Over 200 People Rescued From Drifting Ice Floe

LATVIA: One of the ice floes was washed as far as 4 kilometers away from shore. At one point it could not be reached by rescue boats, so the operation was continued by helicopter.

“219 people have been rescued from the two ice floes. The evacuation is over.”

 Latvian emergency officials

Over 200 people, including women and children, have been rescued from two ice floes that drifted away from the shores of Latvia, the country’s emergency ministry has reported. The massive rescue operation in the Gulf of Riga involved helicopters and Navy ships. Bad weather conditions and high waves hampered rescue efforts at times, but the operation was completed successfully.

“219 people have been rescued from the two ice floes. The evacuation is over,” Latvian emergency officials told RIA Novosti.

There were 180 people on an ice floe near Vakarbulli beach, and another 39 on one near Majori beach. Initial reports suggested that there were over 500 people on both ice floes, RT.com reports.

One of the ice floes was washed as far as 4 kilometers away from shore. At one point it could not be reached by rescue boats, so the operation was continued by helicopter.

The situation was critical, as winds are very strong and the boats involved in the rescue operation were suitable for inland waters, not the sea, State Fire and Rescue Service spokesperson Victoria Sembele said, according to TVNET website.

The Latvian Emergency Ministry has once again urged people not to walk on ice.

A similar incident occurred in Russia`s Kaliningrad region, the country`s most western territory, where 80 fishermen had to be rescued from a drifting ice floe as it washed away one kilometer off shore.

Related articles

• Latvia ice floe strands beachgoers (bbc.co.uk)
• Hundreds swept 3 miles out to sea on ice floes (worldnews.nbcnews.com)
• Fishermen stranded on ice floes in Latvia (bbc.co.uk)

The Best of Nigel Farage

A great collection of the most memorable moments in the European Parliament over the last years – starring British MEP Nigel Farage.

Enjoy!

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UKIP leader Nigel Farage meets the press following a mock funeral cortege held in honour of the euro-corpse.

“European banks are going to take a hit at some point anyway, if you are a bank owed a great deal of money it’s better to get 50% of it than none of it. Down the path we are going now is heading for a total bust.”

Nigel Farage Holds Funeral For the Euro, posted with vodpod

Nigel Farage MEP, UKIP, Co-President of the EFD Group in the European Parliament (Europe of Freedom and Democracy)

The conclusions of the EU Summit 23-24 June 2011 here:

Related by the EconoTwist’s:

• British MEP To Parliament: “Just Who The Hell Do You Think You Are? You Are Very Dangerous People!”

• UK’s Farage Goes Nuts In EU Parliament Over Barroso’s Speech

• Barroso: EU Has Survived The Economic Crisis
• Is Mr. Barroso Really Competent To Be President Of The EU?

Related articles:

• Nigel Farage Holds Funeral Procession For Euro In The Middle Of Brussels (lonerangersilver.wordpress.com)
• Fears endless bailouts may prove fatal for euro (rt.com)
• New Greece Deal: Britain Will Not Have To Pay (news.sky.com)
• Nigel Farage:We’re Trapped Inside an Economic Prison. (politics.ie)
• Nigel Farage Explains the EU – in plain language (prof77.wordpress.com)
• Nigel Farage on Euro’s 10th Birthday (politics.ie)

Credit; Cras Credemus

The investor sentiment in the European credit market suddenly changed on Monday afternoon. Whether it’s just another dead cat bouncing, or investors really see the situation improving, we will find out tomorrow as Greek Prime Minister George Papandreou face a vote of no confidence.

“The catalyst for the change in sentiment seemed to be the announcement that the potential lending capacity of the European Financial Stability Facility (EFSF) will be raised to EUR440 billion. “

Gavan Nolan

The markets expectations for the Eurogroup meeting culminating Monday was never particularly high, but it still proved a disappointment to many. Spreads opened this week wider when it became clear that the euro zone’s finance ministers would not be signing off on the next EUR 12 billion tranche of Greek aid. However, something changed during the trading session.

The Eurogroup confirmed that they would not disburse the funds until the Greek parliament had passed the latest austerity programme proposed by the government.

This wasn’t a surprise to many market participants – noises from the IMF and EU last week suggested this was likely to be the case.

“Nonetheless, the lack of movement and the immense pressure on the Greek government to deliver – prime minister George Papandreou face a no confidence vote tomorrow – was always going to weigh on risk assets,” credit analyst Gavan Nolan at Markit Credit Research writes in today’s Intraday Alert.

But it didn’t turn into a rout, and by late afternoon the market had recovered from the earlier widening.

Sovereigns were still underperforming but at the close the Markit iTraxx SovX Western Europe index was just 1 basis point wider at 223,5 bp’s.

The catalyst for the change in sentiment seemed to be the announcement that the potential lending capacity of the European Financial Stability Facility (EFSF) will be raised to EUR 440 billion, according to Markit Financial Information.

This will be achieved by increasing the amount of guarantees from euro zone member states to EUR 780 billion.

“The restricted lending capacity of the EFSF – due to the AAA rating requirement and the consequent overcollaterisation – has been an issue for the markets, and the fact that the authorities are at least putting measures in place for further bailouts will ease some near-term concerns,” Gavan Nolan writes.

Adding: “Also of importance was the related announcement that the European Stability Mechanism, which is to succeed the EFSF in 2013, will not enjoy preferred creditor status.”

Many though that the preferred status would make it more difficult for countries that tapped the facility to return to the private capital markets.

There was also uncertainty in the market over whether the legal subordination of existing bonds could trigger a credit event.

“Clarification on this issue is therefore to be welcomed,” Nolan comments.

Italy’s spreads were under pressure today after Moody’s placed the country’s Aa2 rating on review for downgrade late on Friday.

The agency highlighted Italy’s well known structural problems – low growth, low productivity and inflexible labour markets – as well as the dangers from the escalating euro zone debt crisis.

In contrast, Moody’s today upgraded Brazil’s rating one notch to Baa2, citing the government’s conservative fiscal policies.

The credit markets have reflected Brazil’s prudence for some time.

“Indeed, the Latin American sovereign has traded tighter than higher rated Italy for over a year,” Gavan Nolan at Markit concludes.

On the personal account, an old latin expression comes to mind;

Cras Credemus, Hodie Nihil – Tomorrow We Believe, But Not Today.

Related by the EconoTwist’s:

• EU to Greece: New Austerity Package or No Cash
• Roubini and the Nonsens of Voluntary Bail-ins
• Capitulation in the Credit Market
• Greece: Just Do It!
• Europe: A Lehman Collapse in Slow Motion, Former Lehman Banker Says
• Greek CDS Spreads Jump To World Record
• The Grand Greek Finale
• The Negative Feedback Loop

Related articles:

• Euro falls against dollar on Greek aid delay (seattlepi.com)
• European Stocks Open Lower (online.wsj.com)
• Eurogroup to set Greece finance plan in early July (marketwatch.com)