European heads of state reached an agreement last night on a desperate rescue plan for debt-ridden Greece, the second in 14 months, aimed at preventing the financial crisis from spreading to much larger economies.
A draft deal put to leaders of 17 eurozone nations at an emergency summit in Brussels provided for longer repayment periods for Greece's bonds and reduced interest rates for loans.
Officials close to the summit said the proposals would allow Athens to enter into "selective default" on part of a debt estimated at €350 billion (Dh1,847bn).
Although that default is intended to be temporary, it represents a significant departure from previous, strongly held positions.
But European markets rose and the euro strengthened as news filtered from the Belgian capital that agreement was within reach.
The proposals also call for a sweeping overhaul of the European Financial Stability Facility (EFSF), which provides bailout funds, with new powers to step in and prevent countries slipping into comparable crises. The draft document presented to delegates is believed to propose approval of a second Greek bailout, of €115bn (Dh607bn). The first package, agreed in May 2010, provided a slightly smaller sum.
The new deal will be financed from the EFSF rescue facility and the International Monetary Fund, with input from private-sector holders of Greek bonds.
The proposals are designed to avoid contagion - the spread of the debt crisis to other parts of the eurozone - and are also intended to establish a process for lower interest, long-term loans to be made to countries facing trouble.
Among the key points, the draft document sought later maturity of eurozone loans to Greece to the maximum extent possible, from the current 7.5 years to a minimum of 15 years, and a European "Marshall Plan" providing a comprehensive strategy for growth and investment in Greece, with structural funds reallocated for competitiveness and growth.
Concessions on loan interest would also apply to Ireland and Portugal, which have benefited from other bailouts. The new rate was said to be 3.5 per cent compared with between 4.5 and 5.8 per cent now charged on international aid to Athens.
But the document stressed the special-case status of Greece, declaring: "Greece is in a uniquely grave situation in the euro area. This is the reason why it requires an exceptional solution."
Eurozone leaders had gathered with the words of the European commission president, José Manuel Barroso, ringing in their ears: "Nobody should be under any illusion. The situation is very serious. It requires a response, otherwise the negative consequences will be felt in all corners of Europe and beyond."
For many observers, the summit was potentially a last chance to save the euro itself. But the draft agreement came after tough talking between participating nations and the financial institutions.
Calls for a tax on banks, which had been strongly favoured by France, were apparently dropped amid fears that this could gravely undermine the private sector, possibly leading to a new banking crisis.
Germany opposed such a tax, believing the best way forward involved exchanging bonds for debt with long-term maturities. The German chancellor, Angela Merkel, has made concessions but appeared yesterday to have moved less than the French.
The European Central Bank (ECB) had initially opposed any proposed solution that would lead to Greek debt being declared in default by credit rating agencies.
But in the compromise that emerged yesterday, due in large part to common ground identified in protracted eve-of-summit talks between the French and German leaders, Nicolas Sarkozy and Mrs Merkel, the ECB accepted that Greece could slip into "temporary default".
At the heart of an anguished debate has been the desire to prevent the crisis running out of control and affecting other ailing eurozone states, especially those of Italy and Spain.
Dangers remain in the approach that eurozone leaders seemed poised to adopt, as was quickly noted in early reaction in the UAE.
Mahdi Mattar, chief economist and head of research of CPM Investment in Abu Dhabi, said: "The indirect impact [of a default] would be a significant increase in risk aversion. Since we are a frontier market, the inflow of funds would be reduced and local investors would be more cautious."
The draft agreement did acknowledge the need for tighter financial discipline through the eurozone.
It welcomed the budgetary package recently presented by the Italian government and designed to reach that target by next year and balance its books budget by 2014.
Some analysts argue that the second bailout may simply paper over the cracks in the Greek economy and still require tougher follow-up discussions on writing off chunks of its mammoth debt. There have been calls for closer integration of the fiscal policies of the 17 euro-area states.
But the risks to the European and perhaps global economy of failure to reach any accord in Brussels were broadly acknowledged.
Carl Weinberg, chief economist at High Frequency Economics, told CNN: "Everyone agrees that chaos will result if the summit fails to deliver a comprehensive, practical, scalable and affordable approach to resolving Greece's debt problems."
crandall@thenational.ae
Match info:
Burnley 0
Manchester United 2
Lukaku (22', 44')
Red card: Marcus Rashford (Man United)
Man of the match: Romelu Lukaku (Manchester United)
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Key fixtures from January 5-7
Watford v Bristol City
Liverpool v Everton
Brighton v Crystal Palace
Bournemouth v AFC Fylde or Wigan
Coventry v Stoke City
Nottingham Forest v Arsenal
Manchester United v Derby
Forest Green or Exeter v West Brom
Tottenham v AFC Wimbledon
Fleetwood or Hereford v Leicester City
Manchester City v Burnley
Shrewsbury v West Ham United
Wolves v Swansea City
Newcastle United v Luton Town
Fulham v Southampton
Norwich City v Chelsea
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
COMPANY%20PROFILE
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When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
MATCH INFO
Day 2 at the Gabba
Australia 312-1
Warner 151 not out, Burns 97, Labuschagne 55 not out
Pakistan 240
Shafiq 76, Starc 4-52
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The%20specs
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HAJJAN
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What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
FROM%20THE%20ASHES
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Director: Paul Weitz
Stars: Kevin Hart
3/5 stars
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MADAME%20WEB
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Poacher
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COMPANY%20PROFILE
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Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
THE%20HOLDOVERS
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The Internet
Hive Mind
four stars
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Dengue%20fever%20symptoms
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
MATCH INFO
Uefa Champions League, last-16 second leg
Paris Saint-Germain (1) v Borussia Dortmund (2)
Kick-off: Midnight, Thursday, March 12
Stadium: Parc des Princes
Live: On beIN Sports HD
Specs
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The%20specs
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What%20is%20cystic%20fibrosis%3F
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Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
ASIAN%20RUGBY%20CHAMPIONSHIP%202024
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Company%20Profile
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Race card
6.30pm: Handicap (TB) $68,000 (Dirt) 1,200m
7.05pm: Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m
7.40pm: UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m
8.15pm: Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m
9.50pm: Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m
9.25pm: Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m
The%20specs%3A%202024%20Mercedes%20E200
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The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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