Italian borrowing rates touch new record

Luxembourg's Prime Minister and the chairman of the Eurogroup meetings of eurozone nations, left, welcomes Italy's Finance Minister Giulio Tremonti upon his arrival at his office in Luxembourg, Wednesday Aug. 3, 2011. (AP Photo/Geert Vanden Wijngaert)

Luxembourg's Prime Minister and the chairman of the Eurogroup meetings of eurozone nations, left, welcomes Italy's Finance Minister Giulio Tremonti upon his arrival at his office in Luxembourg, Wednesday Aug. 3, 2011. (AP Photo/Geert Vanden Wijngaert)

Luxembourg's Prime Minister and the chairman of the Eurogroup meetings of eurozone nations Jean Claude Juncker, left, talks with Italy's Finance Minister Giulio Tremonti upon his arrival at his office in Luxembourg, Wednesday Aug. 3, 2011. (AP Photo/Geert Vanden Wijngaert)

Luxembourg's Prime Minister and the chairman of the Eurogroup meetings of eurozone nations Jean Claude Juncker, right, welcomes Italy's Finance Minister Giulio Tremonti upon his arrival at his office in Luxembourg, Wednesday Aug. 3, 2011. (AP Photo/Geert Vanden Wijngaert)

MILAN (AP) ? Italy's borrowing rates touched a new euro-era high on Wednesday as a global market sell-off reignited fears that the debt crisis will engulf the eurozone's third-largest economy.

Premier Silvio Berlusconi will address parliament on the state of the economy in the evening, but opposition parties called for him to step down, saying his lack of economic credibility in the markets was part of the problem.

Spain was also under the market spotlight, forcing Prime Minister Jose Luis Rodriguez Zapatero to delay his vacation by two days to monitor the bleak scenario in the markets.

In a volatile day of trading, Italy's 10-year borrowing rate briefly spiked to 6.21 percent before easing to 6.04 percent, while Spain's edged down to 6.18 percent, from Tuesday's euro-era high of 6.45 percent. Both countries' yields have soared in recent days.

The revival of the debt crisis is mainly due to a global sell-off by traders of any investments that appear risky ? such as the bonds of Italy and Spain.

Whereas both countries could continue borrowing at their current rates, their financing costs would increase, adding to the debt pile that is the source of market worries.

The fear is that the global market turmoil will push the two countries closer toward needing a bailout.

"The upward march in Spanish and Italian bond yields is evidence of the relentlessness of the sovereign debt crisis," said Jane Foley, an analyst at Rabobank International.

High yields show the additional interest investors demand to hold the country's debt, and underline how a government's financing costs could rise when they need to tap bond markets again. As fears of default increase, interest rates rise and make paying debt even harder in a vicious circle.

Italy's euro70 billion ($99 million) austerity package passed last month aims at balancing the budget by 2014 but has done little to calm markets.

Opposition parties, commentators, economists and the non-partisan president have called for deeper reforms to encourage investment and growth and regain market confidence.

"At this moment, it is up to the political forces, both in the government and opposition, to work with civil society to make choices to decisively stimulate the indispensable growth of the economy and employment," President Giorgio Napolitano said in a statement.

Finance Minister Giulio Tremonti, meanwhile, traveled to Luxembourg to talk with Jean-Claude Juncker, the chairman of the Eurogroup meetings of eurozone nations.

"We had a long discussion visiting all the problems the euro area is facing and will continue our meditation in common," Juncker said.

Tremonti earlier spoke on the phone with the EU's monetary affairs commissioner Olli Rehn to discuss Italy's plans to reform its economy and measures to contain the debt crisis.

The turmoil added political pressure on Berlusconi, who will deliver his speech after markets close.

The main opposition party leader Pier Luigi Bersani said there was "global skepticism" of Berlusconi, while his deputy, Enrico Letta, said it was time for the premier to step down.

"He cannot be the one to propose solutions, seeing that he is a big part of the problem," Letta said.

Analysts did not expect Berlusconi, who is to meet with unions and business associations on Thursday, would propose a concrete agenda of new economic measures.

"It would be welcome to hear his pledge to come back again to the Parliament in a very short time ... to present a concrete and bipartisan action plan," wrote Unicredit economist Chiara Corsa in a note to investors.

Italy has debt nearing 120 percent of economic output, but had been viewed for months with calm by bond markets. The country has low levels of private debt and has not had the real estate boom and bust that caused trouble for the United States, Spain, and Ireland.

But it suffers from chronically low growth and investors doubt the government's willingness and ability to push through painful economic reforms.

Spain, meanwhile, is struggling to recover from nearly two years of recession triggered largely by the collapse of an overheated real estate sector. Burdened by a swollen deficit, the country is struggling to bring down a jobless rate that stands at a eurozone high of nearly 21 percent.

Zapatero delayed the start of vacation to monitor market developments, and was working in Madrid on Wednesday after dropping off his family in southern Spain a day earlier. Zapatero was set to hold an emergency meeting later with Finance Minister Elena Salgado and Development Minister Jose Blanco.

The prime minister has called early general elections, largely due to pressure from the financial crisis and because he wants a new government to manage the troubled economy from the start of the year.

By late morning in Europe, the Milan Stock Exchange had recovered from several days of massive losses to trade 1.2 percent higher, while Spain's main index was 1.9 percent higher.

___

Pan Pylas in London, Gabriele Steinhauser in Brussels and Alan Clendenning and Ciaran Giles in Madrid contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-08-03-EU-Europe-Financial-Crisis/id-8bc55f1c45ce47e89104b1df1d63fdbc

adventure time polo horrible bosses trailer horrible bosses trailer devil may cry devil may cry the shining

Debt is a done deal, but peace truce already fades (AP)

WASHINGTON ? With scant time to spare, President Barack Obama signed legislation Tuesday to avoid an unprecedented national default that he said would have devastated the U.S. economy. But the truce with Republicans that defused the crisis seemed to be fading already.

Wall Street crumpled, dismayed by reports of new economic weakness and unimpressed by Congress' prescription. The Dow Jones industrial average sank by 266 points, its eighth straight losing session, and biggest.

The compromise deal to persuade GOP lawmakers to raise the federal debt limit ? U.S. borrowing was to collide with it at midnight ? will cut federal spending by $2.1 trillion or more over the next decade. But Obama immediately challenged Republicans to accept higher taxes on the wealthy in a second round of deficit cuts this fall. They adamantly refused to accept that idea during the past months' dispute.

A stern-faced Obama said at the White House that action to raise the debt limit had been essential but more ? and different ? steps were badly needed.

"We've got to do everything in our power to grow this economy and put America back to work," the president said, arguing forcefully for including revenue increases as well as spending cuts in the next round of efforts to trim huge government deficits.

It was the same call the GOP successfully resisted in the bill just approved, and there was little evidence of a change in position.

"The American people agreed with us on the nature of the problem. They know the government didn't accumulate $14.3 trillion in debt because it didn't tax enough," said the party's leader in the Senate, Mitch McConnell of Kentucky.

Obama placed his signature on bill in the privacy of the Oval Office less than two hours after a bipartisan 74-26 vote in the Senate. The House approved the measure Monday night on a 269-161 roll call that also reached across party lines and was sealed by a rap of the gavel by Speaker John Boehner.

The bill allows a quick $900 billion increase in borrowing authority as well as a first installment on spending cuts amounting to $917 billion over a decade.

Without legislation in place by day's end, the Treasury would have been unable to pay all the nation's bills, leading to a potential default for the first time in history. Administration officials warned of disastrous consequences for an economy that shows fresh signs of weakness on a near-daily basis as it struggles to recover from the worst recession in decades.

The White House and congressional leaders said legislation was important to reassure investors at home as well as overseas, and also to preserving the nation's Aaa credit rating. Talk of that rating's precariousness continued nonetheless.

This week's peace pact between the two parties is unlikely to be long-lived.

The bill sets up a powerful 12-member committee of lawmakers with authority to recommend fresh deficit savings from every corner of the federal budget.

Politically sensitive benefit programs such as Social Security and Medicare will be on the table as the panel of six Republicans and six Democrats works against a Thanksgiving deadline. So, too, an overhaul of the tax code. Congress will have until Christmas to vote on the recommendations without the ability to make changes.

As an incentive for Congress to act, failure to do so would trigger $1.2 trillion in automatic spending cuts, affecting the Pentagon as well as domestic programs.

Even before the president signed the legislation, he and Republicans were maneuvering for political position on the next stage.

"We can't balance the budget on the backs of people who have borne the biggest brunt of this recession," the president said, renewing his call for higher taxes on the wealthy. "Everyone is going to have to chip in. It's only fair."

Senate Republicans say it will not happen.

"I'm comfortable we aren't going to raise taxes coming out of this joint committee," McConnell said in an interview with Fox on Monday.

In a speech shortly before the vote, he predicted instead a renewal of the most recent struggle over spending cuts.

The debt limit will have to be raised shortly after the 2012 election, he said, predicting that no president of either party will be "allowed to raise the debt ceiling without ... having to engage in the kind of debate we've just been through."

He conceded that Republicans got only part of what they wanted in the deal, and he pointed to next year's elections with control of the White House and Congress at stake as a chance to gain greater clout.

"Republicans only control one half of one third of the federal government, but the American people agree with us," he said.

Senate Majority Leader Harry Reid, D-Nev., said the period immediately ahead "is going to be painful," particularly if Republicans insist they will not raise any taxes.

Numerous Democrats have complained about the concessions Obama accepted in the deal, and Reid and other Democrats sought immediately to change the subject.

"We now have the chance to pivot away from budget battles to jobs. We can reset the debate, and that's what we intend to do," said Sen. Chuck Schumer, D-N.Y.

Obama spoke in less partisan terms at the White House.

"Both parties share power in Washington, and both parties need to take responsibility for improving this economy," he said.

This week's legislation ratified an agreement that took shape slowly. For months there had been partisan flare-ups and internal disagreements within each party, then suddenly things changed last weekend when McConnell and Vice President Joe Biden bargained by telephone.

The immediate impact is to raise the debt limit by $400 billion, giving the Treasury what it needs to avoid exceeding the current $14.3 trillion cap. Another $500 billion increase will be available, subject to disapproval by Congress.

In exchange, spending is to be cut by $917 billion over a decade from Cabinet-level agencies and the thousands of federal programs they administer.

The bill's second phase begins with the creation of the special committee of lawmakers. Depending on its success in recommending savings that Congress ratifies by Christmas, the nation's borrowing authority will rise by $2.1 trillion or as much as $2.5 trillion.

Either way, it is estimated to be enough to avoid a rerun of the current crisis before the 2012 elections.

That was Obama's bottom-line demand in a negotiating end game, and while Republicans ridiculed him over it, they consented.

Yet Boehner and McConnell were able to wring key concessions of their own.

The maneuvering began hours after Congress convened last January, the House under control of Republicans for the first time in four years.

At a news conference then, Boehner announced the administration had notified him an increase in the debt limit would be needed, and he said any change must include "meaningful action" to cut spending.

Initially, the White House resisted the linkage, then relented.

On May 9, Boehner laid down a second condition ? any debt limit increase must occur in tandem with spending cuts that were greater in size.

Obama wanted a balanced plan that included both spending cuts and higher revenues, and for a brief time, it appeared that might be in the offing.

Months later, he and Boehner sought a sweeping agreement that would have trimmed deficits by $4 trillion or more, possibly including curbs on the rise on Social Security benefit checks and an increase in the age for Medicare benefits from 65 to 67.

By Boehner's own account, he agreed to consider an overhaul of the tax code under which government revenues would rise from current levels. It was carefully framed ? the increase would result from assumed greater economic expansion.

Then a group of bipartisan senators unveiled a plan of their own, calling for even higher additional revenues.

In response, Obama raised his demand, and Boehner announced a little more than two weeks ago he was calling off those talks.

That set the stage for a partisan endgame in which House Republicans and Senate Democrats drafted rival bills ? then watched them rejected by the other side ? before McConnell and Biden worked out a final deal.

___

Associated Press writers Andrew Taylor, Donna Cassata and Ben Feller contributed to this story.

Source: http://us.rd.yahoo.com/dailynews/rss/politics/*http%3A//news.yahoo.com/s/ap/20110802/ap_on_bi_ge/us_debt_showdown

14th amendment matt hasselbeck matt hasselbeck colby rasmus real housewives of beverly hills deangelo williams deangelo williams

What Are The Topmost Secrets Of Copywriting Services? | welcome to ...

Successful copywriting is one of the most important elements of your advertising. Besides making your message memorable, it attracts attention to your potential customers and it might induce your clients to take some actions as well. Words may change our depressed moods and uplift our spirit and it may also affect our vision and this is according to psychological research. With words, people can be convinced to adopt certain types of lifestyle or belief or to hold a particular point of view. Words, in short, are powerful tools in the communication process. Considered as the communicators are you and your customers. The task of copywriting text is for you to encourage the visitors to further explore your site and also to grab their attention on your website. Website content has an ultimate goal and that is to induce customers to purchase your products and services.

So, how do you achieve this type of results? The answer is simple: On your own, produce good copywriting or you hire a copywriting service. Each copywriting copy should include several indispensable elements: it should offer intriguing headline, well-written, coherent and logically structured text, and encouraging final paragraphs. Moreover the most effective copywriting copy must communicate directly with your customer, and not try to communicate with customers as a group. In your copywriting text, use the word ?you.? Saying ?you will value our products? actually sounds stronger than ?our clients will value our products.? Also, always remember that after the marketing research has been conducted, only then can one start writing and designing the copywriting. Effectiveness of your copywriting copy depends on how well you have evaluated your market, the advertisements techniques of your major competitors and the demands of your potential customers.

Targeting only those persons who are really interested in the products and services that you are providing is what you need to do. If ski resorts are what some people are interested in, they would visit other websites that individuals who evince their interest in the manufacturing of cars. This rule is not easy to follow in the virtual and online environment but it?s easy to follow in real life. In order to get your site to the right people at the right time one should conduct keyword research before starting the writing of the content of your web site. When you are writing your content, these are but a few tips that would help you. No matter how easy and simple it may sound, it is still advisable to hire some professionals who have knowledge and experience in the writing of the websites. Make sure that this task is performed correctly because if not, then it might harm your business and entail negative consequences for it for many months to come.

Author bio: Writer Luis Hinton is a dog enthusiast. If you?re looking for the pick of the litter, check these English bulldog puppies for sale. These litters of English bulldogs for sale are wrinkly with a massive nose rope and overdone. One of these classic dogs is perfect for your family.

Source: http://www.floridacattledrive.com/what-are-the-topmost-secrets-of-copywriting-services/

borderlands victoria beckham salt twister high school musical high school musical dresden

Court Rules Against Christian Who Left His Pets' Healthcare to God ...

I don?t do pets. I dislike animals. Especially cats (I?m horribly allergic). And supposedly ?cute? dogs, too:

Even I would agree, though, they have a right to be cared for properly.

In Texas, they have animal cruelty laws that say (among other things) if you don?t take care of your pet, you?ll be subject to punishment/penalties. Just the way it should be. That includes taking your pet to the vet when it needs treatment.

Who in the world would be opposed to anything like that?

The same Christians that don?t take their children to the doctor because they believe God will fix everything. No, really. They think prayer is going to cure the pets? problems.

That?s what Charles Myers believes:

On April 10, 2009, Myers went to the animal shelter in Fort Worth to reclaim some animals. An animal cruelty investigator subsequently conducted a follow-up investigation of Myers?s home to determine if it was safe for the animals to return there. The investigator had warned Myers on prior occasions that state law required him to provide adequate shelter, food, and water and that it is unlawful to tether animals on a chain. The investigator reiterated these warnings on the day of the investigation and gave Myers a handwritten notice of violations that the investigator observed. When the investigator returned to Myers?s home the following day, she observed that the condition of a dog that needed treatment had worsened, so she took pictures, obtained a warrant, and seized the dog the following day. A detective with the Fort Worth Police Department who spoke to Myers about the animal cruelty allegations testified that Myers admitted that he was the caretaker of the dog in question, he had failed to provide adequate care, and he did not feel the need to provide veterinary care to his animals. The detective used this information to obtain and have issued an arrest warrant, and a police officer arrested Myers a month later. A jury convicted Myers of animal cruelty and assessed a fine of $2,000, and the trial court sentenced him accordingly.

Myers argued that veterinary care ?violate[d] the Christian command to trust God?s power to heal.? He sued. He lost. He appealed. And now, he?s lost again. On Thursday, the appeals court upheld the lower court?s ruling.

A lawyer can correct me if I?m wrong, but the ruling seems to say that Myers argued the penalty punished him for his religious beliefs? but he wasn?t arguing that the animal cruelty laws were themselves unconstitutional, which is what the court wanted to hear. They?re dismissing the case for that reason while avoiding making a judgment call about his religious beliefs.

A witness?s recitation of Biblical scriptures and an appellant?s contention that they support his religious beliefs is not sufficient to preserve for appeal the issue of the constitutionality of a statute?

Myers urged the jury to consider his religious beliefs, but he never argued to the court or requested a ruling on the constitutionality of the statute. Nor did Myers?s motion for new trial challenge the constitutionality of the statute. Consequently, Myers failed to preserve this point for our review.Accordingly, we overrule Myers?s sole point, and we affirm the trial court?s judgment.

Whatever the reason is, for now, animals are safe from the hands of Christians in Texas who think god will somehow fix everything and who refuse to take their pets to professionals because of that.

It?s an irresponsible and, yes, cruel move. Vets have far more power to heal than any god ever did.

Source: http://www.patheos.com/blogs/friendlyatheist/2011/08/01/court-rules-against-christian-who-left-his-pets-healthcare-to-god-2/

dave chappelle erin brockovich cops hawkeye hawkeye cocoon cocoon