Debt crisis is indeed a burning current issue in the whole world. A true glimpse of this reality is provided by the ongoing violent protests against a series of fiscal austerity reforms in Greece. The worsening debt crisis of Greece is expected to trigger a contagion of sovereign debt crises in several other European countries.
It is interesting to note that the nature and the economic aftermath of the current debt crisis of Greece and 1998 debt crisis of Pakistan have remarkable similarities ─ For example, the debt-gross domestic product ratio of Pakistan as well as Greece exceeded 100% during their respective debt crises, national external debt has been acting as a drag on the national economies of Pakistan, and Greece, and now both Greece and Pakistan desperately need fiscal consolidation as well as economic growth for resolving their respective external debt crisis.
This is an extract from my keynote address at the Iftaar Dinner Function’ hosted by Deakin University and the Australian Intercultural Society at Deakin Prime, 12 August 2011
Current debates in many western countries seem to suggest that the current tension surrounding Muslims is essentially linked to the perceived incompatibility of Islam and Islamic values with values associated with liberal secular democratic states.
Consumer confidence has fallen by 8.3% to its lowest level in two years, according to the Westpac-Melbourne Institute Consumer Sentiment Index.
The drop has been connected to speculation about the impact of the carbon tax, with Treasurer Wayne Swan calling on Opposition Leader Tony Abbott to “stop scaring the consumers”.
Retailer David Jones last night issued a dramatic profit downgrade, saying it expects second-half profits to be down by 9% to 12%. The company blamed the slowdown of sales on factors such as offshore Internet retailers due to the high Australian dollar, fears about the carbon tax and the impact of the flood levy.
Federal Treasurer Wayne Swan has announced that the government will provide the competition watchdog with almost $13 million in extra funding to tackle carbon tax-related price-gouging.
In this context, price-gouging refers to business inflating prices beyond the cost increases reasonably attributable to the tax.
The Australian Competition and Consumer Commission’s extra funding will go toward hiring a team of 20 staff dedicated to identify and investigate price-gouging.
How do we interpret the recent crackdown in China?
Unlike most commentators who foresee a coming dark age of Chinese authoritarianism, Edward Steinfeld argues, “It would be wrong to read the current crackdown as a sign of stasis or regression.” He offers convincing evidence such as the pluralization of actors and institutions and the coexistence of “profound change and harsh repression” in China, backed by a comparative perspective.
But while I agree with his assessment, I think that his evidence, which is primarily focused on economic and social changes, is incomplete. He doesn’t delve deeply enough into the “profound change” that has also taken place in Chinese politics.
In a short couple of months, Aceh will again go to the polls to elect a governor and vice-governor, bupatis and local representatives. The election will mark a consolidation of the democratic process in Aceh, introduced as a result of the 2005 Helsinki peace agreement.
Even though the campaign period for the elections has not yet formally started, there is great interest in who will run, what they stand for and what their chances of success might be. It is healthy that people take an active interest in the political life of their community, as the political process determines how the people of the community are to live, within the constraints imposed by their circumstances.
That the political environment in Aceh has remained more or less peaceful since 2005 represents a victory for the idea of democratic, representative government. The electoral process itself represents a victory for accountability, which is the opposite of the imposed rule that Aceh once experienced.
Editorial Originally published by the The International Network of Humanistic Doping Research http://doping.au.dk/
Martin Hardie, Lecturer in Law, School of Law, Deakin University, Australia.
It is July and the Tour is upon us, and already the first week of racing, as is the norm, has been marred by a number of crashes that have seen big names withdraw from the race from one or another injury. Accidents and mass crashes have been, and always will be, a part of road cycling, and they probably are unavoidable with a large peloton of over 150 riders daily battling the elements.
Is this just a “small” careless mistake? Or…?
On Monday, ABC News online released a report titled “Japan whaling forum warned against sympathy vote.”
Ah, yes. It’s that time of the year … yet again. The annual four day meeting of the International Whaling Commission (IWC) has started in Jersey, UK.
The article by Sarah Clarke, an environmental reporter, expressed a concern about the outcome of this year’s meeting. Given the situation of Japan which was hit by an unprecedented disaster earlier this year, some IWC member states may feel sympathy towards the country and may vote in Japan’s favour. That was the concern expressed in the article.