Oil Rises to One-Month High; China Pledges to Help Europe Crisis; Athens Burns
(Feb 15) Iran has announced it is cutting oil exports to six European countries ahead of sanctions imposed by the EU. State TV said exports to Netherlands, Spain, Italy, France, Greece and Portugal would be cut, but did not elaborate on to what extent oil would be allowed to be traded, if at all. (Source)
In the mean time, China has pledged to invest in Europe’s bailout funds, the nation’s Central Bank Governor said in Beijing. The country with the world’s biggest currency reserves is ready to participate in programs including the European Financial Stability Facility. China had currency reserves of $3.18 trillion at the end of 2011, according to official data. The remarks in China echoed comments by Premier Wen Jiabao yesterday and sparked optimism Europe will overcome a debt crisis that threatens renewed market turmoil. EU finance ministers will hold a teleconference today to urge Greece to do more to clinch an aid package worth 130 billion euros ($171 billion) and about 100 billion euros of debt relief from private bondholders. (Source)
(Feb 13) Greek lawmakers on Monday approved harsh new austerity measures demanded by bailout creditors to save the debt-crippled nation from bankruptcy, after rioters in central Athens torched buildings, looted shops and clashed with riot police. Sunday’s clashes erupted after more than 100,000 protesters marched to the parliament to rally against the drastic cuts, which will ax one in five civil service jobs and slash the minimum wage by more than a fifth. At least 45 businesses were damaged by fire, including several historic buildings, movie theaters, banks and a cafeteria, in the worst riot damage in Athens in years. (Source)
END TIMES TRUTH
It’s the coming domino effect of one half the coin. Control the wealth and resources of each nation, including the people. The rise of the New Rome. The opposite side of the coin’s main player on the war board is China. It’s doing no less to obtain its allies and line them up on its pawn squares. China has been trying to buy out the debt of Italy, and secretly of other nations in financial turmoil.