Daily Archives: November 11, 2011

Archives November 11, 2011 posted by

Eurozone savers, outside Greece, keep cash in bank

GREEK savers may be pulling their money from the country’s banks at a growing pace but there’s no sign yet that depositors in other eurozone countries are following suit.

Deposits in some countries like Portugal are in fact rising as savers look to take advantage of higher interest rates.

Bankers said that Greeks, worried their country may be forced to exit the euro, have withdrawn as much as 5 billion euros – nearly three per cent of total deposits – following last week’s shock call for a referendum on a proposed bailout.

Wealthy investors across peripheral eurozone countries have been moving their money into “safe havens” for months.

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Surprise storm hits Mediterranean

ANYBODY who flew to the Cote d’Azur or Provence for some autumn sunshine this week might have been sorely disappointed.

An intense low pressure system developed in the western Mediterranean and became slow moving west of Corsica, dumping some intense rainfall and generating fierce winds.

This late in autumn the weather does tend to turn in the Mediterranean, and only a couple of weeks ago Greece and Turkey were suffering heavy rain and gales.

This particular depression, though, was an odd one. As it developed, meteorologists watched satellite animations which showed it assuming the sort of shape associated with tropical cyclones, even suggestive of a central “eye”.

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Russia races to salvage stranded Mars probe

RUSSIA raced yesterday to salvage a spacecraft bound for a moon of Mars that is stranded in the Earth’s orbit, with just days left before the window closes on its first interplanetary mission in 15 years.

So far Russian controllers have failed to establish contact with the $163-million, unmanned probe, leaving little hope of recovering the ambitious mission that was to reassert Russia’s place at the front lines of space exploration.

Following the launch from Russia’s Baikonur launch pad in Kazakhstan early on Wednesday, the Phobos-Grunt probe is stuck in a dangerously low orbit, creating a drag that could eventually send it crashing back to Earth.

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Italy eyes unity cabinet as EU dithers on crisis

ITALY moved closer to a national unity government yesterday, following Greece’s lead in seeking a respected veteran technocrat to pilot painful economic reforms in an effort to avert a eurozone bond market meltdown.

In Rome, former European Commissioner Mario Monti emerged as favourite to replace Italian Prime Minister Silvio Berlusconi within days and lead an emergency government that would implement long delayed reforms of pensions, labour markets and business regulation.

A political source said Monti, 68, would meet President Giorgio Napolitano and lower house speaker Gianfranco Fini on Thursday night.

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