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Az Eurócsoport keddi ülésén megszületett az elvi megállapodás az új görög program első felülvizsgálatáról, a kölcsön második, 10,3 milliárd eurós részletének nyár végéig történő folyósításáról és a görög adósság könnyítését célzó intézkedésekről is. Az IMF tárgyaló delegációja a valutaalap görög hitelprogramban való részvételét fogja javasolni az igazgatótanácsnak, ami az év vége előtt hozza majd meg a döntést.

Graduates' fruitless search for employment

The Eurogroup welcomes that a full staff-level agreement has been reached between Greece and the institutions. Also, the Eurogroup notes with satisfaction that the Greek authorities and the European institutions have reached an agreement on the contingency fiscal mechanism, which is in line with the Eurogroup statement adopted on 9 May in particular as regard the possible adoption of permanent structural measures, including revenue measures, to be agreed with the institutions. It therefore provides further reassurances that Greece will meet the primary surplus targets of the ESM programme (3.5% of GDP in the medium-term), without prejudice to the obligations of Greece under the SGP and the Fiscal Compact. 

The Eurogroup also welcomes the adoption by the Greek parliament of most of the agreed prior actions for the first review, notably the adoption of legislation to deliver fiscal parametric measures amounting to 3% of GDP that should allow to meet the fiscal targets in 2018, to open up the market for the sale of loans and to establish the agreed Greek Privatisation and Investment Fund that should operate in full independence. The Eurogroup mandates the EWG to verify in the next few days the full implementation of the outstanding prior actions on the basis of an assessment by the institutions, in particular the corrections to the legislation on the opening up of the market for the sale of loans, and on the pension reform, as well as the completion of all prior actions related to the government pending actions in the field of privatization. 

Following the full implementation of all prior actions and subject to the completion of national procedures, the ESM governing bodies are expected to endorse the supplemental MoU and approve the disbursement of the second tranche of the ESM programme. The second tranche under the ESM programme amounting to EUR 10.3 bn will be disbursed to Greece in several disbursements, starting with a first disbursement in June (EUR 7.5 bn) to cover debt servicing needs and to allow a clearance of an initial part of arrears as a means to support the real economy. The subsequent disbursements to be used for arrears clearance and further debt servicing needs will be made after the summer. The disbursements for arrears clearance will be subject to a positive reporting by the European Institutions on the clearance of net arrears. The additional disbursement for debt servicing needs will be subject to milestones related to privatization, including the new Privatization and Investment Fund, bank governance, revenue agency and energy sector to be assessed by the European institutions and verified by the EWG and the ESM Board of Directors. 

In line with the 9 May Eurogroup statement, and in view of the forthcoming full implementation of all the prior actions by Greece and completion of the first review, the Eurogroup considered today the sustainability of Greek public debt. 

The Eurogroup agrees to assess debt sustainability with reference to the following benchmark for gross financing needs (GFN): under the baseline scenario, GFN should remain below 15% of GDP during the post programme period for the medium term, and below 20% of GDP thereafter. 

The Eurogroup recalls the medium-term primary surplus target of 3.5% of GDP as of 2018 and underlines the importance of a fiscal trajectory consistent with the fiscal commitments under the EU framework. 

The Eurogroup recalls the following general guiding principles agreed on 9 May for possible additional debt measures: (i) facilitating market access in order to replace over time public financed debt with privately financed debt; (ii) smoothening the repayment profile; (iii) incentivising the country's adjustment process even after the programme ends; and (iv) flexibility to accommodate uncertain GDP growth and interest rate developments in the future. On 9 May the Eurogroup also reconfirmed that nominal haircuts are excluded, and that all measures taken will be in line with existing EU law and the ESM and EFSF legal frameworks. 

Guided by these principles and on the basis of technical work carried out by the EWG, the Eurogroup agreed today on a package of debt measures which will be phased in progressively, as necessary to meet the agreed benchmark on gross financing needs and will be subject to the pre-defined conditionality of the ESM programme. 

For the short-term, the Eurogroup agrees on a first set of measures which will be implemented after the closure of the first review up to the end of the programme and which includes: 

• Smoothening the EFSF repayment profile under the current weighted average maturity
• Use EFSF/ESM diversified funding strategy to reduce interest rate risk without incurring any additional costs for former programme countries
• Waiver of the step-up interest rate margin related to the debt buy-back tranche of the 2nd Greek programme for the year 2017

The Eurogroup asks the EFSF and ESM management to take these measures forward within their mandate, on the basis of preparatory work by the EWG, and where needed to prepare formal decision making by the relevant EFSF and ESM decision-making bodies. The decision on the smoothening of the EFSF repayment profile and the reduction of interest rate risks should be taken as a matter of priority. 

For the medium term, the Eurogroup expects to implement a possible second set of measures following the successful implementation of the ESM programme. These measures will be implemented if an update of the debt sustainability analysis produced by the institutions at the end of the programme shows they are needed to meet the agreed GFN benchmark, subject to a positive assessment from the institutions and the Eurogroup on programme implementation. 

• Abolish the step-up interest rate margin related to the debt buy-back tranche of the 2nd Greek programme as of 2018
• Use of 2014 SMP profits from the ESM segregated account and the restoration of the transfer of ANFA and SMP profits to Greece (as of budget year 2017) to the ESM segregated account as an ESM internal buffer to reduce future gross financing needs.  
• Liability management - early partial repayment of existing official loans to Greece by utilizing unused resources within the ESM programme to reduce interest rate costs and to extend maturities. Due account will be taken of exceptionally high burden of some Member States.
• If necessary, some targeted EFSF reprofiling (e.g. extension of the weighted average maturities, re-profiling of the EFSF amortization as well as capping and deferral of interest payments) to the extent needed to keep GFN under the agreed benchmark in order to give comfort to the IMF and without incurring any additional costs for former programme countries or to the EFSF.

For the long-term, the Eurogroup is confident that the implementation of this agreement on the main features for debt measures, together with a successful implementation of the Greek ESM programme and the fulfilment of the primary surplus targets as mentioned above, will bring Greece's public debt back on a sustainable path over the medium to long run and will facilitate a gradual return to market financing. At the same time, the Eurogroup agrees on a contingency mechanism on debt which would be activated after the ESM programme to ensure debt sustainability in the long run in case a more adverse scenario were to materialize. The Eurogroup would consider the activation of the mechanism provided additional debt measures are needed to meet the GFN benchmark defined above and would be subject to a decision by the Eurogroup confirming that Greece complies with the requirements under the SGP. Such mechanism could entail measures such as a further EFSF reprofiling and capping and deferral of interest payments. Also, the Eurogroup commits to long-term technical assistance to boost Greek growth. 

The Eurogroup recognises that over the exceptionally long time horizon of assessing debt sustainability there can be no forecasts, only assumptions, given the sizable degree of uncertainty over macroeconomic developments. 

Against the background of the forthcoming successful completion of the first review and the agreement on debt relief, the Eurogroup welcomes the intention of the IMF management to recommend to the Fund's Executive Board to approve a financial arrangement before the end of 2016 that will support the implementation of the agreed fiscal and structural reforms. It is recognised that, consistent with IMF policies, approval of this arrangement will also be based on a new DSA and the assessment of possible debt relief measures mentioned above. The possible debt relief will be delivered at the end of the programme in mid-2018 and the scope will be determined by the Eurogroup on the basis of a revised DSA in cooperation with the European Institutions for purposes of taking into account the European policy framework, subject to full implementation of the programme. 

The Eurogroup stands ready, in line with usual practice, to support the completion of future reviews provided that the policy package considered today, including the contingency mechanism, is implemented as planned.  The Eurogroup confirms that programme implementation, as well as policy conditionality and targets, will be reviewed regularly based on input from the institutions.

How Israel flew 14,000 people to safety in two days

Ein CIA Putsch, wie immer mit den korruptesten und Kriminellsten eines Lande und Alles war Bluff. Triebfeder: Privatsierungs Gewinne, mit kriminellen Partenern, welche man als Regierungs Chefs einsetzt. Praktisch alle Süd Amerikanischen Regierungs Chefs, welche gegen die US Mafia waren, erkrankten an Krebs, starben an Krebs, was ein System ist. Dilma Rousseff, musste weg, denn die Mitgliedschaft von Braslien in den BRICS Staaten, gefährdet das $ Betrugs Imperium, wie es bei Gadaffi identisch war. Brasilien: Neuer Präsident Temer war Informant für US-Regierung Abhörskandal belegt Putsch in Brasilien Harald Neuber 25.05.2016 Der Präsident der PMDB, Romero Jucá, spricht in geleakten Aufnahmen von Absprachen mit Militär und Richtern und gibt Gründe für […]

Americas

• USAF commitments to maintain 1,900 aircraft beyond 2021 may be in trouble according to the Pentagon’s annual aviation, inventory, and funding plan for fiscal years 2017 through 2046. Budget constraints across the armed forces are requiring the Air Force to retire more aircraft than it procures; with the report predicting the fleet to reach its lowest in point 2031. The report notes that the service plans to sunset John McCain’s beloved A-10 between FY18 and FY22, but hints that those plans “are subject to change,” while Congress’s desire to restart the F-22 Raptor production line looks increasingly like a non-runner.

• Huntington Ingalls has been awarded a $152 million US Navy contact for advance planning for the construction of the aircraft carrier Enterprise (CVN 80). The third aircraft carrier in the Gerald R. Ford class was named in honor of the Navy’s first nuclear-powered aircraft carrier, USS Enterprise (CVN 65). Work to be carried out includes engineering, design, planning, and procurement of long-lead-time material, and will be performed at the company’s Newport News Shipbuilding division through March 2018. Construction is to commence in 2018 and be delivered to the Navy in 2027.

• Weapons testers upgrading the Northrop Grumman RQ-4B Global Hawk have commenced laser-printing simulated ice for ice-shape testing on the UAV. Using a process known as “selective laser sintering,” it is possible to characterize ice buildup on the aircrafts wings and V-tail, a common problem found on most aircraft. The testing will now allow operators to know the airframe’s exact tolerance to buildup when carrying different fuel loads. In use since the late 1990s, the USAF is looking to extend the UAV’s lifetime through to 2034 instead of early retirement.

Middle East North Africa

• Saab has announced increased interest in its configuration of a Bombardier 6000 business jet with the company’s GlobalEye system for the UAE. The $1.27 billion deal will see the heavily adapted Global 6000 to be capable of conducting airborne early warning and control (AEW&C), maritime and land surveillance, and electronic intelligence duties. Included in the package is Saab’s improved Erieye ER active electronically scanned array radar, now capable of a 70% greater detection range than its previous sensor, and the ability to spot challenging targets, such as cruise missiles, small unmanned air vehicles and hovering helicopters. Combining its below-fuselage mounted maritime search radar and electro-optical/infrared sensor will enable operators to locate surface threats and submarine periscopes, while its primary sensor’s synthetic aperture radar and ground moving target indication modes will be used to locate land targets.

Europe

• The first two Dutch F-35As have successfully landed in the Netherlands, marking the Joint Strike Fighter’s first eastbound transatlantic journey. Dubbed AN-01 and AN-02, the fighters were welcomed by a crowd of 2,000 including Minister of Defence Jeanine Hennis-Plasschaert. The aircraft will now spend the next few weeks conducting noise and environmental tests over the country, designed to determine the levels of noise disturbance the residents experience. The jets will perform flights over the North Sea range and then appear and fly at the Netherlands’ Open Days in June.

Africa

• After showcasing its Parabot super robot at this year’s SOFEX in Jordan, South Africa’s Paramount Group is setting its sights on increasing their defense collaboration with US firms. With partnerships already existing with Boeing, Airbus, and firms in Kazakhstan and Jordan, Paramount’s founder, Ivor Ichikowitz, believes the company has much to offer the US defense industry, not just in supplying technology, but in philosophy, as the US attempts to rethink how it acquires defense capabilities. Having known nothing but government budget restrictions since its foundation in early post-Apartheid South Africa, Ichikowitz said, “We’ve always had to come up with technologies that give our customers the most capabilities for the least amount of money.”

Asia Pacific

• The Indian Defence Research and Development Organisation’s (DRDO) successful test-firing of an indigenous Advanced Air Defense (AAD) missile interceptor on May 15 is being called into question following claims that the launch didn’t occur in the first place. Initially it was claimed that the missile successfully tracked, engaged and destroyed a naval version of the Prithvi missile, which was fired to simulate an enemy target. However “informed sources” talking to The Hindu newspaper claim that the test was a failure as the interceptor was never launched. Perhaps its back to the drawing board for the DRDO, again.

Today’s Video

• Recording of the F-35A’s arrival in the Netherlands:

Arabian/Persian Gulf
(click to view full)

In November 2009, Saab announced a 1.5 billion SEK (about $220 million) contract from the United Arab Emirates for 2 of its Saab 340 regional turboprops, equipped with Erieye active-array radars that can scan large airspace volumes, and with related command and control systems. The Saab 340 AEW contract also includes ground equipment, initial spares, and support services.

The UAE is just the latest buyer of Saab’s Erieye system.

The Erieye, and Its Competitors cutaway view
(click to view full)

The Erieye family of Airborne Early Warning & Control aircraft offer of small size, lower purchase price, dual air/sea scan capabilities, and comparatively cheap operating costs are making it one of the world’s most popular AEW systems. The antenna reportedly provides coverage out to 450km, with a detection range of 350km even inchallenging conditions. The Erieye Ground Interface Segment (EGIS) provides a 2-way exchange of data via an associated “Link-E” datalink sub-system, and the plane’s capabilities can can also reportedly be used to support border control or even rescue operations.

The UAE joins Sweden, Pakistan, and Thailand, who have all ordered systems based on Saab’s S340/S2000 regional passenger turboprops. Brazil, Mexico, and Greece all ordered R-99As/ EMB-145 AEW&Cs that pair Erieye with Embraer’s ERJ145 regional passenger jets.

Key global competitors for Erieye systems include Boeing’s developmental E-737 ordered by Australia, South Korea, and Turkey; Israel’s Phalcon system (active on 707, IL-76, and Gulfstream G550 jets), and Northrop Grumman’s carrier-capable E-2 Hawkeye. That may become relevant, as some reports depict the Saab 340 Erieye as an interim system for the UAE, on the way to a final purchase of additional AWACS platforms.

The UAE’s aircraft order also fits into a regional trend, as the Emirates move to establish a leadership position within the Gulf Cooperation Council’s accelerating command-and-control efforts. Over time, the GCC’s ability to fuse the UAE’s efforts with local infrastructure like long range radars, Saudi Arabian 707-based E-3 AWACS/TASS planes, and other assets, may begin to produce cooperative situational awareness on a regional level.

Contracts & Key Events Thai S340 Erieye
(click to view full)

May 25/16: Saab has announced increased interest in its configuration of a Bombardier 6000 business jet with the company’s GlobalEye system for the UAE. The $1.27 billion deal will see the heavily adapted Global 6000 to be capable of conducting airborne early warning and control (AEW&C), maritime and land surveillance, and electronic intelligence duties. Included in the package is Saab’s improved Erieye ER active electronically scanned array radar, now capable of a 70% greater detection range than its previous sensor, and the ability to spot challenging targets, such as cruise missiles, small unmanned air vehicles and hovering helicopters. Combining its below-fuselage mounted maritime search radar and electro-optical/infrared sensor will enable operators to locate surface threats and submarine periscopes, while its primary sensor’s synthetic aperture radar and ground moving target indication modes will be used to locate land targets.

February 18/16: Following a custom $1.27 billion two-aircraft deal to provide an early warning and control (AEW&C) system to the UAE, Saab has officially launched the new early warning aircraft to the wider market. The GlobalEye combines the Erieye ER active electronically scanned array (AESA) radar with Bombardier’s Global 6000 business jet. The Erieye had been previously offered on the Embraer 145, Saab 2000 and Saab 340, but its incorporation on the Global 6000 will allow it much greater altitude and endurance capabilities, flying at 11,000 ft for 11 hours. The business jet will likely be armed with Saab’s RBS-15 anti-ship missile and a lightweight torpedo; possibly a EuroTorp weapon. Saab’s announcement comes as they look to provide maritime, land, and air surveillance capabilities to countries increasingly involved in anti-terrorism, anti-piracy, or territorial monitoring operations.

November 10/15: Saab has received an order for two additional Airborne Early Warning aircraft from the United Arab Emirates in a deal valuing $1.27 billion. The Swing Role Surveillance System (SRSR) will incorporate the company’s Erieye radar and other sensors aboard two Bombardier Global 600 business jet platforms. The UAE already operates two Saab Erieye-equipped AEW turboprop aircraft, ordered in November 2009 through a $220 million contract.

March 16/11: The Khaleej Times reports that Sweden’s Saab Group will deliver the 2nd S340 Erieye to the UAE slightly late, in April 2011. It quotes Swedish Ambassador Magnus Scholdtz as saying that “We’ve offered to the UAE to sell 4 more such aircraft… it is up to the UAE to decide.”

Nov 17/09: 1.5 billion SEK (about $220 million) contract for 2 of Saab’s S340 Erieyes announced. An official statement hinted at more orders to come, saying that:

“The UAE Air Force & Air Defence is currently evaluating several options to purchase permanent solution Command and Early Warning aircraft to meet the UAE Armed Forces operational requirements.”

Local defense media picked up on this theme amd noted the order’s interim status, pending a wider buy that could involve more Erieyes, Boeing’s 737 AEW&C, or Northrop Grumman’s new E-2D Advanced Hawkeye. Deliveries of the 2 Erieye planes are scheduled for Q3 2010, and Q1 2011. Saab [PDF] | Arabian Aerospace | Dubai Airshow 09 | Khaleej Times | UAE’s The National.

Additional Readings

• Saab Group – Erieye AEW&C Airborne Border Surveillance

• DID – UAE Looking to Become a Regional C2 Leader. They bought the required back-end ground systems for national command and control first, so they could make full use of AEW&C systems when they finally bought some. Smart.

• DID (Oct 11/10) – Saab’s Mysterious S-2000 AEW&C Customer? Saudi Arabia. Essentially the same plane & system as the UAE is buying.

• Aviation Week (Feb 13/08) – Low-Cost and Effective AEW Systems Find Buyers

• C4ISR Journal (Jan 4/08) – AEW&C contenders confident as UAE decision nears

American Boeing KC-135 Stratotanker Aerial Refueling Tanker

British companies have developed a new thermal metal coating for use on the flight deck of the UK Royal Navy's Queen Elizabeth Class (QEC) aircraft carriers.

The Italian Navy's sixth Frégate Européen multi-mission (FREMM) vessel, ITS Luigi Rizzo, has sailed out to sea from Fincantieri shipyard in Muggiano (La Spezia) for the first time to begin its maiden sea trials.

The Indian Navy has inducted a new water jet fast attack craft (WJFAC), INS Tarmugli, into its fleet at Naval Dockyard, Visakhapatnam, Andhra Pradesh, India.

Shea butter is made by women across sub-Saharan Africa's rural Sahel regions, including parts of Ghana.

The United Nations human rights office today urged the Government of Iraq to immediately conduct an independent, transparent and effective investigation into the use of force by security forces against protestors outside the Green Zone in Baghdad this past week.

Le président turc Recep Tayyip Erdogan doit présider ce mercredi 25 mai la première réunion du gouvernement dirigé par le nouveau Premier ministre, Binali Yildrim. Ce dernier a pour principale mission de conduire la transition vers un régime présidentiel en Turquie.

United Nations Secretary-General Ban Ki-moon welcomed the holding of municipal elections in Lebanon, which are expected to conclude on 29 May, urging all Lebanese leaders to act responsibly to elect the country’s President, a post vacant for two years, without a further delay, his spokesperson said today in a statement.

Seit mehr als 160 Jahren versammeln sich beim größten deutschen Laientreffen Katholiken und Gläubige aller Konfessionen zum Dialog. Ursula Männle, die Vorsitzende der Hanns-Seidel-Stiftung, betonte bei ihrer Eröffnungsrede auf dem traditionellen Emfang von Hanns-Seidel-Stiftung und Konrad Adenauer-Stiftung die Verantwortung, die mit dem Leitsatz des Katholikentags 2016 einhergeht

Vom 20. bis 22. Mai 2016 wurde in München ein spannendes Kapitel Kirchengeschichte geschrieben. Zum ersten Mal in ihrer Geschichte haben sich die Studentenvertretungen aller evangelischen und katholischen Theologiestudierenden Deutschlands zu einer gemeinsamen Konferenz zusammengefunden und die Frage nach dem Auftrag der Kirche für Politik und Gesellschaft diskutiert. Im Mittelpunkt der dreitägigen Zusammenkunft des Studierendenrats evangelischer Theologie (SETh) und der Arbeitsgemeinschaft Theologie (AGT) standen der gemeinsame theologische Austausch und die Frage nach dem Auftrag der Kirche für Politik und Gesellschaft.

Premierminister Netanyahu hat die israelische Regierung umgebildet. Ab sofort regiert er zusammen mit der ultranationalistischen Partei Israel Beitenu.

Bei dem Jubiläum steht der Mensch im Mittelpunkt - und die Konrad-Adenauer-Stiftung ist dabei: Wir begleiten das Treffen mit Literatur und Veranstaltungen.

The Security Council today stressed the importance of strengthening the existing cooperation between the United Nations and the African Union (AU), a regional organization described by a senior UN official as “the most important peacekeeping partner.”