ECB infuses $639 billion fresh credit into European banking system

In an unprecedented move on Wednesday, the European Central Bank (ECB) has made available fresh credit worth approximately $639 billion (equivalent to €489.191 billion) for a period of three years at, unbelievably low, one percent interest. The figure has surpassed economists’ expectation by around $231 billion. By providing cheap loans, ECB is trying to address the issue of “long-term refinancing operation” of European banks (due on first quarter of 2012) and liquidity crisis in the market.

The $639 billion credit aid is considered as the biggest loan given by the European Central Bank in 13 years since the introduction of ‘Euro’ as the shared currency. It is believed that with the availability of cheap loans, banks in Europe might be able to avoid the impending recession. Approximately 500 European banks have applied for long-term loans on Wednesday. Among these are banks of France and Spanish banks.

It is hoped that the availability of cheap loans (at one percent interest) from ECB may spike up interest to buy government securities (bonds), which could bring down governments’ borrowing cost. Or, it may drive commercial banks to invest part of their fund in private sector, which could spur sustainable economic growth in Europe. But whichever options they may take, ECB hopes that, such an action would boost up profit for the banks, initiate growth and ease up the debt crisis in Europe.

Egyptian women in protest march against soldier abuse in Cairo

In a never-before incident in Egypt, thousands of women on Tuesday displayed their outrage in the streets of Cairo against atrocities by soldiers on women protestors last week. The mass protest originated from Tahir Square, the site of last week's abuse, before spreading to Cairo’s downtown. In the wake of biggest demonstration by women in Egypt since 1919, Egypt’s ruling military government was asked to take responsibility for the incident and step down from power. The all-women political rally in Cairo also saw some men joining in to show their sympathy for last week’s women victim.

Last week’s police atrocities on Egypt’s women protesters have caught wide spread media attention. Several nations including the United States have condemned last week’s military crackdown on Egypt’s women demonstrators and called out the military government in Egypt to immediately intervene and take appropriate actions. The Supreme Council of military government in Egypt has expressed their regret and assured to take action against those who attacked women protestors.

Although Egyptian women had earlier stood in the forefront of revolutions, it has never been this big or significant. Tuesday’s incident seems to have propelled Egypt's women to the epicenter of political life. Could this be the beginning of growing women participation in Egypt’s political system? May be, days are not far when Egyptian women would be playing bigger role in politics. What do you think?

The final convoy of US soldiers bade adieu to Iraq

History was made as the controversial Iraq war ended on Sunday, and the last of the US troops quietly made their exit from Iraqi soil to return for home. In what was termed as the last display of “tactical road march” by the United States military, a convoy of around hundred fully armored vehicles made the overnight journey to reach the boundary between Iraq and western Kuwait. The night-long journey of the fleet, carrying nearly 500 troops, was mostly uneventful.

With the withdrawal of the last of the United State military force from Iraq, ended the gulf war in the middle east that spanned nearly nine years and resulted in approximately a trillion dollar loss to US tax payers. The US troops convoy was greeted at the Kuwait border by General Lloyd Austin who had held the post of top U.S. military commander – Iraq, till Friday. Those who are remaining now in Iraq are 157 soldiers and a handful of marines carrying out diplomatic mission.

Although the Iraq war is finally over, problems are far from leaving Iraq. Already two Sunni-dominated provinces are demanding for autonomy. There is also a growing fear of Iranian influence in Iraq.

Time will tell how successful the United States role has been in its mission to establish peace and security vis-à-vis Saddam’s era in Iraq. But there is no doubt that much of the United States credibility hangs on how successfully Iraq builds its political structures and carries out structural reforms in the coming years. The world would be watching with interest…

Italian PM Mario Monti’s austerity drive gets lower house approval

Prime Minister of Italy, Mario Monti’s austerity plan cruised to victory in the Chamber of Deputies’ confidence vote on Friday. The overwhelming victory of 495 to 88 in the lower house is expected to increase Italy’s chance in receiving bailout package amounting to € 33-billion or $43 billion. Mario Monti still has to get the final approval of the Senate (upper house of the parliament) next week for the smooth passage of austerity package.

Italy’s ‘Super Monti’ is currently under immense pressure from leaders of Europe to put a cap on spending and generate funds to boost Italian economy. Once the austerity bill is passed by both houses of parliament, Mario plans to implement a series of measures to address Italy’s huge debt crisis and balance 2013 budget through increased tax and pension reforms. Some of the immediate steps government of Italy is likely to take are - reintroducing ‘tax on first homes’ (earlier abolished by the previous Berlusconi government), hiking real estate tax and also some growth incentives.

Though Italian Premier’s austerity plan enjoys parliamentary consensus, many in the main opposition parties are skeptical that the proposed measures might be unfair on the poor in society. They are going to be the hardest hit of the austerity cut.

Iraq war ends as US officially pullouts troops

Finally the declaration, which was longingly awaited around the world, came from Pentagon on Wednesday – the US-declared war in Iraq is officially over. This puts an end to a war that lasted almost nine years and snuffed out more than one lakh Iraqis and 4500 Americans. The final phase of withdrawing US troops is expected to be finished by 1st of Jan 2012 as per an agreement reached in 2008 between President Barack Obama and ex-president George Bush. At present, there are still 4000 troops deployed in two American bases in Iraq.

In a speech in North Carolina, the US President, Barack Obama, applauded his soldiers for their bravery and commitment, especially the sacrifice of dead soldiers and their families. He welcomed his soldiers back home amidst loud cheers and thanks giving.

The United States led Iraq war was headed by ex-President George Bush in 2003 on the claim that the then Iraqi President Saddam Hussein had stashed large-scale destruction weapons. This has drawn huge criticism and humiliation from all over the world as the allegation was found to be unfounded. For America, life after Iraq war perhaps presents the perfect time for introspection and for Iraq, there lays a long struggle to establish peace, stability and prosperity.

Is Europe NOT in sync with EU treaty change?

Despite repeated assurance from Angela Markel, German chancellor, tension over change in EU deal is brewing up in euro zone. So far, Markel has succeeded in securing agreement from 26 member EU nations. But there are still four nations who have to give their consent to the deal. They have taken time to reconsider the wider implications of the treaty change vis-à-vis their respective countries. Governments of the four states that include Hungary, Denmark, the Czech Republic and Finland are currently going over the details of the treaty with their parliaments before making their decision final. Britain has already withdrawn from the proposed EU pact.

Markets on Wednesday have reacted negatively despite Europe’s brave claim to present ‘fiscal union.’ For the first time since January this year, Wednesday saw Euro hit a record low, below $1.30. This has further spiked up the rate of Italian government bonds, which would mean further increase in borrowing cost for the Italian government already spiraling under debt crisis.

The European Central Bank is facing increased pressure from euro zone nations, reeling under debt crisis, to step in and buy their sovereign bonds. But the head of the central bank of Germany, Jens Weidmann, has rebuffed their attempts to misuse European Central Bank’s fund in this way. Weidmann further stated that instead of looking up to European Central Bank for help, nations should step up reform measures to address their fiscal deficit.

Angela Merkel is optimistic that the new Euro deal would be ready by March. But what the world really wants to know is whether the new deal has what it takes to address the financial crisis of euro zone? Secondly, even if Europe manages to come out of the crisis, will it ever be the same again?

An estimated 5000 deaths in Syrian uprising claims UN official

As gunshots and explosives continue to rip apart Syria, more than 5000 Syrians have lost their lives during the nine month long Syrian uprising. The figure, which is higher than the previous estimate last week, has been claimed by Navi Pillay, the United Nations human rights high commissioner, on Monday. On the other hand, there has been more than 1100 deaths of police and other security services personnel as claimed by the Syrian authority.

As local elections are being held in Syria, low turn-out has been reported all around despite government’s claim to name Monday’s election as an act of “democracy and free will.” As it seems, elections have failed to put a halt on frequent security clampdown which has turned more brutal in the recent months. Syrian government have criticized the violence on peaceful activists as an act of “armed terrorist” and claimed no role in recent Syrian unrest. The opposition parties refused to believe the government's stand and demanded mass election boycott.

The United Nations human rights chief, Navi Pillay, has criticized the brutal suppression of civilians in Syria as ‘crime against humanity.’ She further stated that such actions need to be referred to the International Criminal Court.

Is Diabetes ruining your sex life?

Is diabetes playing a spoilsport on your sex life? It is all right to feel threatened when normal pleasures are ebbing out from your life. But take heart from the fact that you are not alone. There are approximately 346 million people like you worldwide who are affected with diabetes. And you will be relieved to know that most of them are leading a normal life. So how all these people are managing?

The best way to tackle diabetes is to understand it and with the help of recommended treatment (s) and lifestyle changes, you can find a way to work around it. The rest comes automatically – you leading a healthy and a happy life.

How diabetes affects sex life?
Diabetes affects men and women in different ways.

Diabetes and men sexual health
If left untreated over a period of time, elevated blood glucose level or diabetes may have adverse effect on men sexual health. It can cause severe nerve damage leading to a condition called diabetic neuropathy. This is the common cause of erectile dysfunction (or impotence) in men. In this condition, men fail to maintain erection during intercourse, leading to limited or no sexual pleasure.
Diabetes and female sexual health
Diabetes neuropathy is the main reason most women fail to enjoy sex or experience uncomfortable sex. Women with diabetes most often complain of insufficient vaginal lubrication, also called vaginal dryness. Another leading condition that women with diabetes often suffer is vaginitis (vaginal inflammation). This coupled with vaginal dryness leads to irritated and swollen vagina, making sexual intercourse painful or difficult. Cystitis is another common problem that can arise in women with diabetes. In this condition, much like erectile dysfunction in men, clitoris could fail to respond to sexual stimulation leading to frustration in sexual life.

How to manage diabetes?
The most important thing is to remember that you can manage diabetes and take control of your life. Below are some of the simple steps to help you achieve it:

• Overcome your shyness to manage diabetes: If left untreated, diabetes can give rise to serious complications. Be frank with your doctor about your physical conditions as well as about sexual complications arising out of diabetes. These can help you receive the best possible treatment in the quickest possible time.
• Keep your partner abreast about your medical conditions: Your partner deserves to know what’s happening in your life. Make sure that your partner knows about your physical and emotional conditions, the treatments you are taking to help fight diabetes, etc. This would ensure full support from your partner and lead to quicker remedy.
• Follow a healthy diet plan for diabetes: Take help of your dietitian to prepare a diabetic diet plan so that you can monitor your daily food intake. Ensure moderate amount of calories, high level of nutrients and low fat in your diet. You may want to stay away from alcohol as it may worsen your high pressure. To keep your blood glucose level under control, fiber-rich foods such as whole grain breads, cereals and fruits are highly recommended. Make sure that you are having meals at regular intervals.
• Regularly check up your blood sugar: Keep a tab on your blood glucose level regularly. This would ensure that you receive timely medical help if there is a sudden spike in the pressure and minimize sexual problems.
• Follow a regular exercise routine to keep diabetes under control: Walking is one of the most recommended exercises for diabetics. Besides keeping your diabetes under control, regular and brisk walking helps to stay in shape and in good health. Make sure that you do not overdo it. To develop it into a habit, slowly keep increasing your walking time as you go forward.

EU reaches a consensus about broader European treaty change

The seventeen member EU nations whose common currency is Euro has given their consent to a broader change in the European treaty Friday early morning. The new treaty has also got the approval of another six EU nations, while the trio nation – Sweden, the Czech Republic and Hungary – have given their verbal commitments. They assured that they would clear their positions after going over the plan with their respective parliaments. British Prime Minister David Cameron has distanced himself from the proposed treaty on the ground that it doesn’t serve Britain’s interest. The new accord is likely to come into effect from March 2012.

Britain has long misgivings about the proposed Tobin Tax or pan-European financial transaction tax. Britain fears that accepting Tobin Tax would be equivalent to giving up its sovereignty. By withdrawing itself from the proposed treaty, Britain faces the possibility of isolation in Europe.

Once effective, the new treaty would expect governments of member countries to be more ‘fiscally disciplined’ with their spending and burrowing. This would require member countries to place their national budgets before the European Commission for scrutiny. The Commission may ask for revision in the budget should they feel there is a scope for further budget cut. The new European treaty would also empower the European Court of Justice to penalize a member country with increased tax or budget cuts or with both incase the agreement is violated. Europe believes that through centralized monitoring and enforcing stricter discipline, it may come out of debt crisis more quickly and help boost Euro in turn.

Germany and Poland bury their past hatchets to save Eurozone

Mission to save Euro and Eurozone from the ongoing financial crisis has brought together a never-before coalition between Germany and Poland – known enemies whose past are fraught with animosity and war. As the leaders of other EU countries are struggling to reach a common consensus to tackle European debt crisis, leaders of the two countries have taken a united stand.

In a rare gesture, the Prime Minister of Poland, Donald Tusk, has given its full backing to German Chancellor Angela Merkel in her attempt to ask for full change in the treaty. Full and fundamental change in the European treaty is necessary to bring in severe budget cuts and centralized monitoring.

As an ally, Poland brings on the table several brownie points for Germany. Poland enjoys close relationships with countries that belonged to former Soviet Union and countries of northern Europe. Poland is also an enthusiastic supporter of unified Europe and hopes to join Euro in the future. Besides, the commanding position that Poland enjoys among nations outside eurozone also goes well with Germany.

The final clincher was the foreign minister of Poland, Radoslaw Sikorski’s recent comment that set the government and foreign policy departments of Berlin abuzz. “I fear German power less than I am beginning to fear German inactivity.” Radoslaw Sikorski also did not forget to hail Germany as indispensable to Europe.

EU countries divided on Euro before EU Summit

Before Friday’s crucial EU summit, EU countries were reported to be divided on several issues over the debt crisis. Difference of opinion emerged about the ways austerity measures would be ensured among member countries and execution of reform activities (within specific time frames) through a centralized monitoring.

Wednesday also saw Germany advocating for full and permanent change in the European treaty, creation of two separate bailout plans – one for short term and another for long term and extension of debt limits for the protection of Spain and Italy. Some other nations like France, however, want an immediate change in the treaty to deal with the euro crisis.

Since changing the entire European treaty may take up to two years, officials of European Union are exploring other ways to deal with it. Herman Van Rompuy, the euro zone and also the European Council president, proposed a quick fix way to ensure‘fiscal discipline’ and avoid delays of a full change in the European treaty. This requires changing a single protocol wherein leaders of respective nations would, under the directives of European Central Bank as well as European Parliament, enter into an obligation to stay within budget for that time frame. Herman Rompoy further elaborated that those nations who violate this rule could be punished with further economic sanctions and more tax burden or with both.

Experts are of the opinion that punishing offender countries that go over-budget would require full and fundamental changes in the treaty rather than changing just one of the protocols. European institutions must have absolute power to squash national budgets.

Egypt’s interim PM Kamal Ganzouri empowered with presidential power

On Wednesday, the military regime of Egypt has awarded their new interim Premier with country’s highest power before inducting him into the cabinet. This allows Prime Minister Kamal Ganzouri with power almost equivalent to that of a president except the power to control judiciary and military forces.

It is reported that Muslim Brotherhood and other political parties have opposed the way the current regime has misused their power to bulldoze on people’s aspiration for a change in the political guard. They were vociferous in their attack on the military, who they said, had no authority selecting 80-year-old Ganzouri as the Prime minister. The cabinet headed by Kamal Ganzouri would be functional until the presidential elections.

With the first phase of parliamentary voting over, there is still a long way to go before Egyptians get their first taste of civilian government. As of now Muslim Brotherhood is believed to be leading with 40 percent or more votes, while ultraconservative Salafi Al-Nour party as the close second.

Brazil reports signs of economic downturn

After the record growth of 7.5 percent in 2010, Brazil has started to show economic fatigue in late 2011. Consumer spending in the biggest economy of Latin America has declined in the third quarter, followed by a 0.04 percent dip in gross domestic product (GDP). Imports have also recorded a slump. Brazilian economy is expected to be just around 3 percent or even less this year.

To revive its consumer spending and maintain long-term growth, Brazilian government has recently introduced a fiscal stimulus package. Bank interest rates have also been slashed three times in the recent months. This is a major turnaround from measures adopted earlier this year by the Brazilian government to ‘cool’, an ‘overheating economy’. At that time, the government of Brazil had repeatedly hiked bank interest rates and taxes to keep a check on inflation.

Despite the recent downturn, Brazil boosts of an impressive foreign currency reserve of $352 billion. As on October 2011, unemployment rate is at a record low of 5.8 percent compared to average unemployment rate of 9.95 percent between 2001 and 2010. Brazilians feel that unlike other countries that have structural defects, Brazil is going through a transitional phase. All it needs is sufficient infrastructural development and skilled manpower to stay on the growth path.

Prospect of lower ratings looms on Eurozone nations by S&P

Fifteen of the seventeen Eurozone countries are under scanner by the US credit rating firm Standard and Poor (S&P) for their failure to tackle financial crisis. Countries that are likely to be affected by Standard and Poor’s announcement on Monday include some of the heavy-weights known for their fantastic credit worthiness until recently. Nations about to be stripped off their triple-A credit status are Germany, Netherland, Finland, Austria, France and others. The only two countries who are unaffected by this recent development is Greece and Cyprus (already downgraded).

The negative prediction by S&P is based on the growing fear that Eurozone financial crisis may no longer be restricted to member countries using Euro currency only. The crisis could soon have a cascading effect on the entire Europe. As per Standard and Poor, the unfolding of five inter-related factors have resulted in deepening of Eurozone crisis. These five critical factors are - Severe credit crunch, failure of affected countries to boost market confidence as well as absence of an uniform policy to address the crisis of EU nations, growing credit risk even in nations boosting AAA ratings, prospect of recession in Euro zone in 2012 and increase in government and household loans.

Policymakers questioned the timing of Standard and Poor in coming up with the announcement on Tuesday when the entire EU nations are waiting for Thursday's EU summit. Reducing the ratings of countries before the EU summit may worsen the current crisis.

Egypt parliamentary poll results expected on Saturday

Saturday could be the D-day for Egypt when its first of the three-stage parliamentary election results would come out. Initially, the results were expected to be declared on Thursday. Then the date of the Egypt parliamentary poll results was deferred to the next day, Friday, calling the huge turnout as the official reason for the delay. A recent announcement by the Supreme Council of Egypt’s present military regime has confirmed that Egyptians would have to wait for another more day, i.e. Saturday, to know the poll outcome. The official reason cited this time is delay in counting of votes in some constituencies.

This week, Egypt went to poll on Monday and Tuesday for the election of representatives for the lower house of the parliament. The large turnout for the two days of Egypt parliamentary elections has been estimated at 62 percent, though many have questioned its veracity. Till now, Muslim Brotherhood led Freedom and Justice Party and the ultraconservative Al Noor Salafi Muslim Party seem to be in a commanding position. If either of these parties gets to the seat of power, that would further strengthen the dominance of Islam-oriented parties in the Middle East.

Egypt’s Muslim Brotherhood squashed possibility of alliance with ultraconservatives

In an attempt to address the concerns of youths and like-minded liberals in Egypt on Thursday, Muslim Brotherhood has denied any possibility of alliance with such parties who are ‘ultraconservatives’. In fact, they claimed to have no such reservations to form a coalition government with more liberal political partners. This is in response to the assumptions being made about the likelihood of a majority alliance between Muslim Brotherhood’s Freedom and Justice Party and the ultraconservative Al Noor Salafi Muslim party.

Thursday also saw Egyptian administration postponing the declaration of the first phase of parliamentary election results by a day to Friday, stating record turnout as the possible reason. But, unofficially, it is confirmed that Muslim Brotherhood has already notched up the first place in the first round of the three round parliamentary elections.

After lifting of ban since the ouster of Hosni Mubarak, Muslim Brotherhood, the main stream Islamist group in Egypt, has been busy in image building. They seem to come across as a responsible, forward-thinking Islamist party who are serious about nation building. In the two days of the parliamentary elections, they were seen trying to reach out to all sections of people with pamphlets and fliers and also helping people out with poll procedures. Whoever wins the elections, a tough balancing job is awaiting them – steering the country away from fanatics and poverty and at the same time gain the confidence of its people.

Muslim Brotherhood leads in the preliminary vote counts in Egypt

Initial vote counts of the first ever three-phase parliamentary elections in Egypt put Muslim Brotherhood’s Freedom and Justice Party, a mainstream Islamist group, in the forefront of power. Running a close second is another Islamic party, the Al Noor Salafi Muslim party.

It is reported that the Freedom and Justice Party of Muslim Brotherhood has chalked up almost 40 percent of vote in the Egypt elections. But it is the ultraconservative Al Noor Salafi Muslim party or Salafis that has emerged as the dark horse. Salafis have already notched up an estimated two-thirds of the vote in the early results of the Egypt elections. Together with the 40 percent vote claimed by the Muslim Brotherhood, the combined total is a whopping 65 percent - enough to clinch a majority in the parliament.

Thursday's result could pose a major setback for Egypt’s liberal parties and youth activists who are already plagued by lack of organization and internal rivalry. Interestingly, the poor showing of liberals is from the provinces which are counted among the most liberals and accounts for one-third of the total votes. It is a matter of concern for those who have been demanding all along for a modern, democratic government that can meet the aspirations of its people, mostly its youths.

The elections on Monday and Tuesday were the first of the three-phase elections for the selection of members of the lower house. The results of which are expected to be announced on Thursday night. It is not before January that the final phase of the three phase elections are going to be over. Only after this the much awaited drafting of a new constitution would take place in Egypt. The upper house parliamentary elections are scheduled to start from Jan and run until March.