Source: Investors face 70 pct loss in Greek deal

BRUSSELS (AP) ? Investors participating in a deal to slash Greece's massive debt would face an overall loss on their bond holdings of around 70 percent, a person familiar with the negotiations said Monday.

Athens and representatives of investors holding Greek government bonds over the weekend came close to a final deal designed to make Greece's debt sustainable. The country has to secure an agreement with its creditors to get any further international rescue funds.

If the agreement works as planned, it will help Greece remain solvent and help Europe avoid a blow to its already weak financial system, even though banks and other bond investors will have to accept multibillion-dollar losses.

The person briefed on the talks said Monday that the 70 percent loss was the result of cutting the bonds' face value in half, reducing the average interest rate to between 3.5 per cent and 4 percent and pushing repayment of the bonds decades into the future.

The person spoke on condition of anonymity because the talks are confidential.

The deal, which aims to reduce the country's debt by about euro100 billion, needs to be finalized quickly. Greece runs the risk of a disorderly default on March 20, when it faces a euro14.5 billion bond repayment it cannot afford without additional help.

Many investors ? banks, insurance companies and hedge funds ? who hold Greek bonds also hold debt from other countries that use the euro, which could lose value if there is a full-fledged Greek default. This is the scenario analysts fear most and why they hope investors will voluntarily accept a partial loss on their Greek bonds.

The agreement taking shape is a key step before Greece can get a second, euro130 billion bailout. The country has been surviving since May 2010 on an initial euro110 billion package of rescue loans from other countries using the euro and the International Monetary Fund.

Besides restructuring its debt with private investors, Greece must also take other steps to secure further aid. It must cut its deficit and boost the competitiveness of its economy through layoffs of public sector workers and the sale of several state companies, among other moves.

Earlier Monday, Greek lenders Eurobank and Alpha Bank said a planned merger to create the country's largest bank by assets could be put on hold because of the negotiations over the bond swap.

The banks said that "an accurate timeline cannot be given" to complete the deal announced last August because of the negotiations.

Greece's finance ministry expressed surprise at the announcement, arguing that the negotiations had produced "nothing new or different" to factors already taken into account by both banks.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2012-01-30-EU-Greece-Financial-Crisis/id-a22ff1238d2048a5a50f729a4985253f

new hampshire primary results amanda bynes molly sims golden state warriors hostess brands nh primary david crowder band

Elisabeth Braw: "The Revolution Will Spread Throughout the Muslim World - and Beyond"

People call him "The Godfather of the new Islamist Middle East." Rachid Ghannouchi, whose Ennahdha party won Tunisia's first free elections last November, does indeed spearhead the post-Arab Spring Middle East. After being imprisoned and forced into exile by President Ben Ali for his Islamist views, Ghannouchi triumphantly returned during the Arab Spring. Tunisia's Islamist government is set to be joined by more; Islamists recently won the Egyptian elections.

But Ghannouchi doesn't like the everyday business of political office, he tells Metro. He has chosen to remain party leader while fellow Ennahdha member Hamadi Jebali serves as prime minister. But Ghannouchi is the country's real power central, "the man who pulls the strings," Tunisians say.

Far from a firebrand preacher, Ghannouchi is a soft-spoken former philosophy professor. He met Metro at Ennahdha's headquarters in Tunis. Staff scurried through the dilapidated building, while hordes of poor Tunisians gathered downstairs, hoping for handouts from Ennahdha.

Islamism was banned during the rule of Ben Ali. Did you expect Tunisians would vote for your party in the elections?

I always expected our party to win the elections once the dictatorship collapsed. We won the majority in the 1989 elections, but the regime falsified the results and decided to eliminate our movement. Nothing can convince me that the people of Tunisia have changed their minds since then.

How will Tunisia change now that the coalition led by your party is in power?

Our government is the result of the revolution. There will be a lot of change, and we'll respond to the needs of Tunisians. Right now, Tunisians want calm more than anything else, and we'll provide that.

How do you foresee the Middle East developing as a result of the Arab Spring?

Of course I'm very proud that Tunisia started the Arab Spring. In one year, we've seen five revolutions, and most of them have succeeded. This wave of revolutions will spread and will influence all Arab and Muslim countries, and even influence the rest of the world. And the Muslim world will be lead by the Islamic movement, specifically the mainstream moderate Islamic parties. These parties are against extremism and terrorism.

The Muslim Brotherhood's Freedom and Justice Party won Egypt's elections. Are they the same kind of Islamists as you?

They're part of the mainstream Islamic movement, and the mainstream is moderate. But each country's Islamic movement has specific elements.

How do you see the situation developing in Egypt?

The Muslim Brotherhood just won the final stage of the parliamentary elections, and I believe the Egyptians will be able to establish true democracy. I'm certain that the army will cede power to a civilian government. Egyptian politics is more complicated than politics in Tunisia, because they have a strong army and large minorities, but I have no doubt that the Egyptian people will once and for all succeed in replacing their dictatorial regime with a democratic one. And I'm convinced that SCAF [Supreme Council of the Armed Forces] will voluntarily step down rather than risking bloodshed.

So countries like France and Britain will feel the Arab Spring at home?

Absolutely. The Arab Spring has given people a new understanding of Islam. Before, it was linked with terrorism. Now it's linked with revolution, democracy, human rights and justice.

Did people simply misunderstand Islamism in the past?

I think what the world has discovered is that Islamism goes hand in hand with modernity and human rights. Islam and terrorism are incompatible. In the elections and Tunisia, Morocco and Egypt moderate Islamists won the majority of votes. Still, some people stick to their old views on Islamism. Those views are fueled by the media. Most newspapers and TV stations still spread the idea that Islam is a threat to democracy, human rights and modernity. But in time we'll convince those people as well that Islam is in favor of people's interests.

What's your response to people who see Islamism as a threat?

In Islam all human beings are equal in front of God and in front of the law. Nobody can pretend that he's better than others. During the history of Islamic civilization Muslims have co-existed with Christians and members of other religions. We haven't had any religious wars like the Catholics and Protestants. The Holocaust happened in the West, not in an Islamic state. The conflicts in the history of Islam have been about politics; which party or person will rule? But your religious convictions are up to you. Religious minorities in the Islamic world today have full rights as citizens.

What about religious minorities in Tunisia?

We only have tiny minorities of Christians and Jews. Two months ago, the head of the Jewish minority came to congratulate me on our election victory. Afterwards he told a newspaper that he's not afraid of Ennahdha because we're moderates.

How do you plan to tackle extremism among Muslims?

Extremism and terrorism are a very real threat to Islam and Muslims. Most people killed by Muslim extremists are Muslims! Just consider Iraq, Egypt, Indonesia and Algeria. Being perceived as a religion of extremism is a danger to Islam as well.

But how can you make sure that young men in particular aren't drawn into extremist networks?

Terrorism is the fruit of dictatorships. For example, the seeds of terrorism by Egyptians were sewn Mubarak's prisons. Once democracy is established we won't see these strange phenomena of Islam.

How will you convince those who doubt that Islamists are peaceful?

Through deeds. By being role models. If we succeed in implementing our model, people will see that Islam is compatible with democracy, development and women's rights.

The West supported secular dictators in the Muslim world to make sure Islamists didn't win elections...

It was hypocrisy. Ben Ali and Mubarak ran Mafia regimes. Western leaders acted against the very beliefs they professed to have. By doing so, they trampled on human rights and democracy. I hope the post-Arab Spring will lead to an opening between Islam and the West, based on mutual respect. After we won the election, Western leaders called to congratulate us. Now they have an understanding of what we're trying to do.

Ben Ali supported women's rights, and observers worry that your government may revoke some of those rights, including women's right to divorce. Will you?

My party won't change the rights women have under Tunisian law. Allah, God, created us male and female, and we're equal. In Islam we can't distinguish between people based on gender. Of the 49 female MP's in Tunisia's newly elected Assembly, 42 belong to my party. The majority of Tunisian women accept our views on Islam. They fight for their rights inside Islam, not outside. One of our MP's is a woman who doesn't even wear a headscarf.

One human rights observer told me, "even if Ennahdha wanted to force women to wear headscarves it wouldn't have to, because more and more women are wearing it anyway"...

Scarf, no scarf: it's the woman's choice, just as she decides what she wants to eat and drink. The state doesn't have any reason to intervene.

Previously published in Metro, http://www.metro.lu

?

Follow Elisabeth Braw on Twitter: www.twitter.com/elisabethbraw

Source: http://www.huffingtonpost.com/elisabeth-braw/tunisia-rachid-ghannouchi_b_1243487.html

belgian malinois girl fight jacoby brissett danielle staub last of the mohicans last of the mohicans ryan howard

Indy battens down hatches for Super Bowl security (AP)

INDIANAPOLIS ? From pickpockets and prostitutes to dirty bombs and exploding manhole covers, authorities are bracing for whatever threat the first Super Bowl in downtown Indianapolis might bring.

Some ? nuclear terrorism, for instance ? are likely to remain just hypothetical. But others, like thieves and wayward manhole covers, are all too real.

Though Indianapolis has ample experience hosting large sporting events ? the Indianapolis 500 attracts more than 200,000 fans each year, and the NCAA's men's Final Four basketball tournament has been held here six times since 1980_ the city's first Super Bowl poses some unique challenges.

Unlike the Final Four, which is compressed into a weekend, the Super Bowl offers crowd, travel and other logistical challenges over 10 days leading up to the Feb. 5 game. And unlike the 500, where events are largely concentrated at the Indianapolis Motor Speedway about seven miles from Lucas Oil Stadium, the NFL's showcase event will consume 44 blocks ? about a mile square ? in the heart of the city, closing off streets and forcing an anticipated 150,000 or more NFL fans to jockey with downtown workers for space much of the week.

"This is clearly bigger in terms of the amount of people who will be downtown over an extended period of time," city Public Safety Director Frank Straub said.

Under a security risk rating system used by the federal government, the Super Bowl ranks just below national security events involving the president and the Secret Service, said Indianapolis Chief of Homeland Security Gary Coons. The ratings are based on factors including international attention, media coverage, number of people the event attracts and visits by celebrities and foreign dignitaries, he said. The Indianapolis 500 ranks two levels below the Super Bowl.

The city has invested millions of dollars and worked with local, state and federal agencies to try to keep all those people safe. Up to 1,000 city police officers will be in the stadium and on the street, carrying smartphones and other electronic hand-held devices that will enable them to feed photos and video to a new state-of-the-art operations center on the city's east side or to cruisers driven by officers providing backup, Straub said. Hundreds of officers from other agencies, including the state police and the FBI, will be scanning the crowd for signs of pickpocketing, prostitution or other trouble.

One concern has been a series of explosions in Indianapolis Power & Light's underground network of utility cables. A dozen underground explosions have occurred since 2005, sending manhole covers flying.

Eight explosions have occurred since 2010. The latest, on Nov. 19, turned a manhole cover into a projectile that heavily damaged a parked car and raised concerns about the safety of Super Bowl visitors walking on streets and soaring above the Super Bowl village on four zip lines installed for the festivities.

Since December, IPL has spent about $180,000 to install 150 new locking manhole covers, primarily in the Super Bowl village and other areas expected to see high pre-game traffic.

IPL officials say the new Swiveloc manhole covers can be locked for security reasons during the Super Bowl. In case of an explosion, the covers lift a couple of inches off the ground ? enough to vent gas out without feeding in oxygen to make an explosion bigger ? before falling back into place.

An Atlanta consultant hired by the Indiana Utility Regulatory Commission last summer to audit IPL's underground network of cables for a cause of the explosions says the new covers are merely a Band-Aid.

"We've argued it's better to prevent," said Dan O'Neill of O'Neill Management Consulting, which filed its report in December.

O'Neill's team couldn't pinpoint an exact cause for the explosions but said a flawed inspection process contributed, noting that IPL workers missed warning signs such as road salt corroding an old cable or leaks in nearby steam pipes. In a report filed Jan. 19 with Indiana utility regulators, the power company said it had overhauled its inspection process.

IPL will dispatch extra crews to the area around the stadium in case of power-related problems, such as a recent breaker fire that left 10,000 customers in homes south of downtown without power. Spokeswoman Crystal Livers-Powers said the company doesn't anticipate any power issues.

Straub, the public safety director, said he's confident the city is prepared and notes that Indianapolis hosts major events "pretty regularly."

Special teams from the Department of Energy will sweep Lucas Oil Stadium and the surrounding area for nuclear terror threats, and a new $18 million high-tech communications center that opened in time for the lead-up to the game will tie it all together.

"We're using more technology, and state of the art technology, than has been used in any Super Bowl before this one," Straub said.

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20120130/ap_on_sp_fo_ne/fbn_super_bowl_security

zachary quinto ashley judd brewers harbaugh the walking dead season 2 milwaukee brewers will power

Police focus on SUV in fatal N. Calif. train crash (AP)

SACRAMENTO, Calif. ? Investigators on Sunday were trying to determine what motivated the driver of a sport utility vehicle to ignore a downed crossing arm and flashing lights and pull the vehicle into the path of an oncoming commuter train in Sacramento.

Three died after the Saturday afternoon collision south of downtown, including Damian Williams, a 21-month-old boy, county coroner's officials said.

One of the four people inside the Nissan Pathfinder remained in the hospital Sunday at the University of California, Davis Medical Center in Sacramento, where she was being treated for serious injuries.

Authorities also were trying to sort out the relationships of those involved and had not released the identities of the adults.

In addition to the toddler, the dead included a 25-year-old woman and a 62-year-old man, who was ejected from the Pathfinder when it was struck by the southbound light rail train traveling at 55 mph shortly after 4 p.m. The impact pushed the SUV about 30 yards down the track and flipped it.

Officer Laura Peck, a spokeswoman for the Sacramento Police Department, said the woman taken to the hospital was the man's wife.

Investigators and officials with the Sacramento Regional Transit District said video from cameras mounted on the intersection showed the SUV drive around the crossing arms just before impact. That video and other pictures captured by a camera mounted on the train are part of the investigation and were not being released publicly, Peck said.

Witness accounts appear to support the video evidence that the crossing arms were down and warning lights were flashing when the SUV tried to get across the tracks.

Davis resident Ravin Pratab, 42, was in a car that was waiting to cross the tracks when he said he heard a loud bang and then "saw a light-rail train heading south with a big truck smashed on it."

Authorities said six of the roughly 50 passengers on the light rail train were taken to local hospitals but had only minor injuries.

On Sunday, the tracks were cleared and the intersection was open, with no sign of the previous day's collision. A white teddy bear was placed at the base of the pole holding the crossing arm, on the same side of the tracks where the SUV had been before it attempted to cross.

Regional transit officials said trains were operating on their regular schedule after a section of track was repaired Saturday night.

One question investigators are trying to answer is the length of time the crossing arms were down. The light rail train passed through the intersection after two Union Pacific freight trains, going in opposite directions and using different tracks, had passed by.

Neither Peck nor a spokeswoman for the transit district said they knew the length of the interval between the time the freight trains cleared the intersection and the commuter line came through. The light rail system has its own dedicated tracks.

Drivers in Sacramento often can wait up to 10 minutes for a freight train to pass, then might have to wait several minutes more because of an approaching light rail train. The extended wait times can be a source of irritation ? and missed appointments ? in California's capital.

Alane Masui, a spokeswoman for the Sacramento Regional Transit District, said Sunday that determining the length of time the crossing arms were down and the interval between the trains was part of the ongoing investigation.

Sacramento's light rail system, started in 1987, carries an average of 50,000 passengers a day. On weekdays, it's packed with those commuting between the suburbs and state government jobs downtown.

Masui could not immediately say whether Saturday's collision was the deadliest in the system's history or how many collisions between light rail trains and vehicles had occurred in the past.

Source: http://us.rd.yahoo.com/dailynews/rss/us/*http%3A//news.yahoo.com/s/ap/20120130/ap_on_re_us/us_suv_light_rail_crash

gmcr ohio news caracal beef wellington beef wellington ronnie brown man up

Romney widens lead over Gingrich in Florida: Reuters/Ipsos poll (reuters)

Share With Friends: | | Politics - Top Stories Stories, News Feeds and News via Feedzilla.

Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/192777511?client_source=feed&format=rss

antonio brown lil kim martial law mike wallace mike wallace is jon bon jovi dead jon bon jovi

Russia to delay space mission due to technical problems (Reuters)

MOSCOW (Reuters) ? Russia plans to delay the next mission carrying U.S. and Russian astronauts to the International Space Station by several weeks due to problems with the spaceship's descent vehicle, Interfax news agency quoted an industry source as saying Friday.

The expected delay follows a series of technical mishaps that marred Russia's celebration of 50 years last year since Yuri Gagarin's pioneering first human space flight.

The space industry source told Interfax that the launch, originally set for March 30, would be delayed by several weeks, possibly until May.

The source added the shell of the descent vehicle, used to carry astronauts to the surface of Earth or other celestial bodies, broke during testing ahead of the take-off.

"This descent vehicle can no longer be used in a manned flight," said the source. "Therefore the launch of the Soyuz TMA-04M will have to be rescheduled until the second half of April or the first half of May."

The Soyuz was meant to carry Russian cosmonauts Gennady Padalka and Sergei Revin as well as U.S. astronaut Joseph Acaba to the ISS, a $100 billion research complex that orbits about 240 miles above Earth.

Alexei Krasnov, in charge of manned flights at Russian state space agency Roskosmos, told Itar-Tass there was a defective element in the descent vehicle. He said a decision might be made as soon as next week to push back the launch date.

Separately a space industry source told Itar-Tass that Saturday's launch of Dutch telecommunications satellite NSS-14 would also be delayed for the second time because of problems with the Proton-M carrier rocket.

It had first been planned for December 26, but was rescheduled for January 28. The new launch date has not yet been set.

The Proton-M has failed in the past and it was temporarily suspended after one of the rockets proved to be the cause behind the loss of a $265 million satellite last year.

(Reporting By Thomas Grove)

Source: http://us.rd.yahoo.com/dailynews/rss/science/*http%3A//news.yahoo.com/s/nm/20120127/sc_nm/us_russia_space_launch

the walking dead the walking dead turkey map walter isaacson walter isaacson zodiac killer battlefield 3 review

Homemade Bungee Jumping Looks Like the Scariest Thing in the World [Video]

Bungee jumping is already the scariest thing in the world, so how does one make it EVEN SCARIER? By going the homemade, DIY-route. These guys just tied a few knots, used a few carabiners and then just jumped off a freaking bridge. That's it. Watch it, you'll be stunned at how flimsy the entire set up looks. More »

Source: http://feeds.gawker.com/~r/gizmodo/full/~3/hzLJ-GB0Fpk/homemade-bungee-jumping-looks-like-the-scariest-thing-in-the-world

carrier iq carrier iq linda perry world aids day horse slaughter horse slaughter world aids day 2011