Initiators of Arab spring go to polls

For the first elections which was held on Sunday many Tunisians along with their spouse crowded for the free elections. The first free elections was basking their status over the democratic trail blaze for a period of nine months which was a revolution. The revolution which had sparked in the Arab Spring an election which expected the Islamic party to win. But due to the fall of majority the Islamist party lost and a new 217 member assembly was needed for the constitution.

There was a caretaker announced for the government in the Arab Spring which had previously autocratic rule.. There was long queues seen from the dawn outside many of the polling station in the suburbs and in the capitals. All the expectations were exceeded by the turnout of the Tunisians stated elections chief Kamel Jendoubi. He even added to the journalist that the turnout may even a final rate which may exceed about 60 %. As Voter Houcine spoke one could see the tears in his eyes while casting the ballot paper and having anticipation.

The Arabs have broken the past and come into life again which needs to be a revolution bringing an end to tyranny. About 7.2 million people have been eligible to vote while some of the political parties have broken their blanket campaign. There was been a tension seen between the Islamists and secularists who say about the radical agenda against one party leader.

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IMF does not want to help Greece further

Greece has clearly indicated privately over the matter of Greece saying it will not involve itself in more of the bailout. The outstanding bailout of Greece is about euro 232 billion and many countries have been assessing the Greece bailout. Some of them involved in the bailout of Greece debt crisis includes IMF, along with EU and European Central Bank.According to some of the news the lenders have agreed to lose as much as about 60% in the default of Greece.

The suggestion given from IMF not being part of the bailout has created a panic among the markets and could even worsen the euro zone crisis. There will be a special EU summit which will be participated by the British Prime minster David Cameron. During the meeting the euro zone crisis will be discussed and 17 countries will be warned for the use of single currency. The use of single currency among some of the members of EU would be warned and major decisions will be taken.

There has been some moves by the euro zone towards a closer coordination in bringing economic policies and in fiscal systems. some of the economic policies and the fiscal systems have geared up the fears among the two speed Europe as EU is core. EU has been under scanner as it is the nation divided into the euro nations and marginalized the fringe among the countries. as there was a view in the meeting held on Sunday there was agreement which was on by David Cameron. there will be integration of policies by the Euro zone fears Britain and start to operate as one and without taking help of non euro members.

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Europe in jitters

To oversee the tax and the spending across the 17 euro zone the European Union chiefs are taking up plans. The plan of the European Union Chiefs is plan for a single treasury across all the euro zone. The idea as a proposal was put forth by Herman Van Rompuy who is the European Council president. The proposal of Herman Van Rompuy would be bringing a United States of Europe having Britain on the sidelines.

The treasury plans of being single came in when the finance minsters of Europe tried to find a solution. The solution for the debt crisis of which had engulfed euro zone and the proposal was being given in Brussels. The rescue plan in full scale would be costing around euro 1.75 trillion and the plan of single treasury was suggested by finance ministry. However EU already has its own foreign ministry which has been headed by Baroness Ashton,the former British labor minster.

According to the Senior coalition source there has been arguments going on in Brussels but that is in favor of single treasury. But in spite of all these the different versions has been running in different speeds over the single treasury. In next few days there has been a lot of meetings involving the leaders of EU member state which has been held over the euro zone crisis. As per as the information given by the IMF it is not going to be helping Greece in its bailout.

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Is Europe’s way of stress test dependable ?

Back just three months ago one could see the European Banking authority asking the Dexia SA which passed the stress tests. According to the news release on July 15 the French -Belgian lender ther will be no need for Dexia over the additional capital. The EU wide Stress tests which had been conducted showed Dexia had passed out without any pressure and out of ease reports says. Last weekend a clean bill over the health Dexia had come out with a government bailout so that it could avoid the collapse.

The bailout of Dexia had not surprised anybody and did anyone had expected such a bailout would be happening over to Dexia. The exercise of the stress test was a Charade and just a year before some banks like the Bank of Ireland and Allied Irish Banks had passed the tests. Again the rules was rigged that many of the banks would be failing in the stressed tests but some of the banks who paid attention understood. The European Union Banking authority understood all the possibilities and has passed in the grade and implode itself last year.

Last year the implode of the European Bank has caused a lot of embrassement to everyone who were involved and thus enters the question of why. The reason may include some mass corruption or mass stupidity or may be both of them causing beginning and ending lets see. But in-spite of these the European Banking has shown itself and has been making the regulators of US look good which is a greater effort. The tests was Dexia balance sheet was conducted for about 90 banks in about 21 countries in the Euro Zone and the stress test was solved.

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