JEWISH KING JESUS IS COMING AT THE RAPTURE FOR US IN THE CLOUDS-DON'T MISS IT FOR THE WORLD.THE BIBLE TAKEN LITERALLY- WHEN THE PLAIN SENSE MAKES GOOD SENSE-SEEK NO OTHER SENSE-LEST YOU END UP IN NONSENSE.GET SAVED NOW- CALL ON JESUS TODAY.THE ONLY SAVIOR OF THE WHOLE EARTH - NO OTHER. 1 COR 15:23-JESUS THE FIRST FRUITS-CHRISTIANS RAPTURED TO JESUS-FIRST FRUITS OF THE SPIRIT-23 But every man in his own order: Christ the firstfruits; afterward they that are Christ’s at his coming.ROMANS 8:23 And not only they, but ourselves also, which have the firstfruits of the Spirit, even we ourselves groan within ourselves, waiting for the adoption, to wit, the redemption of our body.(THE PRE-TRIB RAPTURE)
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Eurogroup to meet Friday for Greece deal talks: Spain's Rajoy-Reuters-AUG 11,15-YAHOONEWS
MADRID (Reuters) - Finance ministers in the euro zone are due to meet on Friday to approve a bailout agreement between Greece and its international lenders, Spanish Prime Minister Mariano Rajoy said on Tuesday.Rajoy said that the Spanish parliament would next week likely vote on the bailout package, worth 85 billion euros ($93.79 billion). His centre-right People's Party (PP), which has a majority in parliament, will be asking other parties to vote in favour of the deal, he said."The European Union is once again making a big bet," Rajoy told journalists at an event in northern Spain. "Let's hope that once and for all this bet will help things get back to normal." ($1 = 0.9063 euros)-(Reporting by Sarah White, Editing by Paul Day)
Greece, lenders clinch bailout deal after marathon talks-Reuters By George Georgiopoulos and Michele Kambas-AUG 11,15-YAHOONEWS
ATHENS (Reuters) - Greece and its international lenders reached a multi-billion euro bailout agreement on Tuesday after talking through the night, officials said, potentially saving the country from financial ruin.The agreement, reached after a 23-hour session of talks, must still be adopted by Greece's parliament and euro zone countries. The single currency bloc's finance ministers are due to meet on Friday, giving time to finalize the deal before a major debt repayment next week.The negotiations appeared to have resolved all the main outstanding issues, after Greece's leftist government effectively capitulated last month to creditors' demands for deep austerity measures in order to receive loans."Finally, we have white smoke," a Greek Finance Ministry official said after exhausted Greek officials emerged in a central Athens hotel to announce the two sides had agreed on terms. "An agreement has been reached."Finance Minister Euclid Tsakalotos confirmed only "two or three small issues" were pending. Greek shares rose, with the banking index surging 6 percent, while two-year bond yields fell more than 4 percentage points."The institutions and the Greek authorities achieved an agreement in principle on a technical basis. Now as a next step, a political assessment will be made," European commission spokeswoman Annika Breidhardt said in Brussels.Still, officials in skeptical northern European countries remained cautious, pending final approval of the deal."There remains work to be done with details," said Finland's Finance Minister Alexander Stubb. "We must take one step at a time. Agreement is a big word."Commission President Jean-Claude Juncker was due to hold talks later on Tuesday with German Chancellor Angela Merkel and French President Francois Hollande.PAINFUL CHAPTER-Approving the agreement would close a painful chapter of aid talks for Greece, which fought against austerity terms demanded by creditors for much of the year before relenting under the threat of being bounced out of the euro zone.After a deal in principle last month, the latest round of talks began in Athens three weeks ago to craft an agreement covering details of reform measures, the timeline for their implementation and the amount of aid needed.A Greek Finance Ministry official said the pact would be worth up to 85 billion euros ($94 billion) in fresh loans over three years. Greek banks would get 10 billion euros immediately and would be recapitalized by the end of the year.An EU diplomat said the agreement was worth between 82 billion and 85 billion euros.Greek officials have said they expect the accord to be ratified by parliament on Wednesday or Thursday and then vetted by euro zone finance ministers on Friday. This would pave the way for aid disbursements by Aug. 20, when a 3.2 billion euro debt payment is due to the European Central Bank.Facing a revolt from the far-left of his leftist Syriza party, Prime Minister Alexis Tsipras is expected to once again rely on opposition support to push the package through parliament. Once the deal is ratified, Tsipras is expected to tighten his grip over the party by facing down rebels at a party congress next month before considering early elections.Even then, doubts remain about whether a leftist government elected on a pledge to reverse austerity can implement the punishing terms of an agreement that critics say compromises the government's basic principles.Popular misgivings about funneling yet more money to Athens run deep in Germany, the euro zone country that has contributed most to Greece's two bailouts since 2010.Berlin had cautioned that the talks must focus on "quality before speed", raising questions about whether it would seek to slow down the process by insisting on conditions attached to aid."We're talking about a program for three years, it needs to be negotiated thoroughly," Deputy Finance Minister Jens Spahn told Germany's ARD television shortly before the deal was announced. "It must be convincing that it's not just about Aug. 20."STICKING POINTS-The latest round of talks with inspectors from four creditor institutions -- the European Commission, European Central Bank, the European bailout fund and the International Monetary Fund -- progressed smoothly in Athens, in contrast to acrimonious negotiations during most of the year.In talks that dragged through Monday night, the sides reached agreement on the three main sticking points - dealing with non-performing loans held by banks, setting up an asset sales fund, and deregulation of the natural gas market.Athens wanted to set up a "bad bank" to take on the problem loans, while creditors want them bundled and sold to distressed debt funds. It was not immediately clear how that was resolved.Officials had also argued over how to set up a sovereign wealth fund in Greece designed to raise 50 billion euros from privatizations, three-quarters of which would be used to recapitalize banks and to reduce the debt.A few technical details on measures -- such as a law governing individual bankruptcies -- that Greece must pass before getting aid were still being discussed between technical experts from both sides, another Greek official said.The overnight talks also found common ground on final fiscal targets that should govern the bailout effort, aiming for a primary budget surplus -- which excludes interest payments -- from 2016, a government official said.Adapted from an earlier baseline scenario, the targets foresee a primary budget deficit of 0.25 percent of gross domestic product in 2015, and surpluses of 0.5 percent in 2016, 1.75 percent in 2017, and 3.5 percent in 2018, the official said.($1 = 0.9074 euros)(Additional reporting by Karolina Tagaris and Lefteris Papadimas; Writing By Michele Kambas and Deepa Babington; Editing by Peter Graff)
Germany to carefully examine Greek bailout deal - deputy finance minister-Reuters-AUG 11,15-YAHOONEWS
BERLIN (Reuters) - Germany will examine Greece's third bailout deal over the next few days to ensure that it is valid for several years, Deputy Finance Minister Jens Spahn told Reuters."It is decisive that this is a basis for the next few years; it cannot just last a few months. Growth and attractive and reliable conditions for more investments must be the goal," Spahn said.He said it was important for Germany that the IMF stayed on board and agreed with the assessment of the European Central Bank and European Commission on Greek debt sustainability and the agreed reforms.(Reporting by Gernot Heller; Writing by Caroline Copley and Madeline Chambers)
Markets | Tue Aug 11, 2015 8:20am EDT-China's devaluation raises currency war fear as Greece strikes deal-LONDON | By Nigel Stephenson
A bank clerk counts U.S. dollar banknotes on bundles of 100 Chinese yuan banknotes at a branch of a bank in Huaibei, Anhui province April 26, 2012.China's shock 2 percent devaluation of the yuan on Tuesday pushed the dollar higher and raised the prospect of a new round of currency wars, just as Greece reached a new deal to contain its debt crisis.Stocks fell in Asia and Europe as investors worried about the implications of a move designed to support China's slowing economy and exports.The stronger dollar hit commodity prices, driving crude oil down after Monday's hefty gains, though gold hit three-week highs as investors focused on the risks to the global economy.Weaker stocks lifted top-rated bonds, with yields on euro zone debt also falling on the Greek deal, struck nine days before Athens is due to repay 3.2 billion euros to the European Central Bank.China's move, which the central bank described as a "one-off depreciation" based on a new way of managing the exchange rate that better reflected market forces, triggered the yuan's biggest fall since 1994, pushing it to its weakest against the dollar CNY=CFXS in almost three years.The Australian dollar AUD=D4, often used as a liquid proxy for the yuan, fell 1.2 percent to $0.7322 as the U.S. dollar index, which measures the greenback against a basket of currencies .DXY, rose 0.4 percent before paring gains.In Asia, the Singapore dollar SGD=D3 hit a five-year low while the Malaysian ringgit MYR= and the Indonesian rupiah IDR= hit lows not seen since the Asian financial crisis 17 years ago. The Japanese yen JPY= hit a two-month low of 125.08 to the U.S. dollar.Investors who had held euro-funded yuan positions bought back the single currency, pushing it up EUR= 0.2 percent to $1.1042 and weighing on the dollar index.U.S. reaction will be crucial. Washington has for years pressed Beijing to free up the exchange rate to allow the yuan to strengthen, reflecting the growth in the world's second-largest economy.Today, China's economy is slowing and the new exchange rate mechanism gives markets greater ability to push the yuan lower, just as the United States prepares to raise interest rates - a step that should add to dollar strength."It does look, however modest, like an attempt to recoup just a small amount of competitive edge lost in international markets," said Simon Derrick, head of currency research at BNY Mellon in London."What happens over the next few days matters. If we have a currency that moves much more freely, fine. If, however, we go back and it's just repegged ... that is currency war."European shares fell. The pan-European FTSEurofirst 300 index .FTEU3 was down 1 percent, led lower by car makers and luxury goods companies, whose products have just got more expensive for Chinese consumers."What is good for growth in China is unfortunately bad for everybody else," said Bill McQuaker, co-head of multi-asset at Henderson Global Investors.Shares in Athens .ATG, however, gained 1.5 percent after the country secured a third bailout deal with creditors, making it the only European bourse to rise.This followed falls in Asia. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gave up early gains and was down 1.4 percent at its lowest since February 2014. Japan's Nikkei .N225 slipped 0.4 percent.On Chinese stock markets, airlines and importers fell, though exporters rose. The CSI300 index .CSI300 of the largest listed companies in Shanghai and Shenzhen lost 0.4 percent and the Shanghai Composite .SSEC closed flat.BONDS-The weakness in stocks boosted top-rated bonds. German 10-year yields DE10YT=TWEB fell 4 basis points to 0.65 percent and U.S. equivalents US10T=RR dropped 6 bps to 2.16 percent.The deal on another bailout for Greece also helped yields on lower-rated Spanish and Italian bonds drop 5 bps apiece while Greek two-year yields GR2YT=TWEB fell 4.8 percentage points to 14.67 percent, their lowest since March."The Chinese devaluation was taken as 'things are not going that well in China' and this is a risk-off move," said Martin van Vliet, senior rate strategist at ING, adding that "with the Greek deal secured and the ECB continuously buying bonds, peripheral spreads would have been much tighter (but for China)".Oil prices fell as dollar-priced commodities became more expensive, weighing on demand. Brent crude LCOc1 was down 65 cents a barrel at $49.76.Gold XAU= fell to as low as $1,093.25 before recovering to around $1,1109 an ounce as investors sought safety."Probably gold is benefiting from fears that this is a new round of 'currency war'," Macquarie analyst Matthew Turner said, adding that China's move had increased uncertainties about the global economy, which tends to be good for gold.(Additional reporting by Jemima Kelly, Marius Zaharia, Sudip Kar-Gupta and Clara Denina in London; Editing by Kevin Liffey and Susan Fenton)
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Eurogroup to meet Friday for Greece deal talks: Spain's Rajoy-Reuters-AUG 11,15-YAHOONEWS
MADRID (Reuters) - Finance ministers in the euro zone are due to meet on Friday to approve a bailout agreement between Greece and its international lenders, Spanish Prime Minister Mariano Rajoy said on Tuesday.Rajoy said that the Spanish parliament would next week likely vote on the bailout package, worth 85 billion euros ($93.79 billion). His centre-right People's Party (PP), which has a majority in parliament, will be asking other parties to vote in favour of the deal, he said."The European Union is once again making a big bet," Rajoy told journalists at an event in northern Spain. "Let's hope that once and for all this bet will help things get back to normal." ($1 = 0.9063 euros)-(Reporting by Sarah White, Editing by Paul Day)
Greece, lenders clinch bailout deal after marathon talks-Reuters By George Georgiopoulos and Michele Kambas-AUG 11,15-YAHOONEWS
ATHENS (Reuters) - Greece and its international lenders reached a multi-billion euro bailout agreement on Tuesday after talking through the night, officials said, potentially saving the country from financial ruin.The agreement, reached after a 23-hour session of talks, must still be adopted by Greece's parliament and euro zone countries. The single currency bloc's finance ministers are due to meet on Friday, giving time to finalize the deal before a major debt repayment next week.The negotiations appeared to have resolved all the main outstanding issues, after Greece's leftist government effectively capitulated last month to creditors' demands for deep austerity measures in order to receive loans."Finally, we have white smoke," a Greek Finance Ministry official said after exhausted Greek officials emerged in a central Athens hotel to announce the two sides had agreed on terms. "An agreement has been reached."Finance Minister Euclid Tsakalotos confirmed only "two or three small issues" were pending. Greek shares rose, with the banking index surging 6 percent, while two-year bond yields fell more than 4 percentage points."The institutions and the Greek authorities achieved an agreement in principle on a technical basis. Now as a next step, a political assessment will be made," European commission spokeswoman Annika Breidhardt said in Brussels.Still, officials in skeptical northern European countries remained cautious, pending final approval of the deal."There remains work to be done with details," said Finland's Finance Minister Alexander Stubb. "We must take one step at a time. Agreement is a big word."Commission President Jean-Claude Juncker was due to hold talks later on Tuesday with German Chancellor Angela Merkel and French President Francois Hollande.PAINFUL CHAPTER-Approving the agreement would close a painful chapter of aid talks for Greece, which fought against austerity terms demanded by creditors for much of the year before relenting under the threat of being bounced out of the euro zone.After a deal in principle last month, the latest round of talks began in Athens three weeks ago to craft an agreement covering details of reform measures, the timeline for their implementation and the amount of aid needed.A Greek Finance Ministry official said the pact would be worth up to 85 billion euros ($94 billion) in fresh loans over three years. Greek banks would get 10 billion euros immediately and would be recapitalized by the end of the year.An EU diplomat said the agreement was worth between 82 billion and 85 billion euros.Greek officials have said they expect the accord to be ratified by parliament on Wednesday or Thursday and then vetted by euro zone finance ministers on Friday. This would pave the way for aid disbursements by Aug. 20, when a 3.2 billion euro debt payment is due to the European Central Bank.Facing a revolt from the far-left of his leftist Syriza party, Prime Minister Alexis Tsipras is expected to once again rely on opposition support to push the package through parliament. Once the deal is ratified, Tsipras is expected to tighten his grip over the party by facing down rebels at a party congress next month before considering early elections.Even then, doubts remain about whether a leftist government elected on a pledge to reverse austerity can implement the punishing terms of an agreement that critics say compromises the government's basic principles.Popular misgivings about funneling yet more money to Athens run deep in Germany, the euro zone country that has contributed most to Greece's two bailouts since 2010.Berlin had cautioned that the talks must focus on "quality before speed", raising questions about whether it would seek to slow down the process by insisting on conditions attached to aid."We're talking about a program for three years, it needs to be negotiated thoroughly," Deputy Finance Minister Jens Spahn told Germany's ARD television shortly before the deal was announced. "It must be convincing that it's not just about Aug. 20."STICKING POINTS-The latest round of talks with inspectors from four creditor institutions -- the European Commission, European Central Bank, the European bailout fund and the International Monetary Fund -- progressed smoothly in Athens, in contrast to acrimonious negotiations during most of the year.In talks that dragged through Monday night, the sides reached agreement on the three main sticking points - dealing with non-performing loans held by banks, setting up an asset sales fund, and deregulation of the natural gas market.Athens wanted to set up a "bad bank" to take on the problem loans, while creditors want them bundled and sold to distressed debt funds. It was not immediately clear how that was resolved.Officials had also argued over how to set up a sovereign wealth fund in Greece designed to raise 50 billion euros from privatizations, three-quarters of which would be used to recapitalize banks and to reduce the debt.A few technical details on measures -- such as a law governing individual bankruptcies -- that Greece must pass before getting aid were still being discussed between technical experts from both sides, another Greek official said.The overnight talks also found common ground on final fiscal targets that should govern the bailout effort, aiming for a primary budget surplus -- which excludes interest payments -- from 2016, a government official said.Adapted from an earlier baseline scenario, the targets foresee a primary budget deficit of 0.25 percent of gross domestic product in 2015, and surpluses of 0.5 percent in 2016, 1.75 percent in 2017, and 3.5 percent in 2018, the official said.($1 = 0.9074 euros)(Additional reporting by Karolina Tagaris and Lefteris Papadimas; Writing By Michele Kambas and Deepa Babington; Editing by Peter Graff)
Germany to carefully examine Greek bailout deal - deputy finance minister-Reuters-AUG 11,15-YAHOONEWS
BERLIN (Reuters) - Germany will examine Greece's third bailout deal over the next few days to ensure that it is valid for several years, Deputy Finance Minister Jens Spahn told Reuters."It is decisive that this is a basis for the next few years; it cannot just last a few months. Growth and attractive and reliable conditions for more investments must be the goal," Spahn said.He said it was important for Germany that the IMF stayed on board and agreed with the assessment of the European Central Bank and European Commission on Greek debt sustainability and the agreed reforms.(Reporting by Gernot Heller; Writing by Caroline Copley and Madeline Chambers)
Markets | Tue Aug 11, 2015 8:20am EDT-China's devaluation raises currency war fear as Greece strikes deal-LONDON | By Nigel Stephenson
A bank clerk counts U.S. dollar banknotes on bundles of 100 Chinese yuan banknotes at a branch of a bank in Huaibei, Anhui province April 26, 2012.China's shock 2 percent devaluation of the yuan on Tuesday pushed the dollar higher and raised the prospect of a new round of currency wars, just as Greece reached a new deal to contain its debt crisis.Stocks fell in Asia and Europe as investors worried about the implications of a move designed to support China's slowing economy and exports.The stronger dollar hit commodity prices, driving crude oil down after Monday's hefty gains, though gold hit three-week highs as investors focused on the risks to the global economy.Weaker stocks lifted top-rated bonds, with yields on euro zone debt also falling on the Greek deal, struck nine days before Athens is due to repay 3.2 billion euros to the European Central Bank.China's move, which the central bank described as a "one-off depreciation" based on a new way of managing the exchange rate that better reflected market forces, triggered the yuan's biggest fall since 1994, pushing it to its weakest against the dollar CNY=CFXS in almost three years.The Australian dollar AUD=D4, often used as a liquid proxy for the yuan, fell 1.2 percent to $0.7322 as the U.S. dollar index, which measures the greenback against a basket of currencies .DXY, rose 0.4 percent before paring gains.In Asia, the Singapore dollar SGD=D3 hit a five-year low while the Malaysian ringgit MYR= and the Indonesian rupiah IDR= hit lows not seen since the Asian financial crisis 17 years ago. The Japanese yen JPY= hit a two-month low of 125.08 to the U.S. dollar.Investors who had held euro-funded yuan positions bought back the single currency, pushing it up EUR= 0.2 percent to $1.1042 and weighing on the dollar index.U.S. reaction will be crucial. Washington has for years pressed Beijing to free up the exchange rate to allow the yuan to strengthen, reflecting the growth in the world's second-largest economy.Today, China's economy is slowing and the new exchange rate mechanism gives markets greater ability to push the yuan lower, just as the United States prepares to raise interest rates - a step that should add to dollar strength."It does look, however modest, like an attempt to recoup just a small amount of competitive edge lost in international markets," said Simon Derrick, head of currency research at BNY Mellon in London."What happens over the next few days matters. If we have a currency that moves much more freely, fine. If, however, we go back and it's just repegged ... that is currency war."European shares fell. The pan-European FTSEurofirst 300 index .FTEU3 was down 1 percent, led lower by car makers and luxury goods companies, whose products have just got more expensive for Chinese consumers."What is good for growth in China is unfortunately bad for everybody else," said Bill McQuaker, co-head of multi-asset at Henderson Global Investors.Shares in Athens .ATG, however, gained 1.5 percent after the country secured a third bailout deal with creditors, making it the only European bourse to rise.This followed falls in Asia. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gave up early gains and was down 1.4 percent at its lowest since February 2014. Japan's Nikkei .N225 slipped 0.4 percent.On Chinese stock markets, airlines and importers fell, though exporters rose. The CSI300 index .CSI300 of the largest listed companies in Shanghai and Shenzhen lost 0.4 percent and the Shanghai Composite .SSEC closed flat.BONDS-The weakness in stocks boosted top-rated bonds. German 10-year yields DE10YT=TWEB fell 4 basis points to 0.65 percent and U.S. equivalents US10T=RR dropped 6 bps to 2.16 percent.The deal on another bailout for Greece also helped yields on lower-rated Spanish and Italian bonds drop 5 bps apiece while Greek two-year yields GR2YT=TWEB fell 4.8 percentage points to 14.67 percent, their lowest since March."The Chinese devaluation was taken as 'things are not going that well in China' and this is a risk-off move," said Martin van Vliet, senior rate strategist at ING, adding that "with the Greek deal secured and the ECB continuously buying bonds, peripheral spreads would have been much tighter (but for China)".Oil prices fell as dollar-priced commodities became more expensive, weighing on demand. Brent crude LCOc1 was down 65 cents a barrel at $49.76.Gold XAU= fell to as low as $1,093.25 before recovering to around $1,1109 an ounce as investors sought safety."Probably gold is benefiting from fears that this is a new round of 'currency war'," Macquarie analyst Matthew Turner said, adding that China's move had increased uncertainties about the global economy, which tends to be good for gold.(Additional reporting by Jemima Kelly, Marius Zaharia, Sudip Kar-Gupta and Clara Denina in London; Editing by Kevin Liffey and Susan Fenton)
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