Greece, creditors strive to avoid costly default

Greece goes head to head with its creditors on Wednesday in a renewed attempt to break a deadlock in negotiations to slash the country’s debt and stave off default. International private sector creditors represented by the Institute of International Finance (IIF) were set to meet the government in the afternoon. Talks broke down on Friday over the interest rate Greece will offer on new bonds and a plan to enforce investor losses. Ratcheting... [more]

Dutch banks come up with their own mortgage tax relief plan

The Netherlands’ two biggest mortgage providers have come up with their own plans to phase out mortgage tax relief, the Financieele Dagblad reports on Tuesday, quoting banking sources. The paper says both ING and Rabobank have drawn up their own plans to gradually cut back on the tax break and handed them over to the banking association NVB. NVB chairman Boele Staal said on Monday the organisation wants to talk about ‘necessary reforms’... [more]

Islamists main threat to Norway: Norwegian intelligence service

Radical Islamists pose the biggest threat to Norway even though it was a right-wing extremist who carried out the twin attacks last July that killed 77 people, Norwegian intelligence service PST said on Tuesday. “The threat associated with these groups is worrying today,” PST chief Janne Kristiansen said as she presented the agency’s annual threat assessment report. “In recent years, we have seen that these are people... [more]

ECHR: Hardline Cleric Cannot Be Deported

Hardline Islamist Abu Qatada cannot be deported to Jordan because it would be a “flagrant denial of justice”, European judges have ruled. The firebrand preacher won his appeal to the European Court of Human Rights (ECHR) against the British government’s bid to deport him with assurances from Jordan he would not be tortured. The ECHR ruled sending Qatada, who is also known as Omar Othman, back to face terror charges could... [more]

Rescuers Use Explosives In Cruise Ship Search

Rescuers searching for those still missing from the cruise liner that capsized after crashing into rocks in Italy have begun using explosives to blast holes in the vessel. It comes as Italian emergency services deny reports in La Stampa newspaper that a seventh body has been found on the Costa Concordia. The increased death toll was reported in the Italian media after “black box” recordings showed the ship’s captain ignored... [more]

Russia to Test if U.S. Radar Downed Phobos Probe

A Russian government commission inquiring into why the Phobos-Grunt Mars probe crashed this week is to test whether it was affected after launch by U.S. radars on its second orbit around the Earth, the commission said on Tuesday. The investigators said that they would stage an experiment where a model Phobos will be subjected to radiation similar to that from U.S. radars. “The results of the experiment will allow us to prove or dismiss... [more]

The oil saves the trade balance in Norway

December, the export of goods amounted to NOK 81.2 billion, while the imports came to about NOK 40 billion. The trade surplus for the month was thus NOK 41.2 billion. Neither the exports nor the trade surplus have been this large since 2008, Statistics Norway reports. However, if oil and gas exports were excluded, the trade balance for 2011 would have been NOK 132 billion in the negative. The trade surplus for December was 10.8 per cent... [more]

Norway oil companies fears of a less profitable oil industry

The Norwegian Petroleum Directorate (NPD) is concerned that higher costs and a shortage of drilling platforms will delay development and exploration of new resources on the Norwegian Shelf. Oil companies are expected to present between 15 and 20 plans for development of oil and gas finds over the next two years. The growth in investments is expected to be 40 percent higher in 2012 than in 2010. Up until now, Bente Nyland, Oil Director,... [more]

France facing key bond test after downgrade

France is to issue long-term bonds on Thursday in the first test of its market credibility in the wake of Standard & Poor’s decision to strip the country of its cherished triple-A rating. The sale, an attempt to raise between €7.5 billion and €9.5 billion (between $9.5 billion and $12 billion), will be watched keenly to see whether France will pay higher yields or whether the markets will shrug off the downgrade as they did... [more]

Sweden ‘not ready’ to recognize Palestine: Foreign Minister Bildt

The time is not right for Sweden to recognize the Palestinian state or make any promises to upgrade the country’s status in the UN, said foreign minister Carl Bildt on Monday after the Centre Party recently made a u-turn on the issue. “Of course we would like to, but the main aim right now is to stimulate the two parties to a dialogue. That’s what we are supporting,” Bildt said at a press conference with his Finnish colleague Erkki... [more]

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