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November 2 - 8 2011
μWorld News PAGES 14-17
μComment PAGES 18-21
μObituaries PAGES 22-23
μExpat Life PAGES 30-31
Finding Sir Francis Treasure hunters close in on the remains of great British explorer
World population hits 7billion And UK on course to become Europe’s most populous nation
WORLD NEWS P16-17
Turkish earthquake More than 500 killed as disaster strikes south-east of country
The disappearing middle class William Leith on the group that’s being squeezed out of society
23 4 34 38 39 41 5 9 14 28 46 49
Bonus Ball 27
Bonus Ball 45
There were eight winners of Saturday’s £4m jackpot and one winner of Wednesday’s £2.6m prize
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Continued from page 1
creating the crisis, because they concealed risks.”
Bill Gross, the founder of Pimco, the world’s largest bond fund, said the eurozone rescue would be a temporary fix for markets and that the fund could pose a high risk for investors. “No bazooka but should stabilize markets for now,” he messaged on Twitter last Thursday. “Watch out if the plan is a giant SIV [structured investment vehicle] with levered risk.”
The plan to increase the European Financial and Stability Facility to €1trillion on paper was attacked by economists as not enough to “stave off” worsening debt problems in Italy and Spain.
In a survey of economists, 26 of 48 thought the firepower was not enough. A plan for a €2 trillion fund was shelved after German and French opposition.
Doubts also emerged over the lack of detail on a proposal to let Greece help pay its rapidly mounting debt burden by negotiating a voluntary “haircut” that would allow it to write off about half of its debts.
Under the deal, privatesector banks agreed to start negotiations on a nominal 50 per cent cut in bond investments to reduce Greece’s debt burden by €100 billion, cutting its debts to 120 per cent of GDP by 2020, from 160 per cent now.
Senior EU officials were left admitting that there was no agreement on how the deal would translate into a reduction in the Greek debt.
Greek opposition parties to the Left and Right united to condemn the eurozone deal amid mounting social conflict.
Antonis Samaras, the conservative opposition leader, said: “We are not closer to the solution but are faced with nine years of collapse and poverty.”
This handwritten diagram, drawn by an unidentified European government adviser, discloses the complexity of the euro bail-out. It details the role of banks and the stabilisation fund, although it also reveals gaps in the plan — the source of €40billion is marked with a question mark
By Robert Winnett and Christopher Hope BRITISH taxpayers will not help to pay for the euro bailout, George Osborne pledged last week.
The Chancellor made the promise in the Commons as he faced growing pressure from his own party to repatriate powers from Europe.
Mr Osborne said he would not allow the International Monetary Fund, which is partly bankrolled by British taxpayers, to provide money for the new euro bail-out fund.
The announcement was a fillip to Conservative backbenchers who have demanded that the Government acts to claw back powers from Brussels.
The Telegraph has learnt that
Tory MPs will meet this month to begin drawing up a detailed plan calling for the return of employment and social laws following the back-bench rebellion over a European referendum.
Mr Osborne told MPs: “Britain will not be putting money into the bail-out fund either directly or through the IMF.”
He ruled out IMF involvement amid indications that the international organisation may be asked to help bankroll the €1trillion (£880 million) fund to lend money to beleaguered countries in the single currency.
“The IMF exists to support countries, it does not exist to support currencies,” Mr Osborne said. “The IMF contributing money to the eurozone bail-out fund, no; Britain contributing money to the eurozone bail-out fund, no. That is Britain’s clear position.”
The Chancellor also sought to reassure rebellious Tory backbenchers. “This Government will protect Britain’s interests again as discussions on a possible limited treaty change begin,” he said.
“We will seek to rebalance the responsibilities between the EU and its member states which in our view have become unbalanced.”
Amid the uncertainty over IMF involvement in the bailout, Nicolas Sarkozy, the French president, approached the Chinese government last week for funds.
Middle Eastern sovereign wealth funds are also expected to be asked for financial support.
Mr Sarkozy was also quoted as saying last week that it was “a mistake” to let Greece join the euro because its economy was not ready to form a monetary union with others in the club.
Stock markets around the world rose sharply last Thursday after European leaders emerged from allnight talks. The FTSE 100 index closed up three per cent at 5,713 and the euro hit a two-month high.
The package will involve banks writing off about half their loans to the Greek government, taxpayer support for European banks and the bail-out fund. Countries with large, unsustainable debts, such as Italy, have also set out plans to cut public spending. telegraph.co.uk/expat
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November 2 - 8 2011
By Josie Ensor, James Kirkup and Victoria Ward THE doors of St Paul’s Cathedral were reopened last Friday after closing for six days over the anti-capitalist “Occupy” protest, as church and local government officials announced they will take legal action to evict the demonstrators.
A City of London Corporation official said it was left with no option as protesters, who last Friday entered their 14th day of occupation of the site outside the cathedral, had refused requests to leave.
The Canon Chancellor of St Paul’s Cathedral, the Rev Dr Giles Fraser, has resigned, warning that to evict the activists would constitute “violence in the name of the Church”.
Last Thursday his position became untenable after cathedral leaders said they would take legal action following pressure from the local authority, the police and the Mayor of London, Boris Johnson.
David Cameron, the Prime Minister, called on the church, the mayor, the police and the Home Office to work together to make sure that the issue can be resolved.
David Cameron said there was no right to just pitch a tent
Dr Giles Fraser: is said to have supported the demonstrators
Speaking at the Commonwealth summit in Perth, Australia, Mr Cameron said that the emergence of a “tent city” at St Paul’s, and another, long-standing demonstration at Parliament
Square, threaten to damage Britain’s international standing.
Mr Cameron said the closure of St Paul’s had been “very disturbing”. “The church is a key national site, a key tourist site; it’s very important to the whole history and psyche of our country,” he said.
The Government will now reassess public order and civil rights laws to see if there is a case for putting new curbs on long-term protests in a single public place.
He said: “I’m all in favour of the freedom to demonstrate but I don’t quite see why the freedom to demonstrate has to include the freedom to pitch a tent almost anywhere you want to in London.
“I’ve got a feeling that if you or I decided to pitch at tent in the middle of Oxford Street, then we would be moved on pretty quickly.
“Of course we need the right to protest but these tents, whether in Parliament Square or at St Paul’s, I don’t think is the right way forward and I think that we need to look at this whole area.
“We need to ensure that important places like St Paul’s Cathedral are open to the public, open for tourism.”
The former Archbishop of
THOSE familiar with the term flashmob probably would not associate it with one of the most extraordinary — and most beautiful — evensongs ever seen in London. The word refers to a sudden mass assembly, often organised by social media. On Wednesday of last week, at 5pm, however, a “flashmob evensong” saw dozens of singers descend on St Paul’s Cathedral in London for an impromptu service on the steps. Young and old, male and female, they came from all over, inspired by a Twitter account set up by an organist from east London. “I can’t speak for all of them,” said Kathryn Rose, pulling out her sheet music. “We just want to keep on worshipping.”
Canterbury George Carey described the situation in The Daily Telegraph as a “debacle’’ which was threatening to damage the reputation of Christianity.
The Dean of St Paul’s, the Rt Rev Graeme Knowles, said officials were considering all options in response to the protest, including the courts.
The City of London Corporation’s planning and transport committee voted on Friday to proceed with court action to remove tents from the public highways by the cathedral.
Lord Carey, the former Archbishop of Canterbury, has warned that the reputation of Christianity is being damaged by the ongoing fall-out over the protest at St Paul’s Cathedral.
In a damning assessment of the “debacle” caused by the Occupy London Stock Exchange camp, he criticised the way senior clergy had “mismanaged” the situation.
Writing for The Daily Telegraph after Dr Fraser’s resignation, Lord Carey accused them of being indecisive and weak.
“After their initial welcome to Occupy, the cathedral authorities seemed to lose their nerve,” he wrote.
“One moment the Church was reclaiming a valuable role in hosting public protest and scrutiny, the next it was looking in turns like the temple which Jesus cleansed,
or the officious risk-averse ’elf ’n’ safety bureaucracy of urban legend. How could the dean and chapter at St Paul’s have let themselves get into such a position?”
Lord Carey also questioned the morals of the protesters, describing their monopoly of Church land as “opportunistic and cynical”.
A damning report Canon Fraser had been due to publish on Thursday about bankers’ lack of ethics was shelved by the cathedral amid concerns that it would only escalate the row.
The cathedral reopened its doors on Friday, ending a controversial six-day closure which cost an estimated £120,000 in revenue.
SIR JIMMY SAVILE, the disc jockey, television presenter and veteran charity fundraiser, has died at the age of 84.
He was found dead at his home in Leeds just after midday last Saturday - two days short of his 85th birthday.
His death came after he spent 10 days in hospital earlier last month with suspected pneumonia.
The Prince of Wales and the Duchess of Cornwall led tributes to Sir Jimmy.
A Clarence House spokesman said: “The Prince of Wales and the Duchess are saddened to hear of Sir Jimmy Savile’s death, and their thoughts are with his family at this time.”
Legendary for his catchphrases, yodelling and eccentric taste in fashion, he rose to fame as the face of the BBC television programmes Top of the Pops and Jim’ll Fix It.
On New Year’s Day in 1964, he presented the first edition of Top of the Pops and went on to host 300 episodes over the next 40 years.
From his first to his last appearance on the music show, the final episode of which he co-hosted in 2006,
Sir Jimmy Savile: a friend of royalty and prime ministers he was always to be seen in his trademark tracksuit and chunky medallions, chomping on a cigar.
It was on Top of the Pops that he coined his famous catchphrases: “How’s about that, then?” and “Now then, now then,” and developed his exaggerated vocal mannerisms, often yodelling to fill any unscripted silences in between takes.
From 1975 until 1994, Jim’ll Fix It saw Sir Jimmy play the role of favourite uncle to the nation’s children.
At the height of the programme’s popularity, up to 20,000 children a week would write in asking him to grant their wish of meeting their favourite footballer or singing with their favourite pop group.
The former coal miner was also a tireless charity worker, who raised £40 million for various charities.
Sir Jimmy ran 216 marathons, walked from Land’s End to John O’Groats three times and won 107 professional wrestling fights to raise funds; it was once estimated he gave 90 per cent of his income to charity.
A friend of royalty and prime ministers, he was knighted by the Queen in 1990 for services to charity.
Sir Jimmy was a close friend of Baroness Thatcher during her tenure as Prime Minister, and was said to have spent 13 consecutive Christmases watching television, “shoes off in front of the fire”, with the Thatchers at Chequers. Mark Thompson, the BBC’s director-general, said: “I am very sad to hear of Sir Jimmy Savile’s death.
“From Top Of The Pops to Jim’ll Fix It, Jimmy’s unique style entertained generations of BBC audiences.”
Full obituary next week
MICHAEL D HIGGINS will become Ireland’s next president after his main rival conceded defeat last week to the 70-year-old poet and former arts minister.
The announcement was officially made at Dublin Castle at the end of a marathon two-day counting process.
His victory came after his main rival, Sean Gallagher, an independent candidate and businessman, issued a statement last Friday evening. “In the last hour I’ve called Michael D Higgins to congratulate him on his performance and his success in this election,” it said.
“He will have my full support as president and I sincerely thank him for a positive campaign. His slogan stated that he would be a president to be proud of and I believe he will be that president.”
Mr Higgins had 39.6 per cent of the first preference votes under Ireland’s complicated electoral system.
Mr Gallagher, a shavenheaded entrepreneur who won fame from the reality TV show Dragons’ Den, was on 28.5 per cent and Sinn Fein’s Martin McGuinness, the former IRA paramilitary
Irish eyes are smiling: Higgins after his election victory commander who is now the deputy first minister of Northern Ireland, on 13.7 per cent. There were four other candidates.
The outcome represents a remarkable turnaround for Mr Higgins, who was trailing far behind Mr Gallagher in opinion polls going into the final week of campaigning.
But the entrepreneur’s lead melted away after Mr McGuinness accused him of collecting a €5,000 donation from a convicted criminal in a stormy live televised debate last Monday.
Mr Gallagher bitterly denied having handled it and accused
Mr McGuinness of launching a “political assassination” attempt, but the damage was done.
Observers said Mr McGuinness appeared to have succeeded in convincing voters that Mr Gallagher was more deeply involved than he said with Fianna Fail, his former party, which lost heavily in February’s general election as it took the blame for Ireland’s economic crisis.
Mr Higgins will succeed Belfast-born Mary McAleese, who has served the maximum of two seven-year terms as the figurehead of the republic which required an €85billion international bail-out last year.
He is a veteran intellectual who has written two volumes of poetry and has been an MP since the early 1980s.
Independent Senator David Norris, the first openly gay presidential candidate, finished fourth. Voter turnout was at 56 per cent.
The single transferable vote system was used, whereby voters rank candidates in order of preference. Candidates are eliminated one by one and their votes redistributed until one has an absolute majority.