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London, United Kingdom (AHN) – International protest is building about the arrest of Wikileaks founder Julian Assange this week. Assange is being held in a British jail awaiting extradition to Sweden on rape charges.

Meanwhile, the U.S. Justice Department is seeking to extradite him to the United States to face espionage charges after his Web site released more than 250,000 documents that exposed secret State Department communications. However, political leaders in Australia, Brazil, Russia and elsewhere say Assange is a political prisoner who is being punished for exercising rights of the free press.

Some of the harshest criticism is coming from Australia, where hundreds of people rallied Thursday in three cities to protest Assange’s arrest. Assange is an Australian citizen.

Foreign Minister Kevin Rudd said Assange was merely doing the job of any journalist by publishing the documents. “The blame for any violations of the law should fall on the persons who gave the documents to Wikileaks,” Rudd said. “The Americans are responsible for that.”

The State Department communications, called “cables,” described Rudd as a “control freak” and said that he made mistakes as Australia’s foreign minister.

Rudd said he was unconcerned about the criticisms.

He also said Australia would offer consular help to Assange.

Consular help refers to sending diplomats to meet with a citizen of their own country who is arrested abroad to determine whether legal assistance can be arranged.

In Brazil, President Luiz Inacio Lula da Silva described the arrest of Assange as a crime.

“I want to express my protest against this offense against free expression,” Lula said. “I will use the presidential blog to express my protest.”

He also encouraged the international news media to be more vigorous in defending Assange.

“The young man who is giving so much trouble to the diplomacy of the United States was arrested and so far I have not seen any protest defending free expression,” Lula said.

Russian Prime Minister Vladimir Putin described the U.S. government’s efforts to prosecute Assange as hypocritical.

“If it is full democracy, then why have they hidden Mr. Assange in prison,” Putin said during a press conference Thursday. “That’s what, democracy?”

Putin’s remarks appear to be a response to a February 2010 cable from Defense Secretary Robert Gates that said, “Russian democracy has disappeared and the government is an oligarchy run by the security services.”

In Mexico, the Journalists Club put up a plaque in their Mexico City headquarters honoring Assange for his “contribution to the conscience of mankind.”

The State Department documents published by Wikileaks described Mexico’s difficulties in managing its war with drug cartels. The cables described the government’s efforts as ineffective, often corrupt and divided among competing administrators.

Meanwhile, the Congressional Research Service is saying any U.S. prosecution of Assange would face unprecedented legal and diplomatic challenges.

A 24-page report from the government agency examines how the Justice Department could apply U.S. criminal laws to a foreign news operation.

“We are aware of no case in which a publisher of information obtained through unauthorized disclosure by a government employee has been prosecuted for publishing it,” the report said.

The prosecution of Assange creates First Amendment and diplomatic hurdles “based on concerns about government censorship,” the report said.

Some members of Congress, such as Sen. Joseph Lieberman (I.-Conn) and Sen. Dianne Feinstein (D-Calif.), say Assange should be prosecuted under the Espionage Act of 1917.

However, the Congressional Research Service report said no single law forbids the news media from publishing diplomatic cables only a “patchwork” of statutes that leave unclear answers.

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London, England, United Kingdom (AHN) – Anger is growing throughout Britain over the refusal by the Financial Services Authority to publish the result of its investigation of the Royal Bank of Scotland failure. The FSA commissioned PricewaterhouseCoopers to probe the RBS, which needed a $67.5 billion (GBP 45 billion) government bailout after the bank purchased ABN Amro for $73.5 billion (GBP 49 billion) and an $18 billion (GBP 12 billion) rights issue.

FSA cited the Financial Services and Markets Act of 2000 as the reason behind the non-publication of the investigation result. The FSA instead released Thursday a short press release that acknowledged mistakes were made by the bank administration, but said there was no law broken nor was there dishonesty among bank officials that led to the crisis.

Britons are clamoring for more transparency on the result of the probe because 83 percent of RBS is owned by taxpayers. Even Chancellor George Osborne and the current management and board of RBS have seen the report.

Because of this development, the FSA ordered a review of the Financial Services Authority’s rules. The Liberal Democrat Party joined the call that a copy of the PricewaterhouseCoopers report be furnished the parliamentary library.

What also angered the public was that Sir Fred Goodwin, the former chief executive of RBS, whose leadership of the bank was heavily criticized, got a multi-million pound pension when he left the bank.

Aside from the RBS probe, the FSA also had the two other major financial crisis players HBOs and Bradford & Bingley investigated, but the details of the two inquiries have also not been released by the agency.

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Dublin, Ireland (AHN) – European ministers have agreed to grant a bailout of $113 billion to the Irish Republic to tackle its financial crisis. Some $46 billion will be given to reinforce the Irish banking system, while the remaining $67 billion will be given to the government for its daily spending.

The European Union will charge interest at the rate of 5.8 percent on loans, which is a bit above what Greece pays for its bailout.

Describing it as the best deal for the Republic, Irish Prime Minister Brian Cowen said that it would be cheaper than borrowing from the open market.

The premier added that the bailout provides “vital time and space to successfully and conclusively address the problems we’ve been dealing with since the financial crisis began.”

The International Monetary Fund would contribute $29 billion, while the EU’s $59 billion has come from direct loans granted by the United Kingdom, Sweden and Denmark.

The deal has also allowed the Irish Republic to postpone by one year the deadline for reducing its budget deficit to 3 percent of gross domestic product.

However, the Irish Republic has to bring its deficit in line with EU norms by 2015. The Irish Republic will not have to lower its corporation tax, which will remain at 12.5 percent.

The Irish bailout package will be the second in the eurozone this year, granting a similar one to Greece in May.

However, the 27-nation bloc has brushed off media speculation about granting any similar rescue package to Portugal to deal with its financial crisis.

Dismissing reports, European Commission President Jose Manuel Barroso said late last week that the reports about Portugal’s bailout plant were “absolutely false, completely false.”

The Portuguese government has also denied any such claims. The speculation about the rescue package came after Portugal last week passed its budget for next year that was aimed to cut its debts.

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London, United Kingdom (AHN) – Britain’s health secretary Andrew Lansley announced during a televised interview Sunday that the coalition government is going to ban cheap alcohol, dissuade teenagers from smoking and to encourage young mothers to breastfeed their babies.

Lansley confirmed that the coalition government was preparing a range of interventions intended to reduce certain inequalities. These necessary “state interventions” are the introduction of plain packaging for cigarettes, banning low-cost alcohol sales and of introduction of breast feeding areas in the workplace.

These government interventions were said to be necessary to preserve the public health as the “health inequalities” of the poorest sectors of society need to be addressed.

In the same program, Lansley’s attempt to “micro-manage” the lives of people through government intervention drew sharp criticism from former Tory minister Ann Widdecombe. “Now we have got the state actually saying to employers in a time of recession you must provide paid breaks, paid facilities, a special fridge for expressed milk and goodness knows what else for women returning to work who have decided, on their responsibility presumably, to have a child,” she commented.

She added, “It is not appropriate for the state to micro-manage our lives as they are doing.”

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Dublin, Ireland, United Kingdom (AHN) – Ireland’s debt crisis and austerity plan has fueled uncertainty among traders, causing the euro to continue its slide in value against the dollar.

The European Union’s common currency is now down to two-month lows at $1.3314; it has fallen by more than three cents this week alone. News of the proposed bailout had caused the euro to rise in trading on Monday; however, it dropped again in trading on Tuesday and has continued to drop.

Ireland’s four-year austerity plan relies on a combination of spending cuts and tax increases to save $20 billion (15 billion euros) and reduce that nation’s government deficit.

However, currency traders are skeptical, fearing that the Irish government is too optimistic and that the plan will not work. In addition, traders also fear that the debt crisis will spread to other nations within the euro zone that have high government deficits.

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London, England, United Kingdom (AHN) – New Unite leader Len McCluskey warned Wednesday of the potentual for a new British Airways strike ballot following the suspension by the air carrier of an employee who organized a Christmas fund for terminated and suspended BA crew.

BA suspended flight attendant Andrea Molton – who launched the Christmas fund collection – as a form of disciplinary action.

United Joint General Secretary Tony Woodley wrote to BA and complained that Molton’s suspension is an example of the airline’s bullying and vindictiveness, which stands in the way of settling any labor dispute.

In response to Woodley’s letter, BA said the disciplinary process had been in place for years and was agreed upon by unions. However, the air carrier said it could not provide details of individual suspension cases.

To avert a strike ballot, McCluskey urged BA to resume negotiations to end the industrial dispute with the firm’s cabin crew who held 22 days of strike this year.

BA washed its hands of the dispute and blamed Unite for the labor union’s inability to control the air carrier’s flight attendant branches.

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Dublin, Ireland, United Kingdom (AHN) – Ireland formally accepted over the weekend the international bailout offer of the European Union and the International Monetary Fund. After hedging for a few days and insisting Dublin had sufficient financial resources, Irish authorities gave in to pressure and asked for a loan.

According to reports, the bailout would be $115.5 billion (77 billion pounds). It would be a three-year loan to be used mainly to rescue Ireland’s debt-ridden banks. The U.K. and Sweden are considering extending additional loans to Dublin, aside from the $115.5 billion bailout.

For this bailout, British taxpayers would shell out $11.5 billion (7 billion pounds), at a time when the country itself is implementing tough austerity measures which would lead to the loss of 500,000 public sector jobs over five years.

Britain is bent on assisting Ireland because of the $225 billion (150 billion pounds) exposure of British banks to Ireland.

Irish Prime Minister Brian Cowen asked residents Sunday to support the loan. EU Economic and Financial Affairs Commissioner Olli Rehn said the bailout seeks to protect the financial stability of the continent. With the bailout, Irish banks will be restructured to make them smaller, while some analysts forecast some financial institutions would be nationalized.

Irish Finance Minister Brian Lenihan said Dublin has a running deficit of more than $24 billion (16 billion pounds), which the Irish government could not afford to finance given present market rates and amid issues of solvency of Irish banks. He said the bailout money would mainly serve as a standby fund, which may not 100 percent be necessarily used.

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Dublin, Ireland, United Kingdom (AHN) – After hedging for several days, Ireland finally admitted Thursday that Dublin needs the international bailout being offered by the European Central Bank or the International Monetary Fund.

Irish Central Bank Governor Patrick Honohan said the international loan would likely happen to deal with concerns of the market over Ireland’s international debts. Finance Minister Brian Lenihan defended the Irish government’s battling the bailout because it has to protect the interest of taxpayers.

An international loan of up to $127.5 billion (GBP85 billion) is expected to be offered to Ireland, and Dublin will likely accept the assistance to reassure international investors. Britain has separately also offered Ireland $10.5 billion (GBP7 billion) in assistance.

Despite agreeing in principle to the bailout, Irish Prime Minister Brian Cowen stressed Dublin has not given up its sovereignty. Cowen said the main focus of the ongoing discussions and consultations with financial experts is on Ireland’s banking situation. He assured Irish officials will work closely with the European Commission, ECB and IMF to ensure Dublin’s real economy remains strong and sustainable.

On Thursday, 12 financial experts arrived in Dublin to start discussions with Irish officials on how to work out the bailout.

Despite the bailout, IMF assured Irish residents the assistance would not result in the country’s social welfare programs being reduced, public servants losing their jobs, tuition fees going up, public sector salaries being cut and new property taxes being introduced.

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George Osborne pledged that Britain would support Ireland’s attempts to stabilise its banking system today, as experts from the International Monetary Fund, European Central Bank and EU prepared for talks in Dublin.

The chancellor made his pledge as he joined other European finance ministers for a meeting in Brussels.

He said: “Ireland is our closest neighbour and it’s in Britain’s national interest that the Irish economy is successful and we have a stable banking system. So Britain stands ready to support Ireland in the steps that it needs to take to bring about that stability.”

Osborne arrived in Brussels last night amid mounting speculation that the UK would be expected to contribute at least £7bn to an Irish bailout . There were also suggestions that Britain would extend bilateral loans to stabilise Ireland’s banking system.

Mark Hoban, the financial secretary to the Treasury, reiterated Osborne’s message when he responded to questions about the Irish financial situation in the Commons this afternoon.

He pointed out that Ireland had not made any formal application for help. “It’s not for me to say whether they should ask for assistance, just as I would not tell them to run any part of their economy.

“Ireland is one of our biggest export markets. We have very close ties with them. We stand ready to help Ireland with the steps it needs to take.”

Many MPs voiced concerns. Bill Cash urged Hoban to ensure that any rescue package came from the €440bn (£374bn) eurozone fund. Douglas Carswell, Conservative MP for Clacton, said: “Rather than bailing out the euro, we should be helping Ireland to bail out of the euro.” The IMF moves in

Irish finance minister Brian Lenihan said that discussions with the EU and IMF experts would begin tomorrow.

He pledged to work with the EU-IMF team on steps to sort out Ireland’s struggling banks. “What’s here now is a common determination that we work on these difficulties … that work is well under way.”

He added: “Our budgetary policy has full confidence among European partners. But in relation to banking, steps taken to date require further support. What may be required may not be in fact an actual transfer of money now but a demonstration of how much money can be made available if further difficulties materialise.

“In relation to the position of the United Kingdom, that’s a matter for the United Kingdom. In general the UK has not participated in European Union-wide assistance, but I know that the British authorities are anxious to ensure any help that Ireland needs will be given.”

He said bank deposits were safe and repeated that the EU stood “shoulder to shoulder” with Ireland.

Samuel Tombs, UK economist at Capital Economics, said: “The Irish situation could directly affect the UK economy in several different ways. First, if an Irish bailout relies on funds from the European Union’s European financial stability mechanism to which the UK government contributes – or perhaps even direct bilateral loans from the UK – then the UK’s gross public debt will rise and further risk will be absorbed onto the public sector balance sheet.

“Second, UK banks may suffer further losses on their exposures to Ireland’s banking sector, businesses and households, either as a result of outright default by borrowers or through further falls in asset values.

“While UK banks have reduced their exposure to Ireland over the last couple of years, it is still the equivalent to around 6% of UK GDP and much larger than their exposure to other peripheral eurozone economies. And third, continued weakness in Ireland’s economy could obviously hamper the UK’s already feeble export recovery.” Portugal under pressure

The financial markets took little comfort from Lenihan’s comments. The premium investors charge for holding Irish 10-year bonds rather than benchmark German bunds remained at crisis point, at around 570 basis points. LCH.Clearnet, a European clearing house for sovereign debt, doubled its margin requirement on Irish bonds to 30% of net positions, an indication of the increased risk of default. The cost of insuring Irish debt against default jumped again – Irish five-year credit default swaps widened from 520 to 545 basis points. Those for Spain and Portugal also rose.

Portugal managed to sell all €750m (£635m) of 12-month treasury bills at an auction today, but the yield rose sharply to 4.813% from 3.260% at the previous auction two weeks ago. There was also less interest.

The stock market in London was flat this afternoon. The FTSE 100 index edged up one point to 5683 after it yesterday suffered its worst one-day points fall since the end of June.

The euro traded close to a seven-week low against the dollar, falling to $1.3460 earlier today, not far from the seven-week trough of $1.3446 hit yesterday, but later recovered somewhat to $1.534.

Irish prime minister Brian Cowen told MPs in Dublin yesterday the country did not need international assistance – estimated at as much as €100bn – to support its banks. In Brussels, Lenihan said Ireland was “fully funded until the middle of next year”, adding that the markets are “not being good to Ireland”.

Greece was unperturbed by news that its next allocation of bailout cash will be delayed. It insisted it would face no cash problems from the delay to the third payment of an EU-backed bailout loan from December to January.

“Regarding the payment of the third tranche coming from eurozone countries … the process requires at least 10 working days and for this reason the disbursement will be completed in early January,” the Greek finance ministry said. “This has been agreed a long time ago with the European commission and creates no cash problem at all for our country.”

However, the Austrian finance minister claimed the delay was due to Greece not fully meeting its fiscal targets under the bailout deal. Greece was due to get €9bn in EU and IMF loans in December as part of the €110bn bailout to stave off bankruptcy. The IMF portion of €2.5bn is still expected to be paid out as planned in December. Ireland bailout Ireland European debt crisis Financial crisis Global recession Banking Euro George Osborne Economic policy Julia Kollewe guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds

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