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Creditors agree terms to disburse Greece’s 8.5bn bailout funds

EU and IMF thrash out deal following months of disagreements, with funds to be released in July once European parliaments ratify the deal.

For the best part of a decade, Greece has wanted to become a normal country, and late on Thursday it appeared to begin that process, after creditors agreed to disburse 8.5bn (7.4bn) of bailout funds aimed at putting the debt-stricken nation back on the road to recovery.

The money, signed off after months of disagreement between the European Union and International Monetary Fund over how to reduce Athens’ staggering debt pile, will be released in July, once European parliaments ratify the deal.

Around 7.4bn will be initially disbursed so that Greece can honour debt repayments that mature mostly to the European Central Bank. The rest will be handed over once creditors are satisfied that the nation has complied with reforms.

“I am pleased to announce that we have achieved an agreement on all elements,” Eurogroup head Jeroen Dijsselbloem announced after a meeting of eurozone finance ministers in Luxembourg. The 19-nation bloc, he said, had also agreed that Greece could get further help with making its debt sustainable, including the possibility of extending repayments by 15 years and linking them to growth rates.

The deal though far short of the debt forgiveness prime minister Alexis Tsiprass leftist-led government had hoped for was greeted with jubilation. “There is now light at the end of the tunnel, the finance minister,” Euclid Tsakalotos, told reporters, insisting that it provided the clarity Athens had long sought. We didn’t want the perfect to be the enemy of the good.

The government said Greece had finally got what it wanted in the form of a clear commitment that Athens would complete its current bailout programme next summer and ultimately retap capital markets. Lenders had also agreed to reduce the primary budget surplus from 3.5% to 2% as of 2023.

The ECB, whose stimulus programme the recession-hit country has been yearning to join, also applauded the deal. “We take note of the Eurogroup discussion, which we see as a first step towards security debt sustainability,” said a spokesperson.

But it fell short of saying when, or if, Greece could join the quantitative easing programme that the Frankfurt-based ECB has emphatically linked to the country’s vast 324bn debt mountain (the equivalent of 180% of GDP) being rendered manageable.

Without that, Athens is unlikely to achieve market access any time soon: a negative sign for investors who would view the country’s return to capital markets as evidence that after eight years of economic crisis and gruelling austerity the worst is behind it. Outside investment is seen as vital to Greece recouping some of the 27% loss in GDP it has suffered since its ordeal through bankruptcy began.

The IMF managing director Christine Lagarde described the deal as being the second best solution. While it had averted a credit default and renewed crisis given the scale of debt repayments looming next month it had not achieved the IMFs overall aim of making Greece’s debt load sustainable.

As such the Washington-based IMF would agree to back the bailout programme in principle via a stand-by arrangement, but would only contribute around $2bn (1.5bn) to it once the eurozone could commit to debt relief. The agreement, she said, had allowed more time for those discussions to continue.

Germany, the main contributor to the 300bn in funds the thrice-bailed-out nation has received since its first rescue programme in May 2010, had made IMF participation a condition of additional disbursements.

While the breakthrough now puts any talk of Greece’s ejection from the single currency to rest – and will be met with relief in EU capitals it had barely been announced before seasoned Greece watchers were denouncing it as a fudge, once again aimed at kicking the can down the road.

The Tsipras government had legislated a slew of extra austerity measures worth 4.6bn in savings in the hope of convincing creditors to finally give the Greek economy real breathing space through debt relief. Thursday’s deal is unlikely to please many in his leftist Syriza party who had accepted to support the unpopular budget-cutting policies to be enacted once the current three-year bailout programme ends in August 2018 only on the condition that debt relief would be achieved.

Although the economy is growing again, more than a third of Greeks are estimated to be at risk of poverty.

Despite detente between the creditors, the IMF and the eurozone are likely to remain at odds over the long-term prospects for the Greek economy. IMF officials do not believe EU assumptions that Greece can run a budget surplus (minus debt servicing) of 3.5% for years to come.

The IMF is not calling for Greek debts to be cancelled but wants to ease terms, by extending repayment holidays and deadlines. Creditors agreed on short-term debt relief last year, but the IMF had been pressing for specifics on the long-term. It has previously warned that Greece’s debts could spiral to 250% of GDP by 2050 without help.

Additional reporting Jennifer Rankin in Brussels

Read more: https://www.theguardian.com/world/2017/jun/16/creditors-agree-terms-to-disburse-greeces-85bn-bailout-funds

Satellite Eye on Earth: May 2017 in pictures

Vesuvius in Italy and volcanoes in northern Tanzania, lights going out in Syria, and flooding in Sri Lanka are among images captured by Nasa and the ESA this month.

A vertical view of Vesuvius in southern Italy, taken by the European Space Agency (ESA) astronaut Thomas Pesquet from the International Space Station. The Proxima mission is named after the closest star to the sun, continuing a tradition of naming missions with French astronauts after stars and constellations. The mission is part of the ESAs plan to use Earth-orbiting spacecraft as a place to live and work while preparing for future voyages of exploration further into the solar system.

Garabogazkl

Photograph: OLI/Landsat 8/Nasa

The next time you are out at sea, keep an eye out for long filaments of foam and debris floating on the surface. This common phenomenon usually the product of natural decomposition processes and wind is seen on Garabogazkl, a shallow, salty lagoon near the Caspian Sea in Turkmenistan. In most cases, foam is the product of decaying aquatic plants, algae, phytoplankton, or other microorganisms. The decomposition process releases oils and other substances called surfactants that rise up and reduce the surface tension of the water, making it easier for bubbles to form in windy conditions. (In addition to these natural sources, detergents and other manmade pollutants can act as surfactants.) In the case of Garabogazkl, the white lines are likely the intersections of warmer and cooler waters. When two surface currents bump into each other, they dive.

Monterrey,

Photograph: ISS/Nasa/ESA

Mount Silla also referred to as Cerro de la Silla or Saddle Hill is an iconic landscape feature of the Monterrey, the capital of the Mexican state of Nuevo Len. When viewed from the west, the ridges and peaks resemble a saddle. Mount Silla has been declared a natural monument under the guidelines of the World Commission on Protected Areas. The Monterrey metropolitan area sits 1,300 meters (4,200 feet) below the steep, forested flanks of the mountain. Monterrey straddles several large rivers flowing out of the mountains. The Santa Catarina river cuts through the older parts of the city (such as Monterrey Antiguo). Major highways follow the river to the nearby cities of Guadalupe, San Pedro Garza, and Santa Catarina. Rio La Silla (Saddle river) flows from the northern Sierra Madre Oriental mountain range and joins the Santa Catarina just outside the top left corner of the image. The semi-arid climate keeps these rivers dry for much of the year. Nuevo Len state is home to the third largest economy in Mexico thanks to Monterreys extensive manufacturing facilities and infrastructure.

Flooding along the Mississippi, Missouri, and Illinois rivers. At the time, the Mississippi was transitioning from moderate to minor flood stage. For comparison, the first image shows the three rivers a year earlier.

Lake

Photograph: OLI/Landsat 8/Nasa

Not many people venture near the shores of Lake Natron in northern Tanzania. The lake is mostly inhospitable, except for a few species adapted to its warm, salty, and alkaline water. The lake is seen here very early in the rainy season that runs from March to May. The climate here is arid. In a non-El Nio year, the lake receives less than 500mm (20in) of rain. Evaporation usually exceeds that amount, so the lake relies on other sources such as the Ewaso Ngiro river at the north end to maintain a supply of water through the dry season.

But it is the regions volcanism that leads to the lakes unusual chemistry. Volcanoes, such as Ol Doinyo Lengai (about 20km to the south), produce molten mixtures of sodium carbonate and calcium carbonate salts. The mixture moves through the ground via a system of faults and wells up in more than 20 hot springs that ultimately empty into the lake. While the environment is too harsh for most common types of life, there are some species that take advantage of it. Small, salty pools of water can fill with blooms of haloarchaea salt-loving microorganisms that impart the pink and red colours to the shallow water. And when the waters recede during the dry season, flamingos favour the area as a nesting site as it is mostly protected from predators by the perennial moat-like channels and pools of water.

Lake

Photograph: ISS/Nasa/ESA

Drainage patterns are visible on the south-western end of the Gobi desert in Chinas Gansu province. The desert landscape part of the Hexi corridor along the historical Silk Road is low in elevation, generally flat, and surrounded by mountains and rolling hills. The foothills of the Tien Shan mountains lie to the north. As temperatures warm in the spring, snow melt from the higher elevations flows down into streams, forming narrow alluvial fans. The water carries sand, silt, and clay that accumulate at the mouths of the streams. These sediments are then available for further transport by larger valley rivers such as the Shule. The grid pattern superimposed on the basin is part of the Gansu wind farm project. Narrow roads mark the paths between dozens of wind turbines. Currently China is the largest emitter of greenhouse gases, and the wind farms are part of an effort to reduce carbon emissions and to harness cleaner energy. Several small towns skirt the Shule river, diverting water for cultivation of wool, tobacco, and a variety of grain and fruit crops.

Phytoplankton

Photograph: VIIRS/Suomi NPP/Nasa

Phytoplankton blooms in the waters around Britain and France. Increasing sunlight in the spring provides the energy for the floating, microscopic plant-like organisms to bloom in vast numbers.

These images show differences in night-time lighting between 2012 and 2016 in Syria and Iraq, among several Middle Eastern countries. Such images can indicate economic development or the lack of it. Some changes reflect increases or decreases in electric power generation or in the steadiness of the supply.

Night light images also have value for international relief and humanitarian organisations, which can use this data to pinpoint areas in need. Nasa makes its Earth observations openly available to those seeking solutions to important global issues.

In the above images, the changes are most dramatic around Aleppo, but also extend through western Syria to Damascus. Over the four years, lighting increased in areas north of the Syrian border in Turkey and to the west in Lebanon. According to a 2015 report from the Voice of America, as much as 80 percent of the lights have gone out in Syria over the past few years.

In Iraq, some northern sections near Mosul saw a decrease in light, while areas around Baghdad, Irbil, and Kirkuk saw increases. Note, too, the change in electric light patterns along the Tigris and Euphrates river basins.

South

Photograph: Modis/Terra/Nasa

By late autumn the temperatures in southern South America begin to turn chilly and grasses develop the first traces of the brown colouration of senescence as they start to wilt and dry. It is also the time when precipitation increases as the season heads into winter. A broad bank of open-celled marine cumulus clouds covers the South Pacific. Thick clouds also hang over the Andes, obscuring all of Chile (along the west coast) and much of western Argentina. Smaller clumps of cloud are scattered across the semi-desert of Argentina some reaching over the Argentine Sea.

Mokpo

Photograph: Proba-V/Vito/ESA

Mokpo is a city of 250,000 inhabitants in the south-west of South Korea. It is a main gate to the countrys largest granary at the Honam plain and was a naval base during the Joseon dynasty (13921910). The port city is surrounded outside the coast by more than 1,400 islands, which provide fishing grounds and also protect the area from large typhoon and tsunami impacts. Mokpo lies in the bottom right of the image, a blue-grey area located at the Yeonsang river estuary. Scattered smaller and larger islands lie off the coast, while an extensive area with large sediment concentrations extends further into the Yellow Sea in a bow shape.

The Arctic is largely hemmed in by the northern edges of Eurasia and North America. As a result, pieces of drifting pack ice have few outlets for escape when sea ice is thinning and breaking up in the spring and summer.

The primary passageway out of the Arctic is the Fram Strait between Greenland and Svalbard. However, a narrower waterway to the west the Nares Strait, which separates Greenland and Ellesmere Island is also important. The amount of ice flowing through the Nares Strait in 2017 will likely be higher than usual. A key arch of pack ice that blocks other pieces of ice from entering the strait has broken apart earlier than usual. Typically, ice arches form between Ellesmere Island and Greenland in January and break down in early July. In 2017, sensors on Nasa satellites observed a key arch breaking down in mid-May. By May 12, large pieces of sea ice had begun to break into slivers and move into the strait. By May 17, even more pack ice north of the arch had broken up.

That is not good news because an unusually warm winter means that the overall extent of Arctic sea ice between January and May 2017 had already shrunk well below the 1981-2010 median.

Early breaks of ice arches have happened in this area before. In 2007, unusually warm winter weather prevented this ice arch from forming at all. That doubled the amount of ice that flowed through the strait that year compared to the average, according to an analysis of satellite data led by Ronald Kwok of the Jet Propulsion Laboratory. While that doubling was significant, the total flow of ice through the Nares Strait that year was still just 10% of what regularly passes through the larger Fram Strait.

Corinth

Photograph: ISS/Nasa/ESA

The straight line in the centre of the image is the Corinth canal as it crosses a narrow isthmus between mainland Greece (right) and the Peloponnese peninsula. The towns of Corinth and Isthmia stand near the west and east ends. A highway crosses the canal and connects Athens to the Peloponnese. Twenty-six hundred years ago, the ruler of Corinth Periander proposed digging a canal to connect the Mediterranean (via the Gulf of Corinth) to the Aegean (via the Saronic Gulf). The goal was to save ships from the dangerous 700km voyage around the ragged coastline of the peninsula. But the canal was still too ambitious a digging project and construction was not started.

Not Julius Caesar, nor the Roman emperors Caligula or Nero, were able to complete their plans for this ambitious project. The Venetians laid plans to dig the canal in the late 1600s but they never started it. In lieu of a water passage, boats have been hauled overland for centuries on a portage created by Periander. It runs roughly along the line of the modern canal. Construction of the modern Corinth canal which is 6.4km long (4 miles) was started in 1882 and completed by 1893. The canal is narrow (only 21.3 metres), making many ships too wide for it. Landslides from the steep walls have occasionally blocked the canal, while channeled winds and tides can also make navigation difficult.

Canada

Photograph: Modis/Aqua/Nasa

With the onset of spring and warmer temperatures in the Northern Hemisphere, sea ice is thinning and breaking up along Canadas Labrador coast. On 13 May 2017, a combination of winds and currents steered the ice into the interlocking swirls.

Torrential rains caused severe flooding in Sri Lanka in late May 2017. After more than 48 hours of non-stop rain, water levels rose rapidly in the countrys south, spurring emergency evacuations in multiple districts. An earlier image taken in January 2017, shows the same area before the waters rose.

Matara was among the hardest hit towns. Low-lying areas around the Nilwala Ganga river (in blue) have also been submerged. In many areas, flooding has contaminated wells and tainted water supplies. Sri Lankas disaster management centre reported that more than half a million people have been affected by the flooding.

Rann

Photograph: Copernicus Sentinel-2A/ESA

A seasonal salt marsh known as the Rann of Kutch in western India is one of the largest salt deserts in the world.

Read more: https://www.theguardian.com/environment/2017/jun/14/satellite-eye-on-earth-may-2017-in-pictures

How one woman harnessed people power to save old New York

New film tells story of Jane Jacobss battle’s against the wealthiest developers in the city.

She was a beaky, bespectacled architecture writer, hardly a figure likely to ignite protests that changed the shape of one of the worlds great cities. Yet such is the legend of Jane Jacobs and her bitter struggles to preserve the heart of New York from modernisation that a film charting her astonishing victories over some of the most powerful developers in the US is set to inspire a new generation of urban activists around the world.

Citizen Jane: Battle for the City tells the story of Jacobs, author of The Death and Life of Great American Cities, who made herself the bane of New Yorks powerful city planners from the 1950’s to 1970’s. Her nemesis was Robert Moses, the city’s powerful master builder and advocate of urban renewal, or wholesale neighbourhood clearance what author James Baldwin termed negro removal.

Moses dismissed the protesters as a bunch of mothers, and attempted to ignore their efforts to attract wider attention, which included taping white crosses across their glasses in the style of Jacobs.

But through a combination of grassroots activism, fundraising and persistence, Jacobs blocked Moses and successive city overlords from running Fifth Avenue through the historic Washington Square, tearing down much of SoHo and Little Italy to make way for a billion-dollar expressway, and building a six-lane highway up Manhattans west side.

“Some issues you fight with lawsuits and buy time that way,” she later wrote. “With others, you buy time by throwing other kinds of monkey wrenches in. You have to buy time in all these fights. The lawsuit is the more expensive way.”

Little
Little Italy, in New York, saved from demolition for a $1bn expressway. Photograph: Maremagnum/Getty Images

Jacobs warned of the dangers of mixing big business and government, and called them monstrous hybrids. She warned, too, that huge housing projects favoured by developers from the school of Le Corbusier would only bring social dislocation to the poor while making developers wealthy.

Jacobs’s method of prevarication, says Citizen Jane director Matt Tyrnauer, wrote the manual for activism. Speaking truth to power was her great strength, and she was fearless, but she was also a great strategist and analysed how to get to politicians and threaten them in ways that were going to be effective.

Robert Hammond, who produced Citizen Jane and co-founded the High Line, a significant renewal project along Manhattan’s west side that turned an elevated rail track into a garden and walkway, says key to her protest was targeting lower-tier elected officials because they depend on you for their jobs and they know it. She understood that fighting government is a slog, and no matter how powerful you think people are, things can be changed the value of individuals coming together and working as an organism, which today we call crowdsourcing.

Those lessons, in particular Jacobs’s later studies of economics, helped shape The Indivisible Project, an umbrella organisation for thousands of protest groups that have sprung up in the US in the aftermath of the presidential election.

Tyrnauer, who previously directed Valentino: The Last Emperor, considers that Indivisible’s activism, which includes berating local officials and challenging congressional leaders at town hall meetings, is cut from the Jacobs playbook. Late last year the group’s founders, four congressional aides moved to act by the election of Donald Trump, published suggestions that have become central to democratic resistance. Six thousand groups have registered so far, seeking to follow Indivisible’s basic, Jacobs-esque credo: localised defensive advocacy; recognition that elected representatives think primarily about re-election and how to use that; efforts to build constituent power through organically formed, locally led groups; and a focus on congressional representatives via town hall meetings, district office visits and mass phone calls.

Jane
Jane Jacobs won many victories over her nemesis Robert Moses, the powerful master builder. Photograph: Library of Congress/Sundance Selects

In her academic and personal life, Jacobs looked at the power individuals have in their own communities, says co-founder and executive director Ezra Levin. Indivisible is fundamentally about constituent power, and we recommend that people assert that power on their own turf, in their own communities. But the connection runs deeper. Jacobs maintained cities are best left to be self-organising. Too much control and they become lifeless. She believed they should be messy something old, something new and warned of the concentration of money and too little diversity. Crucial to Indivisible’s success is an individual group’s basic autonomy. “It’s crucial that this is not a franchise operation. We’ve created a platform but the decisions these groups are taking, or their exact form is fundamentally driven at a local level.”

Jacobs, who died in 2006 and whose centennial falls this year, used to tell an anti-authoritarian story about a preacher who warns children: In hell, there will be wailing and weeping and gnashing of teeth.

“What if you don’t have teeth?” one of the children asks.

Then teeth will be provided.

“That’s it the spirit of the designed city: teeth will be provided for you,” she told the New Yorker in 2004.

In Citizen Jane, the documentarians seek to apply the lessons of Manhattan in the 50’s to the urbanisation of China and India. The results are inconclusive.

Many of the challenges cities now face, at least in the west, are reversals of the clearances that affected cities in the last century. “The suburbs are where the poor people are moved to, and they’re becoming more impractical than cities to live in,” says Hammond.

Read more: https://www.theguardian.com/film/2017/apr/22/jane-jacobs-people-power-saved-old-new-york-architecture-grassroots

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