Greece

Portrait of the week | 18 June 2015

Home Talha Asmal, aged 17, from Dewsbury, West Yorkshire, died in a suicide bomb attack on forces near an oil refinery near Baiji in Iraq, having assumed the name Abu Yusuf al-Britani. A man from High Wycombe, Buckinghamshire, Thomas Evans, 25, who had changed his name to Abdul Hakim, was killed in Kenya while fighting for al-Shabab. Three sisters from Bradford were thought to have travelled to Syria with their nine children after going on a pilgrimage to Saudi Arabia. Britain had had to move intelligence agents, the Sunday Times reported, because Russia and China had deciphered documents made public by Edward Snowden, the CIA employee who has taken refuge in

Podcast: Greece and the lessons of Black Wednesday, plus the latest on the Labour leadership contest

As the situation in Greece becomes more serious by the day, is a default or Grexit on the horizon? In this week’s View from 22 podcast, Channel 4’s Paul Mason discusses this week’s Spectator leading article with Ambrose Evans-Prichard from the Daily Telegraph. Which side is being more unreasonable in this stand off, the European Central Bank or Syriza? Is anything drastic likely to happen over the next few weeks? Are the Greek people feeling resentful towards to the rest of the EU? And what effect is the crisis having on the whole European project? The Spectator’s James Forsyth and Stephen Bush from the New Statesman also discuss the ongoing contests for Labour leader and deputy leader. Given that he remains the favourite to win, what does Andy Burnham need to do over the next

Martin Vander Weyer

Late news: what was really served at the Mansion House banquet

Last week’s deadline did not allow me to report from ringside at the Mansion House dinner, but there was so much to observe that I hope you’ll forgive a late dispatch. What a vivid guide to City psychology and precedence it offered. In the anteroom, Lord (Jim) O’Neill, the Treasury’s new Northern Powerhouse minister, could be seen chatting to ex-BP chief Tony Hayward, now chairman of mining giant Glencore Xstrata. At the top table, HSBC chairman Douglas Flint was carefully separated (by António Horta-Osório of Lloyds) from Governor Carney, so they could avoid discussing HSBC’s plans to move back to Hong Kong. But in prime place next to George Osborne

If Grexit happens, parliamentary egotisms may well be to blame

In 1987, the American historian Richard R. Johnson wrote a quite brilliant essay explaining how a clash of legislatures had contributed to the American declaration of independence. In short, his argument was that a deal was eminently achievable, but ‘parliamentary egotisms’ made it impossible to achieve. Westminster wouldn’t give way to the Massachusetts Assembly and vice-versa, for they feared that any concessions would strengthen the power of the crown against them. I wonder, increasingly, if history won’t end up saying something similar about the Greek crisis. The gap between the various sides is actually relatively small. But neither side wants to be seen to back down and both want the

How far will Merkel go on Greece?

The Greek crisis has been going on for so long now, it is hard to imagine it actually coming to a conclusion. But next week’s meeting of European Finance Ministers is one of the last chances for a deal to be struck. However, there is no sign of an agreement yet. The Financial Times today picks up on German press reports about the German government preparing for Greece leaving the Euro. The Germans have long been convinced that any contagion from Greece leaving the single currency could be contained privately many in Whitehall think that Berlin is far too complacent about this. Now, it appears that Merkel is turning her

Steerpike

Bilderberg security is stepped up to protect masters of the universe from journalists

This weekend the masters of the universe will gather at the annual Bilderberg conference. The secretive summit, which is being held in Austria, sees heads of banks and company CEOs mix with political heavyweights including the former Secretary of State Henry Kissinger, US pollster Jim Messina, George Osborne and… Ed Balls. No notes are taken, no media are invited to cover the event, and the outcome is never revealed which has led conspiracy theorists to go into overdrive. Theories range from plans for a New World Order to world domination by lizards. This year they have disclosed the topics they are planning to discuss: ‘Artificial intelligence, cybersecurity, chemical weapons threats, current economic

High life | 11 June 2015

There’s nothing to add to Martin Vander Weyer’s item about Hellas of two weeks ago in these here pages except a Yogi Berra pearl, ‘It ain’t over till it’s over.’ The Greek drama will go on and on until the brinkmanship is exhausted. The EU has blinked, as I thought it would. Although Greek accounting arabesques have been known to shame the Bolshoi — Goldman Sachs taught the modern Hellenes how to legally cook the books and screw Brussels, something we are now paying the price for — we Greeks have contributed a few things apart from cheating and not paying our taxes. As Michael Daley wrote in a letter

Portrait of the week | 4 June 2015

Home David Cameron, the Prime Minister, toured Europe trying to gain support for reforms to favour Britain’s position in the European Union. Angela Merkel, the Chancellor of Germany, said she did not rule out treaty changes in Europe and would be a ‘constructive partner’ of Britain in seeking reforms. Nick Clegg, the former deputy prime minister, was found to be on a list of 89 figures from the EU banned from entering Russia. Jeremy Hunt, the Health Secretary, said he would do something to reduce the cost of agency staff for the NHS in England, which amounted to £3.3 billion last year. The government, which has reduced its stake in Lloyds

Charles Moore

The Spectator’s Notes | 4 June 2015

We in the West all hate Sepp Blatter, so we pay too little attention to the manner in which the Fifa executives were arrested. For what reason, other than maximum drama, were they all ensnared in a dawn raid on their hotel in Zurich? Are we really satisfied that the US authorities should behave in this way outside their jurisdiction? What is left of Swiss independence if they act thus under US pressure? Can we be confident that this very fat man called Chuck Blazer really exists, or has he been invented by Hollywood? In America, lawyers are more like political players or business entrepreneurs than the sub-fusc professionals of

Portrait of the week | 28 May 2015

Home A Bill to enable a referendum on whether voters wanted Britain to ‘remain’ in the European Union figured in the Queen’s Speech. Another Bill prohibited any rise in income tax rates, VAT or national insurance before 2020. Tenants of housing associations would be given the right to buy their homes. Provision for Scottish devolution was promised in fulfilment of the recommendations of the cross-party Smith Commission. A ‘powerhouse’ in the north was to come into being through cities being given powers over housing, transport, planning and policing. Laws on strikes would be tightened. Red tape for business would be reduced, and a new quango set up to invigilate late

Martin Vander Weyer

Which behaved worse: callous Thomas Cook or cynical Barclays?

Which is worse, morally and reputationally — to be Thomas Cook, shamed by its refusal to show proper human concern, for fear of being taken to admit responsibility, over the death of two children by carbon monoxide poisoning from a faulty boiler while on holiday in Corfu; or to be Barclays, fined almost $2.4 billion (heading a list of banks fined more than $9 billion between them for similar offences) for conspiring to manipulate the foreign exchange market over a five-year period? Ethicists could agonise over that one for weeks. But in terms of customer response, it’s clear that the travel agent — whose mistake was not to reject legal advice

Portrait of the week | 7 May 2015

Home The country went to the polls. David Cameron, the Conservative leader, prepared by going around with his sleeves rolled up. Ed Miliband, the Labour leader, said that his pledges had been cut into an eight-foot slab of limestone. Nick Clegg, the Liberal Democrat leader, took a bus for John O’Groats. Stuart Gulliver, the chief executive of HSBC, said it would take ‘a few months, not years’ to decide whether to move its headquarters out of Britain. Sainsbury’s reported a loss of £72 million for the year, after writing down a fall in the value of some of its shops. Three tons of cocaine, worth perhaps £500 million, were recovered

Martin Vander Weyer

My nominee for politician of the year: the honourable member for Athens B

After the heat of battle: the accolades, the recriminations, the telling of history by the victors. It’s six months early for our Parliamentarian of the Year shortlist, but my nominee for this year’s top award is… the honourable member (or one of them) for the constituency of Athens B, Yanis Varoufakis. Last week, the grandstanding Greek finance minister was declared to have been ‘sidelined’ from his nation’s on-the-brink debt negotiations, following a more than usually stormy meeting with fellow European finance ministers in Riga. ‘They are unanimous in their hate for me; and I welcome their hatred,’ he tweeted, quoting Franklin Roosevelt. How we journalists sighed at the prospect of

The Greek crisis is back, and this time it’s more serious than before

Amidst the hullabaloo of the general election campaign, one thing that has generally gone unnoticed in Britain’s political discourse is the worsening Greek situation. You now have European finance ministers openly talking about the possibility of a Greek default. What has changed is that there is now no goodwill and very little trust between Greece and the rest of the Eurozone. The rest of the Eurozone think that the Greeks are obfuscating and not providing the details needed. While the Syriza-led Greek government feel that the rest of the Eurozone is not providing them with the political cover they need to make a deal. They feel that the Eurozone’s insistence

Portrait of the week | 23 April 2015

Home The prospect of a parliamentary alliance between Labour and the Scottish National Party injected an element of fear into the election campaign. The SNP manifesto promised to increase spending and to find a way to stop the renewal of the Trident nuclear deterrent. Nicola Sturgeon, the SNP leader, said she wanted to make Labour in government ‘bolder and better’. Lord Forsyth, a former Conservative Scottish secretary, said that the building up of the SNP, to take seats in Scotland, was a ‘dangerous view which threatens the integrity of our country’. Ed Miliband, the Labour leader, said the Tories should not be ‘talking up’ the SNP. Even the Democratic Unionists

Portrait of the week | 9 April 2015

Home Tony Blair, the former prime minister, opposed a referendum on membership of the EU. In a speech at Sedgefield he said that, following the Scottish referendum, David Cameron, the Prime Minister, knew ‘the perilous fragility of public support for the sensible choice’. Opinion polls following a television debate by seven party leaders, which drew an audience of 7.7 million, were inconsistent. Nicola Sturgeon, the leader of the Scottish National Party, was held to have made a mark, while Leanne Wood, the leader of Plaid Cymru, and Natalie Bennett polled at between 2 and 5 per cent. Nigel Farage, the leader of Ukip, was seen to sweat profusely. He had

Martin Vander Weyer

Switch over to the Greek debt drama: the final episode must be coming shortly

Bored with the election? Switch over to the Greek debt drama. In this week’s cliffhanger, silver-tongued finance minister Yanis Varoufakis visited IMF chief Christine Lagarde on Sunday, promised to meet his country’s obligations ‘ad infinitum’, and was expected to meet a €450 million repayment to the IMF on Thursday. But more troublesome members of the ruling Syriza party denounced the IMF and Brussels for treating Greece as ‘a colony’, threatening a snap election ‘if creditors insist on an inflexible line’, and warning that public-sector salaries and social security payments must rank ahead of debt as cash runs out. Which it will before August. Greece’s tax collections are so feeble, its

Here’s what a real reform of business rates would look like

Of all the measures talked up ahead of the Budget, the reannouncement of a ‘radical’ review of the business rates was the least concrete in content but the most important in potential impact on the domestic economy, and especially on business investment. This column has banged on for years about the iniquity of a system that imposes the highest local taxes on businesses of any EU country, based on pre-crash rental assessments and bearing no relation to the value of diminishing local authority services. It’s a system that, on top of other economic woes, has brought devastation to town centres — and gets away with all this because it has

Where Alcibiades once walked, amateur tax spies are trying to entrap poor pistachio-sellers

 Athens I am walking on a wide pedestrian road beneath the Acropolis within 200 meters of the remaining Themistoclean wall and the ancient cemetery to eminent Athenians. One side is lined with splendid neoclassical houses, none of them abandoned but most of them shuttered and locked up. This is the area where once upon a time Pericles, Themistocles and Alcibiades — to name three — trod, orated and debated non-stop. Back in those good old days we Athenians ruled supreme. Reason, logic and restraint placed us at the head of the queue, and genius also helped. I am climbing to the Pnyx, where Themistocles rallied his fellow citizens to defy

Old age is not for sissies

The secret of eternal youth, according to Alice Roosevelt Longworth, is arrested development, and the penny dropped last week. The mountains were misty, snow was falling and I went to the dojo for some karate training. I was sparring with a tough, fifth-degree black-belt instructor, Roland, and kept nailing him, something I hadn’t been able to do previously. That’s when it dawned on me. Respecting my advanced age, he was taking a dive. ‘If you don’t stop this crap, I’ll beat the crap out of you,’ I threatened. He didn’t — and nor did I. We ended up laughing and doing kata instead. I felt great after 45 minutes of