn that the measures are only making the recession deeper. One in two youths is out of a job while thousands of educated and skilled professionals are fleeing the country in search of opportunities abroad.
Anti-austerity groups planned a fresh demonstration on Wednesday evening in Madrid, a day after police fired rubber bullets at thousands of protesters who tried to form a human chain around the parliament building.Police arrested 35 protesters on Tuesday and 64 police and demonstrators were injured in the clashes.
With protesters stepping up anti-austerity demonstrations, Rajoy presents painful economic reforms and a tough 2013 budget on Thursday, aiming to persuade euro zone partners and investors that Spain is doing its deficit-cutting homework despite a recession and 25 percent unemployment.
ATHENS, Greece (AP) — 's fragile financial calm was shattered Wednesday as investors worried that violent anti-austerity protests in Greece and 's debt troubles showed that the region still cannot get a grip on its financial crisis and stabilize its common currency, the euro.
Police fired tear gas at rioters hurling gasoline bombs and chunks of marble Wednesday during Greece's largest anti-austerity demonstration in six months — part of a 24-hour general strike that was a test for the nearly four-month old coalition government and the new spending cuts it plans to push through.
The brief but intense clashes by a couple of hundred rioters participating in the demonstration of more than 60,000 people came a day after anti-austerity protests rocked the Spanish capital, Madrid.
Spain's central bank warned Wednesday the country's economy continues to shrink "significantly," sending Spanish stock index tumbling and its borrowing costs rising.Across Europe, stock markets fell as well. Germany's DAX dropped 2 percent while the CAC-40 in France fell 2.4 percent and Britain's FTSE 100 slid 1.4 percent. The euro was also hit, down a further 0.3 percent at $1.2840.
However, the economic reality in Europe remained dire. Several countries have had to impose harsh new spending cuts, tax rises and economic reforms to meet European deficit targets and, in Greece's case, to continue getting vital aid. The austerity has hit the countries' populations with cut wages and axed services, and left their economies struggling through recessions as reduced government spendinghas undermined growth.
Spain is set to unveil the debt-ridden country's new budget Thursday, after thousands protested this week against expected government budget cuts.
But Spaniards have taken to the streets to demonstrate against austerity measures, and are expected to do so again after expected new cuts are unveiled.
Spain is facing an economic crisis, with unemployment near 25%, and the protesters accused the government and the opposition alike of trying to solve the country's financial woes on the backs of the people.
Tuesday's protest seems to have been the most violent in the capital this year, but it was only one of an estimated 1,900 demonstrations in Madrid in 2012, according to government figures.
“The honeymoon period for markets is over. There is a realization that central banks have laid their cards on the table now and not much more can be done to help growth,” said Justin Harper, market strategist at IG Markets in Singapore. “Looking at the hard cold facts, economies globally are still struggling to recover. While markets remain toppy, more sell-offs could be on the cards as investors fail to find a new catalyst to drive equities higher.”
The number of jobless in mainland France swelled to 3.011 million in August, 23,900 more than in July, Labour Ministry figures showed, the first time since 1999 that the figure has breached the three million mark.Some 4.494 million people, including some who are partially employed, have registered themselves as actively looking for work on the French mainland. This is 40,800 more than in July and a record since the ministry began collecting comparable data in 1991.
"These three million unemployed embody the failure of economic and social policies undertaken during the last few years," the ministry said in a statement.
Back To The Middle East:
Defense Minister Ehud Barak reiterated Thursday that Israel is ready for any challenge, but that it could not rely on anyone "but ourselves."
Speaking at the memorial service for the 1973 Yom Kippur War's victims, Barak stated: "The region around us is alight. However, the IDF and security forces are ready for any challenge, be it near or far."
Directing his comments at the bereaved families present at the ceremony, Barak added: "If necessary, we will fight and win every battle, even at painful costs."
Emphasizing the lessons of the Yom Kippur war, Barak stated: "The Yom Kippur War was a turning point in Israel's history."
This review by Joel Rosenberg is worth reading in full. There is also a video within this link which is worth watching:
Iranian President Mahmoud Ahmadinejad today called for the end of the “hegemonic” powers of the United States and Israel, whom he described as “the uncivilized Zionists.” He said the world would “soon” see new “global management” by the Twelfth Imam, also known as the “Mahdi,”
This was Ahmadinejad’s eighth and likely final annual address to the opening fall session of the United Nations General Assembly. He is expected to finish his second term in office in June 2013. In each of his past U.N. speeches, he prayed for the soon coming of the so-called Islamic messiah. This time he went much further, offering his most detailed explanation to date of his Shi’a Islamic eschatology (end times theology) and his understanding of the coming rule of the Twelfth Imam.
“God Almighty has promised us a man of kindness, a man who loves people and loves absolute justice, a man who is a perfect human being and is named Imam Al-Mahdi, a man who will come in the company of Jesus Christ, peace be upon Him, and the righteous,” he said. Calling the Mahdi “the Ultimate Savior,” Ahmadinejad said his arrival on earth “will mark a new beginning, a rebirth and a resurrection. It will be the beginning of peace, lasting security and genuine life.”
Ahmadinejad said the coming reign of the Twelfth Imam on earth “will bring about an eternally bright future for mankind, not by force or waging wars but through thought awakening and developing kindness in everyone.” The Iranian leader did not offer a specific timetable, but he did say the “sweet scent” of the Mahdi’s global reign “will soon reach all the territories in Asia, Europe, Africa and the U.S.”
Few world leaders are taking Ahmadinejad’s eschatology seriously. Israeli Prime Minister Benjamin Netanyahu, however, understands it. I’ve discussed it with him personally. Indeed, it is why he and his senior advisers in Jerusalem are seriously contemplating preemptive military action, to keep nuclear weapons out of the hands of Ahmadinejad and men like him who are members of an apocalyptic, genocidal death cult determined to bring about a nuclear holocaust and the End of Days.