- “Beijing looks as if the government declared martial law in the midst of a floral convention” – FT Beijing bureau chief Jamil Anderlini discusses Chinese society’s ever greater expectations amid the start of the Communist party congress that will choose the country’s new leadership.
- FT China correspondent Kathrin Hille analyses how and why outgoing president Hu Jintao has kept the next generation of leaders on a short leash , and the concern raised by his call to build up the nation’s sea power. Read more
Here are some of the articles that have grabbed our attention from today’s FT and elsewhere:
Welcome to our rolling coverage of the reaction to elections in France and Greece on a big day for Europe.
By Tom Burgis, John Aglionby and Esther Bintliff in London with contributions from FT correspondents around the world. All times are London time.
This post should update automatically every few minutes, although it might take longer on mobile devices.
16.52 That’s the lot of the live blog today. See FT.com for more news and analysis through the night.
We’ll leave you with a quick summary and some reading. Today:
- Markets reacted warily at first to the French and Greece results, although equities and bonds recovered through the day. The euro stayed weaker though
- Angela Merkel promised François Hollande a warm welcome in Berlin but said the eurozone’s fiscal pact was not up for re-negotiation. She also urged Greece to stick to the cuts programme agreed with lenders
- Greece’s political leaders wrangled over a possible coalition government after voters administered a thumping to the two biggest parties, leading to predictions of a fresh election and a potential move to tinker with the terms of the country’s €174bn bail-out
- Spain reversed course and said it plans to pump public cash into troubled lender Bankia
- Leftists from Dublin to Stockholm hailed the victory of a Socialist in France, with many seeking to use Hollande’s triumph to push for more pro-growth policies to temper European austerity
The FT’s Westminster Blog ran live coverage of James Murdoch’s appearance at the Leveson inquiry in media standards and journalistic ethics. Read more
Will EU leaders make strides towards recovery?(Photo AP)
Welcome back to the FT’s rolling coverage of the eurozone crisis. By John Aglionby and Tom Burgis in London and Anjli Raval in New York, with contributions from correspondents around the world. All times are GMT.
Today’s main event is the European Union leaders’ summit in Brussels, where growth and Greece’s debt are expected to top the agenda. We expect more movement towards a fiscal discipline pact, too.
Also today Portuguese bond yields have soared, an Italian bond sale went satisfactorily and widening eurozone spreads over German debt suggest unease is setting in anew.
00.22 Talks ground to a halt in Brussels as European leaders left for the night without reaching an agreement on how to plug Greece’s widening budget deficit. While the bargaining with Greece over a debt writedown and its economic management will continue for yet another day, we are going to close down the blog for the evening. Here is our updated EU summit story on today’s agreed fiscal discipline treaty. Read more
William Hague travels this week to Brazil; the UK foreign secretary wants to curry favour and, more importantly, greater trade with Latin America’s rising powers. “Britain is coming back,” he says. “We are turning around decades of British withdrawal in Latin America.”
What a shame, then, that next door in Argentina much of British diplomacy has literally slipped back into the semaphore age – at least when it comes to the Falklands/Malvinas issue. Read more
In his second video on the US 2012 presidential election campaign, FT columnist Edward Luce considers whether anything or anyone can stop Mitt Romney from winning the Republican party presidential nomination after his wins in Iowa and New Hampshire.
In the first of a series of weekly videos, Edward Luce, the FT’s US columnist, discusses the race for the Republican party’s presidential nominee with Norm Ornstein of the American Enterprise Institute and Bill Galston of the Brookings Institution.
The Financial Times has decided to change its style and from today will use the name Myanmar rather than Burma.
Is this premature, too late or just wrong? Please send us your comments or tweets at @ftworldnews
The reasons for the change are explained in the following editorial, which appeared in today’s newspaper: Read more
A screen in Hong Kong displaying the Hang Seng index's turbulent day today. Image AP
Welcome back to the FT’s coverage of the eurozone crisis and its global fallout. Curated by John Aglionby, Tom Burgis and Orla Ryan on the news desk in London and with contributions from correspondents around the world. All times are GMT.
Market reaction to events in Italy shows that the crisis is now truly global. Markets are looking for more clarity from Rome on timings, particularly of the austerity vote. Meanwhile the Greek establishment has finally settled on a new prime minister.
18.53 That’s the end of our live coverage today. See FT.com through the night for all the latest news and analysis.
18.45 Our reporting team in Italy has produced a profile of Mario Monti, frontrunner to be the next Italian prime minister:
Former European Commissioner Mario Monti at a news conference in Strasbourg in 2001 (Reuters)
Romans are already talking of the beneficial “Mario Monti impact” on Italy’s debt mountain – even before his appointment as prime minister is in the bag.
The spread between Italian and German 10-year bonds has fallen some 50 basis points since peaking at 576 on Wednesday, partly attributed to the prospect of the respected economist and former European commissioner taking over from Silvio Berlusconi to head a caretaker government.
Silvio Berlusconi – shutting one's eyes won't make the problems go away. Image AFP/Getty
Welcome back to the FT’s coverage of the eurozone crisis. Curated by John Aglionby, Tom Burgis and David Crouch on the news desk in London, with contributions from correspondents around the world. All times are GMT.
Greece really is expected to get a new prime minister today – 48 hours later than expected. Italy, well who knows what’s going to happen there as bond yields surge and the EU’s economic inspectors arrive … And policymakers and financiers are becoming increasingly concerned about the impact of the crisis on global liquidity levels.
18.53 That’s it for our live coverage today. We leave you with a round-up of where we stand at the end of another turbulent day in Europe – and some cold hard numbers (and letters) for your bedtime reading.
Welcome back to the FT’s live coverage of the eurozone crisis. Run by John Aglionby, Tom Burgis and Orla Ryan on the news desk in London, with contributions from correspondents around the world. All times are GMT.
20.00: So, Berlusconi has offered to resign – but only after parliament passes an austerity package. And then, he tells Italian television, he wants elections. We’re wrapping up the live blog now: see the new stories and analysis on FT.com for developments from Rome and elsewhere through the night.
19.46: In Rome Ferdinando Casini, head of the opposition party UDC, has told reporters he is “convinced that Berlusconi understands that the current economic and political situation does not allow for a long and extenuated election campaign“.
19.40: From Milan, the FT’s Rachel Sanderson reports that after meeting the president Berlusconi returned to his residence in Rome, Palazzo Grazioli, where he has been joined by Angelino Alfano, the young Neapolitan member of his party whom Berlusconi suggested earlier this year could be his successor. Berlusconi has also been joined by Niccolo’ Ghedini, his lawyer, and members of his coalition party the Northern League, according to Italian reporters at the scene. Read more
Welcome to the FT’s live coverage of the eurozone crisis. Curated by John Aglionby and Tom Burgis in London, with contributions from correspondents around the world. All times are GMT.
Another week, another crisis summit. A day after the Greek cabinet unanimously backed prime minister George Papandreou’s call for a referendum on the eurozone deal hammered out by European leaders last week, the global summit circus descends on Cannes, in southern France, for a (planned) gathering of leaders of the Group of 20 leading economies. Formal talks start on Thursday but key meetings are being held today, notably involving Mr Papandreou – who has been summoned to Cannes to meet Nicolas Sarkozy, the French president, and Angela Merkel, the German chancellor.
00.00 The witching hour seems an appropriate time to call a halt. Thank you for clicking. We shall be back in the morning. Read more
George Papandreou Photo: AFP/Getty
Welcome to the FT’s live blog on the eurozone crisis.
Curated by John Aglionby and Orla Ryan on the world news desk with contributions from correspondents around the world.
George Papandreou, the Greek prime minister, caused a major surprise on Monday night and re-opened the eurozone sovereign debt crisis when he announced a public referendum to approve the second bail-out thrashed out last week by European leaders. Public opinion polls show a majority of Greeks oppose the bail-out. The PM will hold an emergency cabinet meeting at 4pm UK time on Tuesday. Parliamentary debate on the proposal starts in Athens on Wednesday. We are wrapping up the live blog for today and will be blogging again tomorrow.
1839: A quick upsum of the day’s key events in Greece and the eurozone:
The Greek prime minister is facing calls to resign after calling a referendum on the EU bail-out plan. An emergency cabinet meeting is taking place on Tuesday evening. Read more
People may be forgiven for wondering what European leaders will do this weekend since most decision-making has been postponed. (See 10.25 entry) Photo Reuters
Welcome to our coverage of the eurozone crisis. Compiled by John Aglionby on the world news desk in London, with contributions from correspondents around the world. All times are London time.
This weekend was meant to be the moment European Union leaders came together to end the eurozone debt crisis. But continuing differences between France and Germany, primarily over how to boost the firepower of the €440bn eurozone rescue fund, mean another summit will be required. As one European official said: “We’ve lost the main parachute and we’re on the reserve chute and we’re not sure that will even work.” Read more
Welcome to our continuing coverage of the eurozone crisis. All times are London time. This post should update every few minutes, but it may take longer on mobile devices. By John Aglionby and David Crouch on the world news desk in London, with contributions from FT correspondents around the world.
José Manuel Barroso, the European Commission president, has set out his bank recapitalisation plans, while the temperature is rising for Silvio Berlusconi after he lost a parliamentary vote last night, and Slovakian politicians are plotting their next moves after blocking the expanded eurozone rescue fund. Read more
Today, the Financial Times launches a three-day series
looking at the growth of the cyber industrial complex. Joseph Menn, who writes about tech security and privacy from the San Francisco bureau, looks at the fast-growing start-ups in the sector
— and the establishment defence groups that are swallowing them up. Check out our interative guide
to M&A in the sector, and read about how hackers are going legit.
On Tuesday Joe will look at what an attack on the US grid would look like, while Vint Cerf, one of the founders of the internet, explains what he would do differently if he could start over from scratch. The third and final part of the series looks at the world of China’s secret cyber militias and whether global powers will ever agree on a treaty to govern internet warfare.
Jean-Claude Trichet. Image by Getty
Welcome to our continuing coverage of the eurozone crisis.
All times are London time.
Curated by John Aglionby and David Crouch on the world news desk in London, with contributions from FT correspondents around the world – and today a special focus from Money Supply’s Claire Jones on the last press conference by Jean-Claude Trichet as president of the European Central Bank.
19.09. We are wrapping up the live blog in London. Thanks for reading. You can continue to follow our eurozone coverage at www.ft.com/world and on twitter at @ftworldnews
18.49 So what do analysts make of Mr Trichet’s record? He received a mixed score in an FT poll.
Gerard Lyons at Standard Chartered gives him five out of ten:
Jean-Claude Trichet has stuck to the mandate. But he should have taken a far broader view. He missed the crisis and he shouldn’t have raised rates this year