Daily Archives: October 4, 2011

David Pilling

At least one newspaper in China has finally come out in strong support of pro-democracy demonstrations and mass sit-ins. An opinion piece in the official China Daily objected to what it called a “blackout imposed by major news media” of the growing protest movement.

The country being so criticised is not, of course, China.

Rather, it is the US, the latest leg of the global revolution, where news of the Occupy Wall Street movement has allegedly been suppressed. Read more

Welcome to our continuing coverage of the eurozone crisis. All times are London time. Curated by Esther Bintliff and John Aglionby on the world news desk in London, with contributions from FT correspondents around the world.

 

14.44: We’re now handing over to our colleagues on Money Supply, who are  liveblogging the testimony of Ben Bernanke, US Federal Reserve chairman, before Congress. Thanks for reading today and we’ll be back soon.

14.37: A quick round-up of today’s events:

  • Eurozone finance ministers postponed the disbursement of the next tranche of Greece’s bailout money until November
  • However, the Eurogroup also indicated they were preparing to paper over Greece’s failure to meet international lenders’ mandated budget targets for 2011, saying they would now evaluate Athens’ performance based on goals that combine both this year’s and next year’s finances
  • Jean-Claude Juncker confirmed that the eurogroup will review the losses imposed on private sector bondholders (mainly banks) as part of the Greek bailout agreed in July. Last week, the FT reported that as many as seven of the eurozone members wanted private creditors to swallow a bigger writedown on their Greek bondholdings
  • The French and Belgian governments stepped in to stem investor panic on Tuesday by saying they would guarantee loans made by Dexia, amid fears of a funding crisis at the Franco-Belgian bank
  • Shares in Deutsche Bank fell after it said it was going to take an approximately €250m impairment charge on its Greek sovereign debt holdings
  • Ireland’s central bank downgraded its growth forecasts for Ireland in 2012 (see our 13.15 update) while upgrading its forecast for 2011

 Read more

By Gideon Rachman

The defining geopolitical drama of the next century will be the battle for power and influence between China and America. That emerging struggle is already posing awkward choices for Asian countries, caught between the two global giants.