World View: Eurozone Unemployment Reaches Record High

This morning's key headlines from GenerationalDynamics.com:
  • Turkey asks Germany for help with PKK terrorists
  • Erdogan's visit to Germany highlights some major differences
  • Eurozone unemployment reaches new historic high
  • Still no progress on Greece's next bailout payment

Turkey asks Germany for help with PKK terrorists

In a visit to German Chancellor Angela Merkel in Berlin, Turkey's Prime Minister Recep Tayyip Erdogan asked for Germany's help in fighting the Kurdistan Workers’ Party (PKK), a terrorist group in Syria, Turkey, Iraq, and Iran seeking a separate state of Kurdistan. Erdogan is complaining that Germany permits PKK fundraising activities to occur in Germany. Erdogan also complains that many western countries refuse extradition requests for people wanted in Turkey on terrorism charges despite extradition agreements they have with Turkey even though his government frequently approves the extradition of criminals to these countries. Erdogan's case is difficult for some people to accept because of Erdogan's open support of Palestinians in Gaza, some of whom have been conducting terrorist attacks against Israel. Zaman (Istanbul)

Erdogan's visit to Germany highlights some major differences

Athough Germany's Chancellor Angela Merkel and Turkey's Prime Minister Recep Tayyip Erdogan were all smiles for the press conferences and photo ops during Erdogan's visit to Berlin on Wednesday, the strains were evident. The biggest faux pas occurred in their joint press conference, when Erdogan said that it had been a mistake to allow "South Cyprus" into the European Union, and he added the Merkel shared that view -- which is not true. Cyprus has been a sore point between Turkey and the Europeans ever since the Cyprus war of 1974, which partitioned the island into separate parts, controlled respectively by Greece and Turkey. The EU recognizes the Greek government as the official government of Cyprus, and has admitted that government to the EU. 

Turkey formally applied to join the European Union in 1987, but negotiations have frequently broken down. Erdogan is unhappy about the treatment of 3 million people of Turkish origin living in Germany. On the other side, the EU has complained breaches of freedom of speech and the right to free assembly in Turkey, and says that Turkey's democratic reforms have come to a standstill. Erdogan says that the EU will "lose Turkey," unless it's admitted by 2023. Spiegel

Eurozone unemployment reaches new historic high

The unemployment level in the 17-country eurozone hit 11.6% in September, a new historic high in a continuing series of historic highs, with youth unemployment at 23.3%. Spain's unemployment rate is 26%, and Greece's is 25%. It's over 50% for young people in both countries. At the same time, new figures indicate that the inflation rate is lower than expected. The eurozone continues its deflationary spiral, while politicians pray for a miracle. Bloomberg

Still no progress on Greece's next bailout payment

With Greece about to go bankrupt in mid-November unless it receives the next bailout payment, Greece revealed on Wednesday that it will overshoot its deficit and debt targets again next year because of a deeper than forecast recession. There was no progress on negotiations over the bailout because the International Monetary Fund (IMF) remained at loggerheads with Germany on the need for European government lenders to participate. (The new acronym to learn is OSI, which stands for "official sector involvement. Earlier this year, the big issue was PSI, or "private sector involvement".) A final decision on the bailout will be made at the finance ministers' face-to-face meeting on November 12. Kathimerini

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