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The Greek debt crisis has far reaching consequences and it’s not just the cities and the commercial centres, but far off islands are also feeling the pinch. Greek Island of Aegina, famous for its pistachio farming, is struggling as production continues to dwindle. Members of co-operatives have come down from 600 to 230, and this year sales are down so payouts are much lower. Amid the hardship, a German suggestion to sell off Greek islands to pay off the debts has angered the residents and farmers in this picturesque island. Al Jazeera’s Tim Friend reports from Aegina.
Friday June 24 2011 5:25 pm www.msnbc.msn.com The Howard Government refers to the federal Executive Government of Australia led by Prime Minister John Howard. It was made up of members of the Liberal–National Coalition, which won a majority of seats in the Australian House of Representatives at four successive elections. The Howard Government commenced following victory over the Keating Government at the 1996 federal election. It concluded with its defeat at the 2007 federal election by the Australian Labor Party, whose leader Kevin Rudd formed the Rudd Government. It was the second-longest government under a single Prime Minister, with the longest having been the second Menzies Government (1949–1966). Two senior ministers served in single roles for the duration of the Government—Peter Costello as Treasurer, and Alexander Downer as Minister for Foreign Affairs. The leader of the National Party served as Deputy Prime Minister. Three men served in this capacity during the Howard government: Tim Fischer until July 1999, followed by John Anderson until July 2005 and then Mark Vaile. Decisions of the Executive were made either by the Cabinet or by the appropriate Minister.
There are warnings over the euro zone’s debt crisis from a Bank of England policymaker and Britain’s new risk monitoring organisation.
American economist Adam Posen from the central bank’s Monetary Policy Committee says there’s a growing risk that rescue plans for debt-stricken European countries will end badly.
And Britain’s Financial Policy Committee says the crisis poses the biggest threat to the UK’s financial stability and banks must reveal their full exposure.