Euro banknotes placed on a map of Greece. Photo: Dado Ruvic, Reuters

Dado Ruvic, Reuters

Welcome to our continuing coverage of the eurozone crisis.

All times are London time. By Tom Burgis and Esther Bintliff on the news desk in London, with contributions from FT correspondents around the world.

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15.30: The prime minister’s office in Greece has published its statement on the completion of the deal here.

15.14 After the all-night stand-off between Greece’s political leaders, there is a sense of relief that a deal has been reached.

But we still need to know the detail. Exactly how have they agreed to meet the fiscal targets?

If the Republican presidential candidates were your neighbours, Newt Gingrich would be in a bitter dispute with you about your fence. Ron Paul would keep foisting weird books on your teenagers about Austrians and gold. And the electronic gates to Mitt Romney’s residence would barely be visible through the rhododendrons.

Only Rick Santorum would fit the type who mowed your lawns and dropped off pecan pies. He may preach a bit and wear off-putting V-necked sleeveless sweaters. But it would always be with a cheery smile.

By Gideon Rachman

A banner at the protests in Moscow on Saturday carried a stark message: “Mubarak, Gaddafi, Putin”. Mingling with the crowds, it was clear that what began in December as protests against rigged elections has become much more personal. The diverse group of liberals, nationalists and communists that tramped through the frozen streets is united by its loathing for Vladimir Putin, Russia’s prime minister and would-be president.

Lest it be thought that I regard all global economic governance as a crock and don’t give credit where it’s due, congratulations to the US for accepting that “zeroing” – a way of blocking imports by disregarding evidence you don’t like – is dead. In theory Washington will try to negotiate its reacceptance in multilateral talks at the World Trade Organisation, but everyone knows those are going nowhere.

It’s another illustration of two general principles: 1) WTO rules might be patchy, but where they exist, they have held up pretty well, certainly a lot better than protectionism doomsters have been warning; 2) say what you like about the Americans but when they sign up to a trade treaty, eventually, even after a lot of bitching and moaning, they generally stick to it.

This morning’s Moscow News urged anybody attending the anti-Putin protest to eat lots of food before venturing out into the -20 temperatures. So I started my day at the Starlight diner, loading up on bacon and pancakes, in the company of Arkady Ostrovsky – a friend and fellow journalist.

The march set off from October Square – just underneath the last surviving statue of Lenin in Moscow. The demonstrators are usually referred to as the “Moscow middle-class” – and there were certainly some chic fur-coats and fancy phones on display. But ideologically, they were a very diverse grip. There was a large group of communists, carrying red flags with the hammer-and-sickle. There were nationalists, waving white and blue flags. There were gays carrying the rainbow banner. There was a group carrying black flags. I asked who they were and was told – “Fascists, move away.” Then there was another, smaller group, carrying black flags with Arabic writing on them – they were Russian Muslims. There were even some people waving the Facebook flag.

The liberals, who were probably the most visible presence, tended to carry orange flags and home-made posters with their own slogans on them. (They are individualists, after all). One showed a picture of an Alsatian dog, with the words – “We are barking now, but we can bite.” Another sported a large picture of Putin, under the words – “Number one, crook and thief.” Many wore the white ribbons that have become the symbol of a demand for clean elections – and which Putin notoriously compared to condoms.

After a long freezing walk, the march ended at a square just around the corner from the Kremlin. There was a stage, from which a couple of opposition politicians such as Boris Nemtsov made brief speeches. There were also various bands, entertaining the crowd.

In search of warmth, I went into the tent behind the stage. Pointed out to me, among the crowd, was Kseniya Sobchak, a glamorous television hostess and socialite, who is also the daughter of Anatoly Sobchak, the late mayor of St. Petersburg, who helped guide the early political career of Vladimir Putin. There was also a small group of Russian paratroopers in blue berets, who have composed an anti-Putin song that has become an unofficial anthem of the movement and a hit on YouTube.

We went back out into the cold to watch them perform on stage – singing, strumming guitars and waving their regimental flag. I am not a Russian-speaker, but it was a catchy number. Its lines – rapidly translated for me – included: “Putin, you are not a Tsar/ And we are not idiots.”

The song also refers to the troops service fighting in Dagestan and elsewhere. Putin must have hated that. His people like to lampoon the Moscow demonstrators as self-indulgent office-workers and socialites – and to claim that Putin represents the real patriotic Russia. But to have a group of battle-hardened soldiers singing out against you ….That sounds like bad news to me.

Diplomatic response to Syrian crisis in the balance and elections in Uttar Pradesh

With a diplomatic response to the crisis in Syria in the balance at the United Nations, Middle East correspondent Michael Peel, who recently visited Syria, and Middle East editor Roula Khalaf join Shawn Donnan to discuss the situation.
And, as India’s most populous state, Uttar Pradesh, goes to the polls, FT south Asia bureau chief James Lamont and James Fontanella-Khan explain the importance of the election and the risk faced by the Congress party and the scion of the Gandhi dynasty, Rahul Gandhi, in particular.

Vladimir Putin’s public appearances are always interestingly theatrical. His performance yesterday at the Russia Forum, here in Moscow, was characteristically peculiar. At times, Putin was all swagger. At other times, he seemed rather uncertain. At one agonising point, he lost his place in his notes. I was told later that this only lasted for ten seconds. It felt like ten minutes.

What was most interesting, however, was his interaction with the foreign visitors, who had the dubious privilege of sharing the stage with him. (I was in the audience.) Putin was clearly keen to show off his intellect. He argued at length that the world’s economic problems were a crisis of over-production. This sounded to me like re-heated Leninism. Paul Krugman, the Princeton economics professor, sharing the stage with him, fairly politely refuted the “over-production” argument – which I’m not sure you are meant to do, when the Tsar is outlining how the world works.

 

 

As with every eruption of violence in Egypt since the downfall of the Mubarak regime a year ago, the events at a football match on Wednesday evening were the result of the absence of an effective police force and the political failure of the generals who have let this state of affairs persist.

“Outside” being the WTO, in this case

Dave Camp and Max Baucus, Congress’s two top dogs on trade, want the administration to try to make currency misalignment a WTO matter (originally Brazil’s idea). Good luck with that one. Since the WTO works by consensus, China can block this issue on its own. Regarding the renminbi, the consultancy fees for working out just how undervalued is undervalued would put international economists’ kids through college for decades to come.

So what’s going on here? Possibly the creation of a distraction in an attempt to forestall currency legislation on the Hill. Camp doesn’t like it, and although Baucus voted for it last year, he would probably be secretly happy to see it stalled indefinitely, not being a confrontationist firebrand. If Congress decides to pass a bill to fix this awkward example of judicial meddling in the near future, it could provide a vehicle on which China-bashers can attach some more radical legislation.

The conventional wisdom is that when the economy picks up and unemployment comes down, trade and currency disputes generally abate. On the other hand, there is an election coming up, and POTUS gave a pretty clear indication in the State of the Union that he thinks that warming up the old protectionist rhetoric from four years ago might play well in the Midwestern swing states. Don’t hold your breath for a currency deal coming out of Geneva – Capitol Hill is the real battleground for this one.

The World

with Gideon Rachman

About this blog About Gideon Blog guide
Gideon Rachman and his FT colleagues debate international affairs.

Gideon became chief foreign affairs columnist for the Financial Times in July 2006. He joined the FT after a 15-year career at The Economist, which included spells as a foreign correspondent in Brussels, Washington and Bangkok. He also edited The Economist’s business and Asia sections.

His particular interests include American foreign policy, the European Union and globalisation
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