Monday, July 6, 2015

Greece After The No Vote: Four Options For Greek Banking

With Greek voters saying No to the reforms, the countrys most vital challenge is to keep its banks operating. That is manageableprobably, but just barely.

The bank problem is not insolvency, but illiquidity. Insolvency would occur if banks were holding many bad loans. The banks assets, at true value, would not be as great as their liabilities, which are deposits and other obligations. The Greek banking problem, though, is different. There are assets on the books that are probably good, but those assets are not liquid. When a customer comes to the bank to withdraw euros, the bank cannot call in a car loan or a home loan to gain the euros needed to cash out the depositor.

If all the depositors would simply wait, the Greek banks would have no troubles. Depositors, however, are worried that some morning the government will decree that all euro bank accounts are now drachma accounts. The government would turn on the printing presses and the drachma would quickly plummet, leaving Greek bank customers all the poorer. The smart thing to do has been to withdraw euros, and Greeks have been doing this in spades.

A man holds a Greek national flag as he celebrates in front of the parliament on July 5, 2015 .FP PHOTO /IAKOVOS HATZISTAVROU (Photo credit should read IAKOVOS HATZISTAVROU/AFP/Getty Images)

Most central banks, including Americas Federal Reserve, stand ready to provide banks with the liquidity needed to handle runs by depositors. The European Central Bank has provided Emergency Liquidity Assistance to Greece for all of this year. (They work through the Bank of Greece, which is like a middle central bank, between the European Central Bank and the individual banks of Greece.) When a central bank provides this help, it requires collateral. The Bank of Greece has been posting government bonds as collateral. This is the traditional policy. The central bank is typically worried that if private loans are used as collateral, the bank will use dicey deals rather than high quality notes. Thus, government bonds are demanded as collateral because of their safety. (This would be a good time to pause for a laugh.)

Todays problem is that Greek bonds are not considered suitable collateral, so the European Central Bank is about to stop providing liquidity assistance. There are four possible resolutions to the problem.

1. Alternative Collateral. One possible solution would be for the European Central Bank to accept other collateral. However, the liquidity program constitutes a large part of Europes bargaining power, so the ECB may not want to yield.

2. Other Sources of Liquidity. A second possible solutionone which seems unlikely but should be on the tableis for the Bank of Greece to try for a liquidity deal with other institutions. They might shop around for large private banks willing to make short-term loans. Banks around the world have deposits in excess of loan demand, so this approach just might work if the collateral is good enough.

Source: http://www.forbes.com/sites/billconerly/2015/07/05/greece-after-the-no-vote-four-options-for-greek-banking/

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Sunday, July 5, 2015

Fight over American flag leaves Fort Collins man in hospital

FORT COLLINS, Colo. - Police say that a fight over proper American flag etiquette prompted a scuffle that left a man facing life-threatening injuries.

The Coloradoan reports that Fort Collins police are blaming an alcohol-fueled pool party fight for the Saturday afternoon incident.

Police told 7NEWS the scuffle followed an argument about the proper display of two American flags held by Hesser and another individual.

Someone punched 25-year-old Todd Hesser in the face, causing him to fall and hit the concrete.

Hesser was in critical condition Saturday night at the Medical Center of the Rockies. He has a severe head injury and has been unable to speak to officers about what happened.

At least seven patrol units from Fort Collins police responded to help with crowd control and interview witnesses. The party occurred atThe Grove apartments, on Centre Avenue and Rolland Moore Drive, just south of the Colorado State University campus.

As of Saturday evening, no arrests had been made, though police had identified a 20-year-old suspect.

An investigation is ongoing into who started the fight and whether charges will be filed.

Source: http://www.thedenverchannel.com/news/front-range/fort-collins/fight-over-american-flag-leaves-fort-collins-man-in-hospital07052015

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IPSO upholds Nicola Sturgeon complaint

Following the publication of an article in The Daily Telegraph on 4 April 2015, headlined Sturgeons secret backing for Cameron, the Office of the First Minister of Scotland complained to the Independent Press Standards Organisation that The Daily Telegraph had breached Clause 1 (Accuracy) of the Editors Code of Practice.

IPSO established a breach of the Editors Code and has required The Daily Telegraph to publish this decision as a remedy.

The article reported the contents of a leaked Government memorandum which claimed that at a private meeting the First Minister, Nicola Sturgeon MSP, had told the French Ambassador that she would rather see David Cameron win the general election than Ed Miliband. The memorandum had been written by a senior British civil servant a week later, after a conversation with the French Consul-General.

The article said that these comments undermined Ms Sturgeons public support for a progressive alliance with Mr Miliband.

The complainant said that the claims were categorically untrue: Ms Sturgeon had not expressed a preference for a Conservative government or any views about Mr Milibands suitability as Prime Minister. The complainant regarded the newspapers decision not to contact Ms Sturgeon for comment prior to publication as a breach of Clause 1.

The newspaper said it had confirmed the authenticity of the document with two well-placed sources before publication. It was a contemporaneous note made by an experienced civil servant, and the newspaper had no reason to doubt its accuracy. It denied having any obligation to contact Ms Sturgeon for comment before publication: it was entitled to publish an accurate account of the document.

The Complaints Committee noted that the memorandum represented at best a second-hand account given a week after the meeting, which contained the serious implication that Ms Sturgeon had been disingenuous in her public statements.

The newspaper did not know whether the account contained in the memorandum was accurate. Nonetheless, it had published this as fact, without having taken additional steps prior to publication such as contacting the parties involved for their comment to verify its accuracy.

The committee established that the newspapers presentation of the account contained in the memorandum, in this context, represented a breach of the Editors Code.

Source: http://www.telegraph.co.uk/news/11715880/IPSO-upholds-Nicola-Sturgeon-complaint.html

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Voting Winds Down in Greece Amid High Anxiety

Correction appended, July 5

Greeks went to the polls Sunday to cast their votes in the first referendum there in four decades, which may decide the countrys fate as a member of the euro currency.

But fears of a lengthened closure of all banking institutionsregardless of the outcome of the voteare rife in Greece following a week of shuttered banks and uncertainty. ATMs are said to be running out of money, and already many are only able to dispense 50 notes due to the shortage of smaller tenderdespite capital controls of 60 per person permitted.

Voting ended at 7 p.m. local time, with three opinion polls indicating that the no campaign supported by the ruling government had likely prevailed by a narrow margin, the Associated Press reports.

Polls earlier had been too tight to say whether the country is poised to support or reject the bailout plan proposed by Greeces creditorsnever mind the fact that the program has already expired, contributing to a confusing day of voting.

Turnout was expected to exceed the 40% threshold for the result the be deemed legitimate. At issue is whether to accept the terms of an international bailout package that is no longer officially on the table. But the bigger backdrop is the future of the countrys status in Europe and whether Prime Minister Alexis Tsipras government will continue to have the political standing to negotiate with European creditors.

Still, a calm, sober mood was prevalent in Athens, save for when Tsipras arrived at his polling booth in his neighborhood of Kipseli, where he was greeted by about 100 rapturous supporters, all chanting Oxi, Oxi, OxiNo, no no.

President Prokopis Pavlopoulos is urging Greeks to remain united no matter the result, which will be known later Sunday night.

This day belongs to the citizen alone, Pavlopoulos said. He is called to decide, in accordance to his conscience and exclusively guided by the national best interests, on the future of our country and our people.

This is what our forebears did at crucial times and this is our obligation today. We proceed, therefore, all together, he told reporters and fellow voters while casting his ballot.

People close to the ruling Syriza party told TIME that a return to the drachma currency is inevitable if emergency liquidity assistance is not provided to Greek banks by the European Central Bank (ECB)a decision to be made by the governing council of the ECB Monday.

There is no other solution but return to national currency if the ECB doesnt give us any money for our banks, a senior party adviser said.

Other European Union officials said that, despite protestations by Finance Minister Yannis Varoufakis, banks will reopen on Tuesday.

Lines at ATM machines have remained long and arduous over the last week, with uncertainty as to what the future holds for Greece.

The precise ramifications of a vote in favor ofor againstthe referendum are also unclear. When asked by TIME what could be guaranteed in the event of a No vote, the Syriza source replied this is the one-billion-dollar question; its also about how the other side reacts.

Upon arrival at his polling station, Tsipras told supporters that while many can reject a governments will, nobody can reject the will of the people.

The charismatic leader contends that if hes given a mandate to reject the now non-existent bailout proposal, the government will renegotiate a better new one in the proceeding 48 hoursdespite the fact that after six months of negotiations, Greece and its international creditors are further apart than ever before.

Opposition leader Theodoros Fortsakis submitted a legal challenge Sunday morning to the referendum, saying it was unconstitutional. Fortsakis, said there are three specific elements making the vote unconstitutional: there was not enough time given to voters to consider the question, the question is not clear, and according to the Greek constitution, no financial questions can be submitted to referendum and it is clear that this is a question directly linked to financial matters.

Counting begins immediately after voting ends.

Correction: The original version of this story misstated the translation of the Greek word Oxi. It means no.

Source: http://time.com/3945917/greece-referendum-europe/

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9-year-old catches 600-pound sturgeon

10 News Staff, WTSP 12:05 p.m. EDT July 3, 2015

Nine-year-old Kegan Rothman poses with an estimated 600-pound Great White Sturgeon he caught on the Fraser River.(Photo: Great River Fishing)

What a catch! On Monday, June 29, at four feet tall, nine-year-old Kegan Rothman caught an estimated 600-pound Great White Sturgeon on the Fraser River.

The scientific measurement to the fork in the fish"s tail the fork length is 9 feet and 5 inches.

According Great River Fishing, the charter company the boy was on with his dad when he caught the fish, says the fish"s total length was measured at 10 feet and one inch.

While it was impossible to weigh it, charts indicate that its weight is about 600 pounds. It had a 50-inch girth measured below the pectoral fins.

Kegan"s dad told the Globe and Mail his son has been fishing since he was four years old and holds a youth record in the U.S. for the sheepshead fish.

It took Kegan, who weighs just 80 pounds, two hours to reel the fish in.

Watch video of the catch below.

Read or Share this story: http://on.wtsp.com/1IyUjRe

Source: http://www.wtsp.com/story/life/2015/07/03/father-son-catch-600-pound-sturgeon/29665383/

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Saturday, July 4, 2015

Matt Stonie Tops Joey Chestnut In Hot Dog Eating Contest

NEW YORK (AP) MattStonie shocked the competitive eating world Saturday by upsetting Joey "Jaws" Chestnut at the Fourth of July hot dog eating contest at Nathan"s Famous in Coney Island, breaking Chestnut"s bid for a ninth straight victory.

Stonie, 23, who finished second last year, downed 62 hot dogs and buns, beating Chestnut by two. Both are from San Jose, California.

As thousands of spectators observed the eaters on an elevated stage, the next closest competitor ate 35 hot dogs.

"I trained hard for this. This is actually amazing," Stonie told ESPN, which broadcast the competition live like the major sporting event its biggest fans say it has become.

Afterward, Stonie, holding his fist in the air in victory, said he came into the competition confident and prepared in his quest for the $10,000 prize and the coveted mustard yellow winner"s championship belt.

"We don"t just go up there and eat hot dogs. We practice for this. We prepare our bodies," Stonie said. "It was a tough contest. Joey brings it all. I had to push really hard to beat him. But I feel great."

Stonie had defeated Chestnut in the past year in competitions featuring Twinkies, poutine, pumpkin pie and gyros.

Chestnut, smiling in defeat, said he was slow and couldn"t catch Stonie, who entered the match weighing just 125 pounds to Chestnut"s 230 pounds.

"I"ve been looking for competition for a long time and I finally have it," he said, vowing to return next year. "He made me hungry."

Chestnut, 31, had built himself into a champ with his string of victories, which included setting the record in 2013 by swallowing 69 franks. He twice reached 68 but last year had fallen off to 61.

After his victory last year, he dropped to one knee and proposed to his longtime girlfriend. They have since broken up.

Early in the contest, Chestnut seemed to have a slight edge but Stonie moved ahead by half a hot dog after 3 minutes and never looked back.

The men"s contest came more than an hour after the women competed, with defending champion Miki Sudo capturing first place with a flourish that emphasized strategy rather than condiments.

The Las Vegas woman ate 38 hot dogs and buns in 10 minutes to claim the title for the second straight year, along with the $10,000 that comes with it.

She downed four more wieners than last year and bested Sonya "Black Widow" Thomas of Alexandria, Virginia, who devoured 31 hot dogs.

Sudo employed a successful strategy of eating the hot dogs separately from the buns and swallowing the buns after first dipping them in Crystal Light.

The colorful holiday tradition draws its share of characters. Someone walked around dressed as a giant hot dog. A few chanting animal welfare protesters carried anti-meat signs adorned with fake blood.

Security included police dogs that apparently were not thrown off by the scent of the grilled meat, along with police officers on rooftops.

Copyright 2015, Hartford Courant

Source: http://www.courant.com/sports/hc-matt-stonie-tops-joey-chestnut-in-hot-dog-eating-contest-20150704-story.html

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The Top 5 Myths About the Fourth of July

Hulton Archive / Getty ImagesAn illustration of American seamstress Betsy Ross showing the first design of the American flag to George Washington in PhiladelphiaHistory News Network

This post is in partnership with the History News Network, the website that puts the news into historical perspective. A version of the article below was originally published at HNN.

#1 Independence Was Declared on the Fourth of July.

Americas independence was actually declared by the Continental Congress on July 2, 1776. The night of the second the Pennsylvania Evening Post published the statement:This day the Continental Congress declared the United Colonies Free and Independent States.

So what happened on the Glorious Fourth? The document justifying the act of Congress-you know it as Thomas Jeffersons Declaration of Independence-was adopted on the fourth, as is indicated on the document itself, which is, one supposes, the cause for all the confusion. As one scholar has observed, what has happened is that the document announcing the event has overshadowed the event itself.

When did Americans first celebrate independence? Congress waited until July 8, when Philadelphia threw a big party, including a parade and the firing of guns. The army under George Washington, then camped near New York City, heard the new July 9 and celebrated then. Georgia got the word August 10. And when did the British in London finally get wind of the declaration? August 30.

John Adams, writing a letter home to his beloved wife Abigail the day after independence was declared (i.e. July 3), predicted that from then onthe Second of July, 1776, will be the most memorable Epocha, in the History of America. I am apt to believe it will be celebrated, by succeeding Generations, as the great anniversary Festival. A scholar coming across this document in the nineteenth century quietly corrected the document, Adams predicting the festival would take place not on the second but the fourth.

#2 The Declaration of Independence was signed July 4.

Hanging in the grand Rotunda of the Capitol of the United States is a vast canvas painting by John Trumbull depicting the signing of the Declaration. Both Thomas Jefferson and John Adams wrote, years afterward, that the signing ceremony took place on July 4. When someone challenged Jeffersons memory in the early 1800s Jefferson insisted he was right. The truth? As David McCullough remarks in his new biography of Adams,No such scene, with all the delegates present, ever occurred at Philadelphia.

So when was it signed? Most delegates signed the document on August 2, when a clean copy was finally produced by Timothy Matlack, assistant to the secretary of Congress. Several did not sign until later. And their names were not released to the public until later still, January 1777. The event was so uninspiring that nobody apparently bothered to write home about it. Years later Jefferson claimed to remember the event clearly, regaling visitors with tales of the flies circling overhead. But as he was wrong about the date, so perhaps he was wrong even about the flies.

The truth about the signing was not finally established until 1884 when historian Mellon Chamberlain, researching the manuscript minutes of the journal of Congress, came upon the entry for August 2 noting a signing ceremony.

As for Benjamin Franklins statement, which has inspired patriots for generations,We must all hang together, or most assuredly we shall hang separately well, theres no proof he ever made it.

#3 The Liberty Bell Rang in American Independence.

Well of course you know now that this event did not happen on the fourth. But did it happen at all? Its a famous scene. A young boy with blond hair and blue eyes was supposed to have been posted in the street next to Independence Hall to give a signal to an old man in the bell tower when independence was declared. It never happened. The story was made up out of whole cloth in the middle of the nineteenth century by writer George Lippard in a book intended for children. The book was aptly titled, Legends of the American Revolution. There was no pretense that the story was genuine.

If the Liberty Bell rang at all in celebration of independence nobody took note at the time. The bell was not even named in honor of American independence. It received the moniker in the early nineteenth century when abolitionists used it as a symbol of the antislavery movement.

A visit to the Liberty Bell in Philadelphia, encased in a multi-million dollar shrine leaves the impression that the bell indeed played a role in American independence. The guides are more forthcoming, though when we last visited they did not expressly repudiate the old tradition unless directly asked a question about it. Our guide sounded a bit defensive, telling our little group it didnt really matter if the bell rang in American independence or not. Millions have come to visit, she noted, allowing the bell to symbolize liberty for many different causes. In other words, it is our presence at the bell that gives the shrine its meaning. It is important because we think its important. Its the National Park Services version of existentialism.

As for the famous crack it was a badly designed bell and it cracked. End of story.

#4 Betsy Ross Sewed the First Flag.

A few blocks away from the Liberty Bell is the Betsy Ross House. There is no proof Betsy lived here, as the Joint State Government Commission of Pennsylvania concluded in a study in 1949. Oh well. Every year the throngs still come to gawk. As you make your way to the second floor through a dark stairwell the feeling of verisimilitude is overwhelming. History is everywhere. And then you come upon the famous scene. Behind a wall of Plexiglas, as if to protect the sacred from contamination, a Betsy Ross manikin sits in a chair carefully sewing the first flag. Yes, ladies and gentlemen, this is where Betsy sewed that first famous symbol of our freedom, the bars and stripes, Old Glory itself.

Alas, the story is no more authentic than the house itself. It was made up in the nineteenth century by Betsys descendants.

The guide for our group never let on that the story was bogus, however. Indeed, she provided so many details that we became convinced she really believed it. She told us how General George Washington himself asked Betsy to stitch the first flag. He wanted six point stars; Betsy told him that five point stars were easier to cut and stitch. The general relented.

After the tour was over we approached the guide for an interview. She promptly removed her Betsy Ross hat, turned to us and admitted the story is all just a lot of phooey. Oh, but it is a good story, she insisted, and one worth telling.

Poor Betsy. In her day she was just a simple unheralded seamstress. Now the celebrators wont leave her alone. A few years ago they even dug up her bones where they had lain in a colonial graveyard for 150 years, so she could be buried again beneath a huge sarcophagus located on the grounds of the house she was never fortunate enough to have lived in.

So who sewed the first flag? No one knows. But we do know who designed it. It was Frances Hopkinson. Records show that in May 1780 he sent a bill to the Board of Admiralty for designing theflag of the United States. A small group of descendants works hard to keep his name alive. Just down the street from Betsys house one of these descendants, the caretaker for the local cemetery where Benjamin Franklin is buried, entertains school children with stories about Hopkinson, a signer of the Declaration, who is also credited with designing the seal of the United States. We asked him what he made of the fantasies spun at the Betsy Ross house. He confided he did not want to make any disparaging remarks as he was a paid employee of the city of Philadelphia, which now owns the house.

The city seems to be of the opinion that the truth doesnt matter. Down the street from the cemetery is a small plaque posted on a brick building giving Hopkinson the credit he rightly deserves.

As long as the tourists come.

#5 John Adams and Thomas Jefferson Died on the Fourth of July.

Ok, this is true. On July 4, 1826, Adams and Jefferson both died, exactly fifty years after the adoption of Jeffersons Declaration of Independence, which the country took as a sign of American divinity. But there is no proof that Adams, dying, uttered,Jefferson survives, which was said to be especially poignant, as Jefferson had died just hours before. Mark that up as just another hoary story we wished so hard were true we convinced ourselves it is.

Rick Shenkman is the editor of the History News Network and the author of the forthcoming book, Political Animals: How Our Stone-Age Brain Gets in the Way of Smart Politics (Basic Books, 2015).

Source: http://time.com/3933976/myths-fourth-of-july/

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