The rise and fall of the euro



Just one decade after the European single currency was launched amid fanfare and fireworks, its future continues to look uncertain as the debt crisis that engulfed Greece, Ireland and Portugal threatens the entire bloc - and the wider global economy.

In a bid to resolve the crisis, a majority of European leaders in December reached a deal for a new intergovernmental treaty to deepen the integration of national budgets. Britain refused to back the agreement while three other countries - Hungary, Sweden and the Czech Republic - said they would consider the plan.

European leaders were optimistic that a proposed fiscal compact, designed to ensure that governments do not spend beyond their means and rack up unsustainable debts, could be signed by the end of January.

But while solid demand at recent debt auctions in Italy and Spain calmed some investors, a Reuters report Friday that said ratings agency S&P could downgrade several eurozone countries at some point sparked a fresh bout of worries.

Before the December summit, economists had feared that if European politicians failed to reach a consensus the eurozone crisis could trigger a global slump. Some went even further - Alain Juppe, ex-French prime minister, told French media that the crisis "raises the specter of a return to violent conflict on our continent."

 

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Lesson from history for Olympic missile row?

For the past week, members of Britain's armed forces have been taking part in major exercises to prepare for the Olympics in London later this summer. Alongside the emergency drills and simulated alarms, designed to ready the city for potential terror threats to the 2012 Games, soldiers have also practiced launching missiles from the city's rooftops.

The residents of an exclusive apartment complex in London's East End were horrified to discover that the UK Ministry of Defense planned to site ground-to-air rocket launchers from the roof of their homes.

Now one historian has called on them to channel the spirits of the factory workers who once worked where they now live, and insist that the missiles are removed.

Today Bow Quarter is an upscale gated community, complete with swimming pool, gymnasium, private gardens and its own restaurant, bar and shop. But Bow Quarter was not always so glamorous and gentrified. The site was once home to the Bryant and May match factory, notorious for the horrific working conditions inside its walls - until, that is, the mainly female workers rose up and demanded action, and changed British society for good in the process.

That a location of such importance to workers' rights should be the site of "undemocratic" actions today is not lost on those who live there - or their supporters.

Twitter user Anne McCrossan was among those quick to point out the irony: "Laughable that BQ was the site of emancipation in the past, but authoritarian control today, is this the spirit of the games?"

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Why Taliban are so strong in Afghanistan

 

People have little choice but to support the Taliban in many areas, given the power of the militants. But widespread corruption in the government and a culture of impunity - where senior bureaucrats or those with connections to them easily escape punishment even for serious crimes like murder - are seen as reasons for people moving closer to the Taliban.

The country's poor literacy rate and the Taliban's psychological war in many districts is believed to have helped the insurgents to win the hearts of the Afghan population. Taliban songs, videos and ringtones play on people's emotions.

Taliban leader Mullah Omar has launched his own style of counter-insurgency, and a shadow Taliban administration of sorts is in place in many areas.

Taliban officials do the rounds in villages, districts and valleys collecting taxes and dispensing their version of justice. There are several cases where Taliban officials have been fired because people have complained about them - many people see this as a more responsive system than the actual government where such action is rare.

And family loyalties run deep. People from the same village or district as a Taliban fighter will never hand him over to Nato or the Afghan government. Many families have members working on both sides, some for Afghan forces, others for the Taliban - this is seen as a form of local insurance policy.  The Taliban's reach is thought to extend right into parts of the government.

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