Tag: crisis

Onetime GOP ‘bomb-thrower’ tries to bring calm to SVB crisis

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The methodical approach makes him a clear outlier in the GOP’s Trump era, which is significantly rowdier and more populist than the tea party that arose from the last financial crisis. McHenry says administration officials have responded well so far and that he’ll dig into how the failure happened in the days to come.
“I worked with McHenry during this,” Senate Banking Chair Sherrod Brown, a progressive Ohio Democrat, said of the latest meltdown. “He seems to be responsible.”
McHenry’s attempt to convey restraint at this early stage is at odds with other Republicans who are eager to beat up on President Joe Biden by casting the bank rescue as a culture war concern — raising questions about how many will follow his lead.
It’s a statesman-like role the former upstart is playing across a number of issues confronting the GOP, from the debt limit to diversity, indicating that Democrats may have at least some top Republicans they can work with on the heaviest economic issues confronting the U.S.
“Everybody’s got their own opinion,” said Sen. Rand Paul (R-Ky.), when asked about the House GOP’s emerging position under McHenry’s lead. “All I know is, I wouldn’t have bailed them out — a bunch of rich, left-wing, you know, political snobs.”
McHenry entered Congress in 2005 at 29, providing little hint to people getting to know him in those early days that he would become one of the GOP’s leading pragmatists and dealmakers.
A Roll Call columnist at the time called him “the GOP’s attack dog-in-training,” as he fought Democrats in an ethics battle against then-Majority Leader Tom Delay, who was indicted for criminal conspiracy. He joined the conservative Republican Study Committee, chaired by Mike Pence, and in the wake of that year’s major domestic crisis — Hurricane Katrina — McHenry called for cutting funding for the Corporation for Public Broadcasting to rebuild schools.
“He was extremely right-wing,” said Cam Fine, the former head of the Independent Community Bankers of America, which works closely with the Financial Services Committee. “He was pretty bombastic, quite frankly, and said a lot of things that you kind of shook your head at a little bit. … He was a ball of energy.”

People close to McHenry said he realized over time that he didn’t want to pursue higher office and should get serious about his work in the House – in particular at the Financial Services Committee.
Former House Speaker Paul Ryan, who advised McHenry to prioritize a committee chairmanship over leadership, said he was “a bomb thrower when he first came in … and then he dramatically matured.”

Patrick McHenry entered Congress in 2005 at 29, providing little hint to people getting to know him in those early days that he would become one of the GOP’s leading pragmatists and dealmakers.
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Pablo Marrinez Monsivais/AP Photo
“At some point he decided, I’m going to get bored running around like a crazy person here and I’m not going to matter — if I take it seriously I can make a difference,” said Scott Stewart, a former McHenry roommate who got to know him from their days as College Republicans.
“He then committed to deeply understanding financial services and became a serious conservative without being a jerk.”
In the ensuing years, McHenry followed a dual track through the ranks of House Republicans, moving up in seniority at the Financial Services Committee but also in House leadership, eventually becoming one of the GOP’s top vote counters as chief deputy whip.
He became the top Republican on House Financial Services in 2019 and then chair this year.
Before calamity struck the banking system the last few days, McHenry was determined to flex his dealmaking skills by finding bipartisan compromises with the Financial Services Committee’s top Democrat, Rep. Maxine Waters (D-Calif.), on things like cryptocurrency legislation. Waters led the committee before Democrats lost the House in the 2022 election.
Soon after he became chair, McHenry drew flak from FOX News host Tucker Carlson and other conservative pundits by not completely eliminating from the committee’s oversight agenda a top priority for Waters — diversity and inclusion.
“We do have a good relationship,” Waters said. “That’s not to say that good relationship is going to make me change my mind about some of his philosophy, and vice versa. … But I respect him. He respects me.”
He was also emerging as a peacemaker in the fractious House GOP.
McHenry helped Rep. Kevin McCarthy (R-Calif.) lock down the votes he needed to become speaker, a partnership that thrust the bow-tied Republican into the national spotlight as he negotiated with conservative rebels who dragged out the process for days, paralyzing the chamber.
“He can relate to new young members who throw a lot of bombs,” Ryan said.
His ability to draw together different factions of the party won him high praise from some of McCarthy’s closest allies.
“He’s one of the brightest guys up here,” Rep. Garret Graves (R-La.) said. “He’s got great instincts and has that amazing balance that is rare up here of being both a policy nerd and [having] really good strategic instincts.”
His other big project this year was to try to steer Republicans toward a resolution of the debt-limit stalemate. He’s taken the position that holding U.S. borrowing authority hostage in exchange for spending cuts could be a disaster for markets, rankling conservatives like former Trump OMB Director Russell Vought, who said in an email: “I don’t have faith in Patrick McHenry.”
So to those who know him, it’s no surprise that McHenry has tried to guide the House GOP to take a breath before going on the attack over the Biden administration’s rescue of depositors at the failed Silicon Valley Bank and Signature Bank.
It’s a challenge as a growing number of Republicans like Paul cast the administration’s move as a mistake.
“This is America,” said Sen. John Kennedy (R-La.) when asked about the House Republican response. “Everybody’s entitled to their opinion. But it’s currently a bailout.”
Rep. Andy Barr of Kentucky, one of McHenry’s committee deputies, said, “Job No. 1 is for us to be the adults in a serious situation.”
“This isn’t about poking either side of the aisle,” said Rep, Blaine Luetkemeyer of Missouri, another member of McHenry’s committee leadership team. “This is a time when we feel our country’s future is at risk here.”
“We’ve got to rally around him and pull everybody together.”
Sam Sutton contributed reporting.
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( With inputs from : www.politico.com )

March 17, 2023
Clashes between Imran Khan, law enforcers deepen crisis

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Islamabad: The two-day-long clash between former Pakistan Prime Minister and Pakistan Tehreek-e-Insaf (PTI) workers with its chairman Imran Khan’s supporters and the law enforcers at the Zaman Park deepened the ongoing political and economic crisis of the country, reported The Nation.
Clashes broke out on Tuesday after the police stormed Khan’s residence to arrest him to execute a non-bailable arrest warrant issued by a local court of Islamabad in the Toshakhana case.
The high drama that continued for nearly 24 hours has only added more confusion and uncertainty about the present set-up and the fate of the general elections in the two provincial assemblies.
In the midst of a crippling economic crisis, the political polarization in the country has reached new heights. The policy confrontation between Imran Khan and the ruling Pakistan Democratic Movement, a coalition of ruling parties, has now taken the shape of a vendetta, according to The Nation.
Meanwhile, Additional District and Sessions Judge Zafar Iqbal announced the verdict reserved earlier redirecting the authorities concerned to arrest the former prime minister and present him before the court on March 18.
Scores of people, including police personnel and PTI workers, were injured in the process as the law enforcers fired teargas and party supporters resorted to throwing Molotov cocktails.
Legal proceedings against Khan began after he was ousted from office in a parliamentary vote early last year. Since then, he has held nationwide protest rallies demanding a snap election, during one of which he was shot and wounded, The Nation reported.
According to Geo News, the written verdict against Imran Khan’s plea said, “[…] it is concluded that the application is not justified by law as well as fact which is hereby rejected”.

Gew News reported that the verdict mentioned that the applicant has “prayed that in view of the undertaking given by him and the sureties offered by him to the satisfaction of this court, the order dated 13.03.2023 may kindly be recalled and suspend the warrant of arrest.”
“Keeping in view the law and order situation created by the applicant, he has lost some of the normal rights granted by procedural as well as substantive laws and he has to actually surrender before the court due to his defiance of the court process,” the verdict further read.
“Such eventuality is never appreciated by the court and it is regarded as willful default.”
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( With inputs from www.siasat.com )

March 17, 2023
SL President assures external creditors of transparency in resolving debt crisis

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Colombo: Sri Lanka President Ranil Wickremesinghe has assured the island nation’s external creditors of maintaining full transparency in resolving the debt crisis and getting the country back on track.
Awaiting the much-needed $2.9 International Monetary Fund (IMF) bailout which is expected to be taken up at March 20 board meeting by the Washington-based lender, he encouraged both bilateral and private creditors of Sri Lanka to strengthen coordination between themselves and engage constructively with Sri Lanka for a swift resolution of the public debt situation.
He urged the country’s official bilateral creditors and the Paris Club creditors, to foster the coordination required for the much-delayed IMF supported programme.
The Sri Lanka President thanked India and other creditors including Japan, China and the Paris Club bilateral partners for enabling the cooperation required to arrive at this point and explicitly delivering IMF-compatible financing assurances.
“We commit to communicating transparently with all of you on any debt treatment terms that are agreed with any creditor or group of creditors, before being formalised. In the same vein, we commit to reporting regularly on our indebtedness, ensuring no financial liabilities incurred by the country are undisclosed,” President Wickremesinghe said.
Wickremsinghe, who took over from Gotabaya Rajapaksa who fled the country amidst public outrage over mismanagement and leading it to a severe economic crisis last year, assured that Sri Lanka is committed not to resume debt service to any creditor unless that creditor agrees on a comprehensive debt treatment in line with IMF-supported programme parameters and the comparability of treatment principle.
“We will not conclude debt treatment agreements with any official bilateral creditor or any commercial creditor or any group of such creditors on terms more favourable than those agreed under any multilateral platform put forward by our official bilateral creditors,” he said.
With over $50 billion external debts, Sri Lanka, last May, defaulted on its debt for the first time in its history. Suffering the 2019 Easter Sunday attack followed by Covid-19 pandemic and world economic crisis, the Indian Ocean island faced a severe financial crisis with inflation and dollar crunch since the beginning of 2022.

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( With inputs from www.siasat.com )

March 16, 2023
Ukraine cheers rollover of grain deal, but Russia objects again

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A deal allowing Ukrainian grain exports to pass through the blockaded Black Sea has been extended for 120 days, Ukraine announced Saturday, but Russia again griped that it would only assent to a full rollover if its own exports of food and fertilizer are freed up.
Infrastructure Minister Oleksandr Kubrakov thanked “all our partners for sticking to the agreements” in a tweet Saturday afternoon. “Due our joint efforts, 25M tons of Ukrainian grain” have been “delivered to world markets,” he said.
The announcement comes after a week of wrangling after Russia said Monday that it had agreed to extend the Black Sea grain initiative but only for 60 days. Moscow again dug its heels in on Saturday, however, despite objections from Kyiv and reminders from the United Nations and Turkey that the original agreement foresees a minimum 120-day extension.
Russian President Vladimir Putin, meanwhile, visited Crimea on Saturday on an unannounced trip to mark the ninth anniversary of Russia’s annexation of the peninsula from Ukraine. Putin was greeted by the Russian-installed governor of Sevastopol, Mikhail Razvozhayev, and taken to see a new children’s center, Reuters reported.
The grain deal — described by aid groups as a lifeline for food insecure countries — was due to expire on Saturday.
Initially brokered by the U.N. and Turkey last July after Russia’s invasion of Ukraine in February 2022 fueled a global food crisis, the pact was extended in November for 120 days.
Russia will only consider further extending the deal if “tangible progress” is achieved in implementing its three-year deal with the U.N. to facilitate its own exports of food and fertilizer, according to a letter posted on Twitter Saturday by its mission to the U.N. in New York.
U.N. Secretary-General António Guterres is due to attend an EU summit in Brussels next week to seek ways to unblock the Russian food and fertilizer shipments, which have been blocked by sanctions targeting Russian oligarchs and the state agricultural bank. The Kremlin argues that these these are to blame for food insecurity in the Global South.

Ukraine and Russia produce a massive chunk of the world’s grain and fertilizer, together supplying some 28 percent of globally traded wheat and 75 percent of sunflower oil during peacetime.
The International Rescue Committee (IRC) has called on the U.N. to broker a renewal of the deal for a full 12 months, warning that this is necessary to “to help stave off hunger in the most food insecure countries.”
The number of people facing food insecurity rose from 282 million at the end of 2021 to a record 345 million last year, according to the United Nations World Food Program (WFP). Africa is one of the hardest-hit regions, with eastern African countries like Somalia and Ethiopia in particular facing extreme hunger.
“Shipments of grain to countries most in need, including Somalia, hinge on the critical renewal of the Black Sea Grain Initiative,” the IRC said, adding that Somalia receives over 90 percent of its grain from Ukraine.
This story has been updated.

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( With inputs from : www.politico.eu )

March 15, 2023
Macron pays high price in popularity over pension reform, survey shows

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Emmanuel Macron is paying a high price for his push on pension reform as a survey on Sunday showed the French president is facing a new low in popularity — as low as during the protests of the so-called Yellow Jackets.
As the French take to the streets to protest against Macron’s pension reform, 70 percent of respondents said they are dissatisfied with the president, according to the Ifop barometer published by Le Journal du Dimanche. Macron’s popularity rating fell by 4 points in one month, it showed.
Since December, Macron has suffered a substantial drop of 8 points, and he now sees only 28 percent satisfied and 70 percent dissatisfied, according to the poll carried out, Le Figaro emphasized, between March 9 and 16.
That is the same period as the negotiations that finally led the Elysée to shun parliament and impose the unpopular pension reforms via a special constitutional power, the so-called Article 49.3, which provides that the government can pass a bill without a vote at the National Assembly, the lower house of parliament, after a deliberation at a Cabinet meeting.
The procedure has been used in the past by various governments. But this time it’s prompting a lot of criticism because of the massive public opposition to the proposed reform, which raises the legal retirement age from 62 to 64 years. Some media stress that recent opinion polls have shown that a majority of the French are opposed to this type of procedure.
“You have to go back to the end of the Yellow Jackets crisis in early 2019 to find comparable levels of unpopularity,” writes Le Journal du Dimanche commenting the survey. The outlet also stresses that dissatisfaction with Macron crosses all categories, the younger generations as well as the blue- and white-collar workers.
A total of 169 people, including 122 in Paris, were taken in custody for questioning on Saturday evening in France during demonstrations marred by tensions between the police and the protesters, according to French media citing figures communicated on Sunday by the Ministry of the Interior.

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( With inputs from : www.politico.eu )

March 15, 2023
UBS buys Credit Suisse in rush deal

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FRANKFURT — Swiss banking giant UBS will buy the country’s second-largest bank Credit Suisse in a deal that will come as a relief to financial markets in Europe and across the world.
UBS said in a statement that the total price is 3 billion Swiss francs, or about $3.25 billion, in UBS shares.
The deal was pushed through in an effort to avoid further turmoil in global banking following the failure of Silicon Valley Bank and another regional lender in the U.S.
“With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation,” the Swiss National Bank said in a separate statement, noting that the deal was made possible with the support of the Swiss federal government, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank.
The central bank added that UBS and Credit Suisse can obtain a liquidity assistance loan of up to 100 billion francs.
Highlighting the urgency of securing a deal for the bank before markets open on Monday, Swiss authorities adjusted laws to allow further provision of liquidity by the Swiss central bank, while the government agreed to provide additional guarantees.
The expeditious rescue of Credit Suisse was welcomed by the European Central Bank as well as the Federal Reserve in the U.S.
The “swift action” by the Swiss authorities “are instrumental for restoring orderly market conditions and ensuring financial stability,” ECB President Christine Lagarde said in a statement.

The 167-year-old Credit Suisse has been involved in a series of scandals that have undermined the confidence of investors and clients. It has thus found itself in the eye of the storm when the collapse of Silicon Valley Bank sparked fears of a banking crisis.

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( With inputs from : www.politico.eu )

March 15, 2023
Macron faces no-confidence votes amid nationwide protests

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PARIS — Emmanuel Macron’s government faces several motions of no confidence in the National Assembly Monday after his government forced through a deeply unpopular pensions reform bill last week.
Protesters took to the streets in major cities over the weekend, after the government invoked a controversial constitutional maneuver to pass its pensions reform bill in what was widely seen as a move likely to inflame social unrest. Industrial action is expected to disrupt public transport, refineries, universities and waste collection this week, as trade unions hope to strong-arm the government into withdrawing the pensions reform.
On Saturday, more than 100 people were arrested in Paris after a demonstration by several thousand protesters against the reform turned violent.

The 573 lawmakers of the French National Assembly will vote on two motions of no confidence Monday which could trigger the resignation of Macron’s Prime Minister Elisabeth Borne and her government. Though the French president would not be forced to resign in case of a defeat, a successful motion of no confidence would trigger a deep political crisis for Macron.
On Saturday, Finance Minister Bruno Le Maire said the reform was “vital” for the country and called on MPs to “face their responsibilities,” in an interview with Le Parisien.
“There will be no majority to bring the government down, but it will be a moment of truth,” Le Maire said with the reference to the votes on Monday. “Is it a good idea to overthrow the government and cause political disorder over the pensions reforms? The answer is clearly no,” he added.
Macron wants to increase the legal age of retirement to 64 from 62 and extend contributions for a full pension in order to balance the accounts of the pensions system. The reform is a cornerstone of the French president’s second mandate and failure to pass it would have repercussions for the rest of his mandate.
Amid scenes of anger and rebellion in parliament, his trusted lieutenant Borne announced on Thursday the government had decided to invoke Article 49.3 of the constitution to pass legislation without a vote, putting an end to weeks of heated and acrimonious debate. Invoking Article 49.3, however, allowed lawmakers to table a motion of no confidence within 24 hours.
All eyes on the conservatives
Macron’s Renaissance party lost its majority in the National Assembly in parliamentary elections last year and has faced several motions of no confidence in recent months. In a sign of the deepening crisis in France, it is the first time that the several opposition parties have tabled a motion of no confidence together.
On Friday a small centrist opposition group submitted a cross-party motion supported by leftwing parties, which is also expected get the support of the far right National Rally, after RN leader Marine Le Pen announced that her party would vote for “all the motions of no confidence.”
“A vote on this motion will enable us to put an honorable end to a deep political crisis,” said the centrist MP Bertrand Pancher as he submitted the motion.
A police officer attempts to extinguish flames at the entrance of the town hall of the 4th arrondissement of Lyon | Jeff Pachoud/AFP via Getty Images
Macron’s opponents need the backing of 287 MPs to topple the government — a bar they are not likely to pass given the deep political divisions in parliament. The National Assembly is split between Macron’s Renaissance coalition, the far-right National Rally and the left-wing Nupes coalition.
In addition to getting the backing of the left and the far right, a cross-party motion would need the support of 27 conservative Les Républicains lawmakers to pass. But only 10 are planning to vote for the motion, said a conservative MP who wanted to remain anonymous due to the sensitivity of the topic in an interview with Playbook Paris.
MPs are also expected to vote on a second motion of no confidence submitted by the National Rally, that is widely seen as unlikely to pass.
If the government survives the votes on Monday, it will still face a wave of protests this week and the risk of more social unrest. On Friday, the hard left CGT trade union called for “visible actions” ahead of a day of nationwide protests and strikes planned for Thursday.

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( With inputs from : www.politico.eu )

March 15, 2023
Lebanese currency hits all-time low amid financial crisis

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Beirut: The Lebanese currency (LBP) has collapsed to 100,000 LBP per US dollar for the first time in history as the country’s financial crisis and political deadlock continues.
The value of the Lebanese currency lost 8,000 pounds from two weeks ago when it stood at 92,000 pounds against the dollar, reports Xinhua news agency.
In 1997, the pound was pegged to the dollar at 1,500 LBP to $1, and the two were convertible until October 2019.
On February 1, the Central Bank of Lebanon shifted its long-standing official exchange rate from 1,507.5 LBP to 15,000 LBP against the dollar, but is still well below the real value of the dollar.
Lebanon’s economists have been calling on authorities to elect a new President and form a new cabinet to end the political deadlock and allow the country to implement necessary reforms and stop the collapse.
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( With inputs from www.siasat.com )

March 15, 2023
Crisis sparks new battle between small and large banks

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ICBA is gearing up to make the case that the smallest, “community” banks shouldn’t have to pay for the rescue of bank depositors and that the largest lenders deserve stricter oversight from regulators. The group entered the fray early Monday with this message to reporters covering the crisis: “Silicon Valley Bank and the Nation’s Largest Banks Are Not Community Banks.”
“There’s a great deal of anger” among small banks, said Cam Fine, ICBA’s former leader. “They do feel like they’re being lumped in with a bunch of high-flying, high-risk takers.”
The conflict — which is starting to look like a similar small bank vs. big bank lobbying fight in the wake of the 2008 crisis — underscores what’s at stake for players across the industry as Washington revamps fundamental banking policy and looks for accountability.
“From a lobbying policy disagreement point of view, it’s 2008 all over again,” Fine said.
ICBA President and CEO Rebeca Romero Rainey said in an interview that community banks shouldn’t have to pay any special assessments “to cover the sins of the largest and riskiest institutions.” It’s a live issue now that the government has promised to backstop all deposits at two failed lenders, with individual banks potentially on the hook for fees to cover the cost of replenishing the deposit insurance fund.
Looking ahead, Romero Rainey said Congress and the regulators need to consider strengthening rules for the largest banks.
Everyone is still assessing the situation, but bank capital regulations are part of the discussion, she said. Bank capital rules set standards for funding that lenders must maintain to absorb losses during economic downturns and spare taxpayers from having to bail them out.
“As we saw the systemic impact that failure would have, we have to learn from that and avoid it in the future,” Romero Rainey said.

It’s a message that’s already starting to annoy bigger players in the industry.
“When you see deposits flooding out of small banks to large ones, it gets really tough to claim that large banks need more capital or liquidity,” said one large bank representative, granted anonymity to respond candidly. “But salmon swim upstream, so perhaps the ICBA thinks it can too.”
Fine said the “salmon” comparison, which first appeared in a POLITICO newsletter Tuesday morning, was an “unprofessional insult to a class of banks that make up 98 percent of all insured banks.”
Small bank representatives “are ripped about that quote, and they’re ready to go both to the regulatory agencies and to Capitol Hill and make their case that they’re anything but salmon swimming upstream,” he said.
Underscoring the dispute are real-world competitive tensions between small and large banks as depositors rethink where they park cash. A Bloomberg headline Tuesday read: “Too-Big-to-Fail Lenders Rake In Deposits After Three Banks Fail.” The biggest of the big banks — known in regulatory parlance as global systemically important financial institutions — also want to put some distance between themselves and regional banks like SVB and Signature.
Financial Services Forum spokesperson Barbara Hagenbaugh said the U.S. “broadly benefits from a strong and resilient system of banks of all sizes to meet the many and diverse needs of our economy.” The group represents eight of the largest U.S. banks.
“As we saw during the pandemic and we are seeing now, the eight Forum members are strong and diversified, acting as a source of support for the economy,” she said.
Romero Rainey said part of her challenge is ensuring “differentiation” as larger banks use the uncertainty to win over customers from smaller lenders.
“I hate to see folks taking advantage of this situation to portray a different scenario or a lack of strength,” Romero Rainey said.
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( With inputs from : www.politico.com )

March 14, 2023
Kejriwal government’s inaction responsible for water crisis: BJP

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New Delhi: The BJP on Sunday blamed the Arvind Kejriwal government’s “inaction” for wastage and shortage of water in Delhi as well as for supply of dirty water.
Delhi BJP Working President Virendra Sachdeva said that for the last decade, the capital’s people are facing the problem of irregular/short supply of water as well as of dirty water but the Delhi government and the Delhi Jal Board blame the Haryana government despite the state giving its fixed raw water quota.
Despite the BJP’s repeated demands, the Kejriwal government never convened an all-party meeting on the water crisis or on the “corruption” of the Delhi Jal Board, he said, claimung that Lt. Governor Vinay Kumar Saxena’s status report after the visit to the Wazirabad water plant and reservoir has exposed the “negligence and inaction” of the Kejriwal government.
He said the Kejriwal government’s negligence in not cleaning the reservoir is responsible for thousands of people getting water-borne diseases in Delhi every year, while it was shocking to know that the level of silt in the Wazirabad Water Plant and Reservoir is more than double the estimated level and leads to Delhi being unable to hold the water coming from Haryana and about 9 lakh million cusecs of water just flows waste into the Yamuna.
On the other hand, the silt causes supply of dirty water, he claimed, demanding that the Delhi government should immediately get the Wazirabad & Sonia Vihar Water reservoirs cleaned and bring out a Summer Action Plan for water supply.
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( With inputs from www.siasat.com )

March 12, 2023