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Worlds Collide, - Unconventional Pairing Ficathon
Unconventional Crossover Pairing Ficathon
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Worlds Collide,
[Jun. 14th, 2006|
08:02 pm
Unconventional Crossover Pairing Ficathon
Title: Worlds Collide
Crossover: Harry Potter Crossed with Smallville
Rating: NC-17 (for the sex)
Written for: Joanne_c
Prompts: "I thought you were dead!", Het/Slash/femslash/Multiple, Not: Dumbledore sex, chan, incest, bestiality, non-con, character bashing
Characters: Lex Luthor/Lucius Malfoy
Crossposted to my Fan Fic Journal"
Lex Luthor was not a man who believed in magic, or at least, he never had been before the whole thing with Lana and the spirit of a witch had brought back the crashing memories of a summer in England with a Luthor family relative. It had been meant to give him perspective. It had, though not likely in the way his father had planned.
Now, he found himself hunting down an elusive memory of a time when he hadn't yet become the ruthless business man who had successfully managed to take Luthorcorp away from his father, a time when he hadn't yet met Clark Kent, a time when he hadn't yet started down the crash course that his life had become.
He turned his rented sports car down a dirt land, feeling his way through a decreasingly deserted English countryside, and through memories he'd forgotten…how long ago now? He'd been 14? No, 15. There'd been trouble in school, but that wasn't unusual. His father had been angrier than usual, and sent him to a distant cousin, someone Lex had never heard of before.
Lawrence Luthor may have carried the family name, but there was little about him that would mark him as a Luthor otherwise. A small, wiry man with dirty blond hair and glasses, hunched permanently from years of some mysterious banking job. He'd been nice enough, if odd, particularly to a young Lex, conditioned to the finer things in life, and unaccustomed to not having servants for nearly everything.
Lawrence didn't live in poverty, but he had no phone, no car, no electricity. Those first days were hard for Lex, then Leonard had returned from school, and Lex's entire world was altered.
Leonard was older than Lex by about two years, wiry as his father, but with the Luthor looks, dark hair, and the Luthor business sense. He had taken Lex under his wing, though he'd called him by some odd nickname Lex hadn't understood.
Leonard had told Lex he was a wizard…which, of course, Lex hadn't believed. Not until he'd disappeared before his very eyes, and reappeared ten feet away.
Lex stopped the car outside a dilapidated house covered in ivy and got out of the car. It didn't look a whole lot different than it had when he was younger, a little closer to falling down, maybe, but not much else had changed. He stepped through the gate, glancing around for some sign the house was still inhabited.
There was little to be seen but the ambitious vegetation that Leo had once made dance and tie itself around Lex's legs. That had been when Leo's friend was visiting. Lex swallowed as he remembered him, stopping just short of the giant elm tree.
Strong, confident, he'd oozed sexuality and power. Lex had been mesmerized, following the older boys through the long summer. At first they had teased him and called him a Muggle, though they never explained what that meant. Then came the day that had changed everything. He'd gotten angry…not a little bit either and seized Leo's wand, and exploded the windows out of the shed.
It had shaken him up, but the older boys had been impressed. He could close his eyes and see the smile on the blond boy's face as he stalked across the lawn toward Lex, part smile, part predatory grin.
"I knew if we provoked you enough that old family tendency would emerge," he said, snatching the wand from his hand.
Leo circled around, laughing and clapping Lex on the back. "Once upon a time, the Luthors were a noble line of wizards, Lex. But, about three generations ago, one of us got caught dabbling in the dark arts. He was disgraced, his wife left him and took the kids to America where she raised them as Muggles…the rest of the family was disgraced, and slowly died out, until there's just me and Pop left."
The next few weeks were spent with the two older boys teaching Lex anything and everything he could master. Lex circled to the back of the house and into the old shed that had housed their illicit activity. Lawrence didn't actually object, but made sure they understood he wanted nothing to do with it.
Lex had felt more alive in that little space, holding a borrowed wand late in the night. He ducked his head and stepped into the room where they had created their own space, blankets spread in the corner, pillows to insulate their butts from the cold stone floor. A fire pit was carved into the floor and the old iron cauldron still sat on it, as it had that last week there.
"Now the powdered bat wing." Lex poured a blackish powder into the already simmering cauldron and looked up expectantly for approval. The head nodded, long, blond hair barely moving. "Good. Now your wand and the swallow's blood."
Lex poured the dark liquid in, circling his wand above the potion as he'd been taught, murmuring the words of the spell. There was a poof, then a flash of light and Lex jumped while the other boy laughed. Leo sputtered and threw a pillow at them from where he'd fallen asleep hours before. "I did it." Lex had exclaimed, jumping to his feet. The blond followed, nearly as excited. He swept Lex into a bear hug and surprised Lex when his lips met Lex's lips.
There was a hesitation, then a hand was behind his head, a tongue in his mouth. They stumbled backward until Lex's ass met with the wall and he swallowed impulsively. The other boy's hand was palming his cock through his slacks, his eyes piercing Lex to the spot, daring him to say anything.
"Well, you came. I had rather thought you were dead."
Lex froze momentarily, then stood slowly, turning toward the voice. His breath caught in his throat. The boy he had known had grown, aged, but little else had changed about him. Lex swallowed a sudden lump in his throat and inclined his head. "Lucius."
Lucius Malfoy smiled, that same, cold, predatory smile Lex remembered. "Lex Luthor…last of the Luthor wizards."
"Last? Leo's gone then?"
Lucius nodded, running a gloved finger disdainfully over the nearest wall. "Died in Azkaban a few years ago. I've had the property under surveillance since his arrest."
Lex nodded, moving away from the cauldron, but keeping his distance from Malfoy as well. "You seem to have done well."
"As have you. I had hoped you would have returned for more training."
"I had other priorities."
"So I see. Broke Leo's heart you know. He was quite enamored of you."
It was Lex's turn to smile. "Was he now?" He moved to the row of old books on a shelf near the window that was still boarded up. "That's not really how I remember it…what I remember at all."
"Is that why you didn't come back?" Lucius moved further into the room, using his cane to poke at the dirty, moth eaten blankets. "You didn't remember us?"
"There was…an accident. On my return flight home. I was in the hospital for a while. I didn't remember much about my time here."
"Funny that you remember now."
"Yes, isn't it?" Lex was uncomfortable. That last week had been an exercise in pushing the boundaries, with magic, with the natural competition that drove Lex to keep up with his cousin and Malfoy, and ultimately with sex.
Lex hadn't been a stranger to the concepts, but Lucius had pushed him places he had never been, overcoming nervous protests and half-hearted denials with pure lust.
"I've been dreaming." Lex said, marking Lucius's movements around him and keeping several feet between them.
Lucius smiled, his eyes pinning Lex to the spot as he stopped and tucked his cane under one arm. "Have you? What about?"
"This place, that summer. Leo…"
Lex didn't like the way he felt off balance, or that Lucius always managed to do this to him. He could remember how it had pushed him that summer, brought him to try things he had never considered before.
Lucius was in front of him, suddenly within reach, his gloved hand sliding across Lex's cheek. "I missed you," he said fiercely, that hand capturing Lex's chin before he leaned in to kiss him. Lex stiffened, keeping his lips closed, frustrating the older man. "Did you forget how good I made you feel?" Lucius whispered.
Lex took a deep breath and pushed Malfoy off of him. "No, I remember. I'm not as easy anymore."
Lucius raised an eyebrow at that. "Aren't you though? Here you are. What did you expect in coming here?"
Lex shook his head and moved away from him. "I don't know. I wanted to remember. I thought it would be easier here."
"And is it?"
Lex swallowed, his head swam and he saw a wand in Malfoy's hand. "Stop."
"I'm only trying to help, Lex." Malfoy said gently, his hand rising.
Lex could almost see the spell arcing toward his head. Images came first, then sounds, scent…touch. Lex felt his legs wobble and stumbled toward the door. "Relax, Lex. Someone blocked you. I'm only trying to help."
Lucius had a hand on his shoulder. Lex looked up at him, but only saw the boy he'd been when they'd first met. He saw the blond hair, so long and beautiful…felt it trail along his chest as the older boy kissed his way down Lex's belly. "Stop fighting it, Lex." Lucius murmured, his hand now on Lex's back…hot, even through his shirt and the ever-present gloves.
Lex could feel his body responding to the memories, the remembered touches, his cock thickening and his breathing growing ragged. His eyes closed, his heart raced. Memories flooded him, magic, power…the rush of adrenaline and the thrill of the forbidden. "Nothing is forbidden to men like us," Malfoy had said while slowly stroking his cock in and out of the younger man's mouth. "We will own the world, and no one will dare tell us what to do."
The onslaught of images slowed and Lex looked up at Malfoy, his eyes moist and filled with knowledge. Lucius smiled, using both hands to pull Lex closer, his lips claiming Lex's before Lex could protest. After the slightest hesitation, Lex let his tongue slip past his lips, tasting strong tea as Lucius swept his tongue along Lex's.
"I'm still not as easy as I once was." Lex said, as they parted to catch their breath. He took Lucius's head in his hands, taking control as his mouth closed over the older man's, his tongue diving into his mouth and turning them so that Lucius was against the wall.
It was all so familiar now, and Lex let his hand slide down over the robes, pulling them up to get underneath. His hand found that he wasn't the only one already hard. He snapped his eyes up to Malfoy's, his grin wicked. "Let me see if I can remember how this works."
Lex never let go of his cock as he went down on one knee, slowly stroking it and watching as it grew in his hand. It was larger than he remembered, but now that he was at eye level to it, he rediscovered a hunger he'd left behind. He licked his lips, then the cock in his hand, circling the tip and drawing a gasp from Lucius.
His tongue was hot as it slid over the skin, sliding down to the base, then kissing his way back to the top. A glance up proved he hadn't lost his touch and he suppressed a grin as he opened his mouth and took the whole thing in, closing his lips around it tightly before he began moving it up and down, twisting a little as he reached the tip. Gloved hands slid over his bald head, guiding him into taking the cock deeper.
Lucius arched into him, his hips moving forward as his head tilted back against the wall. This was familiar, and Lex knew Lucius wouldn't last long, he never did the first time. There would be no warning, not until Lucius grabbed his head and leaned into him, dumping his cum down Lex's throat. Lex swallowed reflexively at the thought, drawing deeper moans from the man whose cock he was sucking. His own cock was screaming for release, pressed hard inside his boxers. He struggled for a minute with his zipper, then pulled out his erection, stroking it with one hand in time to the deep throated thrusts Lucius was now controlling, his hands holding Lex's head while his hips moved faster. The groans were louder now and Lex tried to be ready for it, the final thrust, past his gag reflex as the hot, salty liquid hit his throat, held there until the edges of his vision were swimming from lack of oxygen.
Lex cried out as Lucius pulled his cock from his mouth and stumbled back into the wall, sliding down it slowly. Lex's cock exploded onto the floor as he came, and Lucius smiled lazily at him.
"You haven't lost your touch, Lex" Lucius said.
Lex laughed and sank back to the floor. "I've learned a thing or two since the last time I saw you Lucius. You might be surprised."
"I think you might just be more a wizard than you let on, for someone raised as a Muggle." Lucius retrieved his wand from the floor and gestured vaguely in Lex's direction. "Someone laid a very strong memory charm on you, my friend. You shouldn't have been able to remember anything without someone releasing it."
"Is that what you were doing?" Lex's head had a little residual soreness, and he rubbed it absently.
Lucius nodded. "It took me a while to find it, and it was put in place by a very powerful wizard."
Lex closed his eyes, a memory surfacing. His father was there and an old man, dressed in blue robes, with a graying blond beard. "There was someone, at the hospital. I was pretty drugged up. My father told me he was a doctor."
They were quiet then, their bodies relaxing, their hearts slowing. "So, is this where you try to tell me that together we can rule the world?" Lex asked, his foot gently nudging his companion's leg.
Lucius looked up, his grin positively evil. "Not just one, Lex…together we can rule them both."
Lucius stood, putting his wand away and reaching down to help Lex up off the floor. "But first, let's get you cleaned up and dressed. You have a crash course in wizarding to complete. You have remembered how to fly, haven't you?"
Lex grinned. "Oh yeah, I remember crashing into the pine tree and falling to the ground. I was picking pine needles out of my ass for days."
As they cleared the shed, Lucius slung an arm around Lex's shoulders. "What do you say to a week in the country?"
Lex shrugged, reaching in his pocket for his cell phone and stepping away. "I could use a vacation. Excuse me just a moment."
He thumbed a speed dial button and held the phone to his ear. "I'll be staying in England a little longer than I had planned. Put everything on hold. I'll be out of touch, but checking messages."
There was a pause, then Lex nodded. "Everything's fine. I'm just taking some time to get reacquainted with an old friend."
"Is that what I am?" Lucius asked and Lex could feel the playful, dangerous relationship he could now remember falling into place.
He grinned. "Well, you
old. The friend thing remains to be seen."
Lucius laughed and gestured toward the front gate and Lex could see two black broomsticks leaning against his car. "Get your bags." Lucius said, picking up one of the brooms. When Lex set his overnight bag on the ground, Lucius waved his wand over it, setting it to hovering beside him. Lex locked up the car and looked up expectantly. Lucius held out the second broom.
Lex licked his lips and stepped up beside Lucius, taking his broom hesitantly. "You sure about this?"
Lucius grinned. "It's something you never forget, unless you get hit with a memory charm."
"Nice. Very nice."
Lex inhaled sharply and held the broom to his side. It responded almost immediately to his touch, hovering instantly. "Okay, that's a good sign."
He mounted it and it rose to a level similar to Lucius's. "Shall we?"
Lex nodded and they set out. They circled the Luthor homestead once, the place where two worlds had collided and the wreckage was just starting to be recognizable. Lex could only smile at the thought. Everything would change, and neither his world, nor the wizarding world, would ever be the same again.


text:
Jane Foster
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Hey Everyone! I'm sorry if this has already been discussed on this board, but I'm dying here and need some help. :) I'm typically a side sleeper (always have been), but lately I have been dealing with a lot of hip and mid-back pain. I have tried every sleeping position with pillows and without pillows and cannot seem to find a solution to my back pain at night. We even went out and bought a new tempurpedic bed thinking that would help!! I know that the tempurpedic beds need to be "broken in" but man-o-man...this is making my exhaustion go to a new level. My hip pain has gone away, but my mid-back is what is waking me up. So...here is what I've tried. Please let me know if you have any other suggestions!
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Lord Emares is a Tairen Lord. His army is a member of the Great Coalition during the Aiel War.
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Her hopes of being selected for a neighbouring safe seat were said to have been "badly damaged" by the row.
More here:
• Peter Hitchens: Why is it morally good to use state schools even when they're bad?
• Ruth Kelly: A lesson in hypocrisy
• She's a hypocrite, say parents
Labour chiefs in Bolton South East - a constituency the former education secretary had been hoping to move to at the next election - met last night to consider the selection. A source said "the matter of Ruth and the private school" was to have been raised.
Ms Kelly, now Communities Secretary, faces a difficult fight to cling onto her Bolton West constituency, which she retained with a wafer-thin majority of 2,064 in 2005. In Bolton South East, retiring MP Brian Iddon has a rocksolid 11,000 majority.
Mr Iddon is said by fellow MPs to have been bitterly dismayed that Ms Kelly decided to send her son, who has dyslexia, to a private boarding school that specialises in preparing children with learning difficulties for the public school common entrance exam.
Many others MPs were angry after the Evening Standard disclosed yesterday that Ms Kelly had rejected several state schools near her home in Tower Hamlets.
Tower Hamlets schools have a higherthan-average percentage of children who do not speak English as a first language
The school that Ms Kelly has chosen is in a country house in the Home Counties and has a swimming pool, tennis courts and music rooms.
Mr Iddon, a former university lecturer, said: "I don't think this will go down very well in Bolton. It's up to Ruth to defend her position."
Ms Kelly faced another blow today when she came under fire from education chiefs in Tower Hamlets, where her other children go to school.
Her claim that her son has "substantial learning difficulties" was contradicted by local authority sources quoted in The Sun who claimed he had only "mild dyslexia".
The minister woke up to a series of headlines accusing her of hypocrisy, despite being given strong support from Tony Blair and MPs allied with Gordon Brown. Opinion among backbench Labour MPs was markedly more critical than among ministers, especially on the centre-Left and Left-wing. Although there was sympathy for her because of her son's condition, many MPs said there was an issue of principle at stake.
"When you become a Labour MP you have to accept the whole deal, not just the bits that suit your family circumstances at the time," claimed one backbencher. "That means you don't use private health care or private schools when there is adequate state provision of the same services."
A former minister said: "The mood is mainly against Ruth, though of course people are sympathetic."
Ken Purchase, Labour MP for Wolverhampton North East, called on her to resign: "It's extremely disappointing that a person who was in charge of our schools clearly shows no commitment to state education."
But his colleague Ian Austin, MP for Dudley North, defended her, saying: "I think Ruth's child ought to be able to get on with his education without being under public scrutiny."
Ms Kelly was given a new show of support by Mr Blair today when she appeared side by side with him at a Downing Street event to promote policies on social housing. She has also been backed by Conservative leader David Cameron.
The minister was forced to speak out yesterday after losing a battle to keep her name secret. In an emotional plea for understanding, she insisted she had to do the "right thing" for her child and promised to return him to the state sector after two years of intensive tuition to overcome his difficulties.
But Tower Hamlets council insisted its schools were "well resourced and provide high-quality education for all learners, including those with special needs".
A council spokeswoman added: "We recognise that every child has different needs and it is for parents to decide how these are met."
Parents campaigning against the closure of special schools have accused Ruth Kelly of being a "hypocrite".
One of those who spoke out was Maria Hutchings, whose 12-year-old son John Paul is autistic. Before the 2005 election she put special needs education at the centre of the campaign after confronting Tony Blair in a TV debate.
Ms Hutchings, from Benfleet, Essex, said of Ms Kelly: "On the one hand, she is acting as any mother would. She has her child's interests at heart and you cannot blame her for trying to do what is best.
"But on the other she is effectively telling all those parents who have fought so hard against the closure of schools for children with moderate learning disabilities that they're on their own."
The former education secretary was also criticised by Tara Flood, director of the Alliance for Inclusive Education, which campaigns for all disabled children to be taught in mainstream schools.
Ms Flood said: "If the Labour policy is to build a mainstream special needs education system then why is she opting out? I don't want to bash her as a mother but as a government minister she has acted hypocritically." Author Douglas Kennedy, who has an autistic son, spearheaded a campaign to save a school for special needs children in Wandsworth.
He said: "Special schools are needed. Her decision goes to confirm this. There are many children who cannot be mainstreamed, including my son.
But it is not just Ms Kelly who is guilty of hypocrisy - that exists on both sides of the political divide, in the Labour Party and the Tory Party."
Neighbours of Ms Kelly in Tower Hamlets also criticised her. Mother-of-four Hannah Bruin, 38, said: "Politicians keep saying the schools are fine but suddenly they are not good enough for their own children.
"A lot of children around here have special needs so I think that's a cop-out. If they're going to talk the talk, they should walk the walk."
Kelly Steer, a 39-year-old charity worker, chose to send her son, who has cerebral palsy, to a special school outside the area, believing the Government's inclusion policy did not work.
She said: "The Government hasn't found a way for inclusion to work. I like the idea of it, but many children with problems can't keep up. It needs more funding and more understanding to work."
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|Start new thread in this topic | Flip this thread | Refresh the display
Mumsnet has not checked the qualifications of anyone posting here. If you need help urgently, please see our domestic violence webguide and/or relationships webguide, which can point you to expert advice and support.
Please help me to finally make break from stbxh..need yr support.(35 Posts)
Hi. I have posted before. Was originally 'Blinkeyblonk' and had a lot of support when first posted about husband, turbulent relationship, supporting him through asylum and some very concerning behaviours and punitive/aggressive tendencies of his. Left me (short episodes) during 2nd pregnancy and after 2nd child just born. Is of middle Eastern origin and whilst has been here for over 10 years, has not moved forwards. Is not responsible (ex drug user, still recent cannabis and cocodamol use) and will not work officially as resents paying tax. Our differences and my resentment at how things have panned out mean we are now divorcing. Have had support re the emotional abuse with him and my (probably irrational) fears that he could ever try to remove our children from this country. All that said, divorce nearing decree nisi (I have spent 2k and he lies about his cash in hand full time work and claims legal aid for his solicitor!!) and I had, yet again, entered the land of ambivalence and tried to see if we could have some kind of relationship (lived seperately for over 18 months),..but its been a false calm, me just trying to keep the status quo. And never being able to imagine sharing a bed with him again, let alone financial respobsibility to support our children/my mortgage.. Today I did not 'cause an argument' but dipped my toe outside the stepford existance of the last two months by saying that he really needed to give me some money this week as I am struggling hugely ...of course it was all his poverty and relentless borrowing and ended up with him asking me for a loan! When he got angry (i asked him why he got into this situation every week) and I asked him not to (again) shout at me in front of youngest ds, he lost it. Cue rant about get divorce finalised, and even him making a pledge to not work at all rather than give me money. I do feel that this has given me the last sign that he and it will never change, he is a poor role model for our sons and that I needed this reminder. but for some odd reason i still need mumsnet vallidation that i am doing the right thing by refusing to get reinvolved. I work almost full time with a diffucult client group, am near risk of repossesion and on antidepressants. I would greatly appreciate the support of any of you/opinions, whether you recognise me from before or reading for first time. I really intend this to be it. finito. But need a bit of girlpower...
I think your son's answer tells you all you need to know. In his lovely, clear almost 5 yr old way he has given a very stark account of his experience of being parented by his father - of being controlled by fear. It won't teach him anything as he grows up - just that if you are bigger and more frightening you can get your own way. He is being taught to bully in a nutshell.
In your shoes I wouldn't hesitate to lessen contact as much as possible and I would certainly restrict all contact for yourself.
I would really emphasise how it is wrong to bully and, as said above, always absolutely insist on respect and consideration from your boys for yourself. I'd also get them into doing domestic stuff as part of everyday.
I would take some time to write a long list of all the things you could do with your boys at the weekends. Why not make the most of stbx's absence and invite their friends round or get them joined up to some activities that mean you get a bit of a break?
I fell like all I have to choose from is the devil and the deep blue sea.and he's not the devil, just damaged.but so am i.. don't know if can do this alone.he is being nice but feel more and more pressured, is wanting sex and I just don't feel it
why would you feel it.
he is pushing your buttons because in his eyes you are something he possesses and has rights over.
You are not possessed by him, you are an individual worthy of respect and love, this man is preventing you from getting either of these things
I don't feel worthy of those things...I feel empty and too far away from my real self to get back.still scared its me that is deficient and I just don't see it..I do still feel love for him but cannot imagine wanting to give myself to him, sexually, ever again...o can imagine doing it, but not feeling good about it
Don't do something because you feel distant, detached and obliged, it will make you feel worse.
I feel empty and too far away from my real self to get back Could you be depressed?...common symptom
You have been through a lot and have done well but are slipping back in some ways (understandably), you really are worth something much much more than this. he has decimated your self belief, value and esteem. Is there ANYONE who could help you claw it back?
I agree that your sons are not being helped by having their dad around. You can stop them from seeing him at least for the present.
Dippy - my dh is middle eastern too. Sometimes he is a great dad and husband. Other times, well, not so much. But he never ever thinks its OK to make his sons afraid of him. And he never ever withholds money. (It's our money -not mine or his).
Do not use or allow him to use his culture as an excuse for abuse. His behaviour is inexcusable and very evry damaging to your children. This is not a cultural difference. (angry with him not you).
, fool.thank you.I cannot just stop contact though..I have no grounds to do .I am giving everyone confused messages.date for decree nisi set in November but am wondering whether to just put all divorce on hold or whether to know some issue will arise between us and actually we will be divorced thereafter anyhow.....
And even if we could both move forwards together, there are some things I cannot tell him and some honesty that can never be there, and it haunts me.am even dreaming about it!
I think you need to go and look at these issues with a counsellor who understands domestic abuse. Can you get in touch with Women's Aid locally and get a support worker, or discuss over the phone.
You need some,clarity. you have lost sight of the REASON you decided to divorce him and are letting him back inch by inch. that may, in the end be what you decide to do...but please make it a DECISION not a slide into despair.
For what it is worth I would keep going with the divorce.
You are not really making sense on here. you are giving lots of reasons why he should not be in your/the DSs' life and letting him in more and more. you need RL support and to find the inner strength to get on with life without him (and yes, as you know, I do understand and I do know it is hard)
Thanks slam.am so confused about his culture/psychology.I can handle the money bit,I never rely on that and always make sure can cope on my income alone. The worst thing is, sometimes I hear him coming out in me when the boys keep on and on....I don't want to be that person.
But can he win, I wonder? When he comes round now, he is on the boys straight away.part of me thinks its his show of support to me as a parent..but the rest of me thinks "why can't you take it easy, you don't see them enough to get this cross with them".....
you don't see them enough to get this cross with them".....quite,
supportive parenting does not mean jumping in at the deep end when the other parent is already 6 feet down, it's defusing the situation and reducing the anti, not upping it (sorry so very many mixed metaphors...too late for brain).
Make a list of the issues,
issues with you, with Dss and money and everything. Take a good long look at it.
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Do Mutual Obligation Breach Penalties Coerce Compliance with Government Expectations?
Schooneveldt, Simon P. (2004) Do Mutual Obligation Breach Penalties Coerce Compliance with Government Expectations? Australian Journal of Social Issues, 39(2), pp. 155-167.
|PDF (98kB)
A Brisbane survey was conducted to examine some of the consequences of Centrelink breach penalties when applied to unemployment welfare recipients under the Howard Coalition Government's ideology of Mutual Obligation. Fifty-six such recipients responded to the author's survey by completing a questionnaire about their experiences after receiving one or more breach penalties. The consequences of being breached for those respondents are contrasted with the Coalition Government's stated expectations for its Mutual Obligation driven breach penalty system. The background to the rise of Mutual Obligation as an ideology and the elevated incidence of breach penalties are briefly discussed, along with the report of the survey findings. Interestingly, two surprise findings are given specific focus as they offer new insight.
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Citation counts are sourced monthly from Scopus and Web of Science® citation databases.
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|ID Code:
|Item Type:
|Journal Article
|Additional URLs:
|Mutual Obligation, Centrelink, breaching, welfare, unemployment
|Australian and New Zealand Standard Research Classification > STUDIES IN HUMAN SOCIETY (160000) > POLICY AND ADMINISTRATION (160500) > Social Policy (160512)
Australian and New Zealand Standard Research Classification > STUDIES IN HUMAN SOCIETY (160000) > SOCIAL WORK (160700)
Australian and New Zealand Standard Research Classification > STUDIES IN HUMAN SOCIETY (160000) > SOCIAL WORK (160700) > Social Program Evaluation (160703)
|Past > Research Centres > Centre for Social Change Research
Past > QUT Faculties & Divisions > QUT Carseldine - Humanities & Human Services
|Copyright Owner:
|Copyright 2004 Australian Council of Social Service
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|Reproduced in accordance with the copyright policy of the publisher.
|Deposited On:
|02 Jun 2005 00:00
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|Message view
|« Date » · « Thread »
|« Date » · « Thread »
|Re: config hook design
|Fri, 28 Apr 2000 11:31:14 GMT
> > is no better than the configuration modules. BTW, two tools because one > > has to convert to a file format that people can hack, and the second has > > to convert back. > > Huh? Why is there ever a need to convert back. Humans shouldn't be > hacking on both sides. Yep, humans work on one side, but the server works on the other. The steps to edit a config file are: convert from dir structure to single file hack config file convert back to allow Apache to understand config. > > > Well, we have the idea of inheritance in our config files, but this system > > means that you need a directory even if you aren't changing anything, > > because you might change something in a sub-directory. > > I can't parse this. Take this example. I have DocRoot, DocRoot/foo, and DocRoot/foo/bar. In the 1.3 config file I have: <Directory DocRoot> AllowOverride ALL </Directory> <Directory DocRoot/foo/bar> AllowOverride NONE </Directory> The allowoverride is on for DocRoot and DocRoot/foo, but off for DocRoot/foo/bar. In a directory structure, you would need three Directories, one for each, but the foo directory would be basically empty, because it inherits everything from DocRoot. This just opens up another place for people to forget to look. > But don't hang the rest of my argument for out-of-process > configuration on this one proposal. I'm just dealing with a qmail style config file. Others, who need the in-process config option, are discussing that. I think they are doing a fine job explaining why having the ability to do config parsing in-process is useful. Ryan _______________________________________________________________________________ Ryan Bloom firstname.lastname@example.com 406 29th St. San Francisco, CA 94131 -------------------------------------------------------------------------------
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|Reveals Entire Map
|game over man
|Instant Loss
|there is no cow level
|Instant Win
|whats mine is mine
|500 Minerals
|breathe deep
|500 Gas
|medieval man
|All Research Abilities
|something for nothing
|One Level Unit Attack and Defense Upgrade
|the gathering
|Unit Spells/Abilities never use any energy
|show me the money
|10,000 Minerals and Gas
|radio free zerg
|Play Secret Zerg Song
|war aint what it used to be
|Prevents the Fog of War from reappearing over areas you have explored
|Opponent can not use psionic abilities
|the gathering
|Infinite Energy
|Enable Mission Select (enter this before using any of the following three
|xprotoss #
|Jump to any Protoss mission
|xterran #
|Jump to any Terran mission
|xzerg #
|Jump to any Zerg mission
Go Over Protoss Population Limit Without Cheats
First make sure you have at least one Dark Archon with the Mind Control upgrade. Then make sure you max out your population. Any units you mind control will now go over your supply (population) limit but will not affect you in any way.
Observer glitch
When your opponent has a Missile Turret, you can send an Observer right on top of the missile turret and it will stop firing.
Play Secret Zerg Level
Beat Zerg level 9, The Reckoning, in 25 minutes or less to access it.
Nuclear Critter
Click on a critter (native animal) so that it responds to you 14 times. It will explode in a nuclear blast, but will not damage nearby units.


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From Sydney to Alice Springs, people who want to go gambling in Australia can find places to attend, with high quality services, and a nice variety of games to play. But how about playing online? Well... when it comes to online games, things get a bit more interesting. Because local companies are not allowed to offer casino-style gaming services over the Internet. And the so-called "offshore" operators - those based in other countries - are also banned from promoting their services to Australians. But the law doesn't forbid locals to play at offshore operators, which leads to an interesting situation: while there are no Australian online casinos, the locals are still playing casino games online.
The most popular online casino in Australia
Which is the most popular online casino in Australia? Well, it's really hard to tell, since there are no official statistics available about the attendance of offshore operators. If you ask me, it's the Royal Vegas Casino . The Royal Vegas Casino is one of the most reputable standalone online casinos out there. It has a long history - it was founded in 2000, which makes it one of the oldest gaming portals still in business. Over its history, Royal Vegas has built a reputation as a reliable, safe and fair partner, with high quality games, responsive and helpful customer support, and some of the most generous bonuses you can find online. Not to mention its specials: each month, Royal Vegas Casino players can compete for a variety of prizes, ranging from cash to luxury vacations.
So, what can Australians play online?
The situation of online poker in Australia is similar to that of online casino games. While locals are not prohibited from playing online where they please, companies - not even local ones - are banned from offering (or promoting) such services for Australians. But poker fans, just like casino players, will always find their preferred game online. The list of the most popular online poker destinations in Australia is basically the same as in other countries: PokerStars, 888 Poker, PartyPoker, and all the other "usual suspects".
Is there any form of online gambling that's regulated in Australia?
Yes, there is. Sports betting is the only form of real money online gambling that can be promoted and offered to Australians by Australian companies - and only them. The IGA, Australia's gambling law, restricts foreign companies to offer such services to Australians. So the major international betting companies have found a workaround for it: they created - or acquired - Australian companies to offer their services through them. The most popular online sports betting venues available to Australians are Sportsbet (owned by Irish bookmaker Paddy Power), Bet365, William Hill, Pinnacle Bet - basically all the same major companies that rule the rest of the world's betting markets.
Have you done any gambling while in Australia? Tell us about it in the comments below! It may not be for everyone but I know a lot of people that like to keep their gaming going even while on vacation!


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Tree Services
We are a Professional Arborist, Tree Service company that serves all of Clark County, WA
We offer Tree Trimming, Tree Pruning, Tree Thinning, Tree Removal, 24 hour Storm Damage, Emergency Services, Hazardous Limb & Tree Removal, Trim and Shape Arborvitae, Dead Wooding, Wind Sailing and Tree Preservation. We do All Types of Tree Work.
Free Tree Service Estimates and Senior Citizens Discounts.
Licensed, Bonded and Insured
We Are Your Local Tree Care Experts!


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Andrew Steiger
$ 195.00Ask us a question
8x11", fine art print
"Breaking and entering is illegal. Here are several ways to sneak into a private function or event area. 1. Assume the identity of another 2. Climb. 3 Jump off something high into the pool and become immediately accepted by the party goers. I made this close to Dodger Stadium. The roar of the crowd was present, as were the strangers in the bushes make noises with soda bottles. I really like to draw teeth and things that look hollow. Stadiums are one of the most interesting places in existence for people. They harbor so much energy and excitement and the noises from Dodger Stadium definitely effected me."
Read Andrew's recent interview with Tappan
Matted: 15.25"x18.25"x1.25"
Floated: 12.25"x15.25"x1.25"
Full Bleed: 9.25"x12.25"x1.25"
The work comes with a Certification of Authenticity signed by the Co-Founder of Tappan.
Work ships in 5-7 business days.


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Judge orders new trial for Rasmea Odeh
7 December 2016
This time jury will be allowed to hear testimony about torture, PTSD experienced by Palestinian American. Read more about Judge orders new trial for Rasmea Odeh
Jump to navigation
7 December 2016
This time jury will be allowed to hear testimony about torture, PTSD experienced by Palestinian American. Read more about Judge orders new trial for Rasmea Odeh
29 November 2016
Hearing, cancelled at last minute, was due to give prosecutors chance to object to torture expert. Read more about Rasmea Odeh defense sees hope in judge's unexpected move
13 June 2016
Defense confident testimony about Palestinian American's torture will be allowed. Read more about New trial date set for Rasmea Odeh
13 October 2015
If judges uphold conviction, Palestinian American leader faces jail and deportation. Read more about US appeal court to hear Rasmea Odeh was denied fair trial
12 March 2015
Palestinian American community leader sentenced to 18 months after intense hearing in which she tells judge "I am not a terrorist." Read more about Judge sentences Rasmea Odeh, insisting case is not "political"
11 March 2015
Palestinian American community leader likely to address judge prior to sentencing. Read more about Supporters mobilize on eve of Rasmea Odeh's sentencing
26 February 2015
US prosecutors seek to maximize Rasmea Odeh's sentence by claiming her past conviction by an Israeli military court should put her outside the recommended sentencing guidelines. Read more about US demands long prison term for Rasmea Odeh, based on Israeli accusations
10 December 2014
Federal prosecutors are attempting to invalidate Rasmea Odeh's $50,000 bond for release, but supporters say the government has its facts wrong. Read more about US prosecutors trying to block Rasmea Odeh's release from jail
8 December 2014
Supporters welcome "fantastic news" that Odeh will return home to Chicago until her March sentencing. Read more about Judge orders Palestinian American Rasmea Odeh freed on bond
5 December 2014
Odeh, 67, who suffers from health problems, has been in total segregation. She is not allowed to receive visitors or mail, speak to other prisoners, or use the commissary. Read more about Rasmea Odeh in prolonged solitary confinement in Michigan jail


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Queen - Radio GaGa - Live Aid : Wembley London 1985 MP3
Queen - Radio GaGa - Live Aid : Wembley London 1985 Freddie Mercury.
Queen - Radio Ga Ga (Live Aid 1985) MP3
Live Aid Wembley 1985.
Queen - Live at LIVE AID 1985/07/13 [Best Version] [60fps] MP3
This is the absolute ULTIMATE experience of Queen's set at LIVE AID, this is the best video mixed to the absolutely superior stereo radio broadcast. This vastly ...
Queen - Radio Ga Ga HD - Live AID MP3
Queen Bohemian Rhapsody + Radio Gaga Live Aid 1985 MP3
Queen - Radio Ga Ga (Official Video) MP3
Click here to buy the Queen Collection Boxset - https://queenofficial.lnk.to/studio-collection Subscribe to the Official Queen Channel Here ...
Queen - Radio Ga Ga - Live Aid HD - Subtitulado MP3
Radio Ga Ga se convirtió rápidamente en una favorita para las presentaciones en vivo de la banda. Durante el Live Aid, Freddie Mercury llegó a concentrar la ...
Queen Live Aid 1985 Bohemian Rhaps Radio Ga Ga Hammer To Fall 1080p HD,Remastered MP3
Queen - Bohemian Rhapsody / Radio Ga Ga (Live Aid 85' version) - Cover 1080p MP3
A never been made cover of the best performance of the rock history. Queen galvanised the stadium with some of their greatest hits, in which lead-singer ...
Bohemian Rhapsody / Radio Ga Ga - QUEEN - Live Aid 1985 HD MP3
I Queen presenti sul palco del "Live Aid" il 13.07.1985 insieme ad altri straordinari artisti. Sono sempre contento di condividere la buona Musica con voi amici!
Queen at Live Aid - 20 Minutes That Changed Music MP3
"Queen opening to massive cheers with "Bohemian Rhapsody", and the antics of lead singer Freddie Mercury who got the entire Wembley crowd clapping in ...
Queen - Live Aid - Rehearsal MP3
Rehearsal before the live aid concert. The footage contains: - Hammer To Fall (excerpt) - Bohemian Rapsody - Radio Ga Ga.
Queen Live Aid 1985 MP3
Bohemian Rhapsody and Radio Ga Ga.
4. Radio Ga Ga (Queen-Live At Live Aid: 7/13/1985) (Ultimate Upload) MP3
After getting the latest Queen debate uploaded, it's time to move on to some concert uploads! Although there are very few uploads remaining, we can always ...
Queen Live Aid '85 Radio Ga Ga, sincronia Freddie público palmas (2) MP3
Queen - Radio Ga Ga (Lyrics) MP3
Queen - Radio Ga Ga with lyrics.
Queen Live Aid '85 Radio Ga Ga, sincronia Freddie público palmas MP3
quuen live.
Queen - Live Aid (Part I - Bohemian Rhapsody/Radio Ga Ga) MP3
Bohemian Rhapsody and Radio Ga Ga being played by Queen during 'Live Aid', an event to raise funds to the Ethiopian famine organized by Bob Geldof and ...
Remembering Live Aid performance of Queen's Radio Gaga MP3
On Sunday 12th July at West Midlands Safari park, Mike Smith's guitar academy students and staff put on a six and a half hour show to celebrate the 30th ...


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Doug Sampson
|Doug Sampson
30 June 1957
Hackney, London
|Heavy metal
|Years active
|1975 - 1979, 2016 - present
|Associated acts
|Iron Maiden, Smiler, Janski, Airforce
Douglas Gary Sampson (born 30 June 1957, Hackney, London)[1] is a British musician, best known as the drummer for Iron Maiden from 1977 to 1979.[2]
Prior to joining the band, Sampson was a member of one of Steve Harris' previous groups, Smiler, in 1975,[1] after which he was asked to join Iron Maiden at their inception in the same year.[3] He declined to join at the time as he was "a bit fed up with the whole rock band thing" because he was "completely skint,"[3] but accepted a further invitation in November 1977 after he had taken up drumming again in a group called Janski.[4]
Following a year of playing small pubs with the band, during which they gained a small following,[5] he participated in the recording of Iron Maiden's demo, later released as The Soundhouse Tapes, on 31 December 1978,[6] some tracks from which appeared in the charts of Neal Kay's Heavy Metal Soundhouse club, published weekly in Sounds.[7] Iron Maiden eventually signed to EMI in 1979,[8] following which they undertook two failed attempts at recording their debut album, although one song from these sessions ("Burning Ambition") was included on the B-Side of "Running Free".[9]
Sampson eventually left the band on 22 December 1979, following health issues brought about by the band's extensive touring schedule, and was replaced by Clive Burr four days later.[10] Although he calls it "a blow," he states that "the truth is, I don't think I could have handled it, so maybe it turned out for the best."[11] Although he would form other bands, Sampson has never played professionally since his time with Iron Maiden, after which he ran an off-licence before becoming a forklift driver. [12]
In 2015, Sampson's old band, Airforce, contributed a track ("War Games") to the "Origins of Iron" compilation, which featured nine tracks by former members of Iron Maiden. After seeing the response from fans, in 2016, Sampson rejoined Airforce after a 20-year absence. He recorded three new tracks with the band and released their career-retrospective album, Judgement Day on 15 July 2016 via their friends, WatchOut Records.
Doug finally returned to the stage, in April 2017. At just his second show back with Airforce, the band headlined the inaugural "Burr Fest" event, at The Lounge, in London. The event raised money for the MS Action Fund, in memory of Doug's Maiden successor, Clive Burr.
Airforce have recorded a new EP "The Black Box Recordings: Volume 1", which will be released on 21st July, again, via WatchOut Records. The EP is the first material to feature the reunited trio of Chop Pitman, Tony Hatton, and Doug Sampson, with new vocalist Dilian Arnaudov.
- Iron Maiden
- The Soundhouse Tapes (1979)
- Metal For Muthas (1980)
- "Running Free" (1980) – "Burning Ambition" only
- BBC Archives (2002) (Friday Rock Show Session from 1979)
- Airforce
- Origins of Iron (2015) - "War Games" only
- Judgement Day (2016)
- The Black Box Recordings: Volume 1 EP (2016)
- ^ a b Wall 2004, p. 25.
- ^ Weber, Barry. "Biography: Iron Maiden". AMG. Retrieved 8 May 2010.
- ^ a b Wall 2004, p. 26.
- ^ Wall 2004, p. 49.
- ^ Wall 2004, p. 59.
- ^ Wall 2004, p. 66.
- ^ Wall 2004, p. 69.
- ^ Wall 2004, p. 108.
- ^ Wall 2004, p. 126.
- ^ Wall 2004, p. 122.
- ^ Wall 2004, p. 123.
- ^ Wall 2004, p. 124.
- Wall, Mick (2004). Iron Maiden: Run to the Hills, the Authorised Biography (third ed.). Sanctuary Publishing. ISBN 1-86074-542-3
|This article on a British drummer is a stub. You can help Wikipedia by expanding it.


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Arabtec wins Dh700m Infinity Tower contract from Cayan
A Dh700 million contract to build Dubai Marina's new 'Infinity Tower' was recently awarded to Ababtec by Cayan Investment and Development.
Arabtec has more than 24,000 employees and among its current projects is Dubai icon, Burj Dubai, which will be the highest tower in the world when completed in 2008, according to Khaleej Times.
Speaking of the unique tower, Cayan chairman Ahmed Al Hatti said Cayan stated: "Because of its unique spiral design, everyone will be watching Infinity Tower grow and we wanted a construction team that we know will not only deliver on time but will also hand over a finished product that well and truly exceeds our clients' expectations."
Cayan has also announced that Drake & Scull has been awarded the mechanical, electrical and plumbing (MEP) services contract and that Currie & Brown has won the project management services contract as a joint venture with El Seif Engineering Contracting (ESEC).


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becoming a CA
Being a Chartered Accountant is a thrilling, enriching and fulfilling career. It provides countless opportunities for you to challenge yourself, learn new things, make big decisions and be an important part of the business world.
By becoming a part of the CA Training Office program, you're given the opportunity to develop the skills, abilities and qualities of a CA in an environment that will allow you to grow into a business leader of tomorrow.
[+] Qualifying Practical Experience
All CA students fulfill their practical experience requirements by working in a CA Training Office, which may be in a CA firm, the corporate sector or the public sector. Whatever the type or size of a CA Training Office, every CA student will gain the competencies required of an entry-level CA by meeting the rigourous practical experience requirements of the profession, including:
- Minimum term of practical experience
- Breadth and Depth of competency development
- Completion of the Record of CA Qualifying Practical Experience (RQE)
- Appropriate supervision and mentorship, and
- Reporting to the profession.
A CA Training Office is considered capable of training CA students when it is able to demonstrate the ability to satisfy all of these requirements. While the profession will periodically meet with the CA Training Office to discuss and monitor the program, it's the regular discussions between the CA student and the CA Training Office that ensure students are progressing towards achieving the expected competency standards.
[+] Minimum Term of Practical Experience
The minimum term of practical experience for all CA students is three years, including graduate-level professional education, and students must complete this minimum term within a rolling five-year period. Within this period, students must develop two types of competencies: Pervasive Qualities and Skills and Specific Competencies.
[+] Breadth and Depth of Competency Development
The specific competencies developed depends on the CA Training Office at which the CA student is working. While CA Training Offices are approved based on their ability to develop the required competencies, the agreed-upon competencies and competency areas will vary among CA Training Offices. All CA students are exposed to at least three competency areas in varying degrees throughout the program – one competency area as their Depth and two others as their Breadth areas. Students wishing to learn more about the Depth and Breadth areas in their CA Training Office should speak to their Counselling Member or Training Principal.
[+] Proficiency Levels
Each Depth and Breadth competency area has its own proficiency level requirements, set out as Level 0, Level 1 and Level 2.
Level 0 assumes students have had little or no exposure to that competency.
At Level 1 they have the basic knowledge and skills required to complete assigned tasks.
When students reach Level 2, they are able to work independently at a level reasonably expected of an entry-level CA.
Read examples and a more detailed explanation of the expectations at each Proficiency Level.
Because the development of specific competencies is an integral part of the program, it's important to take a look at the Depth and Breadth areas in greater detail.
[+] Depth of Experience
To develop and demonstrate their proficiency as an entry-level CA, students typically spend a minimum of one-third of their practical experience-term developing their Depth competencies.
The area of depth can be in any of the competency areas. At the end of their practical experience, students must have had the opportunity to gain direct working experience in ALL of the specific competencies within their Depth area, meaning they must be at Level 1 or above.
For students who may wish to practice public accounting in the future, there are some additional specific requirements. These include choosing Assurance as the area of depth and specific hours requirements on audit, review and taxation engagements (see FAQ Section 6: Practical experience requirements for the practice of public accounting).
Students must also be at Level 2 on their last RQE for more than half the specific competencies, meaning they can demonstrate the ability to work independently in the majority of the competencies within their chosen Depth area at a level reasonably expected of an entry-level CA.
Minimum Requirements on Final RQE for Chosen Depth Area:
|Specific Competency Areas
|Minimum # of Competencies at Level 1
|Minimum # of Competencies at Level 2
|Total Competencies in That Area
|Performance Measurement and Reporting
|Governance, Strategy and Risk Management
|Management Decision-Making
[+] Breadth of Experience
In addition to their Depth area, CA students must develop two Breadth competency areas.
At the end of their term of practical experience, students are expected to be at Level 1 or above on their final RQE, so they must have had direct working experience in at least half of the competencies in their two Breadth areas.
They must also be able to demonstrate the ability to work independently – have a Level 2 proficiency – in one-half of the competencies in which they have direct experience.
If a CA student's area of Depth is not Performance Measurement and Reporting or Assurance, they must develop a Level 2 proficiency in three specific competencies identified in Performance Measurement and Reporting. Achieving these three competencies at Level 2 satisfies the requirement for one Breadth area.
Minimum Requirements on Final RQE for Your Chosen Breadth Areas:
|Specific Competency Areas
|Minimum # of Competencies at Level 1
|Minimum # of Competencies at Level 2
|Total Competencies in That Area
|Performance Measurement and Reporting
|Governance, Strategy and Risk Management
|Management Decision-Making
Learn more about Depth and Breadth competency development.
[+] Illustrative Examples
Some CA students and CA Training Offices have expressed concern that the wording of some specific competencies appear to be beyond what would be reasonably expected of an entry-level CA, making it difficult for a CA student to develop a level 2 proficiency by the end of their practical experience. What's important to understand is that the level of involvement required to develop a given competency at a Level 2 proficiency will vary among CA Training Offices, depending on the level of complexity (complexity of the task, the client and the organization).
When a Training Office is approved by the profession, it's approved to develop specified Depth and Breadth competency areas based on the practical experience outlined by the organization. It should give CA students some peace of mind to know that the CA Training Office is committed to allocating the responsibilities required to develop these competency areas.
To provide some clarity on proficiency levels, see FAQ Section 5: Proficiency expected of CA students.
If you have further questions about competency development, feel free to check out our FAQs.
In addition to these Specific Competencies, each CA student must have the opportunity, through work experience, to develop and demonstrate all of the Pervasive Qualities and Skills.
There are other resources that you may find useful as a student. Visit our CA Student Links page for a complete listing.


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The European Union (EU), European Central Bank (ECB), and International Monetary Fund (IMF) spent the first half of 2015 struggling over whether to allow Greece to default and possibly exit the Euro, or to impose another round of austerity in return for more debt assistance. The austerity measures are severe, and if implemented as now planned, will almost certainly extract a high price from the Greek economy, making it much less able to service debt in the future. We look for a much more difficult Greek crisis in 2017 or 2018, assuming a new round of funding goes through. Also, the interest rate implications for the ECB are that it will want to stay on hold for a long time to come, meaning virtually no volatility in short-term Euro Ibor and presenting a mixed picture for the Euro.
Among the EU, IMF, and Greece, there is plenty of blame to go around for excesses of the past. Looking to the future, though, the Greek economy is in the midst of a depression that is already worse than the one experienced in the US in the 1930s. The cash flow of Greece is in no way able to service its mountain of debt to the EU, ECB, or IMF. Greece faces debt default or massive debt restructuring at some point down the road, just not now. (Figure 1 shows fluctuations in the Euro).
So far, the EU has prevailed on Greece to adopt significantly more fiscal austerity in return for another massive increase in new debt. If Greece implements the new fiscal austerity then the economy will suffer a further drop in real economic activity and be even less able to pay off the debt it already has, not to mention the additional debt that it will be provided. This means the EU deal will postpone the crisis until 2017 or 2018 when it will be much worse than the current episode.
In terms of economic impact, the Greek economy has already been isolated from the rest of Europe, and makes up less than 2% of the eurozone GDP anyway. The damage to European equity markets came mostly from the uncertainty of how the crisis would be resolved. The political side of the story is much more interesting. The challenge for European politicians, from German Chancellor Angela Merkel to French President Francois Hollande to the bureaucrats in Brussels and central bankers at the ECB, is how to handle the political fallout from taking huge losses on their loans to Greece. Since the shrunken Greek economy cannot generate enough cash flow for current debts, let alone more debt, the eventual question for EU governments and politicians is whether the debts will be written down, taxes will need to rise in Germany and France due to the losses, or how Germany and France's credit rating might be impacted – all not very attractive political outcomes. Hence, there has been a strong desire by European politicians to kick the can down the road, force more austerity on Greece, and postpone the next crisis until a new round of leadership in Europe takes over.
We look for a much more difficult Greek crisis in 2017 or 2018, assuming a new round of funding goes through.We note that debt default does not necessarily mean that Greece has to leave the single currency (Grexit), even though the issues are tightly linked. Eventually, there is likely to be a blame game to be played here, as to which institution would be the one to force a Greek exit from the euro. Currently, the IMF is the only institution advising for a more realistic approach and recognizing that the Greek economy cannot sustain its current debt load, let alone a larger one. This stance from the IMF has not been welcomed by the EU, which prefers a rosy scenario and postponement of any crisis. This puts the ECB in an awkward position. The Greek banks are dependent, now and in the future, on the ECB's provisions of liquidity to survive. If the ECB were to pull the plug, then a Grexit would be forced. The ECB, however, is likely to take its cues from the EU and Germany, rather than choose to be the institution that causes Greece to exit the Euro. The sequel in 2017-2018 may be quite spectacular, and outdo the 2015 version.
For the ECB, the resolution of the current Greek crisis does not change the monetary policy outlook. Growth for the eurozone depends on encouraging more credit to be supplied, and that suggests no change in ECB short-term rate policy for a long time to come – meaning little to no volatility in Euro Ibor even if European government bonds remain subject to sharp swings due in part to a lack of liquidity.
Interestingly, the Euro was stronger during the crisis than afterwards. The main reason was that the way the Greek crisis was resolved suggested that the ECB would be on the hook for even more money to Greek banks and needed to maintain its QE program for a long time into the future. This put market attention back on the Federal Reserve's likelihood of raising rates before the end of 2015, and resulted in a weaker Euro against the US dollar when the current crisis was resolved. Down the line, whether the Euro rises or falls against the US dollar probably depends as much on whether European economic growth starts to rise, as we think it will, or not. Stronger than expected (by the market) real GDP performance might well be enough to counter a 0.25% rise in US federal funds rates that has been exceptionally well telegraphed.
All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the authors and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.
Bluford "Blu" Putnam has served as Managing Director and Chief Economist of CME Group since May 2011. With more than 35 years of experience in the financial services industry and concentrations in central banking, investment research, and portfolio management, Blu serves as CME Group's spokesperson on global economic conditions.
View more reports from Blu Putnam, Managing Director and Chief Economist of CME Group.
View this article in PDF format.