Lloyd’s Of London Preparing For Euro Collapse As Greece Is Warned Of Possible Public Finances Collapse
In an interview with The Sunday Telegraph he also revealed that Lloyd’s could have to take writedowns on its £58.9bn investment portfolio if the eurozone collapses.
Europe accounts for 18pc of Lloyd’s £23.5bn of gross written premiums, mostly in France, Germany, Spain and Italy. The market also has a fledgling operation in Poland.
Lloyd’s move comes as a major Franco-German provider of credit insurance for eurozone trade, Euler Hermes, said it was considering reducing cover for trade with Greece because of the risk the country might leave the eurozone.
When a company goes bust, it is often sparked by withdrawal of credit insurance for suppliers wanting to trade with it.
A spokesman for Euler Hermes, Bettina Sattler, told Bloomberg: ‘The outcome of the new elections in June remains highly uncertain. Consequently, the situation is further deteriorating. The risk of Greece exiting the eurozone has been revived.
‘In light of the recent developments, Euler Hermes will most probably have to switch to a more prudent approach. [We have] maintained a high level of cover for [our] customers until today. But now we are confronted with a changing situation.’
Lloyd’s fears are likely to be shared by a number of European businesses, which are watching developments in Greece.” Read more.
Greece warned of public finances collapse – “Greece’s public finances could collapse as early as next month, leaving salaries and pensions unpaid unless a stable government emerges from the June 17 election, according to Lucas Papademos, the technocrat prime minister who left office after this month’s inconclusive vote. Mr Papademos warned that conditions were deteriorating faster than expected with cash flow likely to turn negative in early June amid a sharp fall in tax revenues and a loosening of spending controls during two back-to-back election campaigns.” Read more.
Over the past ten years, Islam has erupted like an angry volcano — particularly since the rise of the “Arab Spring” in 2011 — with Christian persecution and the elimination of Christian places of worship yet again and again in Zanzibar and elsewhere becoming a spontaneous, habitual Islamist tendency. Considering all the layers of ashes now accumulating throughout the Muslim world, it seems to me that we have a convincingly good reason for Webster’s to now include “Islam” alongside its definitions of “destruction” and “lawlessness” …
By Fumbuka Ng’wanakilala, Reuters – “Hundreds of supporters of a separatist Islamist group set fire to two churches and clashed with police during protests in Zanzibar over the weekend against the arrest of senior members of the movement, police and witnesses said.
Police accused the Uamsho (Awakening) group of ordering its supporters on to the streets – but the movement’s leadership denied having any part in the unrest.
Clashes broke out in the historic commercial and tourism centre of Stone Town on Saturday night and continued until Sunday afternoon, witnesses told Reuters.
The reports of attacks on churches will raise fears of an escalation in religious tensions in the predominantly Muslim island ruled by a semi-autonomous secular government. Several bars were attacked last year.
Shops remained closed and people stayed in their homes on Sunday as riot police patrolled the streets of Stone Town, witnesses said.
‘There is a lot of tension, people are hiding in their houses. All the streets are empty, it’s the only the police who are out there,’ resident Mai Zuberi told Reuters by phone.
‘There were clashes all night on Saturday and the violence continued until noon today. All the roads were blocked in the Stone Town area,’ Zuberi added.” Read more.
Flashback: Tanzania: Muslim Family Severely Beats and Threatens to Kill Christian Convert – “On Tanzania’s semi-autonomous island of Zanzibar, Christians live in a climate of fear. It’s a place where a young man flees the island to escape death threats from his Muslim family, and a Christian who accidentally burned pages of the Quran opts for jail by entering a guilty plea rather than face certain death from a furious mob. Yusuf Abdalla, 23, fled to Moshi, mainland Tanzania, after his family threatened to kill him in June. Having converted to Christianity in October 2010 after hearing the gospel on the radio, he was enrolled at a vocational school in Zanzibar city to learn tailoring when his family found out in March that he had left Islam.” Read more.
Christians in Macedonia are murdered by Muslims, the Islamic community says nothing. The Muslims responsible for the murders are arrested, the Islamic community organizes mass demonstrations calling for jihad and the release of their “brothers” …
Qur’an Sura 3:151, 4:144, 5:17, 30:45, 4:89, “… cast terror into the hearts of the Unbelievers … O ye who believe! Take not for friends unbelievers … They indeed have disbelieved who say: Lo! [God] is the Messiah, son of Mary … [Allah] does not love the unbelievers … seize them and slay them wherever ye find them …”
“Back in March, PI reported about the numerous outbreaks of violence between the Muslim-Albanian minority and the non-Muslim-Slavic majority in Macedonia. Currently, the situation appears to be heightening once again after a series of murders of Christians. As Austrian news magazine ‘Unzensuriert’ (‘Uncensored’) reports, in the Macedonian capital city of Skopje, slogans like ‘Allahu akbar,’ ‘Death to Christians,’ and ‘Jihad’ were shouted by several thousand Moslems in a demonstration parade after the traditional Friday prayers. The special thing about this is: Skopje is the home of the German ‘exemplary’ imam Bajrambejamin Idriz. His father has preached lifelong as an imam at the Jaja Pascha mosque from which the current aggressive demonstrations start…
‘Unzensuriert’ describes executions of Christians, with seeming confidence that they were carried out by Moslems:
On April 12th, the eve of the highest Orthodox holiday, Good Friday, the bodies of five ethnic Macedonians were discovered in a pond in a northeastern suburb of Skopje. The bodies of four men aged around 20 years lay very neatly arranged next to each other and showed evidence of shots in the front and behind – an unavoidable indication of an organized execution. The fifth victim, a man around 45 years, who was an apparent witness of the incident lay a little farther away beside them.
Even though the evidence for the offenses by three arrested Moslems is ‘earth moving’ according to the Macedonian interior ministry, masses of Moslems demonstrated against the arrest of their fellow believers.” Read more.
Flashback: Macedonian Police Arrest 20 Radical Islamists In Deaths Of Five Christian Fishermen – “Police arrested 20 radical Islamists for the murder of five ethnic Macedonian fishermen in an early morning raid Tuesday, authorities said. The killing last month fueled tension in the tiny Balkan country between majority Macedonians and the mostly Muslim Albanian minority… All of the suspects had fought in Afghanistan and Pakistan, she said. The suspects were followers ‘of radical Islam, which is generally a danger for Christianity,’ she said. ‘They all have the capacity to commit such a horrible act.’” Read more.
Nigeria: Silent Killings Of Christians Thriving In The North, ‘Door To Door, Shop To Shop, Church To Church’
The persecution that I’ve been sharing from the Muslim world is only a fraction of what is reported, and what is reported is only a fraction of what is occurring …
BY OKON BASSEY AND JOHN SHIKLAM – “National President of the Christian Association of Nigeria (CAN), Pastor Ayo Oritsejafor, has raised the alarm over silent and unreported killings of Christians in the North.
This however came on a day pandemonium broke out at the busy Ahmadu Bello Way in Kaduna metropolis following a bomb scare, which made residents and traders along the area scamper for safety.
Oritsejafor who called on leaders of all the blocks of CAN across the nation to organise prayers and fasting of all denominations in the country to overcome its security challenges due to the activity of the Boko Haran sect, said it was imperative for Christians to be security conscious at all times.
Consequently, he directed that June 16 of every year should be observed as a special day in the Christian calendar for prayer and fasting for the country.
The CAN President who made the call in Uyo, the Akwa Ibom State capital, during an extra-ordinary national council meeting of CAN, specifically, disclosed that a Pastor in Maiduguri, Borno State capital, contacted him complaining that the ‘killing is going on from door to door.’
‘We owe our brother in the North prayers and solidarity. How can I keep quite when my people are killed every day? We cannot fold our hands; Nigeria belongs to all of us. We believe this country will change. I got a text message by 6 a.m. yesterday (Tuesday) from a Pastor in Maiduguri, he said my President, please don’t stop praying for us, the killing is going from door to door, shop to shop, church to church.
‘But these things are no longer heard on television. Nobody talks about it. It is only when police station is burnt or bomb explosion that catches people’s attention. My President people are dying everyday, don’t stop praying for us,’ he said.
Oritsejafor, in an emotion laden voice said: ‘Prayer is the key to opening all doors and shutting the door on Boko Haram. In fact I want to say that we remember the June 16, as a special day of prayer and fasting and many more days for prayers and fasting for this country. But definitely, the June 16 is one day that we will cry to God for our great nation.’” Read more.
Flashback: ‘Bloody’: Christian Persecution is ‘Coursing Through Muslim-Majority Nations from One End of the Globe to the Other’ – “We hear so often about Muslims as victims of abuse in the West and combatants in the Arab Spring’s fight against tyranny. But, in fact, a wholly different kind of war is underway—an unrecognized battle costing thousands of lives. Christians are being killed in the Islamic world because of their religion. It is a rising genocide that ought to provoke global alarm…” Read more.
US Defense Secretary: We Are Ready To Stop Iran Militarily, UN Inspectors Denied Access To Site Suspected Of Developing Nuclear Weapons
By Beth Reinhard, National Journal – “U.S. Defense Secretary Leon Panetta on Sunday indirectly confirmed recent remarks by the Ambassador to Israel that the U.S. is ‘ready from a military perspective’ to stop Iran from making a nuclear weapon if international pressure fails.
The U.S. and members of the United Nations Security Council recently met in Baghdad for talks about Iran’s suspected nuclear weapon program. Iran denies it has military intentions but has called for the destruction of Israel.
‘We have plans to be able to implement any contingency we have to in order to defend ourselves,’ Panetta said on ABC’s This Week. Earlier, Panetta said, ‘The fundamental premise is that neither the United States or the international community is going to allow Iran to develop a nuclear weapon.’” Read more.
Iran: No reasons to halt “20 percent” enrichment – “Iran’s nuclear chief says there are no reasons at the moment to halt production of uranium enriched to 20 percent, a key demand of world powers… Abbasi’s statement echoes Iran’s objections last week in Baghdad to suspending 20 percent enrichment in exchange for a U.S.-supported package that would include supplying Iran with isotopes. Iran seeks to have Western sanctions eased before considering any deals.The U.S. and allies worry that the 20 percent enriched material could be turned quickly into weapons grade uranium. Iran denies it seeks nuclear arms. Abbasi also said Iran plans to build at least two new nuclear power plants next to an existing facility that became operational with Russia’s help last year.” Read more.
UN inspectors denied access to Iranian nuke site suspected of developing nuclear weapons - “The U.N. nuclear watchdog has not yet given good enough reasons to visit an Iranian site where it suspects there may have been experiments for developing nuclear weapons, Iranian media said. The Parchin complex is at the centre of Western suspicions that Iran is developing atom bombs despite Tehran’s repeated denials of any such ambition. A report from the International Atomic Energy Agency (IAEA) last week said satellite images showed “extensive activities” at Parchin. Iranian officials have refused access to the complex, southeast of Tehran, saying it is a military site.” Read more.