The Brazilians are upset about bus fares, the cost of the World Cup and taxes, among other things, in their once happy socialist paradise. Does promising to satisfy every whim in exchange for votes lead to ever stranger whims? Guardian.co.uk reports:
“Brazil’s president, Dilma Rousseff, and key ministers are to hold an emergency meeting on Friday following a night of protests that saw Rio de Janeiro and dozens of other cities echo with percussion grenades and swirl with teargas as riot police scattered the biggest demonstrations in more than two decades . . .
A vast crowd – estimated by the authorities at 300,000 and more than a million by participants – filled Rio’s streets, one of a wave of huge nationwide marches against corruption, police brutality, poor public services and excessive spending on the World Cup.
Clashes were reported in the Amazon jungle city of Belem.”
“Unemployment has reached a new high in the euro zone and inflation remains well below the European Central Bank’s target, stepping up pressure on EU leaders and the ECB for action to revive the bloc’s sickly economy. Joblessness in the 17-nation currency area rose to 12.2 percent in April, EU statistics office Eurostat said on Friday, marking a new record since the data series began in 1995.
Economists and policymakers including Germany’s finance minister, Wolfgang Schaeuble, have said the greatest menace to the unity of the euro zone is now social breakdown from the crisis, rather than market-driven factors.
In France, Europe’s second largest economy, the number of jobless rose to a record in April, while in Italy, the unemployment rate hit its highest level in at least 36 years, with 40 percent of young people out of work.”
Hedge fund mogul Paul Singer wants to make one thing clear: He is no vulture. The billionaire’s decade-long legal battle to force Argentina to pay off the debt it owes his $21.8 billion Elliott Management hedge fund has hit one roadblock after another.
The country’s latest offer to give Elliott far less than what it wants — presented to a New York appeals court last month — seems to be the last straw.
In his latest quarterly letter to investors, obtained by The Post, Singer outlined what he called Argentina’s “name-calling, scapegoating, bullying, fear-mongering and taunts” to brand Elliott and other bondholders “vultures.”
“59.1% of those under 25 are unemployed in Greece, 55.9% in Spain, 38.4% in Italy, 38.3% in Portugal, 26.5% in France.”
Richard Fernandez in “The Economist”