Not a milestone to rejoice in. Japan’s debt has tipped into the “quadrillion” zone for the first time. That is, as of the end of June, central government debt, looked like this: Y1,008,628,100,000,000, or $10.4tn.
It surely could not be a clearer message to Japanese Prime Minister Shinzo Abe that shilly-shallying over fiscal consolidation is no longer an option? Second-quarter economic output figures due on Monday are key to Abe’s decision about whether to raise consumption tax from 5 per cent to 10 per cent by 2015. Back in June in a speech in London, he pinned any decision to raise the tax – one he must make by October – on the strength of the economy in the second quarter. Read more
By Catherine Contiguglia
♦ Italy’s government often gets dismissed as being a mess, but Enrico Letta has made some notable achievements, writes Chris Hanretty, a lecturer in politics at UEA. However, the next 100 days will present some challenges, including the backlash from Silvio Berlusconi’s tax fraud conviction, and electoral and tax system reforms.
♦The staging of walkouts across the fast food industry is not about young entry-level workers wanting more money to pay for the movies on Friday – it is about the failure of the US economy to create reasonable middle-class jobs for older and more educated workers who now depend on low wage jobs to support their families.
♦ “Mugabe will leave power when he wants to – or when his body gives out,” writes Richard Dowden in his analysis of Robert Mugabe’s victory Zimbabwe elections, which he says is partly explained by rigged elections, but also mistrust of his opponent, and the sentiment that it is better not to “upset the Big Man.”
♦ Vladimir Putin is launching an amnesty program to release some of the 110,000 people imprisoned under his leadership for “economic crimes” – such as allegedly violating the copyright on leopard print – so that they can help him figure out how to turn around the languishing economy.
♦ The corruption and nepotism that surrounds China’s political elite gets a lot of press – but in the shadows of the spotlight looms a far more widespread system of families that dominate the villages and towns throughout the vast countryside. Read more
Turkish actors Kivanc Tatlitug (L) and Songul Oden (R) (Getty)
It looks like the unkindest cut of all. After years in which the march of Turkish soap operas across the Middle East has been hailed as proof of Ankara’s soft power in the Arab world, someone wants to pull the plug.
The post-coup government in Egypt, which is barely on talking terms with Turkey, appears to be encouraging a boycott of Turkish soaps, a move that not only hits a showpiece cultural export but comes at a time when Ankara is confronting a host of problems in the Middle East.
The glory days of August 2011, when prime minister Recep Tayyip Erdogan was greeted by thousands of sympathisers at Cairo airport, seem very far away. Indeed the upheaval in the Arab world, which once seemed set to bolster Turkey’s influence, is turning into a serious headache on issues ranging from soap operas to shootings. Read more