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Recap: U.K. Looking Isolated
Europe's leaders on Friday crafted a new "fiscal compact" to repair flaws in their currency union, but the deal lacked bold strokes investors have been urging and it could be insufficient to halt the region's debt crisis.
Markets reacted with tepid optimism Friday. U.S. stocks rose. European stocks were also generally higher, and the euro rose slightly. But the crucial government bond markets were mostly flat.
The positive reactions appeared to be driven by relief that leaders had reached an agreement at all, rather than enthusiasm for the deal itself. If recent history is any guide, the glow could fade fast as investors focus on the details, or on a continued lack of clarity over what role the European Central Bank will play.
Even as most European Union nations came together for the agreement, the summit also sowed a sharp division: U.K. Prime Minister David Cameron vetoed an EU-wide treaty to enforce the new fiscal rules, further isolating his country from the majority of the bloc and renewing questions about the future of the relationship.
Polish Fin Min: Expect Another EU Summit Soon If No Accord Friday
Polish Finance Minister Jan Vincent-Rostowski said Friday he would expect to return to Brussels for another European Union summit "in a few days" if the meeting that ends later in the day fails to deliver an accord.
"Discussions at the summit have been and will be very difficult and it looks like the final outcome doesn't necessarily have to be positive," he said on the phone from Brussels on Polish news radio TOK FM.
"It's not like history will end tonight or even on Monday. I still believe this summit may move things in the right direction. Some are talking about a second summit, but that would be pushing the line and, to put it mildly, wouldn't be an ideal solution."
"But if this summit doesn't turn out to be successful, it's not imaginable to me that we'll just go home, say it didn't work, and wait for everything to deteriorate further. If we don't make it [at this summit], I'm sure we'll meet in Brussels in a few days," he said.
(Photo: EPA)
Summit: Irish Europe Minister Headlines
- DJ Irish Minister: Fiscal Pact Will Make Euro More Coherent
- DJ Irish Minister: Unclear On Need For Irish Referendum Approval
- DJ Irish Minister: Significant Steps Made On Euro "Firewall"
- DJ Irish Minister: Strengthens EFSF Euro Rescue Facility
- DJ Irish Minister: Still Hopes For Bigger Role For ECB
- DJ Irish Minister: Reluctance To Dictate Line To ECB
- DJ Irish Minister: Ireland And Others Seek Greater ECB Role
- DJ Irish Minister: Very Satisfied With EU Agreement So Far
- DJ Ireland Expects ECB To Act "More Decisively" In Coming Weeks
Ireland 'Satisfied' With Europe Agreement
Ireland is "very satisfied" with the EU agreement on saving the euro area although the Irish government still expects the European Central Bank to act "more decisively" in solving the crisis in the coming weeks, the country's Europe Minister said Friday.
"I was very much focused on strengthening the mechanism of economic governance…and focusing on the firewall which we have been looking at for quite some time. We are very hopeful they will make an important impact in terms of ensuring there won't be further contagion within the euro zone from Greece," Lucinda Creighton said.
She told Irish broadcaster RTE Radio that EU leaders have yet to see whether the ECB will take an enhanced role because it is an independent institution.
"There certainly is a reluctance to cross the line in terms of stepping in and trying to dictate to the ECB. The ECB has to make up its own mind," Ms. Creighton said.
But she expected the ECB to act "more decisively" in the coming weeks.
It was still too early to decide whether the EU agreement will require approval by an Irish referendum, she said.
Italian Borrowing Costs Rise
Italian borrowing costs rose Friday as market participants were left disappointed by the lack of a encompassing resolution to the sovereign debt crisis from European Union leaders Thursday.
Yields on Italy's bonds were higher, although had come off earlier levels amid expectations that the European Central Bank could enter the market to purchase the bonds.
"It is all quite underwhelming really," a trader said, adding, "Policymakers have failed to tick the boxes that the market was expecting."
The benchmark 10-year Italian bond was 16 basis points higher at 6.55%, having climbed earlier to 6.65%, while the 2-year yield was 24 basis points higher at 6.22%, according to Tradeweb.
(Photo: Bloomberg)
European Stocks Sail in Choppy Waters
European stocks traded in a choppy fashion Friday, flitting between small gains and losses, while the euro was largely unchanged versus the dollar as investors waited eagerly for further details on a fiscal consolidation program from the key European Union Summit in Brussels, following tense overnight negotiations.
By 0935 GMT, the Stoxx Europe 600 index was down 0.1% at 237.58. Frankfurt's DAX was 0.1% lower at 5872.26 while Paris's CAC-40 gained 0.4% to 3109.32. London's FTSE 100 was down 0.1% at 5477.50.
Interestingly the banking sector was holding up well, helped by Thursday's moves by the European Central Bank to offer two three-year unlimited loans, the first to be granted Dec. 21.
The sector even shrugged off a move by Moody's Investors Service to downgrade France's three main listed banks–BNP Paribas, Credit Agricole and Societe Generale–by one notch, as well as Thursday's announcement from the European Banking Association that European banks' capital shortfalls stood at €114.7 billion, higher than preliminary estimates
At 0935 GMT, BNP Paribas was up 1.5%, Credit Agricole was 1.7% higher, and Societe Generale gained 0.5%. In Germany, Commerzbank was up 0.2%, Deutsche Bank rose 1.7%.
Still, the uncertainty surrounding the outcome of these negotiations has resulted in very limited trading in the foreign exchange markets.
At 0940 GMT, the euro was at $1.3333 against the dollar, compared with $1.3339 late Thursday in New York.
Fear Guage Rising Again
The weekend is almost upon us, and the outlook for the euro-zone remains as clear as mud. What to do? Load up on insurance, just in case.
That at least, is the message from the currencies derivatives market this morning.
So-called implied volatilities—a measure of how violently investors think exchange-rates are likely to shake in future—are surging across a board of currency combinations as investors brace for more uncertainty and turbulence.
That means currency options—a widely used derivative instrument that give holders the right to buy or sell a currency at a predefined price at a predefined date—are getting more expensive again, having come off at the start of December after global central banks pumped liquidity into the financial system and as investors dared hope the EU summit might deliver.
Lithuania President: U.K. Has Set Itself Apart From United EU
The U.K. has set itself apart from the European mainstream when it comes to decision-making, the Lithuanian president said Friday.
"For the Baltic states we are happy that member states decided they will take responsibility and go very fast," with overhauling the rules governing the European Union, Dalia Grybauskaite said on her way into the leaders' meeting.
"The majority of member states welcome this further step, genuinely…Britain is outside of decision making, Europe is united."
(Photo: AFP/Getty Images)
U.K. Trade Deficit Shrinks as Exports Hit Record
The U.K.'s deficit on trade in goods in October saw its biggest monthly drop since comparable records began, thanks to a record rise in exports and a fall in imports.
The goods trade deficit fell to £7.6 billion in October from an all-time high of £10.2 billion in September, the Office for National Statistics said Friday. That £2.6 billion reduction was the steepest since records began in 1998.
The strong trade numbers are good news for the government as it seeks to avert a deep downturn in the economy. Prime Minister David Cameron's administration has banked on exports driving growth as it strips back the public sector.
Exports in October jumped by £2.1 billion to a total of £26.5 billion–both figures the highest on record, largely thanks to sales to non-EU countries. Exports of chemicals and medicinal products were at record levels, while capital goods exports also rose.
Imports fell £0.5 billion.
Twitter: Welcome to the CHUKS
The editor of U.K. website PoliticsHome.com has come up with a new word for the four countries so far who have chosen to back Germany and France's plan for greater fiscal integration.
@paulwaugh tweets: Here in Brussels, already new outer-EU group has name: the CHUKS (Czechs, Hungarians, UK, Swedes). Will we CHUK ourselves out?
Britain Isolated From Europe?
The U.K.'s veto of a European Union-wide solution to the region's problems could leave Britain isolated from the Continent and triggered a fresh round of questions about its historically awkward relationship with Europe.
U.K. Prime Minister David Cameron said Friday that he had blocked the creation of a new EU treaty because it didn't provide the safeguards it wanted on the single market and other key interests.
"Without those safeguards it is better not to have a [EU] treaty within a treaty but to have those countries make those arrangements separately," he said following discussions with EU leaders that lasted from dinner on Thursday through to Friday morning. "What is on offer isn't in Britain's interests so I didn't agree to it."
Mr. Cameron's move was well received by euroskeptic members of his own Conservative Party, many of who had been putting pressure on the Prime Minister threatening rebellion.
But some observers asked whether Mr. Cameron's move will benefit Britain.
(Photo: Reuters)
U.S. Stock Futures Gain
U.S. stock futures edged higher on Friday, as investors awaited U.S. economic data and digested news that at least 23 European Union nations have agreed to pursue closer fiscal ties.
Futures on the Dow Jones Industrial Average rose 53 points to 12,065 and those on the Standard & Poor's 500 index climbed 5.70 points to 1,235.9.
Nasdaq 100 futures gained 7 points to 2,288.5.
Cracks in U.K. Coalition Begin to Show
After wielding the veto, U.K. Prime Minister David Cameron is being fêted by the euro sceptic members of his own party, but what about members of his own government – the Liberal Democrats.
The pro-European Liberal Democrats could give Mr. Cameron the sort of trouble at home on the issue that so far has been the preserve of rebellious Conservatives.
So far most Liberal Democrats are keeping their own consul, but one senior member is not. "There is no doubt no doubt in my mind our future is in Europe and therefore we have to make sure we are not isolated," said Norman Baker, a Liberal Democrat government minister.
Asked whether Mr. Cameron's actions do isolate the U.K., Mr. Baker asked this journalist to draw his own conclusions.
U.K. Could Cause More Headaches
U.K. Prime Minister David Cameron, who had vowed to fight for the U.K.'s interests and its financial sector ahead of the meeting, said it wasn't easy to go against the majority view in the overnight talks and acknowledged that there were risks in other countries forming a separate agreement within the EU.
The British leader also appeared to suggest that the U.K. could cause further headaches for the euro zone, saying that British voices must be heard given the new treaty block will be using the bureaucracy of the EU.
"We will insist the EU institutions, the court, the Commission, that they work for all 27 nations of the European Union. Indeed those institutions are established by the treaty and that treaty is still protected," he said.
Mr. Cameron said the U.K.'s interests within the EU, such as free trade and having a say over the rules that govern how it sells its goods and services, remain protected.
"So we will not be presenting this new treaty when it's agreed to our parliament – it will not involve Britain," he said.
(Photo: Reuters)
Britain's Alpine View of the World
Is Britain the new Switzerland?
That is what some Britons want. Not a mountainous country with nicer cheese and chocolate, but a large economy that trades a good deal with the Europe Union but is not part of it.
Many euroskeptic lawmakers believe that Prime Minster David Cameron's wielding the veto in Brussels is the start of that process.
"It means that the intractable logic of European Union fiscal union has unwound, and Britain can be in a Swiss-type relationship" with the EU, said Douglas Carswell, a Conservative lawmaker who has been among the most vocal of euro-skeptic critics.
Not everybody shares the vision.
"I despair really," said Martin Horwood, a Liberal Democrat lawmaker.
"If the limit of the eurosceptics' ambition is to have the global influence of Switzerland that is a pretty impoverished vision," he said.
(Photo: EPA)
OECD: 'Big Bang' Approach Needed to Reform Greek Central Admin
Comprehensive and urgent reform of the Greek government's central administration is needed if efforts to turn the country's economic fortunes around are to be successful, the Organization for Economic Cooperation and Development has said.
In an unusually hard-hitting report, the OECD detailed the many deficiencies in the public administration that make it difficult to implement wider reforms to the public sector and the economy, and control spending.
It concluded that the coordination between ministries is almost non-existent, while the structure of the public administration encourages corruption. Basic record keeping is absent, while it has proven impossible to monitor expenditure, the OECD said.
The Paris-based think tank concluded that the public administration is so riddled with interconnected weaknesses that only a comprehensive reform can work.
"A "big bang" approach is probably the only option," the OECD said. "It is only through a general restructuring of its administration that the government can create the scope to reallocate resources and modernise structures so that they are "fit for purpose" to implement the reform agenda."
Euro Breakup Trades Take Hold in Bond Markets
A two-tier Greek government bond market is emerging as investors start to price in the chances of the country exiting the euro zone, currency strategists at Deutsche Bank warned Friday
The world's biggest currency-dealing bank itself says it doesn't believe that Greece will exit the euro zone, but Deutsche Bank notes that Greek government bonds issued under English law are now trading at a higher price than those issued under Greek law, a shift which reflects the markets' belief in the country exiting the currency union.
While the English law sovereign bonds have commanded a premium over Greek law bonds for much of 2011, the additional price paid by investors for them has shot up since September.
"In the event of a Greek exit, it would be more straightforward for the Greek government to redenominate bonds issued under local law than it would under international law," said the bank's chief currency strategist Bilal Hafeez in a note to clients.
Czech President: Euro Is Biggest Threat to Europe's Economy
The euro is the biggest threat to Europe's economy and is at the root of the debt crisis, which is unlikely to be resolved at Friday's Brussels summit, Czech President Vaclav Klaus, a stalwart euro-zone skeptic, said Friday.
"The euro caused this debt crisis," Klaus told an economic conference. "The euro zone is the weakest link in [Europe] and the biggest visible problems had to happen there."
Mr. Klaus supports the European Union's common market but opposes further Integration.
Speaking on the future of Europe, Mr. Klaus said there were three solutions: further integration of the currency union and the creation of a fiscal union; allowing euro-zone member states to leave; or ad hoc policy changes by individual European nations.
(Photo: Bloomberg)
Hungary, Czech Republic Sit on Fence on New EU Deal
Prime ministers of Hungary and the Czech Republic, Viktor Orban and Petr Necas, asked for time so they can consult their parliaments before signing up for a new intergovernmental deal within the EU designed to keep a lid on spending.
Mr. Orban said it's up to the Hungarian Parliament to decide whether Hungary should join the new deal because it imposes stricter budgetary rules on euro-zone member states and thus affects national sovereignty.
"My authority as prime minister of Hungary doesn't extend to giving up any sovereignty. It's up to parliament to make decisions in this regard," Mr. Orban was quoted as saying by the state news agency MTI.
The Czech Republic and Sweden also want to consult their parliaments before agreeing to join the deal, while the U.K. vetoed a deal that would include all EU member states.
The Czech government has signaled it wants to support the fiscal pact. The government of Mr. Necas is all about austerity, with government officials calling themselves "expenditure busters." However, the Czech Republic is also reluctant to give up sovereign rights such as introducing or changing taxes.
A Deal That Looks, Smells and Squashes Like Fudge
So now we broadly have it from Europe: the general outline of things to come. What's not clear is whether the euro zone has been rescued. Or not.
By and large, the European Central Bank left the hard decisions to Europe's heads of government. And here, the deal struck in the small hours of last night looks, smells and squashes like freshly made fudge.
Sarkozy Says Cameron Made 'Unacceptable' Demands
French President Nicolas Sarkozy blamed the EU's failure to reach a comprehensive agreement to change EU treaties on the U.K., saying British Prime Minister David Cameron brought "unacceptable" requests to the negotiating table.
Early Friday morning, the EU abandoned plans to have all its 27 members sign off on treaty changes aimed at improving national budget policies after more than 10 hours of tense negotiations. Instead, up to 25 nations will sign an intergovernmental agreement to tighten the bloc's budget policies.
"To accept a reform of the treaties by all 27 countries, Cameron asked what we all considered unacceptable: a protocol in the treaty which would exonerate the U.K. on a certain number of regulations on financial services," Mr. Sarkozy told a press conference early Friday.
"If we had accepted a dispensation for the U.K., that would be for us the reappraisal of a large part of the work that has been done to regulate finance."
The governments agreed to a number of other measures to fight the debt crisis, including providing €200 billion in loans to the International Monetary Fund to bolster the troubled euro-zone debt market, Mr. Sarkozy said.
Drawing attention to the European Central Bank's announcement Thursday that it would provide unlimited loans to banks of up to 36 months at low rates, the French president said the move will help governments struggling to borrow money amid the market turmoil.
"One doesn't have to be a great expert to understand that tomorrow, thanks to the decisions of the central bank, the Italian government could ask Italian banks to finance part of its debt at rates that are incontestably less high than the market rates today," Mr. Sarkozy said. "I ask myself whether everyone has well understood the significance of the decisions that were taken by the central bank."
(Photo: Reuters)
Spain's PM-Elect Seeks Proxy Action
Spain's prime minister-elect Mariano Rajoy (pictured) hasn't taken office in time to take part in the ongoing EU summit, but he's putting pressure on outgoing PM Jose Luis Rodriguez Zapatero to do his bidding.
At stake is one of the top issues currently under discussion in the summit, a German-French proposal to change the way decisions are made regarding the EU's permanent rescue fund.
Mr. Zapatero was expected to raise no objection to the proposal, which would make it impossible for countries other than (you guessed it) Germany and France to veto decisions on the so-called European Stability Mechanism.
Now, a spokeswoman for Mr. Rajoy's party says the PM-elect has told Mr. Zapatero that, in defense of Spain's interests, he must look for a new proposal, one that would also let a mid-sized economy such as Spain veto ESM policies.
This is important because the German-French proposal had gathered considerable momentum, to the extent that the Finnish media reported earlier Friday that only Finnish Prime Minister Jyrki Katainen was left opposing the changes to the current system. Under this system, any participating country, no matter how small, can veto ESM decisions.
Still, it is unclear what Mr. Zapatero will do with Mr. Rajoy's suggestion.
A spokesman for Mr. Zapatero stressed that the most important thing is to make it easier for the ESM to function, implying that Spain may not, after all, strongly object to the German-French proposal.
Mr. Rajoy is expected to take office next week.
"All we can do is tell the current PM what we think is best for the country," Mr. Rajoy's spokeswoman said. "Now, the matter is out of our hands."
(Photo: Reuters)
All EU States Except U.K. May Take Part in New Fiscal Deal
All European Union countries with the exception of the U.K. are likely to participate in a new intergovernmental fiscal agreement that would seek to establish stricter fiscal rules among member states.
In a revised statement, European Union leaders said that nine countries–Bulgaria, the Czech Republic, Denmark, Hungary, Latvia, Lithuania, Poland, Romania and Sweden–indicated the possibility of taking part in this process after consulting their parliaments where appropriate.
That would leave the U.K. as the only EU member nation opting out of the agreement.
In an earlier statement, following talks that started Thursday and continued though Friday morning, the leaders said that six countries had agreed to join the euro zone's 17.
The earlier text said that the Swedish and Czech heads of government would consult their parliaments on joining, while the U.K. had rejected the deal and Hungary may do likewise.
However, Hungary left open the possibility of bringing the intergovernmental deal to parliament.
Merkel Headlines
- Merkel: Euro Deal Creates New Basis For Trust In Euro
- Merkel: Deal Is Breakthrough To Stability Union
- Merkel: Despite Euro Opt-out UK Always Reliable Partner
- Merkel: New Excess Deficit Procedure To Include Reform Program
- Merkel: Private Sector Involvement In ESM Modeled After IMF
- Merkel: Regrets That UK Not Able To Join Fiscal Pact
- Merkel: ECB Satisfied With Precision Of Euro-wide Debt Brake
- Merkel: EU Couldn't Offer UK Quid Pro Quo On Treaty Change
- Merkel: I Have Achieved What I Wanted For The Euro
- Merkel Wishes Merry Christmas, No Euro Summit Planned
Video: Europe Presses on With Deal
EU leaders failed to get all of the bloc's 27 members to back a change in the EU treaty to tighten their fiscal coordination but a pact of at least 23 nations pressed on with negotiations.
Watch Jenny Paris and Geoffrey Smith discuss the fallout here.
Merkel: Euro Deal Creates New Basis for Trust in Euro
German Chancellor Angela Merkel said Friday the European deal to bolster the euro zone creates a new basis of trust in the single currency.
"We have taken an important first step towards permanent euro stability" Ms. Merkel told reporters after a two-day summit in Brussels.
EU leaders worked throughout the night Thursday into Friday to agree on a plan to stengthen the rules governing the euro.
Later, a draft statement from the EU leaders said that all countries with the exception of the U.K. are likely to participate in the new intergovernmental agreement that would seek to establish stricter fiscal rules among member states.
(Photo: Reuters)
Video: Will the U.K. Become Isolated From Europe?
David Cameron's decision to pull out of treaty discussions at the EU summit in Brussels highlighted the historically awkward relationship between the U.K. and the EU.
Watch Simon Nixon explain why this might have been a bad move by the U.K. Prime Minister.
EU Deal Falls Flat as Markets Fixate on ECB Action
The euro-zone's latest Grand Plan to fight the debt crisis was hailed as a breakthrough by German Chancellor Angela Merkel but fell flat Friday with financial markets that remain convinced that only the European Central Bank can rescue the single currency.
Overriding opposition from the U.K., the 17 countries of the euro zone formally agreed to run only minimal budget deficits in future and allowed the European Court of Justice the right to strike down national laws that don't enforce such discipline properly. That alone arguably represents the largest transfer of national sovereignty over budget policy since the inception of the European Union in 1960.
But opposition to the accord meant the new fiscal rules will have to operate as an intergovernmental agreement instead of being enforced through a treaty change. There needed to be unanimous support for the EU to change its treaties. All other EU member nations with the exception of the U.K. indicated they may join the euro-zone fiscal agreement after they consult their parliaments.
In addition, the leaders promised to increase the financial backstops to countries with debt problems by channeling €200 billion of funds to the International Monetary Fund but put off a decision on a proposal to lift the €500 billion cap on the funds available to the European Stability Mechanism till March.
The news was slow to gain much traction with markets in early trade Friday. A downward lurch forced the ECB to intervene to prop up both Italian and Spanish bonds. Italian two-year yields rose to 6.26% and Spanish ones to 4.90%, before ECB intervention drove them back down to 6.06% and 4.63% by 13.00 GMT.
The euro, meanwhile was at $1.3371 14.50 GMT.
(Photo: Reuters)
Irish Rejection Would Not Wreck New EU Fiscal Union
Ireland will legally be obliged to hold a referendum on a new inter-governmental agreement designed to save the euro zone, leading experts on Irish constitutional law said Friday, despite the Irish government saying the question of a referendum is still up in the air.
"The experience of referendums here in Ireland for governing parties has been so bad and traumatic that if it had been possible to get by without a referendum then they would have done everything possible to avoid one," said Gavin Barrett, senior lecturer in the school of law at University College Dublin.
"But in my view it would now be unlikely for them to get by legally without a referendum."
Significantly, legal experts believe that Germany and France will frame the new inter-governmental agreement in such a way that a rejection by any one member, like Ireland, will not wreck plans to create the wider fiscal union.
A spokesman for Prime Minister Enda Kenny (pictured) said Friday the issue of whether a referendum is needed "does not arise at this point." However, Deputy Prime Minister Eamon Gilmore had appeared to concede a referendum will be necessary, telling parliament Thursday that a vote may be required.
Irish voters have in the past rejected at their first time of asking EU treaty changes. In 2009, they voted at a second referendum to approve the Lisbon Treaty after the government said it had won increased guarantees from its European partners on several matters, including an assurance about maintaining the country's competitive corporate tax rate.
(Photo: Reuters)
Agreement Not Ideal, but Speedy, Barroso Says
Changing the rules governing Europe's single currency through an intergovernmental agreement, rather than a whole new treaty, will be fast even if it isn't the first choice for the bloc's executive arm, European Commission President Jose Manuel Barroso said Friday.
"Going through this way is quicker…in terms of institutional role many things can be done in this treaty but some are legally complex," Mr. Barroso told reporters after a meeting of European Union leaders here. "From a legal, institutional, point of view it's not our first option, but it is a decision that can be worked in the right direction."
European Council President Herman van Rompuy said that such an agreement could be approved by as many as 26 of the 27 EU member states. "I know it's going to be very close to 27, in fact 26 leaders are in favor of joining this effort, they recognize the euro is a common good," Mr. Van Rompuy said, adding the aim is to ratify the treaty on the European Stability Mechanism, the bloc's permanent bailout mechanism, by mid-2012.
U.K. Prime Minister David Cameron said Friday that the U.K. won't agree to the creation of a new EU treaty because it didn't provide key safeguards on the single market and other interests.
This led Mr. Van Rompuy to say it was a shame the change can't be made by the bloc as a whole. "It is unfortunate we missed chance to have a fully fledged treaty change," he said after the meeting. "Still there's a clear political message to outside world that…via an intergovernmental treaty we will be as binding as possible."
(Photo: European Pressphoto Agency)
Myth and Reality About the Euro Crisis
It's tempting to view the European debt crisis as a simple morality tale.
Hard-working, fiscally responsible northern Europeans such as the Germans and the Dutch are being forced to pick up the tab for their profligate southern neighbors — the Greeks, the Italians and the Spanish.
Germans tend to see the problem this way and, increasingly, so do many U.S. commentators. Unfortunately, that attractively simple story doesn't always stack up — most notably in the case of Spain.
Read Thomas Catan's take on the myths and realities of the euro-zone crisis.
What's in the New Deal to Save the Euro
All European Union states except Britain moved toward setting up a new treaty Friday, giving up crucial powers over their own budgets in an attempt to overcome a crippling debt crisis.
Q: Who's in it?
A: All 17 countries that use the euro are definitely signing up. Nine non-euro states—Denmark, Latvia, Lithuania, Poland, Romania, Bulgaria, Hungary, Sweden and the Czech Republic—said they would consult their parliaments before joining in. In some of those countries, however, parliaments are less than enthusiastic.
Q: Who's not in it?
A: The U.K. gave a clear "no" after it failed to get the euro zone to approve special safeguards for its financial center from EU regulation.
Q: Why did Europe need a new treaty?
A: For the past two years, the countries that share the euro have been rocked by a debt crisis that has recently threatened the survival of the currency. Germany and France in particular argued that only tough rules enshrined in a treaty would convince markets that all countries will be able to repay their debts and a similar crisis will never happen again.
Q: How will that be achieved?
A: Debt brakes in national constitutions: All 23 countries commit to keep their deficits below 0.5% of economic output. That cap can be broken to counteract a recession or in other exceptional circumstances. The European Court of Justice will make sure all states' debt brakes are effective.
— More automatic penalties for deficit sinners. In the past, governments often protected their partners from being punished.
— All states have to tell their partners in advance how much debt they plan to take on through bond sales.
Q: What else did they decide?
A: The euro zone, together with other willing EU states, will give as much as €200 billion to the International Monetary Fund to help it rescue troubled nations.
— The euro zone's permanent bailout fund, the European Stability Mechanism, will take over from the current rescue fund, the European Financial Stability Facility, one year ahead of schedule, in July 2012. Unlike the EFSF, the ESM has paid-in capital, similar to a bank, and is therefore more credible on financial markets.
— The ESM's decision-making process was simplified in emergency situations, allowing struggling countries to get financial help if an 85 percent majority of capital holders agree. That is meant to stop small countries from blocking or slowing down urgent rescues, as has happened in the past.
— The euro zone eased rules that have forced banks and other private investors to take losses when a country gets a bailout from the ESM. The previous push to inflict losses on bondholders has been blamed for exacerbating the crisis.
Q: What did they fail to agree on?
A: Euro zone leaders did not decide to boost the overall firepower of their own bailout funds, which is currently limited to €500 billion. They promised to reconsider that cap in March, shortly before the ESM comes into force.
— They did not agree to more intrusive powers for the European Commission over the fiscal policies of wayward states, as had been demanded by European Council President Herman Van Rompuy and some nations. Instead, they promised to "examine swiftly" much more lenient proposals from the Commission.
— They did not allow the bailout funds to directly recapitalize failing banks. That could have prevented countries from taking on more debt when they have to bail out lenders.
Q: Will it work?
A: Stock markets and the euro rose modestly in reaction to the deal, but many details remain to be worked out. Much will depend on whether the stricter fiscal rules can persuade the ECB to unleash massive funds to buy up bad euro zone debt.
Franco-German Partnership Alive and Well
The Franco-German partnership at the heart of Europe is alive and well, clearly demonstrated by the deal struck by European leaders this week to put their single currency project on a more stable footing, German Chancellor Angela Merkel said Friday after a grueling two-day summit in Brussels.
The German leader and French President Nicolas Sarkozy have never shared a warm friendship and often appeared at loggerheads over the past few months as they sought to find a way out of the euro zone debt crisis. Theirs is a relationship often declared dysfunctional or even dead, and the leaders of Europe's two largest economies often publicly exchange views diametrically at odds on nearly every method for resolving the crisis. But without the commitment of Ms. Merkel and Mr. Sarkozy to making their relationship work, this week's deal may never have happened.
(Photos: Zuma Press)
Cameron: U.K. to Stay in EU
U.K. Prime Minister David Cameron said Friday that it was in the U.K.'s interest to be a member of the European Union because it is good for jobs, investment and trade and he would support membership for as long as that remained the case.
He denied that the U.K.'s decision overnight to block an EU treaty change to help tackle the crisis in the euro zone represented a step towards the U.K.'s eventual exit from the 27-nation bloc.
Asked if he could imagine a time when the U.K. might leave the EU, Mr. Cameron said: "My view is that membership is in our interest and I've always said that if that's the case I'll support our membership."
Still, he reiterated that questions should be asked about the role of EU institutions as other European countries worked towards their separate plan to strengthen the rules governing the euro.
"I think there will now be some quite intense discussions about what the institutions can and can't do and obviously we will be taking full part in those," he said.
AT A GLANCE: EU Crisis Summit
THE EVENT: The European Union ended two days of make-or-break talks on the future of the single currency with an agreement to introduce tougher fiscal rules among the 17 euro-zone nations as they seek to restore market confidence.
But opposition to the accord from the U.K. meant the new fiscal rules will have to operate as an intergovernmental agreement instead of being enforced through a treaty change, which would need unanimous support. All other EU member nations indicated they may join the euro-zone fiscal agreement, with some having to consult their parliaments.
The leaders also promised to increase the financial backstops to countries with debt problems by contributing €200 billion of funds to the International Monetary Fund but put off a decision on a proposal to lift the €500 billion cap on the funds available to the European Stability Mechanism till March.
THE DETAILS: Under the tougher fiscal rules, a member state would face automatic sanctions if it runs a budget deficit above 3% of GDP unless the sanctions are overturned by a majority of euro-zone nations.
Debt to GDP would be capped at 60% and countries would have to write into law a commitment that if they had a debt burden above that, they would steadily reduce it.
The euro-zone leaders tasked European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso to present a report on possible measures by next March.
IMPLEMENTATION: Changing the rules governing Europe's single currency through an intergovernmental agreement, rather than a whole new treaty, will be faster, though it wasn't the EU's first choice. But as many as 26 member states will have to pass into law–or constitutions where appropriate–a rule that they will keep their budgets in balance, with a referendum being necessary in some cases.
The European Court of Justice will have authority to judge whether a country has put in place an appropriate law.
THE CAVEATS: It still remains to be seen if the deal agreed Friday will convince the European Central Bank to intervene more forcefully in the sovereign bond market. ECB President Mario Draghi Thursday sent a very clear message Thursday that he wouldn't do anything of the sort, dashing market expectations that the ECB would step up its bond purchases once a convincing political solution to the crisis was in place.
In the minds of many observers, that solution would have to include some degree of mutual guarantee for sovereign debts and measures to stimulate growth in the short term, something that Friday's agreement stopped short of.
The agreement Friday fell flat with financial markets that remain convinced that only the ECB can rescue the single currency.
The markets will also be watching for any action from credit rating agencies after Standard & Poor's Corp. warned ahead of the summit it could downgrade its sovereign rating on all the euro zone if it failed to bring the sovereign debt problem under control this weekend.
European Stock Markets Rise
European stock markets rose Friday after euro-zone leaders agreed to form closer fiscal unity as part of their efforts to address the region's sovereign debt crisis.
European markets finished higher for the day with the benchmark Stoxx Europe 600 index up by 1.2% to 240.51. Nationally, the U.K.'s FTSE 100 index rose 0.8% to 5529.21, France's CAC-40 index added 2.5% to 3172.35 and Germany's DAX gained 1.9% to 5986.71.
Goldman Sachs on Friday lifted its recommendation on European banks to neutral from underweight, saying new funding arrangements agreed by the European Central Bank and other central banks should "significantly help the banks offset the pressures of the economic downturn."
In Paris, BNP Paribas jumped 4.5% and Societe Generale gained 2.4%. Shares of U.K. banks also made sharp gains, with Lloyds Banking Group surging 6.5%, and Barclays and Royal Bank of Scotland Group up 5.4% and 5.1%, respectively.
Providing a further lift, U.S. consumer sentiment survey showed the highest reading since June, rising to 67.7 in December from 65.8 in November.
The positive tone in markets prompted yields on non-core euro zone government bonds to fall, with the 10-year Italian bond yield falling by 12 basis points to 6.32% and the two-year yield falling by 21 basis points to 5.92%, according to Tradeweb. The two-year Spanish bond yield fell by 20 basis points to 4.55%.
What Canada Can Teach Europe
Canada in 1995 was Europe today.
It's easy to forget, say Scotia Capital economists Derek Holt and Karen Cordes Woods, that Canada-now among the most viable advanced economies in the world-not two decades ago was slammed in the financial press as a "Banana Republic" and was beset with deep-rooted worries about its fiscal, economic and political future.
Rating agencies issued multiple downgrades, with the country facing the threat of breakup, brought by a referendum to determine whether Quebec should secede from Canada and become an independent state.
Though many believe Canada's financial restructuring was a smaller task than the one facing Europe today, the economists at Scotia Capital say that argument "is historical revisionism at best, and shameful affirmation of today's global fiscal malfeasance at worst."
Here are Cordes Woods and Holt's main points, about how Canada sucked it up politically without turning to monetary printing presses "back before the Western world went mad in seeing this as the solution to decades of fiscal profligacy," and why the U.S. and Europe can do it too.
-It didn't kowtow to political fears.
Sure, the U.S., France and Germany all have big elections in 2012-13, but that's no reason to put off the pursuit of fiscal austerity, they said. Canada did it.
In the 1990s, Canada was contending not only with the Quebec referendum, but also a pair of tumultuous federal election campaigns. The Liberal Party, which led the effort toward fiscal repair, was rewarded with a consecutive majority government in 2000.
-It didn't let the threat of union breakup deter it from fiscal austerity.
Canada faced deep fears over how its mountain of debt would be divided if Quebec pulled out of Confederation, and whether Quebec would abandon the monetary union, with some separatists advocating joining the U.S. dollar or creating a new currency.
-It stared down global growth.
"It's a fallacy that it was easier for Canada to right its fiscal ship because the world economy was growing much faster during the period in which it brought its debt-to-GDP ratio lower starting from the 102% peak in 1996 through to the 80% range by the early 2000s and the 66.5% trough in 2007," the said.
Scotia is projecting world GDP to slow to 3.8% this year, 3.7% in 2012 and 4.0% in 2012, "not outside of the bounds of world growth experienced by Canada in the 1990s."
-It looked beyond U.S. growth.
Most of Canada's fiscal improvement in the 1990s was achieved through domestic program expenditure reduction — not through revenue gains driven by U.S. growth.
-It faced higher interest rates.
"Canada achieved virtuous fiscal rectitude within the context of a crushing interest expense burden that neither the U.S. nor most of Europe presently face," the Scotia economists said. Canada had to make "draconian cuts," they said, to program spending because the high interest burden made achieving fiscal balance a far tougher sport.
-It lived with tighter monetary policy.
Canada achieved fiscal repair against the backdrop of tighter monetary policy that didn't allow the mixed benefits of currency depreciation to flow through whereas the U.S. and more of the euro-zone should be pursuing fiscal austerity against the backdrop of exceptionally easy monetary policy and forgiving bond markets — which eases the task.
Canadian rates in the 1990s made the path back to fiscal balance more difficult as the yield on Canada's 10-year debt peaked around 9.5% in early 1995 before hitting a low of about 5% in late 1998. By contrast, U.S. and German yields for 10-year debt are about 2% while short US rates are near zero.
And all the while, Canada was dealing with a housing bubble, a bleak labor market, and very poor corporate balance sheets.
Holt and Cordes Woods cautioned against the U.S. and large parts of Europe delaying fiscal repair, saying it will likely result in "a more ruinous crisis later."
Key Milestones Ahead
The European Union ended two days of make-or-break talks on the future of the single currency with an agreement to introduce tougher fiscal rules among the 17 euro-zone nations as they seek to restore market confidence.
The leaders also promised to increase the financial backstops to countries with debt problems by providing €200 billion of funds to the International Monetary Fund but put off a decision on a proposal to lift the €500 billion cap on the funds available to the European Stability Mechanism till March.
But opposition to the accord from the U.K. meant the new fiscal rules will have to operate as an intergovernmental agreement instead of being enforced through a treaty change, which would need unanimous support. All other EU member nations indicated they may join the euro-zone fiscal agreement, with some having to consult their parliaments.
It remains to be seen if the deal agreed Friday will convince the European Central Bank to intervene more forcefully in the sovereign bond market. ECB President Mario Draghi Thursday sent a very clear message Thursday that he wouldn't do anything of the sort, dashing market expectations that the ECB would step up its bond purchases once a convincing political solution to the crisis was in place.
This is the known worry list:
- Monday, Dec 12: Italian T-bill auction. ECB's weekly bond-purchase data. Greece starts talks with "troika" of international creditors–the European Union, the International Monetary Fund and the European Central Bank–on new bailout package. Italy's three largest trade unions hold joint 3-hour strike. France's ECB nominee Benoit Coeure speaks at the European Parliament.
- Tuesday, Dec 13: First meeting of new Spanish parliament after election. Spanish T-bill auction. Greek T-bill auction. German ZEW economic sentiment indicator for December.
- Wednesday, Dec. 14: Italian bond auction. ECB 7-day dollar tender. EU industrial production data for October.
- Thursday, Dec. 15: Spanish bond auction. Euro-zone-wide manufacturing and services sector PMI data for December.
- Monday, Dec. 19: EUR1.22 billion of Greek debt falls due. ECB's weekly bond-purchase data.
- Tuesday, Dec. 20: Spanish T-bill auction. Announcement by ECB of 13-month long-term refinancing operation.
- Wednesday, Dec. 21: Portuguese T-bill auction. Swearing in of Mariano Rajoy as Spanish prime minister and disclosure of new cabinet expected around this time. ECB 7-day dollar tender.
- Thursday, Dec. 22: €980 million of Greek debt falls due.
- Friday, Dec. 23: Potential first cabinet meeting of new Spanish government and approval of first economic measures, possibly including an emergency budget decree ahead of a formal 2012 budget.
- Wednesday, Dec. 28: Italian T-bill, zero-coupon bond auction.
- Thursday, Dec. 29: €5.23 billion of Greek debt falls due. Italian bond auction.
- Friday, Dec. 30: €750 million of Greek debt falls due.
- By Saturday, Dec. 31: Ireland's troika of lenders releases its latest quarterly review of the country's bailout.
One Reason to Keep the Euro Together: Logisitcs
One compelling but overlooked reason for the euro to stick together: the logistical nightmare of splitting apart.
So says Chad Wasilenkoff, chief executive of Vancouver-based Fortress Paper Ltd., which produces the high-security paper used in the banknotes of numerous countries, including in the euro zone. He believes that a quick return of the Greek drachma, the Irish punt or the Italian lira is a logistical impossibility and thus that the euro zone has no choice but to stick together.
Mr. Wasilenkoff says that the complicated process of designing, preparing, manufacturing, distributing and circulating the currency typically takes three to four years from start to finish. In an emergency–and with some cutting of corners to meet a tight deadline–a country would still need a full year "at an absolute minimum," he says.
"Even in Iraq, when no one wanted Saddam on their notes anymore, they really had no choice but to wait," said Mr. Wasilenkoff.
On Thursday, the Wall Street Journal reported that some national central banks in the euro zone were looking into contingency plans in case of a monetary breakup. The Central Bank of Ireland, for one, was determining whether it needed to secure additional access to printing presses, people familiar with the situation said.
But when Mr. Wasilenkoff considers the hurdles involved in bringing a new currency into circulation, he says he can't see how the euro can break up. He does expect the debt crisis to continue, but that will undermine people's faith in banks, he says, and boost demand for the stuff his company helps make: hard cash.
"No national banks to our knowledge are working on new currencies," said Mr. Wasilenkoff.
Few euro breakup scenarios envision Greece or other countries having the luxury of a year–let alone four–to get their new currencies in order. News of the change would leak well before the new drachma hit the streets. Savers would yank their euros en masse out of Greek banks to spirit them away to a strong-currency euro member such as Germany. The collapse of the Greek financial system would almost certainly follow.
Mr. Wasilenkoff said he doesn't hold any hope for stop-gap measures, such as stamping existing euro notes with markings designating them as pesetas, pesos, or liras.
Such re-designated euros "would need a new security feature," he said, referring to the watermarks, holograms and special threads used to affirm a banknote's authenticity.
"These have to be inserted into the paper in sheets of notes, not individual notes," he said. "They wouldn't securely adhere to the old notes."
Given that the value of many of the successor currencies would immediately fall sharply, counterfeiters would have both the incentive and the ability to pass off these crudely reconstituted notes as genuine euros, Wasilenkoff said.
Mr. Wasilenkoff, whose company's Swiss subsidiary produces paper for between 7% and 10% of all euro notes in circulation, for all Swiss francs, and for a dozen other currencies, said he's seen no indication that euro-zone members are giving up on their currency. Rather, "euro note production is up and high-denomination banknotes are in greater demand."
In particular, he notes a pickup in demand for 1,000-franc notes in Switzerland, attributing that to people who would prefer to keep their wealth locked up in safety deposit boxes rather than in the banking system.
Statement by British Consul-General to New York
Danny Lopez, British Consul-General to New York, released a statement on the outcome of the European summit this morning and what it means for the UK:
Prime Minister Cameron went into the European Council with a clear remit. He said that a change in the Treaty governing all 27 members of the EU would be the most comprehensive and credible way to provide tough sanctions to ensure that Eurozone countries stuck to the rules on debt. But if the EU Treaty was to be changed to allow the Eurozone countries to have new rules, it was also important to have rules to keep the Single Market fair and open for key industries for Britain, including financial services. So he wanted to move forward at 27 and keep the EU united, but needed those protections.
What did the Prime Minister ask for? He sought a limited number of provisions to prevent discrimination in the Single Market, and to confirm previous EU agreements on the roles and powers of European supervisory authorities. The UK did not ask for a generalised veto, a UK opt out, or anything which would have given the City of London an unfair competitive advantage. Claims that we sought special treatment for the UK are wrong. The Prime Minister sought a level playing field for financial services companies in all EU countries and arrangements which would enable every EU member state to properly regulate its financial sector. The safeguards we sought were for the EU as a whole.
Other countries blocked the protections the Prime Minister asked for. Without those safeguards, what was on offer was not in Britain's interests and it was better that the Euro zone proceeded by intergovernmental arrangements, outside the EU Treaties. We regret that other countries have forced Europe down this path.
However, Britain's interests in the European Union – keeping markets open, free trade, selling our goods and services with rules over which we have a major say – are not changed. There have always been different groups within Europe. Britain is a key, central member of NATO but we're not in Schengen arrangements. We will continue to be a key member and a key driver of further deepening of the single market, but we're not in the euro.
We want to reassure all those doing business with and investing in the UK that the UK remains fully committed to the EU, at the heart of the single market, influential over its development, and committed to work for a more flexible and dynamic Europe. We continue to wish the Eurozone well in its efforts to achieve the stability and growth that Europe – Britain included – and the world needs.
The UK remains the number one gateway to Europe, giving easy access to the 27 member states of the European Union, the world's largest single market. The UK is the easiest place to set up and run a business in Europe (World Bank: 'Doing Business 2011). The UK has one of the lowest main corporate tax rates in the EU, generous tax allowances and competitive personal rates, the most extensive network of double taxation treaties in the world and low social welfare contributions. The UK is joint first with the USA in the world for Product Market Regulation (PMR). It has the least barriers to entrepreneurship in the world and has the third fewest barriers to trade and investment in the world. The UK's labour market is one of the worlds' most flexible and has a strong skills base.
Our approach at the European Council was not because we don't want strong regulation of financial services. On the contrary: we are fundamentally changing the system of regulation. The Government has welcomed the Independent Commission on Banking (Vickers) report and promised to legislate in this Parliament to put the needed changes into law.
Australia's Swan Says World Wants Euro-Zone Talk Turned To Action
Australian Treasurer Wayne Swan Saturday welcomed moves in the euro zone toward resolving the region's debt crisis but said it was time for action, not more rhetoric.
"The world now wants to see talk turned into action," he said in a statement.
"Global markets and the global community need to see the details and need to see these announcements implemented," he added.
Swan said Australia's commodity-based economy is not immune from the European crisis, but its policy settings mean it is better placed than most other countries to respond to an escalation in the crisis.
"We face these challenges from a position of strength with sound regulation of our financial system, very strong government finances, and low unemployment," he said.
"We are in the best position of just about any developed economy to respond to events should they take an unexpected turn," he said.
Earlier this week, the Reserve Bank of Australia cut interest rates for a second time in as many months, warning that the European slowdown was beginning to be felt in Asia.
Europe Agreement Positive In Short And Long Term -Xinhua Commentary
The agreement reached by European leaders for closer fiscal integration on Friday will calm markets in the short term and also benefit the continent in the long term, China's state-run Xinhua News Agency said in a commentary on Saturday.
"The latest decision by European leaders is not only a short-term move designed to boost investor confidence amid market turmoil, but also a strategic one that will have a critical impact on continental integration in the long-run," Xinhua said in an English-language commentary.
Commentaries by Xinhua do not necessarily constitute Beijing's official stance, but they are often reliable indicators of the views of China's leadership.
During the drawn-out debate over raising the U.S. debt ceiling earlier this year, for example, a series of Xinhua commentaries excoriated U.S. leaders for putting the entire global economy at risk.
"After two years of internal quarrels and indecisiveness, European leaders now can tell the markets they have finally mustered the courage and built the consensus to get something done," Xinhua said in its commentary on Saturday.
"France and Germany, especially the latter, have shown their capability to lead the European integration process, just like their predecessors did decades ago," it said.
Norway's Prime Minister Says Ready To Increase IMF Contribution
Norway is ready to increase its contribution to the International Monetary Fund, Prime Minister Jens Stoltenberg said in an interview Saturday, after leaders from the European Union agreed to raise up to EUR200 billion for the IMF that could be lent to the region's heavily indebted governments.
"We are open for increasing our support for the IMF," Stoltenberg told Dow Jones Newswires and The Wall Street Journal during a visit here. "When the European Union has decided to do so, also it is more important for Norway to do the same."
The new loans from the oil-rich state would be "in proportion to what we have usually contributed" to the Washington-based IMF, Stoltenberg said. Norway previously increased its loans to the IMF as part of measures to deal with the fallout from the 2008 financial crisis, some of which was part of a Nordic package aimed to shore up Iceland and Latvia.
Europe's latest pact in response to the debt crisis was likely enough to hold the euro currency together, Stoltenberg said, but he cautioned that much of the detail and implementation of the new agreement remains to be seen, with future crisis summits still likely.
"It is important to underline that there are many practical, technical details to be sorted out and they have to follow and implement the decisions they have taken," he said. "I believe they will be able to keep the euro, but it's not possible to rule out any alternatives because there is so much uncertainty."
Live Blog Closed
This live blog is now closed. For complete coverage of the European debt crisis, please visit wsj.com/europedebt.


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Geoffrey Michael Petrie
Position: Shooting Guard and Point Guard ▪ Shoots: Right
Height: 6-4 ▪ Weight: 190 lbs.
Born: April 17, 1948 in Darby, Pennsylvania
High School: Springfield in Springfield, Pennsylvania
College: Princeton University
Draft: Portland Trail Blazers, 1st round (8th pick, 8th overall), 1970 NBA Draft
NBA Debut: October 16, 1970
As Executive: POR/SAC franchises, 1992-2013 (Full Record)
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Created using this Craftsy indie pattern
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Oh my, what a lovely Puppy Dog!!! She is stunning. Well done you!
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This job was posted over 30 days ago. This means the position is now most likely filled & no longer available.
Location: Anywhere - Looking for: Artists
Posted by Pvkii.com on
Octoshark Studios is currently looking for a skilled GUI artist to help redesign our User Interface for Pirates, Vikings and Knights II.
PVKII is a Source engine modification that is currently available for download on Steam.
Applicants should be proficient with graphics design software and Source Engine implementation.
Must be highly skilled and motivated.
Will work with our programmer to design new GUI components for a few new features and redesign what we currently have.
Please send examples of your work to email@example.com


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Texas crime is down nearly 3 percent. What's going on in your city?
Today, Tanya Eiserer updated us on Dallas' more than 17 percent dip in crime.
This morning the Texas Department of Public Safety released stats showing crime in Texas decreased 3 percent last year.
+ Violent crime rate decreased .6%
+ Property crime rate decreased 3.2%
+ Murder was down 3%
+ Rape was down 5.1%
+ Arrests in Texas increased 1.6%. (Juvenile arrests decreased 1.2%; adult arrests increased 2 percent)
After years of covering stat rollouts like this, I've learned to keep a couple of caveats in mind when assessing the ups and downs of crime.
Population growth greatly affects the number of reported crimes in any given city for any given year. So, it's best to look at crime per capita, or based on population. This report doesn't do that; it just gives crime totals and compares them to 2007. Also, relatively minor changes in the numbers can create wild percentage shifts, so that's something to be aware of. And, in some cities, some crimes are simply reported more than others.
That's not to say that there cannot be real spikes in some crime categories, or even in overall crime, but it's worth taking it all in with a grain of salt. Or four.


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text: gov.house.ogr.tech.20110407.1House Oversight CommitteeUploaded by Public.Resource.Org from House.Resource.Org.2011-04-07House Oversight Committee - Regulatory Barriers To American Indian Job Creation - Part 1 of 2 - House Committee on Oversight and Government Reform. Subcommittee on Technology, Information Policy, Intergovernmental Relations and Procurement Reform. Witnesses: Mary Kendall, Acting Inspector General, U.S. Department of the Interior; Anu Mittal, Director, Natural Resources and Environment Team, U.S. Government Accountability Office; W. Ron Allen, Chairman, Jamestown S'Klallam Tribe; Patricia Douville, Council Representative, Rosebud Sioux Tribe. Video provided by U.S. House of Representatives.Englishhttp://creativecommons.org/publicdomain/zero/1.0/moviesoversight.house.gov;public.resource.orgRegulatory Barriers To American Indian Job Creation (Part 1 of 2)FedFlixusgovfilmsnewsandpublicaffairs2011-04-08 21:21:firstname.lastname@example.com 21:21:21


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Ensemble. Coming of age - Keith Bramich at the twenty-first Presteigne Festival of Music and the Arts
Record box. Skewering demons - Concert works by film composers, played by the New Art Trio and reviewed by Keith Bramich
Ensemble. Madrigal comedy - Keith Bramich enjoys I Fagiolini's performances of English and Italian music, old and new
CD Spotlight - Tremendous Engagement. '... the listener who attends carefully to this disc will be handsomely rewarded.' Adrian Williams on record, with Peter Dale
A personal memoir of a friend and teacher, with reference to his friendship with Gerald Finzi
Memorable and treasurable. Volume seven of Priory's Complete English Hymnal. '... I love this recording and congratulate Harry Bramma and his perfect and sympathetic organist Andrew Arthur ...'
A Japanese notebook - some of it musical, with composer Adrian Williams
A Japanese notebook - some of it musical, with composer Adrian Williams


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Bois 1920
Classic 1920 EDT 50ml Vapo + 2 Samples KEY NOTES: Spicy
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Description: WHAT IT IS: A spicy amber eau de toilette fragrance from the Classici collection by Bois 1920.
Size: 1.7 fl oz
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NOTES: Dulled feelings reawaken, Classic 1920 is a fragrance that sets desire and mystery to rhythm. The fragrance is built in the wake of harmonious spicy notes that are smoothed by a complex flowery bouquet and elegant fruity nuances. At the end, the green and boise base notes of vetiver from Haiti and citron from China slide gently into the exotic enchantment of sandalwood from the Antilles.
Brand: Bois 1920
Origin: Italy


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BioShock Infinite is set to be one of the biggest games of 2013, but if you've yet to experience the BioShock franchise, then boy does 2K Games have the package for you. Officially announced today, BioShock: Ultimate Rapture Edition packs together the first two games in the series, along with their DLC and some interesting bonus content. We've known about BioShock: Ultimate Rapture Edition for a while now, as the British Board of Film Classification first revealed the pack back way back in June 2012, but this is the first time we're hearing any official word about it.
With BioShock: Ultimate Rapture Edition, you'll be getting the original BioShock along with its Plasmids Pack and Challenge Rooms Pack DLC. One interesting thing to note: the Challenge Rooms Pack DLC was originally exclusive to PS3, but with BioShock: Ultimate Rapture Edition, it'll be available on Xbox 360 for the first time. Next up we've got BioShock 2 and all of its DLC, which includes Minerva's Den, Sinclair Solutions Tester, Rapture Metro, and The Protector Trials.
In addition to all of that content, players will also be getting the "Museum of Orphaned Concepts," which offers a glimpse at concept art and character models that never made it into the final product. Finally, you'll have a BioShock Infinite sticker pack to get you pumped ahead of the game's March release. BioShock: Ultimate Rapture Edition will be launching in North America on January 14, with an international release set for an unannounced later date. It'll cost $29.99, which isn't too bad considering all of the content you'll be getting.
Then, it'll be time for the highly-anticipated release of BioShock Infinite on March 26. Fans have been waiting for BioShock Infinite for quite some time now, so here's hoping it doesn't get delayed yet again. Are you going to pick up BioShock: Ultimate Rapture Edition, or is 2013 all about BioShock Infinite for you?


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Salon Hit by Two Cars in 10 Days
By Alison Fox and Tamer El-Ghobashy
Akber Jiwani stood outside Villa De Beaute, a hair salon in Long Island City, Queens, pondering his bad luck. In just 10 days, cars have twice crashed into his business.
In the first incident, which occurred during the early morning hours on March 28, a car speeding off the Queensboro Bridge lost control, mounted the sidewalk and crashed into his store. A pedestrian was killed in the crash, and the driver of the Volkswagen and his passenger suffered serious injuries, police said.
On Wednesday, yet another Volkswagen lost control at nearly the same place and at the same hour of the morning. This time, however, the vehicle careened into the plywood that had been erected to conceal damage from the first crash at the salon.
"The first shock was not even complete, and then I got the second one," Jiwani, 30 years old, said while surveying the wreckage.
"Everything inside the store was damaged from the first impact," he added. "I was not sure [about reopening], but now I'm sure that I'm not going to open."
According to police, the cars in both incidents were speeding off the narrow outer roadway of the bridge onto Queens Plaza South and failed to negotiate a curve. Both accidents occurred at about 4:00 a.m.
"Everything was the same, I was shocked," said Narinder Singh, 28, manager of a Panini shop next door to the salon which sustained some damage from flying wreckage.
In Wednesday's crash, the 39-year-old driver was taken by ambulance to Bellevue Hospital in Manhattan, where police said he was listed in stable condition. Police identified the driver as Alexander Palacio and said he was charged with aggravated unlicensed operation of a vehicle.
His passenger, a 40-year-old woman, was taken to Weill Cornell Medical Center in Manhattan in critical condition with a head injury, police said.
In the first crash, Anthony Buscemi, a 68-year-old cab driver, was killed when he was struck by the car while he walked along Queens Plaza South. The driver of the car, a 35-year-old man, was taken to Bellevue Hospital in stable condition. His passenger, a 31-year-old woman, was taken to Weill Cornell Medical Center, also in stable condition, police said.
Ronald Sherman, the president of Midtown Operating Corp., the taxi company where Buscemi has worked since 1986, said he was in disbelief over the nearly identical accidents. "If it happened at the same spot — same place almost — similar situations, it's not a coincidence anymore," he said. "There's a problem."
Jiwani, the salon owner, said he was scared to "hang around" the area. "I'm sure it will happen again if no appropriate actions are taken by the city," he said.
Seth Solomonow, a spokesman for the city Department of Transportation, said the off-ramp from the Queensboro Bridge has not changed since 2007. Thousands of vehicles pass through it safely on a daily basis, he said.
"Excessive speed appears to the dominant factor" in both recent accidents, Solomonow said, but the agency now plans to add rumble strips and 20 mph signs in addition to the curve-warning signs already posted on the ramp. Protective barriers have already been placed along the curb on Queens Plaza South, he said.
ADDENDUM: Does it seem as if an unusual number of car accidents happen at salons? Some traffic-safety officials have noted a pattern, according to a post in WSJ's Driver's Seat blog from last year. Here are a few theories:
The events at beauty salons are rarely contentious. Investigators speculate privately that it may have to do with the location of hair salons in strip malls and possibly the age of the drivers. Often the drivers involved recognize that they hit the accelerator instead of the brake. Hair salons often have big glass windows leaving them vulnerable to parking cars.
–Andrew Grossman contributed to this report.


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Stocks reach a newh igh, China puts in a new floor, Washington faces the ceiling, and CFOs in the middle of the road.
The "mainstream" employment statistics don't tell the whole story. Here's a look at the number of people working and the number of people living off them.
Bernanke flinches, earnings steady, retail sales stumble, and housing falls.
Fed over-communication, GDP undershoots, Housing's rise, and Chinese riots.
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Health Camp
Health !! The most important and valuable gift for every individual ..Read more
Posted 17th Oct 2014
Health !! The most important and valuable gift for every individual ..Read more
Posted 29th Sep 2014
Spreading awareness though a small competition at Lake View Public School.Read more
Posted 29th Sep 2014
Saplings !!!Read more
Good Job !!!!!!!!! Translate
Posted 28th Sep 2014
Peace March - On the event of the International Peace Day 2014, we spread the awareness about mesRead more
Everyone has the right to join in Messengers of Peace program.So,my little sister joined here.
please take a look at these pictures with your scout.org account-
And forget to put likes Translate
Posted 5th Sep 2014
Peace begins with a smile :) .. Peace is a journey of a thousand miles and it can be achieved only by spreading happiness in the form of smiles .. I am geared up to achieve it .. TranslateRead more
Posted 5th Jan 2014
The Scouts & Guides of Chanakya unit were given an awareness on fire extinguishing methods byRead more
Hey Nice!!...
I was a part of this event too...
It was a beautiful event!!.. in Annie Besant Park!!...
We were there for our Unit Level Camp!!... organised by ''Chanakya'' :)
Im there in the pics too!! :D Translate
Posted 4th Jan 2014
Posted 12th Oct 2013
Residents of HSR Layout Sector IV got down to brass tacks today and launched their drive to revivRead more
Posted 12th Oct 2013
We the Rangers and Rovers cleaned the Ca,psite by removing all the weeds and grass from the CampiRead more


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Changes in Our Local Environment
Developed for Alaska Native students, this activity can be customized for other regions. Students interview elders or other long-term residents of the community to document their knowledge of local changes to the landscape and climate. Based on the information and photos they acquired from the interview, students return to photo locations to observe and record changes. Finally, they develop ideas about potential impacts of a warming climate to the ecosystem that surrounds them.
Go To:
Alaska Seas and Rivers Curriculum
Alaska Sea Grant
Activity takes 9 to 11 class periods with possibility of some of this accomplished as outside work.
Notes From Our Reviewers
The CLEAN collection is hand-picked and rigorously reviewed for scientific accuracy and classroom effectiveness. Read what our review team had to say about this resource below or learn more about how CLEAN reviews teaching materials
Teaching Tips
Literacy and Resources
Relation Link:
Grade Level:


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Best Parkinson's Disease Websites: Davis Phinney Foundation for Parkinson's
The Davis Phinney Foundation strives to provide inspiration and hope for the Parkinson's community. The Victory Summit's free, traveling symposia for patients and caregivers of Parkinson's visits cities throughout the U.S. It provides education, raises funds, and showcases opportunities to start victory events in other cities.
Equipping Parkinson's Patients With Wellness Tools
The Living Well Challenge is an educational series of "webisodes" and worksheets from PD experts. Webisode topics include exercise, medical and surgical therapies, sleep and fatigue, nutrition, emotional support, safety, and more.
Additionally, the site's Live Well Todaysection provides tips to help Parkinson's patients and caregivers live well, with a focus on exercise, humor, nutrition, sleep, and deep brain stimulation.
See DavisPhinneyFoundation.org now.


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Definition of megamouth in English:
(also megamouth shark)
A shark with a very large wide mouth and tiny teeth, first captured in 1976 off the Hawaiian Islands.
- Megachasma pelagios, the only member of the family Megachasmidae.
Example sentences
- The megamouth shark is characterized by a distinctive white band on the anterior surface of the snout.
- The megamouth shark is one of the most mysterious and least understood of all the sharks.
- The outermost surface of the megamouth's body is blackish brown, while its belly is noticeably white.
For editors and proofreaders
Syllabification: meg·a·mouth
Definition of megamouth in:
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My check engine light came on yesterday, and scanning the codes, I get a
"P0403 EGR Flow Circuit Malfunction". Last week I changed the air filter
and PCV valve - the light came on three days later, so I don't know if these
are related at all. Anybody know what I can check?
Thanks for any info,
Dave White


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NEW YORK — The news was bad for the Cal basketball team even before the game started, and it got only worse. Much worse.
Just hours after learning that senior Theo Robertson would not play because of a right foot injury, the 13th-ranked Golden Bears were pummeled by Syracuse 95-73 in the semifinals of the Coaches vs. Cancer tournament at Madison Square Garden on Thursday.
The Orange (3-0), playing in front of a supportive New York crowd, not only was too big and strong for the Bears (2-1), but quicker and more aggressive.
"I don't know if Syracuse is a great gauge for whether we're any good or not," Cal coach Mike Montgomery said. "They're pretty big, and we're not. I don't think they felt threatened."
Syracuse blocked nine shots, scored 19 points off 15 Cal turnovers and forged a 41-12 scoring advantage off the bench.
Of course, Cal's bench was one man shorter when Robertson, the De La Salle High grad who averaged 18 points the first two games, was declared out. Montgomery still thought his starting small forward might play after sitting out practice Wednesday, but his pain was worse Thursday.
Montgomery said there is no definitive diagnosis but confirmed Robertson will not play in today's third-place game against 15th-ranked Ohio State, a 77-73 loser to No. 6 North Carolina. Robertson wore a protective boot on his foot Thursday as a precaution.
"We're certainly not going to risk him at this stage of the season," Montgomery said. "First glimpse, they don't think there's anything (seriously wrong) there, but obviously with the amount of pain he's having, there must be something."
Unable to score over Syracuse inside, the Bears relied on the perimeter game that led the nation in 3-point accuracy a year ago. Senior Jerome Randle scored 25 points, including 5-for-9 from 3-point range against Syracuse's long-armed 2-3 zone defense.
The rest of the team combined to shoot 1-for-11 from beyond the arc, with Patrick Christopher misfiring on all seven of his attempts in a quiet 12-point performance.
"We didn't help Patrick get on rhythm," Montgomery said. "Patrick is a good shooter, but he lost his confidence."
The game was reminiscent of Cal's 93-66 road loss a year ago to a Missouri team that also overwhelmed the Bears with superior size and athletic prowess.
"They just came out and they were the aggressor," Randle said of Syracuse, which shot 57 percent from the floor. "We backed down today."
Montgomery tried to walk a fine line afterward, acknowledging the aspects of the game that were disappointing, including being disorganized defensively at times.
Referring to Syracuse forward Wesley Johnson, who had 17 points and 11 rebounds, Montgomery said, "(He) just jumped up above us like we weren't there. I'm sure we did get very discouraged."
What Montgomery didn't say is there probably isn't a team in the Pac-10 quite like Syracuse, with its nasty zone defense and physical nature.
"You're gonna lose games," he said. "Would I have liked to play better? Yes. If we don't have the ability to bounce back, yeah, we're going to have tough time."
Senior forward Jamal Boykin, who had 14 points and eight rebounds, said the Bears are eager to begin the recovery process immediately.
"I don't think we represented who we are as a basketball team," Boykin said.


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SOMERSET — Somerset Middle School students Gina Gagliardi and Nicholas Forbes have been nominated for the Prudential Spirit of Community Award and students Jeffrey Silvia, Kathrine Esten, Grace Foley, Travis Winters and Kate Faria have been given awards of merit for the community service they have done.
Sponsored by Prudential Financial and the National Association of Secondary School Principals, the awards recognize outstanding community service by young Americans. Those who have been nominated are now eligible for the state youth volunteer of the year awards.
Two state honorees, one middle school student and one high school student, will be named in February. Each will receive a $1,000 award, a silver medallion and a trip to Washington, D.C. for recognition ceremonies with a parent or guardian in May. Other honorees will receive bronze medallions or certificates of excellence.
At the Washington event, 10 national honorees will be named by a distinguished national selection committee, and each will receive an additional $5,000, a gold medallion, a crystal trophy for his or her school or organization and a $5,000 grant from the Prudential Foundation for a non-profit charitable organization of his or her choice.
As a Girl Scout, Gagliardi has volunteered at a food pantry. She organized a competition at the middle school to see which grade could collect the most food for the food pantry. Forbes helped with a pen pal project in which students from North Elementary School and a school from Africa wrote to each other.
Silvia did a school supplies drive at around the time that lockers were being cleaned out at the school. He collected school supplies to give to children in need. Foley and a friend made flowers out of duct tape, which they sold and donated the money to the Dana Farber Cancer Institute because Foley's mother has cancer. Faria had a yard sale to raise money for animal shelters.
"Demonstrating civic responsibility through community volunteerism is an important part of life," NASSP Executive Director JoAnn Bartoletti said. "These honorees practice a lesson we hope all young people, as well as adults, will emulate."
Somerset Middle School Principal Pauline Camara praised the students for their volunteer service.
The Prudential Spirit of Community Awards are supported by Girl Scouts of the USA, National 4-H Council, American Red Cross, YMCA of the USA, HandsOn Network (generated by the Points of Light Institute) and many other national youth, service and education organizations.
Location, ST | website.com


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No heat in middle of deep freeze
Dominion responds to neighbors in need
January 8, 2014
While bundling up into a hefty winter coat was a given when venturing outside into frigid temperatures on Tuesday, some area residents were bundling up into blankets and coats inside their homes....
RiverRat, you would be correct and i should have been more specific. upriver, to their credit, understood what i meant. Southern States stores offer decent dual fuel(nat gas/propane) wall heaters in either 20,000 or 30,000 btu ratings with blower. these units would prove to be quite handy in the event of the loss of primary natural gas-fired home heating units.
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luvthesouth; I agree. We have a propane space heater that runs off 20 pound bottles. If all the utilities go out we can keep the house warm until they come back on.
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gas wall-heater wouldn't have worked very well with there being no gas.
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it's probably a good idea to have another form of heat (electic oil-heater or gas wall-heater) for emergency use. it is a terrible thing to have to endure the bitter cold.
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I'm looking for inspiration on how to use video in a "new and creative way".
My client has acknowledged the importance of video. (Great!) and would like to use video in a new and improved way on their e-commerce site! (But how!?)
So, here I am... Looking for best practices on using video in both product presentation AND in order to generate traffic to the website. The site is a large e-commerce site with all kinds of products to your house; from furniture to arts and crafts...


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Tanzania is home to nearly 48 million people, most of whom live in rural areas with limited access to reproductive health care services. As a result, 25% of Tanzanian women would like to plan their families but do not have access to contraceptives, many pregnant Tanzanian women do not receive testing or counseling for HIV, and 50% of Tanzanian mothers do not deliver their babies at a health facility.
EngenderHealth, in partnership with the Ministry of Health and Social Welfare (MOHSW), works in Tanzania nationwide on family planning (FP), gender issues, FP-HIV integration, and other health initiatives. The use of hormonal implants in Tanzania has increased steadily since 2004. The expansion of EngenderHealth's FP program to all 26 regions of the country has also contributed to an increase in uptake of long-acting reversible contraceptives. The increase demonstrates the positive effect of interventions like the RESPOND Tanzania Project (RTP), which expanded services to lower-level facilities and promoted task shifting to nurse practitioners.
The Expand Family Planning Project (ExpandFP) complements the national FP program by training providers at 21 facilities who would not have been trained with existing resources in undersupported districts. EngenderHealth and the MOHSW work to increase access to and use of FP at the facility level, as well as using Special FP Days and mobile outreach services to access hard-to-reach communities.
EngenderHealth works to ensure reproductive rights of Tanzanian women and their families by integrating family planning with HIV and comprehensive postabortion care services. As part of our award-winning work in HIV, we facilitate outreach to marginalized groups, including sex workers, key and vulnerable populations, and youth; in 2008, we launched a national dialogue about engaging men in order to improve gender equity and reduce the prevalence of gender-based violence and disease.
Mothers wait with their children at a health clinic in Arusha.


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Definition of mint sauce in English:
mint sauce
noun[mass noun]
Chopped spearmint in vinegar and sugar, traditionally eaten with lamb.
Example sentences
- In England mint sauce is served with roast lamb.
- We do have a home made, sugar free mint sauce and a home made oil and fat free vinaigrette salad dressing.
- We didn't mention that they could serve lamb with mint sauce, because we didn't want to put them off.
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Line breaks: mint sauce
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Breadcrumb Navigation:
College of Sciences Update - Budget Implications
Memo from the Provost
Date: November 19, 2012
To: University Leaders
From: Warwick A. Arden, Provost & Executive Vice Chancellor
Subject: Update on College of Sciences - Budget Implications
During the College of Sciences implementation process, the Steering Committee has moved through a series of decisions, each one influencing the next. As I have detailed in previous updates, we have determined:
- The general scope of the biological sciences in COS,
- Which CALS departments will be impacted by the transition of the biological sciences to COS (Biology, Microbiology, Genetics, and Environmental and Molecular Toxicology),
- Which tenured/tenure-track faculty currently in the four CALS departments will join COS (44 T/TT faculty) and which will remain in CALS (19 T/TT faculty),
- Which academic programs in the four departments will be administered by COS, CALS or jointly across the colleges, and
- Which other CALS employees will need to transition to COS.
With those decisions made, our latest task has been to determine the budget implications for CALS and COS based on the transition of programs, faculty and staff. We considered the numbers of students and student credit hours (SCHs) moving from one college to the other. As points of reference, 39% of CALS student FTEs (majors) and 33% of its total SCHs will be transferred to COS.
Based on the review of several scenarios and their potential impact on CALS and COS, we will move 30% of CALS academic (16030) budget to COS. I will provide additional academic funds from Provost's Reserves to replace the agriculture research and extension funds (16031 and 16032 budget to remain in CALS) that provided salary and benefit support for some personnel going to COS. As a net result of these budget changes, CALS and COS will both emerge as stronger colleges. CALS will see an increase in its academic funding per student credit hour and have agriculture research and extension funds freed up for reinvestment in the college; COS academic funding per student credit hour will be higher than it currently is in PAMS.
Many thanks to the members of the Budget and Finance Implementation Team, especially the chair, Vicki Pennington, for their time and dedication in preparing and evaluating the myriad financial data.
Next Steps
I plan to provide another update in December which will include information on the work of two implementation teams, Student Support and Outreach and Space, Infrastructure and Shared Resources, who have been working behind the scenes throughout the fall.
Related Links
- Provost's Memo - 11/19/12 [pdf]
- Previous COS Updates
10/12/12 - College of Sciences Update (Academic Programs and Personnel)
8/30/12 - College of Sciences Update (T/TT Faculty Announcement)
5/11/12 - Provost Arden on College of Sciences Steering Committee
4/20/12 - Chancellor Woodson's Announcement Regarding College of Sciences
4/16/12 - Provost Arden's Recommendations to Chancellor Woodson on Administrative Structure for Academic Science Programs
- More on College of Sciences


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Definition of Alt key in English:
Alt key
A key on a keyboard which, when pressed simultaneously with another key, gives the latter an alternative function.
Example sentences
- Simply press the Alt key on your keyboard and use your mouse to click on any word or name, and Answers.com will provide you with the necessary information.
- Ok, press and hold the Control Key… now, the Alt key… now, tap the Delete key.
- Should the Taskbar not be visible, with the Alt key pressed, repeatedly press the Tab key until Internet Explorer is the active window, you should then be able to close it.
Late 20th century: abbreviation of alt(ernative) key.
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Top Definition
An variation of "bone smoker". Nothing more or nothing less. All of the douchebags whose lame ass attempt to be funny or just totally wrong in defining smoking bone are probably themselves "bone smokers". Or if you prefer "smoking bone".
Monica Lewinsky was really into the act of "smoking bone" of the former President William Jefferson "Bill" Clinton.
by stiffy_allan March 16, 2010
Trending Now
Can you define these popular missing words?
Fireman who is overly motivated to extinguish the fire.
When Jones grabbed the nozzle and ran into the flames, I knew he was a real smoking bone.
by Phillip Roshko December 18, 2003
A homosexual act, wordplay on "bone smoker". Primarily related to homosexual firefighters.
Its always a great shift with John, he is really into smoking bone.
by Newman Atwood December 19, 2003
A very determined firefighter who shows exemplary courage in an emergency.
That fireman is a real smoking bone.
by Wanda Jones December 18, 2003
Highly aggressive heterosexual, macho firefighter.
The way the new recruit broke down the door, jumped through the flames and knocked down the fire, I would say he is a real smoking bone.
by Phillip Roshko December 18, 2003


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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on UnbeatableSale.com at the time of purchase will apply to the purchase of this product.
Get it today!Shop Now
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These are hand crafted and highly detailed collectible bobble head dolls. Santa is proudly wearing the teams jersey while reindeer and snowmen cheer him on from the sidelines and stands. They are 8 tall and made of a sturdy resin material. They are limited editions and hand numbered on the bottom. Made by Forever Collectibles.. Price: $11.67
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Yad Vashem
Yad Vashem (יד ושם) is Israel's official memorial to the Jewish victims of the Holocaust established in 1953 through the Memorial Law passed by the Knesset, Israel's parliament.
The origin of the name is from a Biblical verse: "And to them will I give in my house and within my walls a memorial and a name ... that shall not be cut off." (Isaiah, chapter 56, verse 5) In Hebrew "A memorial and a name" = yad vashem.
Located in Jerusalem, it consists of a memorial chamber, a historical museum, an art gallery, a Hall of Names, an archive, the "Valley of the Destroyed Communities," and an educational centre. As well, non-Jews who saved Jews during the Holocaust, often at great personal risk, are honoured by Yad Vashem as the "Righteous Among the Nations".
Table of contents
Yad Vashem activities include:
- Documentation of the Holocaust:
- recording testimonies with survivors, and
- collecting the names of those who perished during the Holocaust[1]
- collect photos, documents and resources regarding the Holocaust.
- Research and studies of the Holocaust:
- conduct research regarding the Holocaust,
- encourage students to research the Holocaust,
- publish research and make it availbale to the general public.
- Education:
- operating the International School for Holocaust Studies [2]
- developing study programs for both Israeli and foreign schools in order to teach young students about the Holocaust,
- hold exhibitions about the Holocaust,
- teach the Holocaust to the general public.
- Memorial:
- preserve the memory and names of those who died during the Holocaust,
- hold ceremonies of remembrance.
In 1993, the Yad Vashem institute decided to build a new, larger museum to replace the old, smaller museum, which was built during the 1960's. This was in response to the construction of larger Holocaust museums in Washington D.C. and Europe. The new museum is the largest Holocaust museum in the world. It is carved into the mountain and designed to reflect the story of the European Jewish community during the Holocaust and their resurrection from the ashes in Israel. It consists of a long corridor with 10 exhibition halls, each dedicated to a different chapter of the Holocaust. The museum combines the personal stories of 90 Holocaust victims and survivors and presents in its exhibitions about 2500 personal items: artworks and letters from the Holocaust donated by survivors. The new museum also includes an auditorium, study hall, computerized data bank and memorial monuments of the six million Jews murdered during the Holocaust.
On March 15, 2005, the dedication of the new Yad Vashem Holocaust museum in Jerusalem, Israel took place. Leaders from 40 states and the Secretary General of the UN Kofi Annan attended the inauguration of Holocaust museum. President of Israel Moshe Katzav said that the new museum serves as "an important signpost to all of humankind, a signpost that warns how short the distance is between hatred and murder, between racism and genocide." [3]
Righteous among the nations
The museum also honors the Righteous Among the Nations. For example, a small garden and plaque on the grounds of Yad Vashem is dedicated to the people of Le Chambon-sur-Lignon in France who, during World War II, made their town a haven for Jews fleeing from the Nazis.
A few of the more than 20,000 non-Jews honoured here as "Righteous among the nations":
- Wladyslaw Bartoszewski
- Johan Benders
- Varian Fry
- Miep Gies
- Marie-Rose Gineste
- Hermann Friedrich Graebe
- Aristides Sousa Mendes
- Czeslaw Milosz
- Dorothea Neff
- Jonas Paulavicius
- Karl Plagge
- Traian Popovici
- Oskar and Emilie Schindler
- Irena Sendlerowa
- Suzanne Spaak
- André Trocmé
- Magda Trocmé
- Raoul Wallenberg
- Johan Hendrik Weidner
- Sugihara Chiune
- Major Karl Plagge
See also
External links
Categories: Holocaust | Memorials | Museums in Israel | Jerusalem


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11 Teacher-Approved Crafts for School
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Fake Candy Cupcakes
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Creating these cute candy cupcakes is a fun project for all ages.
- Aleene's® Quick Dry Tacky Glue™
- Candy sprinkles
- Construction paper, green
- Styrofoam® cut to size of muffin liners
- Stickers, alphabet
- Craft stick
- Toothpicks
- Bamboo skewers
- Knife to cut Styrofoam®
- Muffin paper liners
- Lifesavers, gumdrops and jellybeans
1. Cut Styrofoam® to size of muffin cup liners and glue into place.
2. Spread glue over tops of Styrofoam® with craft stick. Decorate with Lifesavers, gumdrops and jellybeans, holding in place with toothpicks. Cover remaining glue with candy sprinkles.
3. Cut flags from construction paper, add "Merry Christmas" stickers, and glue to skewers. Poke into cupcakes to complete.
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Definition of vitamin K in English:
vitamin K
noun[mass noun]
Any of a group of vitamins found mainly in green leaves and essential for the blood-clotting process. They include phylloquinone ( vitamin K1) and menaquinone ( vitamin K2).
Example sentences
- It interferes with the body's natural chemical process of clotting, by targeting an essential substance called vitamin K.
- Selecting products with selected other nutrients such as vitamin D and vitamin K was discussed.
- One such product is vitamin K, a substance essential for blood clotting.
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Line breaks: vita|min K
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