News in Scotland - Monday

First Minister Alex Salmond will mingle with foreign dignitaries at this his
party's last annual conference before Scotland's independence referendum


Scottish News: News in Scotland - Monday

International diplomats to attend SNP conference

Over 20 different nations are expected to be represented at the SNP's final annual conference ahead of next September's independence referendum. As many as 50 foreign diplomats are expected in the Party's Perth gathering as interest in Scotland intensifies as the global community prepares for the possible emergence of a new state and all the geopolitical importance that signifies in the international corridors of power. Officials from the US, China, Canada, Russia, Japan, Germany, France, Italy, Spain, Australia and others will mingle with SNP MPs, MSPs and delegates as the party finalises its plans to try and win the independence referendum.

Chinese police name murder suspect of Scottish Buddhist monastery founder

A man who has been named as one of two suspects being held by Chinese police in relation to the murder of Dr Choje Akong Rinpoche - the founder of the first Tibetan Buddhist centre in the Western world in Eskdalemuir - as well as his nephew and driver has been identified as Thubten Kunsal. The killings were related to a confrontation over money, claim the Chinese police however relatives of the deceased monk who founded the Samye Ling Tibetan Buddhist monastery in Scotland dispute that there were any money-related disagreements between the suspects and Dr Rinpoche. Dr Rinpoche's brother Lama Yeshe Rinpoche is reported as saying: "We strongly refute any claims that Thubten Kunsal was owed money by Akong Rinpoche, the monastery or our London centre. When he was with us in the UK we supported his living expenses as agreed in writing, and there was never any dispute about that."


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(International news on currency union to inform the Scottish referendum debate)

Risk to banks from government debt in eurozone highest since crisis started

Concerns are mounting that the eurozone will be plunged into crisis as it emerges that member state's banks are more exposed to government debt than at any time since the eurozone crisis started, it has been reported. In Italy government bonds equate to one-tenth of the total assets of Italian banks - up from 6.8 percent in early 2012. In Spain and Portugal the same figure over the same period is 9.5 and 7.6 percent, up from 6.3 and 4.6 percent. Analysts warn that the situation could trigger a ratings downgrade and systemic problems across the eurozone. Any such financial shocks will be presented as evidence that political independence in a currency union creates economic volatility which will undermine the SNP's sterling-zone policy ahead of next September's independence referendum. This weekend the party heads into its final annual conference before next year's crucial ballot.

UK crisis: Housing bubble warnings grow

The chief-executive of Lloyds Banking Group, António Horta-Osório, has joined a chorus of concerns that the UK government's Help to Buy scheme will fuel a house price bubble which once burst will leave new homeowners trapped in a mortgage valued at more than the price of their house. Critics claim the £12bn scheme has been designed to create a feel-good buzz ahead of the next general election but will end in tears after an inevitable market correction. The boss of Lloyds, still 32 percent taxpayer owned, has warned that without broader reforms the scheme will inflate a house price bubble.

IMF's Lagarde warns of global recession if US does not increase debt load

Pressure has been heaped on to American lawmakers by the IMF to raise the limit on the amount of money the US can borrow. IMF chief Christine Lagarde has claimed that the world could be tipped into recession should the US's debt ceiling not be raised and the partial US government shutdown continue. Many economists warn that US debt is spiralling out of control however without borrowing more money the US federal government will be unable to meet its current obligations resulting in a default. Critics argue that should US debt not be dealt with now there may not be another opportunity. The news comes as an agreement has been struck between the European Central Bank and the People’s Bank of China to establish bilateral Euro-Yuan Currency Swap arrangements. Most international trade is conducted in dollars thus creating demand for the US currency however a string of such currency arrangements in recent years has increasingly threatened dollar hegemony as calls for a new global currency system grow.


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published this page in News 2013-10-14 13:40:28 +0100