Eurozone leaders sealed a three-part deal today, which they hope will convince markets they have an effective response to the growing economic crisis.

Officials in Brussels said an accord had been reached with banks on a 50% write-off of Greek debt and they also approved a complex mechanism to boost the eurozone's main bailout fund to 1tr euro (£880bn).

It means that, coupled with an earlier decision to recapitalise vulnerable banks, the summit has delivered on the package it promised.

http://www.independent.co.uk/news/world/europe/eurozone-leaders-agree-rescue-deal-2376527.html

The Perth Mint has unveiled the world's largest and most valuable gold coin.

Weighing in at just over one tonne, the 99.99 per cent pure gold coin has been valued at more than $50 million.

A team of a dozen people have worked since late last year to create the coin which measures 80 centimetres wide and 12 centimetres deep, featuring a kangaroo on one side and the Queen's motif on the other.

Mint chief executive Ed Harbuz says the idea was to make it the biggest and best in the world.

"The largest coin in the world up to now has been 100 kilograms, made by a competitor mint, and we thought well, we'd better make it so much bigger that it'll stay the biggest coin in the world for a long time," he said.

http://www.abc.net.au/news/2011-10-27/one-tonne-coin/3604466?WT.svl=news1

Αποκλειστικές πληροφορίες του περιοδικού «Ελληνική Άμυνα & Τεχνολογία» αναφέρουν πως εγκρίθηκε πρόσφατα από τις αρμόδιες αρχές των ΗΠΑ η παραχώρηση των 400 αρμάτων μάχης Μ1Α1 Abrams στον ΕΣ, η οποία θα περιλαμβάνει εναλλακτικές επιλογές μεταξύ απλής «ανακαίνισης» (refurbishment) –αξίας μερικών δεκάδων εκατομμυρίων δολαρίων για το σύνολο των αρμάτων– και αναβάθμισης σε υψηλότερο επίπεδο επιχειρησιακής ικανότητας, με αντίστοιχη επιβάρυνση του κόστους. Η σχετική Επιστολή Προσφοράς και Αποδοχής (LOA) αναμένεται σύντομα.

http://www.hellenicdefence.gr/eidiseis/e2011/110929c.html

Swedish newspaper SvD Näringsliv reports that Greece has apparently just ordered 400 tanks from the United States (what?).

http://www.alsosprachanalyst.com/economy/what-greece-to-buy-400-tanks-from-the-us.html

see Greek article above.... and toon at top...

Greece is the cradle of democracy, but, as the world saw this past week, a financial crisis is no time to put important questions to the people. Prime Minister George Papandreou’s proposed referendum on the country’s loan deal with the European Union, called off quickly after intense international opposition, illustrated that perfectly. Plato and Aristotle would have approved of dropping the referendum. They didn’t like democracy of the direct kind. Neither trusted the people that much.

http://www.washingtonpost.com/opinions/modern-greeces-real-problem-ancient-greece/2011/11/01/gIQACSq9mM_story.html?hpid=z3

As Greece slides towards the abyss of political and economic chaos, the country's enormous undocumented immigrant community is being blamed for adding to its woes.

Illegal immigrants who have swamped Greece's borders are accused of exacerbating the financial crisis that now threatens to infect other eurozone nations.

The annual cost of sustaining this immigrant population - in terms of healthcare, crime and impact on legitimate businesses - is estimated at 6 billion euros, says the president of the Athens Chamber of Commerce, Constantine Michalos.

It's not as if the Greeks don't already have enough to worry about.

In a week of high political drama, the debt crisis has triggered the resignation of prime minister George Papandreou, who has invited opposition leader Antonis Samaris to help form an interim government of national unity.

The Greek crisis now dangerously undermines the two cornerstones of the European Union: monetary union and open borders. This vast, shaky edifice is in imminent danger of collapse.

http://www.abc.net.au/news/2011-11-09/immigration-the-other-greek-crisis/3652092

http://www.theweek.co.uk/eurozone/euro-debt-crisis/42380/have-we-handed-europe-goldman-sachs-and-co