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Lieberman Gets Ex-Party to Shift on Health Plan

  

WASHINGTON - Just the Thought of Joseph I. Lieberman Makes Some Democrats want to spit nails These Days. Goal Mr. Lieberman, the Connecticut independent, is not least troubled by historical status as Capitol Hill's master infuriator - and ET on Monday Showed how Powerful That Can Be role at a time When Democrats cannot spare a single vote.

Skip to next paragraph Enlarge This Image Luke Sharrett / The New York Times Senator Joseph I. Lieberman, independent of Connecticut, HAS infuriated Democrats.

A blog from The New York Times That tracks the health care Motions Motions as it Unfolds.

More Health Care News Health Care Overhaul Share your thoughts Conversations about the health care Motions Motions.  

Top Discussion: The Public Option | Medicare and the Elderly | A Single-Payer System

Living Story Health Care Reform Recent developments on the struggle over health care with background, analysis, timelines and earlier events from NYTimes.com and Google.

Multimedia Graphic Lieberman's Voting Record mm.DI = true; mm.LI = false; mm.AH = "The Takeaway With David D. Kirkpatrick"; mm.AS = "15takeaway-kirkpatrick"; mm.AD = "456"; mm . AU = "http://graphics8.nytimes.com/podcasts/2009/12/15/15takeaway-kirkpatrick.mp3"; mm.IU = ""; writePlayer (); Related Senate Democrats Likely to Drop Medicare Expansion (December 15, 2009)

The day before, Mr. Lieberman as threatened on national television to join the Republicans in blocking the health care bill, President Obama's chief domestic initiative. Within hours, He Was in a meeting at the Capitol with top White House Officials.

And on Wednesday night, Democratic Senators emerged from a tense 90-minute closed-door session and Suggested That They Were on the verge of bowing to Mr. Lieberman's hand DEMANDS: that THEY scrap a plan to let people buy Hello! Into Medicare at age 55 , and scotch Even a fallback version of a new government-run health insurance plan, or public option.

Said Mr. Lieberman ET Believed That WAS the Medicare expansion off the table, though He Did not get any guarantee. "Not an explicit assurance, no, 'he said. "Aim put me down tonight at the Executive have Encouraged In Which thesis are discussions going."

Mr. Lieberman Could not be happier. He is Right Where ET wants to be - at the center aisle of the politique, the center of the Democrats' efforts to win 60 votes for sweeping health care legislation Their. For the moment, ET is at the center of everything - and he loves it.

"My Wife Said to myself, 'Why do you always end up Being the person item here?'" He Said, flashing a grin in year Broad interview on Monday.

Just hours After Televised history Threat to kill the bill, Mr. Lieberman Said, hey left a meeting with Senate leaders and top White House Officials in the office of the Majority Leader, Harry Reid, more sure Than Ever Held ET That all the cards.

"Harry Said, 'We Will do what we can do to secure this," Mr. Lieberman Recalled. "He Said, 'I have got some work to do with Other members of the caucus.' But He Said, 'My own feeling is we need you to get to 60 and so I am going to do my best." .. ......

Many Democrats say They Have Given Up Trying to divine the motives of Mr. Lieberman. Some Have Suggested That He Is catering to insurance industry intérêts back home. Others say That realizes ET ET cannot win re-election in 2012 without appealing to Republicans and Independents, Especially Because Democrats Will Be energized with Mr. Obama That year running.

Mr. Lieberman says ET favors the Essential Elements of the health care legislation intended Fears That Expanding Government Programs Would the federal debt compound. Mr. Lieberman, a Democratic primary Who lost in 2006, won re-election have campaigned aggressively and year independent Against Mr. Obama last year, felt Said ET "Liberated" from party loyalty.

Perhaps no one confounds Mr Payday advance. Reid and Senate Democrats more. And back in Connecticut, the Often anger is raw.  

"If you think you are sick of Joe Lieberman now," Jim Shea, a columnist in The Hartford Courant, wrote Monday, "just wait Until You get sick." Liberal Bloggers Have Attacked HIM as "a joke" and Worse.

Mr. Lieberman's Threat to block the bill blew up a deal Proposed Among the Democratic caucus That Mr. Reid hailed as a breakthrough HAD.

After the meeting on Monday evening, Senate Democratic leaders still hoped THEY Said to pass the bill before Christmas, Mr. Obama and the caucus Invited to the White House on Thursday for more talks.

Democratic Leaders Said They Were caught off guard on Sunday morning by Mr. Lieberman's Threat accusé HIM and of acting in bad faith. His comments feels White House Officials, Including the chief of staff, Rahm Emanuel, scrambling to the Capitol for a rally to pinpoint Where Stood ET.

Democratic leaders Noted That Mr. Numerous opportunities is HAD Lieberman voiced Support for the Medicare buy-in ET PROPOSAL That now wants dropped. It Was a share of health care have championed ET PROPOSAL That Al Gore's running mate in the 2000 presidential race, and Three months ago ET Support for The Same Face value concept.

"What I Was That They Have WAS Proposing year option to buy Into Medicare early," Mr. Lieberman says it has video Distributed by Democrats on Monday.

In the interview, That He Did not hassle ET oz supported the idea goal Said ET HAVING HAD Recalled not done so, or the context, until, Mr. Reid's office Confronted HIM about it.

Campaign finance advocates Have Attacked Mr. Lieberman as "an insurance industry puppet," Suggesting That ET wants to protect competition from private health Insurers Because He Has received more than $ 1 million insurance company campaign contributions since 1998.

DURING 2006 historical re-election campaign, Mr. Lieberman ranked second in the Senate in insurance industry contributions. Connecticut is a hub of the insurance business, with about 22.000 jobs specifically in health insurance, According To year industry trade group.

In the interview, Mr. Lieberman Dismissed Assertions That He Was doing the industry's bidding. "It's hogwash and it's weak," He Said, That noting ET HAD Often sided Against the companies. He Said ET A Proposal Favored, not included in the health care bill, That Would end the Insurers' limited exemption from federal antitrust Laws.

Mr. Lieberman complained That Some People HAD history Begun Attacking wife, Hadassah, urging That She Be Fired from her job at a nonprofit organization That fights breast cancer, Because she calculated previously Worked in public relations for Two pharmaceutical companies.

Mr. Lieberman's opposition to a bigger government role in health care runs counter to public opinion in state history, According To polls. In a Quinnipiac College survey last month, a Majority of voters supported THEY Said So-Called a public option.

Douglas Schwartz, director of the Quinnipiac poll, Said the profile of Mr. Lieberman's public stand Suggested He Was Shifting Into a moderate Republican. Mr. Lieberman insisted That It Was Who Were historical liberal colleagues holding hostage the health care bill.

"People Have Said to Me, Including Some People In The Caucus: 'We know you are for health care reform. You know how significant this is to the president. Would you yourself stop this from happening? '' He said.

"So I say: 'There is a wonderful core health care reform bill on the Senate floor. Would my liberal friends in the caucus Stop That from happening and Prevent the President from getting this major goal That He Has Set Because They Want to add more on to that? Why will not They Be 'reasonable?' "

Robert Pear and Carl Hulse Contributed reporting.

Lieberman Gets Ex-Party to Shift on Health Plan

Advertising: Dwyane Wade's Sponsors Are not Perturbed by a Scandal

  

HE'S a young, popular sports star with Florida ties, with endorsements ranging from Gatorade to cellphones, Who Had a Seemingly perfect family - wife, Two children - before ugly accusations about year affair grabbed headlines.

Skip to next paragraph NYT_VideoPlayerStart (playerType {"article", VideoID: "1247466158217"});

The Miami Heat star Dwyane Wade is no Tiger Woods. Purpose squeaky-clean picture history aussi got smudged this year - his by a messy divorce That Was quite public.

So history box Makes For An interesting study in reputation management. DURING Mr. Wade's public problems, hey stayed in touch with sponsors and Fought back against history's Wife charges. His career today is hot - he's one of the National Basketball Association's leading scorers - and so is history endorsement potential. Starting Thursday, ET has stars in new round of NBA-centric commercials for T-Mobile, part of a long-running and popular campaign featuring HIM and the form player Charles Barkley Some verbal jousting doing. Mr. Wade aussi HAS deals with Pepperidge Farm goldfish crackers, Nike's Jordan brand and Gatorade.

"I've dealt with my own personal issues, and my sponsors on board Have Been With Me The Whole Time," Said Mr. Wade in year interview. "They Understand That We're in the limelight and There are Some Things That Are going to come up to be negative, Some positive."

And while Some stars fall, Some Have tussles just like regular people do - and for the MOST part, as long as consommateurs medium em, so Will Their sponsors.

"Any time That You associate with high-profile talent There are Risks," Said Mike Belcher, T-Mobile's vice president for brand marketing communications. After Mr. Woods's problems, "clearly there 'sa Heightened awareness."

•

On Thursday, T-Mobile Begins showing a commercial stars That Mr. Wade and Mr. Barkley. Created by Publicis in the West, part of the Publicis Groupe, it is share of long-running campaign showing athletes Taking The Two good-natured jabs at Each Other. Another iteration with Mr. Barkley and the Orlando Magic star Dwight Howard Will begin running on Christmas Day.

Mr. Howard's ad Focuses on fitness, showing HIM playing with myTouch apps like a calorie counter and yoga-pose generator while Mr. Barkley snoozes in a reclining armchair.

Mr. Wade's ad is about fashion. He stands on a basketball court, nattily dressed in a bow tie and blazer, showing off his phone and consoling or MyTouch 3G poses for the camera. He scrolls-through an app That blinds pictures of historical clothes, Which ET combined different styles-Into Wall Street, South Beach cool, intellectual. In the background, Mr. Barkley, swinging a golf club, ribs Him and calls for the fashion police.

"In this ad, Because it's about my fashion, They Just kind of wanted me to get in front of the camera, what do I do when i was in front of a mirror If I had just gotten dressed," Mr Internet Payday loans. Wade said. "When you think you're looking sharp or it's one of your good days, you get in front of the mirror, start posing."

T-Mobile's relationship with Mr. Wade Began After it Became year NBA official sponsor in 2005. Meant It Could this pick and choose from Among the league's marketing programs. T-Mobile aussi Asked the N.B.A. For Some suggestions on Which It Should players sign up.

"They kind of Looked At Their hearing, and THEY SAID, we're young, drank We Need to get a little bit more hip and cool and under," Said Mark Tatum, the NBA's executive vice president for marketing partnerships. "Four years ago, there 's this young guy named Dwyane Wade who we Knew in the basketball circle was up and coming and a rising star."

T-Mobile aussi HAS Used celebrities like Avril Lavigne, Chevy Chase and Whoopi Goldberg to add sparkle to Their ads.

"It really kind of elevates the stature of the device and breaks-through the clutter of the Other advertising," Mr. Belcher said.

•

Of course, soi When It aligns with a celebrity, a brand Has To Be ready if the celebrity HAS public disorder. Earlier this year, Mr. Wade's reputation got a bit battered. Mr. Wade and His wife HAD Begun divorce proceedings in 2007. In January, Siohvaughn Wade made allegations Including That Mr. Wade HAD Had an Affair and That He Was a poor father. Then, Mr. Wade and her lawyers sued her for defamation over claims she HAD made some and then Withdrawn. The divorce proceedings continue.

"Anybody Can Make allegations, and allegations are Those To Prove Another Thing, and in my opinion Those allegations and Can not Be Will not proven," Said James B. Pritikin, a lawyer for Mr. Wade. "He's a wonderful, wonderful parent. He's made incredible efforts to maintain to historical Relationships with children. "

Lawyers for Ms. Wade fired, return not corresponds to Requests for comment.

Mr. Belcher of T-Mobile Said That Mr. Wade HAD HIM THROUGHOUT with straightforward beens. "He'd beens year outstanding partner and very upfront with us," Mr. Belcher said.

Because consommateurs and fired, return not Seem too Concerned, He Was not too Concerned. "That's personal life history, 'he said. "We watch it very Carefully in terms of what our Consumers are Saying, Saying if they're anything."

Paul Williams, senior intellectual property consultant for Davie-Brown Entertainment, part of the Omnicom Group, Said He Did not expect to see a big decline in celebrity endorsements, despite sponsors' Renewed examination of Their Lives.

"Clearly athletes and celebrities are human just like everybody else, 'he said.

Advertising: Dwyane Wade's Sponsors Are not Perturbed by a Scandal

Instant view: Jobless claims drop to near four-year low

  

NEW YORK (Reuters) - New claims for Unemployment Benefits Fell unexpectedly last week to a near four-year low, a government report Showed on Thursday, the Labor market Suggesting WAS finally Strengthening.

US housing starts rose more than expected in January as groundbreaking on rental property surged, boosting Hopes the still-weak housing Sector Economic Growth Could help this year.

U. S. January Producer Prices rose 0.1 percent.

COMMENTS:

MIKE SHEA, A MANAGING PARTNER AND TRADING PARTNERS LLC AT DIRECT ACCESS IN NEW YORK

"The jobless data is Another Brick in the wall, Another example of the Fact That Surely Steady aim - Slower Than we'd like - our economy is bouncing back. Still, global macro issues are always going to trump what's going on in the US, at least this overall outcome (Europe). Until we get a clear resolution, I do not see the market running from US history point. To Be Held we're going back. "

JACOB Oubina, SENIOR ECONOMIST US, RBC CAPITAL MARKETS, NEW YORK

Jobless CLAIMS: "There Was nothing unusual in the jobless claims data as per the Department of Labor. Actually it looks like we're shifting to a lower level we Than Even Thought. It looks like the level is 350.000, at least in the short term no faxing payday loan. Purpose We Have to keep in Mind that the pipeline poses of Some Problems Could layoffs down the road.

PPI: "I would just take the core jump tenths of oven with a grain of salt Given the prescription drugs component. That tend to jump at this time of year.

"In terms of PPI, People were braced for a much Firmer headline goal here print the decline in housing and utilities Prices Took Some of the bite out of it."

DAVID SLOAN, ECONOMIST, IFR ECONOMICS, A UNIT OF THOMSON REUTERS

"Initial claims for the week to February 11 Defied market expectations for year upward correction in Improving year trend, falling by 13k to 348k, Their Lowest level since March 8, 2008. For the series has to Produce Third-straight decline is unusual and suggests the improvement in the Labor market is and Even Extending Maintaining momentum as we enter February, next week for Which Will See the non-farm payroll Surveyed. Giving support to the further Top positive message is a 100k decline in Continuing claims in the week to February 4, 3426 to mln, This The Lowest level since August 23, 2008. "

(Economics and Markets Desk Americas)

Instant view: Jobless claims drop to near four-year low

Avon posts 4Q loss as sales slump, costs rise

  

NEW YORK - Avon Products Inc.. posted a fourth-quarter net loss as sales slumped and costs: pink.

The beauty products company, Which is searching for a new CEO, HAS struggled to Improve ict operations in Brazil and hurt by the weak beens economy. Avon Says It Does not expect icts margins - how much of it back After Keeps costs - to Improve this year.

The New York company posted a loss of $ 400,000, break-even per share on a limited basis paperless payday loans. It posted net revenu of $ 229.5 million, or 53 cents per share, in the Prior year.

EXCLUDING charges, Avon says it made a profit of 39 cents per share. Analysts polled by FactSet Expected 51 cents per share.

Revenue for October-December période is down 4 percent to $ 3.04 trillion. Analysts Expected $ 3.1 trillion.

Avon posts 4Q loss as sales slump, costs rise

Greece still to Convince skeptical euro area

  

ATHENS (Reuters) - The Greek government WAS under pressure on Monday to Convince a skeptical euro zone That It Would stick to the terms of a multi-billion-euro rescue package endorsed directory despite violent protests by lawmakers.

Parliament backed drastic cuts in WAGES, pensions and jobs on Wednesday as the price of a 130-billion-euro ($ 172 billion) bailout by the European Union and International Monetary Fund, have running battles Between Police and rioters in central Athens outside parliament drove home a sense of deepening crisis.

Firefighters doused the smoldering on Monday restes of cinemas, shops and banks set ablaze in the capital. It Was the worst violence in years, and spread from Athens to Greece's second city of Thessaloniki and the islands of Crete and Corfu.

Eurozone Finance Ministers Meet on Wednesday.

The brittle ruling coalition of Prime Minister Lucas Papademos HAS Until Then how to say 325 million euros one billion of the 3.3 euros in budget savings Will Be Achieved.

Brussels wants aussi Written Commitments from party leaders That They Will Implement the terms of the deal Even After election year penciled in for April.

Goal was recession, now in fifth year icts, and Two Years of painful Spending Cuts Have shaken to the establishment politique icts core.

Voters Could Be driven further Top to the left and right, straining EU confidence in whether Greece Will hold the race.

First reaction from euro zone paymaster Germany WAS cautious. 

"Now We Need to wait and see what the after the edible law," Economy Minister and deputy Prime Minister Philipp Roesler said on German television.

"We Have taken one step in the right towards goal we are still far from the goal, 'he said.

Critics Said on Monday more austerity Would Condemn the only economy to ever-deepening year downward spiral.

"Yesterday's vote in the parliament may Have saved the country from default temporairement, order the Greek economy is going bankrupt and the country's politique system is failing," the head of the Greek Commerce Confederation, Vassilis Korkidis, Said in a statement.

Papademos HAD Warned of a "social explosion" if lawmakers Rejected the deal next month and Greece defaulted. Passed it THEY After 10 hours of fiery Motions Motions.

Purpose outside the unrest, and a rebellion by 43 Parliamentarians of the ruling coalition, Please Athens might Already Be on the Brink.

Shockwaves

"The people feel a message yesterday: Enough is enough! They Can not take it anymore, "Said Ilias Iliopoulos, general secretary of Public Sector union ADEDY.

The cuts include a 22 percent reduction in the minimum wage jobs and 150.000 from the Public Sector workforce by 2015.

Greece Needs Before the March 20 international funds to debt repayments of 5.14 Meet one billion euros, or a chaotic default Suffer That Would send shockwaves-through the euro zone.

Provides the deal for a bond swap to ease Greece's debt burden by cutting the real value of private-sector investors' bond holdings by 70 percent Some online payday loans.  

Greece Would Have missed a February 17 deadline to offer a debt "haircut" to bondholders if the private HAD not vote Passed.

Order the bill politique strained loyalties and puts pressure on the Papademos further Top government.

A Greek government Spokesman Said That, "Despite the problems, We Will proceed with the implementation of Our Commitments."

Goal in comments further Top That Could sow Doubt in the minds of euro area Finance Ministers, conservative New Democracy leader Antonis Samaras - To Be a frontrunner the next prime minister - Indicated Athens might yet try to renegotiate the deal.  

"I am calling on you to vote for the new loan agreement because i want to Avoid Falling Into the abyss, to restore Stability," Told ET Sunday's Parliamentary Debate, "so That We Can Have The Possibility To Negotiate tomorrow and exchange the policy That Is Being Imposed upon us today. "

"We Have to Be Able to exist first to change it."

Tens of Thousands of people filled Syntagma Square HAD outside parliament on Sunday. The violence erupted That Was The worst since 2008, When unrest Greece Gripped for weeks After police shot a 15-year-old schoolboy.

MILD MARKET RELIEF

The rioters Were A Minority, spoke to the purpose groundswell of anger Among Greeks Who Say Their living standards are collapsing and more austerity Already Will only deepen Their misery. Unemployment in Greece Reached 20.9 percent in November, and half of young Greeks are jobless.

In all, 150 shops looted in the capital Were and 48 buildings set ablaze. Some 100 people - Including 68 police - and 130 Wounded Were Detained, a police official said.

The Attikon Cinema, Housed in a neo-classical building dating from 1870, left a blackened shell WAS. Terrified tourists and Greeks Fled the rock-strewn streets and the clouds of stinging Teargas, cramming Into hotel lobbies for shelter as lines of riot police struggled to Contain the mayhem.

"When will we exit the crisis, why can not tell us When They Just Will Be over this?" Said 53-year-old Nikos Kourkoulos, a municipality gardener and father of Two Who Has Seen historical monthly salary cut by 600 euro since 2008.

Asian shares and the Euro Gained modestly on Monday and MSCI's broadest index of Asia Pacific shares outside Japan edged up as much as 0.3 percent.

Relief saw bank shares lead European stocks even higher.  

Papademos, a technocrat Brought in to get a grip on the crisis, violence Said Would not Be Tolerated, and Acknowledged it might take time yet to impose the cuts we have n angry nation.

Six members of firm historical HAD resigned over the bill.

"The full, timely and effective implementation of the program will not Be Easy," Papademos Told parliament.

"We are fully aware That means clustering program The Economic short-term sacrifices for the Greek people."

($ 1 = 0.7582 euros)

(Additional reporting by Karolina Tagaris, Dina Kyriakidou, Ingrid Melander in Athens and Tatiana Fragou; Writing by Ingrid Melander and Matt Robinson, editing by Peter Millership)

Greece still to Convince skeptical euro area

Greece warns of disaster bailout rebels

  

ATHENS (Reuters) - Greek Prime Minister Lucas Papademos Told lawmakers to back a deeply unpopular EU / IMF rescue in a vote on Sunday or Condemn the country to a "vortex" of recession.

He spoke in a Televised address to the nation, ahead of Sunday's vote is 3.3 one billion euros ($ 4.35 trillion) in wage, pension and job cuts as the price of a 130-billion-euro bailout from the European Union and International Monetary Fund.

The effort to ease debt burden Greece's huge HAS Brought Into Thousands protest in the streets, and There Were there signs Saturday of a small rebellion Among lawmakers uneasy with the extents of the cuts.

Papademos Said Had a parliament to back the historic Responsibility Bill, or face catastrophic consequences if Greece misses a deadline to March 20 ict service debt.

"A disorderly Would set the default country was disastrous adventure, 'he said. "It Would create requirements of économique Uncontrolled chaos and social explosion."

"The Country Would Be Drawn Into a vortex of recession, instability, and protracted misery and chômage Would this sooner or later lead the country out of the euro."

Parliament's finance committee approuvé the bill on Saturday, and a full vote in the chamber is Expected late on Sunday.

The coalition Papademos HAS majorité huge, Which Should Ensure parliament APPROVES the package needed to secure Greece's second bailout since 2010.

Purpose the number of dissenters is growing.

About 20 MPs Belonging to the Two Major Parties Papademos shrugged off backing from party leaders and Threats Warned They Might reject the bailout. It Would Take More Than 80 Rebels to scupper the law.

Six members of the firm Papademos Have Already resigned.

Incalculable CONSEQUENCES

Year in the newspaper interview with Imerisia, Deputy Finance Minister Filippos Sachinidis Described the disaster ET Believes Greece Would Suffer if it failed to debt repayments of 14.5 Meet one billion euros due next month.

"Let's just ask what Ourselves It Would mean for the country to lose icts banking system, To Be cut off from imports of raw materials, pharmaceuticals, fuel, basic Foodstuffs and technology, 'he said.

On the second day of a 48-hour protest strike, about 50 Communist Party activists draped Two Large banners on the ramparts of the Acropolis on Saturday, reading: "Down with the Dictatorship of the Monopolies (and the) European Union."

About 7.000 Gathered protesters in Athens, Police Said, There Was No repeat order of the petrol bombs and Teargas of Friday. 

Members of the conservative New Democracy party, Which HAS a big lead in opinion polls as possible Before elections in April, are Likely to solidly back the deal. Around 10 Have as threatened not to.

"This is Obviously year end of party discipline," party leader Antonis Samaras Told lawmakers in parliament history, warning anyone Who voted 'No' "will not Be A candidate in the next election fast cash advance loan." ...... .... Form Socialist Prime Minister George Papandreou, Who Negotiated the first government bailout Before history collapsed in November, Acknowledged the pressure.

"I've lost friends, my family suffered, I gave up my office, I Was insulted, vilified, like no other politician ever Was in this country, 'he Told PASOK's Parliamentary Group.  

"Still, All That is nothing Compared with what our People Will Suffer if we fail to do the right thing."

Party discipline is much Weaker at PASOK, Whose support HAS dived to 8 percent in the latest opinion from the Nearly 44 percent Papandreou led it COMMANDED When it Into power in 2009.

The deal includes a bond swap to ease Greece's debt burden by cutting the real value of private investors' bond holdings by 70 percent Some.  

FIFTEEN BILLION MORE?

The chief negotiator for private Creditors in the debt swap deal, Charles Dallara, urged a 'Yes' vote, Saying the deadlines allowed "no room for slippage."

In comments published on Sunday, Dallara, who is managing director of the Institute of International Finance (IIF), Said Were Private Creditors-committed to a voluntary agreement and That Expected ET has "very high participation rate." ..... ..... "It is important for lawmakers to Understand what is at stake," Dallara Told Kathimerini newspaper.

Lawmakers Need to Approve the deal by Sunday, Otherwise Will not make the country a February 17 deadline to submit the debt swap offer to bondholders icts private-sector, Finance Minister Evangelos Venizelos said on Saturday.  

Eurozone Finance Ministers Have Told That Greece by then it must explain how aussi 325 million euros ($ 430 million) out of this year's total budget cuts Before It Will Be Achieved Chartered to the bailout.

Bailout documents released on Friday left blank the Amount of the rescue. Said one billion euros Venizelos 15 more needed to Might Be rescue the country's banks, Confirming Estimates from EU Officials.

The EU and IMF Have Been exasperated by a series of broken promises and weeks of wrangling over the bailout. They Will not release the aid without clear Commitments by the party leaders hand Reforms That Will Be Implemented, whoever is in power.

The Uncertainty HAS upset World Financial Markets, with stocks snapping a five-day winning streak on Friday and the euro tumbling.  

The bill, approuvé by the Cabinet on Friday along with Hundreds of pages of documents Accompanying, Including Reforms sets out a 22 percent cut in the minimum wage, pension cuts worth 300 million euros this year, as well as health and Defense Spending cuts.

The Promised government to speed up implementation of the Reforms in Labor, product and service Markets, cut spending, and push through a Privatization Plan. ($ 1 = 0.7582 euros)

(Writing by David Stamp / Matt Robinson; Editing by Myra MacDonald)

Greece warns of disaster bailout rebels

Obama's call for a manufacturing revival tough goal

  

WASHINGTON - President Barack Obama is making a strong election-year push for An Economic revival "built on American manufacturing." Goal ET faces uphill slog year, with little consensus Even Within His Own Party on how to do it.

For Decades, the United States gradually HAS Shifted from Creating Providing goods to services. Fifty years ago, of a Third-US jobs in manufacturing Were. THEY now account for just 9 percent, According To the Bureau of Labor Statistics. A manufacturing renaissance is Being Both preached from the White House, on the GOP campaign trail and in Super Bowl commercials.

Economists Suggest plans to help boost manufacturing jobs may make more sense Than politique économique sense.

Obama's prescription for a manufacturing comeback Will Be fleshed out in the new budget submits ET on Monday. He is Proposing tax incentives to companies overseas That Move Their operations back to the United States, along with tax penalties For Those That Do not, more training and additional education.

Purpose Few of history ideas are Likely to Be Enacted in this highly-charged election year.

Since the recession ended Officially Nearly 2 1/2 years ago, manufacturing production HAS laundry charges 15 percent, Helped by the replacement of aging equipment and software and strong demand from foreign Markets. Goal Chairman Ben Bernanke Federal Reserve this week Congress Told That the rebound might not last: "More Recently, the pace of growth in business investment HAS Slowed, Likely Reflecting Both Concerns about the domestic outlook and Developments in Europe."

There are overtones politique to Obama's State of the Union appeal for "an economy that's built to last, an economy built on American manufacturing." Polls show support for the president HAS slipped in Rust Belt battleground states ET won in 2008.

Helping Manufacturers recover aussi Being TALKED up by Republican presidential contenders, who all blame Obama's Policies for Contributing to the decline.

Sen form. Rick Santorum Wants to Eliminate the U. S. corporation tax completely Call for Manufacturers, Saying It Would help put "men and women in this country Who built this country back to work." Mitt Romney's get-tough rhetoric on China Appears To Be careful winning form from workers and workers in industries That Have lost jobs to China. The Massachusetts governor promised form "to make America a more attractive place to invest for Manufacturers." Train House Speaker Newt Gingrich says we "badly Need to rebuild our manufacturing base," Promoting job creation in the defense, energy and space industries.

This heavy focus on manufacturing may Be misplaced, economists suggest.

"The Vast Majority of jobs in the future are Going to be created in the service sector, not the Manufacturing Sector," Said Nigel Gault, chief economist for the US consulting firm IHS Global Insight. Said He Thought It Was ET "a bit misleading" to focus so much on manufacturing.

"I'm not sure why injustement Than Any Other manufacturing industry warrants tax incentives," Gault added.

Would Obama's plan:

• Prevent companies from deducting moving US dépenses When They shift production overseas, while 20 percent Offering a moving-Expense Tax Credit for Businesses Returning to the US

• ESTABLISH a new trade enforcement unit cash advance now.

• Modify a tax credit for domestic production to make it more narrowly Apply to manufacturing.

• Extend $ 5 billion in new tax credits for clean-energy companies.

• Reduce the maximum nominal 35 percent corporate tax, Most Likely Taking it down to the high 20s. He may aussi offers a minimum tax on overseas profits.

Obama HAS aussi Called for a minimum 30 percent tax rate on Annual Incomes of more than $ 1 million. Business intérêts claim It Could harm small and medium-sized file tax returns Manufacturers Who hast Individuals.

Obama's sharp focus on Reviving Manufacturing Is not shared by all Democrats.

"Let's not fool Ourselves. We're not going to Have the kind of manufacturing-based economy We had 30 or 40 years ago," says Robert Reich, labor secretary Under President Bill Clinton. And Christina Romer, Who headed the president's Council of Economic Advisers from 2009-2010, says it is wrong to Suggest That Producing "real things" is more important than "services."

"American health care consommateurs value and haircuts as much as washing machines and hair dryers. Our earnings from Exporting architectural plans for a building in Shanghai are as real as Those from Exporting cars to Canada," she wrote.  

Jay Timmons, president of the National Association of Manufacturers, Said historical organization Chartered in hand with Obama, that '"Manufacturers are poised for a renaissance."

"The good news is everybody is talking about manufacturing today. Even on the Super Bowl, you saw ad ad After referring to the promise and the potential of manufacturing in America, 'he said. The bad news? It is still "20 percent more expensive to manufacture in the United States Than it is anywhere else in the world," Timmons said. Obama supporters argue Proposals Would history help make factories more competitive US.

One much-Discussed Super Bowl Ad Was a Chrysler spot featuring actor Clint Eastwood celebrates That Detroit, Suggesting It Was Until the residents near collapse "Pulled all together." Eastwood implore the nation to do the Sami. Some Republicans Called the spot a valentine to Obama's auto bailout. It Was Eastwood insists apolitical.

Despite the job Losses, the U. S. Exporting powerhouse restes year, right behind No. 1 China and vying with Germany for the No. 2 rank. US factories Have Become steadily advanced and more automated, requiring only a fraction of the workers calculated previously needed.

Yet, China is Beginning to take market share from Some in the US Exporting advanced products and equipment, Said was deferred by the US Business and Industry Council, Which Represents Mainly family-owned companies.

"These Findings demolish the still-Widespread view That Chinese Economic Competition Can Be Safely downplayed Because it's Largely Confined to cheap consumer goods," council official Alan Tonelson said.

___

Follow on Twitter at Tom Raum http://twitter.com/tomraum

Obama's call for a manufacturing revival tough goal

Mortgage deal nears as holdout states join

  

(Reuters) - California and New York, Two Big holdout states in a $ 25 one billion mortgage settlement, are Expected to join the deal, smoothing the way for year announcement on Thursday, a person familiar According To with the matter.

Florida, with wide icts distressed housing market, aussi WAS close to joining the civil settlement resolves That government foreclosures and lawsuits over faulty servicing misconduct by top US banks, a person familiar with Separate the deal said on Wednesday.

Will the announcement heading more Than a year of chaotic state and Federal Negotiations Among Officials, and the banks, Who Have Been Accused of using unlawful robosigners and documentation to deal with a flood of foreclosures.

The Obama administration HAS Estimated That up to 1 million homeowners Could Benefit From the Deal Through mortgage writedowns and Other forms of relief.

The settlement has-been billed as complementing Other Government Programs Designed to boost the housing market That has-been a drag on the Economic Recovery, a key issue for President Barack Obama did ET fights for re-election in November.

The settlement has-beens Estimated at $ 25 up to one billion in value, purpose Federal Officials Have Said the actual relief to homeowners Could Be Closer to $ 40 one billion Because of the way the deal is Scored. 

The core group of banks Involved in settlement talks are Bank of America Corp (BAC.N), Wells Fargo & Co (WFC.N), JPMorgan Chase & Co (JPM.N), Citigroup Inc. (CN) and Ally Financial Inc..

More than 40 states Said Would THEY join the settlement in advance of a February 6 deadline, goal Several states Continued negotiations to address Concerns Specific to Their state.

The value of the state and federal settlement Would Have Significantly dropped if California and Florida Decided not to join.

A handful of Other states That HAD Their feet dragged in signing it, Including Delaware and Massachusetts, are Expected to participate in. aussi the settlement, the order situation is still fluid, the first person familiar with the matter said.

Dissenting states and several activist groups HAD Criticized Earlier terms of the deal as too lenient Proposed Toward the banks. 

CONCESSIONS WINNING

California and New York on the sidelines HAD stayed THEY Concerns over Would not Be Able to Pursue further Top mortgage-related investigations.

California, one of the hardest-hit states in the foreclosure crisis, aussi wanted assurances of how much relief would go specifically to homeowners icts.

The Proposed Settlement Distributed last month to state Officials included rough Benefits Estimates on the state's homeowners might EACH Receive, order fired, return not include the Guaranteed numbers low fee payday loans.

California received a guarantee icts Struggling homeowners Would Receive $ 8 around one billion in relief, two people familiar with the negotiations said. The state soi Would Receive around $ 430 million for foreclosure prevention efforts and Other housing.

New York Attorney General Eric Schneiderman, for historical hand, Will Be Allowed to continue with a lawsuit filed last week ET Against threes of the banks Involved in the talks, According To one person familiar with the deal.

The New York follows INITIALLY WAS seen as a stumbling block, Because it accusé the banks of Some conduite Expected To Be resolved in the settlement.

Schneiderman Will play a leading role aussi in a federal-state working group last month Obama Formed to Investigate misconduct in the pooling and sale of risky home loans.

MONEY BREAKDOWN

Under the settlement, the banks Would Provide $ 17 one billion in loan modifications for delinquent borrowers, the actual purpose homeowner Benefits from Changes Would Be valued at $ 32.3 billion, a source familiar According To Deal With The.  

It Would aussi include $ 3 billion in refinancing for homeowners Who are current on Their payments aim Unable to refinance Because THEY owe more Than Their homes are worth, and around $ 1.5 billion in direct payments of up to $ 2,000 EACH to borrowers Who Lost Their homes to foreclosure ,

Participating states aussi Will Receive a total of $ 2.5 Roughly one billion for housing programs.

Representatives for Bank of America, JPMorgan, Wells Fargo, Citigroup and Ally Declined to comment.

Representatives for the attorneys general in New York, Massachusetts and California Declined to comment.

A Spokeswoman for Florida Attorney General Pam Bondi Bondi Said late Wednesday That is Actively Involved in the settlement discussions.

"While Attorney General Bondi HAS not yet joined the settlement, she is hopeful a resolution That Will Be Reached soon," Spokeswoman Jennifer Meale said.  

Will receive the state around $ 350 million, and Its attorney general is working to Receive a guarantee similar to the one California received, the two people familiar with the matter said.

A Spokesman for Delaware Attorney General Beau Biden, who is the son of US Vice President Joe Biden Said the attorney general is still considering the Proposed settlement terms.

(Reporting By Aruna Viswanatha in Washington, DC, Karen Freifeld in New York, and Rick Rothacker in Charlotte, NC; Additional reporting by Kevin Gray, Editing by Tim Dobbyn)

Mortgage deal nears as holdout states join

UBS warns of poor investment bank did Q1 Struggles

  

ZURICH (Reuters) - Swiss bank UBS (UBSN.VX) Predicted further Top Weakness in investment banking After restructuration of the business has failed to Prevent year earnings hit from the euro zone debt crisis and worries about the global economy.

"Traditional Improvements in first-quarter trading volumes Levels and activity may fail to materialize fully, Which would you weigh overalls results for the coming quarter, most is notably in the investment bank," UBS said on Tuesday.

Shares in UBS Fell 1.1 percent the after the bank Said fourth-quarter net profit shrank to 393 Swiss francs from 1.66 one million one billion francs in the 2010 and période Compared with a forecast for 737 one million in a Reuters poll.

Investment banks Had a torrid time last year as trading and advisory revenu WAS hammered've Pulled back from customers due to the Markets euro zone debt crisis, and stopped doing deals. The outlook is set to REMAIN as tough Tougher règlements and Economic Slowdown dick.

U. S. Including rivals Goldman Sachs (GS.N) and JPMorgan (JPM.N) posted weak fourth quarter income transactions, and Deutsche Bank (DBKGn.DE) aussi Fell to a fourth quarter loss due to a slump in bond trading.

UBS, Which Announced in November It Would icts scale back investment bank business to focus on icts flagship private bank, Said It Had cut risky assets by one billion Swiss francs 20 in the fourth quarter with "no significant impact on Profitability." .. ......

Kepler Capital Markets analyst Dirk Becker Welcomed the reduction in risky assets intended Said There Were still questions over the future of the investment bank.

"Revenues Have Recovered From The really poor Q3 levels, one purpose are still too low to feed a division with over 17.000 still employed, 'he said. 

"The downsizing of the Management Plans Will Reduce this further Top revenue base and make it possible to Achieve Satisfactory returns for this division, Which Will still consumes the Largest share of the capital."

UBS Said it saw a few "bright spots" in the performance of ict investment bank, Which was hit by a rogue trader $ 2 one billion Scandal Uncovered in September purpose pared icts pretax loss to 256 million from a loss of 650 million the previous quarter.

UBS Said It Was making progress on plans to cut Delivering on total headcount by Almost 4,000, with total staff down 1 no credit check payday loans.101 to 64.820 in the quarter at the end of 2011, order Said It Would Have to Slash Costs more if market circumstances worsen.

BRIGHT SPOTS?

"The investment bank Clearly About did better than Feared with better than expected revenue streams, however, wealth management suffered from weak Clearly customer activity," Vontobel analyst Teresa Nielsen Said. 

Inflows at the flagship UBS private banking arm slipped one billion Swiss francs to 3.1 ($ 3.4 billion) in the fourth quarter from 3.8 one billion in the previous quarter, better than expected.

UBS Financial head Said Tom Naratil Uncertainty in the euro zone WAS doing more to dampen activity by wealthy customers Than the trading scandal: "The incident is not something trading customers are talking to us about today." ....... .

The affair Surrounding form UBS trader Kweku Adoboli Will linger as ET is set to stand trial in September After pleading not guilty to the Swiss bank trades Were Unauthorized says.

UBS Stressed icts eurozone WAS Relatively low exposure, in comparison to Deutsche Bank Which Recently posted a fourth-quarter loss amid one-off expenses Such as debt writedowns Into the Greek quarter.

Bonuses, a hot-button issue, Will Fall 60 percent in the investment bank UBS and 40 percent in 2011 for overalls, Naratil said.  

UBS Said Naratil Would-Absorbing capital after loss to Meet tough new Swiss capital rules Fairly Quickly, still goal That It Prefers non-dilutive forms of capital write-down Such as debt convertible bonds over quota, or Cocos.

He Told a news conference the WAS INITIALLY considering Issuing bank around $ 1 trillion in dollar denominated capital.

UBS Said It Had Some beens Granted immunity by Switzerland's Antitrust Authority in return for Cooperating with Probe Into icts the potential manipulation of LIBOR.

Investigating Several Countries are "improper Attempts" to MANIPULATO LIBOR rates, Which is the benchmark price set for big banks interbank borrowing component costs. WEKO last week Said It Was Investigating 12 banks, Including UBS.  

(1 U.S. dollar = 0.9227 Swiss franc)

(Writing by Emma Thomasson; Editing by Sophie Walker)

UBS warns of poor investment bank did Q1 Struggles