Brussels presses for Greece: the austerity plan is the only alternative to bankruptcy

The only way to avoid bankruptcy Greece's parliament to approve this week the austerity plan submitted by the Government because there is no plan B, insisted today the European Commission (EC). "I am confident that Greece's political leaders are fully aware of their responsibility to avoid bankruptcy," said Economic Affairs Commissioner Olli Rehn said in a statement.

The Greek Parliament on Monday began debate on the new austerity measures proposed by the Government, with uncertainty about whether they will be adopted following the defections in the ranks of the growing socialist and social pressure. It depends on the delivery of a fifth tranche of aid to 12,000 million euros to pay salaries and pensions in July.

What happens if the Greek Parliament rejects the cuts?

The Parliament of Greece debate until Wednesday morning that the vote will produce the new adjustment plan must pass in order to unlock the fifth tranche of the loan rescue, and pave the way for a second rescue, reports Finance.com. As of July 18, the coffers of Greece are empty without the possibility to meet their financial commitments.

Entail financial costs only 6850 million. So are the keys to 12,000 million from the IMF. Without that money,  Greece fall into default. Approval of the new adjustment plan in the Greek Parliament should be a formality once the president, George Papandreou last week saved the vote of confidence.

Russia will leave this night without electricity to Belarus for nonpayment

The Russian export monopoly today announced that it suspended from midnight electricity supplies to Belarus and because it has not received from the Belarussian company Belenergo payment for that service.

The EU postponed the second rescue of Greece in July

The European Union (EU) decided in July to postpone approving the second rescue of Greece, although there is no risk of default in the Mediterranean country until then, said Wednesday the bloc's economy commissioner, Olli Rehn. To avoid bankruptcy, Greece needs to 17,000 million U.S. dollars, at the latest, mid-next month. That sum comes from the first bailout approved last year for Greece assigned by the EU and the International Monetary Fund (IMF).

Portugal asks for a private ECA to control excessive deficit

The responsibility of forming a government in Portugal, Pedro Passos Coelho, wants to create a new independent institution of the Executive to be responsible for overseeing public finances of the state, regions and municipalities. Passos Coelho explains that Portugal needs to be "transparent to the markets" and it announced "the creation of an authority independent from the government budget created by independent institutions in Portugal, which are the Central Bank and the Court of Accounts.

The IMF begins on Monday the first election of a managing director at odds

Washington. .- The International Monetary Fund (IMF) said Wednesday that next Monday will start a process "open and transparent merit-based" ending on 30 June with the election of new managing director of the institution, following the resignation of Dominique Strauss Kahn. The promise of transparency puts an end to the secrecy that has surrounded the designation of the agency, headed by a European since its inception in 1945, under a gentlemen's agreement that grants the President of the World Bank (WB) to an American.

IMF denies having "maintained contact" with Strauss-Kahn after arrest

Washington. .- The International Monetary Fund (IMF) today denied having "had contact" with its managing director, Dominique Strauss-Kahn, "since his arrest" on Saturday in New York accused of sexually assaulting a waitress at the hotel where he was staying. However, the IMF spokesman William Murray, acknowledged in a statement today that "obviously, it is important to contact him in due time." He indicated that the Fund is aware of the widespread speculation on the situation of the Managing Director, "but has" no comment to add more to the IMF Executive Board was informed informally of the events after his arrest.

The family that controls the Empire State Building looks get shares of the building stock

The Empire State perhaps the most emblematic skyscrapers of New York, with permission from the Chrysler Building. Located on Fifth Avenue at 34th Street, the plant 86 is the vantage point from which boasts thousands of tourists daily to take pictures and videos of the island of cement and concrete of Manhattan.

Now, the Malkin family, which controls the ownership of the skyscraper, is studying the creation of a company 'stars' by the popular building. This new company will be listed on the stock exchange and allow the world to any shareholder owning a 'piece' of New York's 102-story behemoth, sources close to the family consulted by The New York Times.

U.S. prepares for the consequences of a 'no' to the budgets of 2011

The Government of Barack Obama's playing this Friday in Washington. That's when the U.S. Congress vote whether to accept the extension of the budget for the next six months of fiscal 2011 ending September 30. The worst case scenario, the rejection of the new budget funding, require the Government to close the tap of public money for an indefinite period.

What does this measure? In summary, some agencies, institutions or departments that rely on federal government money will have to lower the shade or full cut to fit the budget requirements of the script. Put in the words of The New York Times, "the National Zoo will close, but the lions and tigers will fed, Yellowstone and other national parks also closed.

The head of Bank of Moscow flees the country after being accused of corruption

Moscow .- The director of the Moscow Bank (WB), Andrei Borodin, has fled the country after being accused of illegally granting a loan of several hundred million dollars to the entrepreneur Elena Baturin, wife of the deposed mayor of Moscow, Yuri Luzhkov. "Of course," the president said Tuesday the bank Vneshtorgbank (VTB), Mikhail Zadornov, the journalist's question about whether Borodin had fled the country, according to Russian news agencies.

"The illegal destruction of foreign capital should be a crime"

In 1999 the EU established the European Anti-Fraud Office (OLAF), the independent body based in Brussels responsible for combating corruption and other adverse financial interests of the Community. The German Wolfgang Hetzer, since 2002 director of Intelligence and Analysis of the organization, has just published an interesting book entitled Finanzmafia in which he asks, "how is it that criminals and bankers with impunity." The book is a genuine product of the "angry German." The country has a considerable number of professionals, including some in positions of corporate responsibility, which, regardless of their political and idiosyncrasies, does not comply with the shows and abuses that the financial crisis has revealed.

Oil ports closed and Brig Ras Lanuf in frontline

London. .- The oil port of Ras Lanuf and Briga, located in eastern Libya, remain closed due to violence in the last week by fighting between rebels and the forces of President Muammar Gaddafi, said a source Reuters port authority. For its part, a rebel informant cautioned against Gadhafi attack oil fields is "wounded lion" as part of its offensive to regain control of cities that have fallen into the hands of opponents on both sides of the country .

A liter of gasoline and costs EUR 1.285, new record

London / Madrid (Editorial / Agencies) .- The price of petrol has matched up this week marking the January 20, selling an average of 1.285 euros per liter, while diesel prices increased by 1% in a context of growing political tension in Libya, which has boosted oil prices. At these prices, fill the gas tank of a car (50 liters on average) now costs 64.25 euros, about 9 euros a year ago, reports EFE.

A barrel of Brent continues to rise and stood at $ 114.26

London .- A barrel of Brent crude for April delivery today opened up in the Intercontinental Exchange Futures (ICE) in London and traded at $ 114.26 at 12.07 hours GMT, 3.01 dollars more than at the end of the day above.

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Violence in Libya continues to raise the price of Brent crude to $ 108

London (Writing / AP) .- A barrel of Brent crude for April delivery today opened up in the Intercontinental Exchange Futures (ICE) in London and traded at 108.05 U.S. dollars, 2.31 dollars more than at the end of the day above, EFE reported U.S. crude oil price West Texas Intermediate (WTI) rose to $ 93.48 after reaching $ 94.49 momentarily, its highest level since October 2008.

The market is very nervous in view of the violent situation in Libya, which pushes up prices, said an analyst in Singapore. A leading Libyan tribal leader had threatened to cut off oil supplies to Western within 24 hours if not end the violent crackdown on protesters demanding the end of the regime of Muammar Gaddafi, who has 41 years in power.