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[NJW2000]

Interesting you should say that, as I've recetly been wondering what happens if a country stops exporting shit and keeps importing it, other than economic collapse. The UK has "the city", apparently one of the most powerful financial sectors in the world, but a buncha financial-based economies have turned into total trainwrecks, as far as I can see (Iceland, right?) and I don't see how the City will sort our problems out re:debt. And if it can, is that like stealing? And might producer countries eventually stop sending us goods as we can't give anything back but debt?

[Guardian G.I.]

Meanwhile in Ukraine, a conflict is brewing between the government and the nationalist paramilitaries:

On Saturday the 11th of July, a scuffle between the Right Sector and corrupt officials in Mukhachevo, Western Ukraine over cigarette smuggling operations turned into a battle between the RS and the police. RS militiamen used heavy weaponry such as RPGs against the police - two people were killed, four injured and two police cars were destroyed. In response, Ukrainian interior troops have blockaded bases of the Right Sector in Western Ukraine.
Dmitro Yarosh, the leader of the Right Sector, has reportedly recalled his men from the frontline in the Donbass. There are also unconfirmed reports about RS setting up checkpoints on a road leading from Mukhachevo to Kiev.

The beginning of the Saturday standoff between the RS and the police: note the use of technicals by the Right Sector.

[mainiac]

Interesting you should say that, as I've recetly been wondering what happens if a country stops exporting shit and keeps importing it, other than economic collapse. The UK has "the city", apparently one of the most powerful financial sectors in the world, but a buncha financial-based economies have turned into total trainwrecks, as far as I can see (Iceland, right?) and I don't see how the City will sort our problems out re:debt. And if it can, is that like stealing? And might producer countries eventually stop sending us goods as we can't give anything back but debt?

What Iceland did is no more stealing then when a restaurant opens up, then goes bankrupt six months later.  International investors charge risk premiums because sometimes things go south.

I dont know much about the problems of the city but I thought that was a tiny slice of London with an outsized share of money?  In that case it could get by fine on the import-export front because it has extensive capital investments outside the city that are paying dividends.  Selling outsiders back certificates for debt that accumulated in the past takes the place of selling goods.  There also are a lot of services involved in capital markets, it's not all trying to cheat people out of their money.

[MarcAFK]

I'm not surprised, the Ukrainian government was asking for trouble letting independent militia groups set up their own bases and train and deploy armed troops.
Who was smuggling the cigarettes, the government or right sector?

[Sheb]

mainiac, what Iceland did is much more suspect than simple bankrupcy. In effect it manage to weasel out of its requirement to have deposit insurance for its banks.

[Ukrainian Ranger]

I'm not surprised, the Ukrainian government was asking for trouble letting independent militia groups set up their own bases and train and deploy armed troops.
Who was smuggling the cigarettes, the government or right sector?

My vision of the situation:

Young guys who spent last year on the front returned in their home region only to see that local mafia with pocket police is still ruling while post-Maidan government did big nothing to change that. They decided to act themselves using knowledge they gained on the front and created a huge clusterfuck for the government, security service of Ukraine and Right Sector itself.

Right Sector leadership can't let their guys to be arrested and imprisoned because it will ruin their authority in the organization, government can't pretend that nothing happened. It is not a nice situation to have.

[MarcAFK]

I have no evidence backing this up, but theres reports that it was a battle between right sector and other local mafia groups who have support of the police over control of the local smuggling market. Implying that right sector is doing it's part for illegal gang related activity, which doesn't surprize me at all.

[ChairmanPoo]

Edited for more relevant news:


Minister of Labor has announced new elections in Greece during this year.

Pretty foreseeable, tbh, but relevant

[Helgoland]

Interview with Varoufakis.

I'll refrain from ranting about how he's obviously - and by own admission, if one reads closely - a horribly incompetent politician. There's enough evidence for that in the interview for you guys to see on your own.

[ChairmanPoo]

Edit: nvm. I dont know how did that guy do the seat count.

The best hope for Greece is Grexit at this point, to be honest. Old demands were bad enough, new demands are crazy.

[smjjames]

Interview with Varoufakis.

I'll refrain from ranting about how he's obviously - and by own admission, if one reads closely - a horribly incompetent politician. There's enough evidence for that in the interview for you guys to see on your own.

Not really seeing the incompetency, aside from the lack of will to compromise maybe and the comments about not having elections for indebted countries (which may have been sarcasm). He also wanted to do a Greek exit from the EU from the start.

[RedKing]

So, EU failed to remove feta, even though majority of feta wants remove? (And majority of European voters too, it would seem).

[smjjames]

Probably scared of the economic consequences, even though leaving things as they are is probably worse.

[Urist McScoopbeard]

Probably scared of the economic consequences, even though leaving things as they are is probably worse.

Possibly scared of Russian interventionism???

[ChairmanPoo]

Pannos Kammenos has announced that he will reject the agreement.