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Matthew Tully: Carmel grad fights to bring child home from Honduras

Family faces uncertainty about whether 4-year-old boy can join them in U.S.

      




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Tully: At Statehouse, environmental concerns can't get a hearing

An effort to have a legislative hearing on a bill to check the power factory farms have over the communities they pollute died quietly in recent days.

      




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Tully: The solution to Indy's pothole crisis

Indianapolis has a pothole problem that is both dangerous and embarrassing. Here's a way out of this infrastructure mess.

      




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Tully: A story about former police chief Troy Riggs

Former Police Chief Troy Riggs has left for Denver, but Indianapolis should remember his message.

      




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Tully: Riding over potholes with Indy's DPW chief Dan Parker

Many ridiculously pockmarked stretches of road could qualify as the worst of the worst this pothole season.

      




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Tully: 'Relentless' education champion David Harris on leaving The Mind Trust

A big change in Indianapolis' education landscape is a reminder of how much things have improved in recent years.

      




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Tully: 8 takeaways from Tuesday's primaries

A lot of interesting storylines emerged from Tuesday's primaries. Here are several of them.

       




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Tully: Broad Ripple High School's last valedictorian

Jennifer Argumedo is this year's valedictorian at Broad Ripple High School. With the school closing after 90 years, she will be its last.

       




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A colorful morning at the Hendricks County 4-H Fair

A colorful morning at the Hendricks County 4-H Fair

      




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Everyone has a favorite dish at Danville's Mayberry Cafe, even Jim Nabors

For nearly 30 years, Danville's Mayberry Cafe has served up Andy Griffith Show themed dishes to locals and even Jim Nabors.

      




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A day at Danville's Andy Griffith Show themed Mayberry Cafe

A day at Danville's Andy Griffith Show themed Mayberry Cafe

      




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IU coaches expected Peyton Hendershot to break out this year — and he's delivering so far

The new offensive scheme allowing Tri-West graduate to become a difference maker for IU offense.

      




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Watch two styles of Native American drumming from Danville

Watch this style from the Dakotas, showing higher-pitched singing, and a lower-pitched style from Oklahoma, shown at a Danville pow wow on Saturday.

      




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Winter pow wow honors Native American tradition in Danville

The Hendricks County 4-H Fairgrounds hosted a Winter pow wow put on by Indianapolis Tecumseh Lodge, Danville, Saturday, Jan. 4, 2020.

      




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It'll be Plainfield vs. Brownsburg in Hendricks County finals, though Bulldogs missing a key piece

Brownsburg upended Plainfield on Dec. 7 but the Bulldogs will be missing a key player when the two teams meet in the Hendricks County finals.

      




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Danville's Ella Collier is Hendricks County's all-time scoring leader — and she earned it.

Danville senior Ella Collier is Hendricks County's all-time leading scorer. And it didn't happen by accident.

      




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Brownsburg boys defeat Plainfield for third straight Hendricks County title

Brownsburg defeats Plainfield, 55-43

      




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3 things we learned from Brownsburg's Hendricks County girls title win

The Brownsburg Bulldogs are back on track after three dominant wins in the Hendricks County tournament.

      




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Plainfield police officer arrested on suspicion of driving while intoxicated

An off-duty Plainfield police officer was arrested Friday night on suspicion of driving while intoxicated.

      




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Olympics can wait — Plainfield diver Daryn Wright first wants state title

Daryn Wright has a résumé, and a routine, unlike any other girl in this weekend's state swimming and diving championships.

      




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Here's what Danville looks like during coronavirus pandemic

A look at Danville, Indiana, during the coronavirus pandemic

       




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How funerals are removing dead from nursing homes during coronavirus pandemic

"We all struggled with personal protective equipment in the funeral industry," said Eric Bell, funeral director and owner of David A. Hall Mortuary in Pittsboro, Ind.

       




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Funeral director on how families are honoring their loved ones during coronavirus pandemic

Eric Bell, a funeral director in Pittsboro, Ind., says the longest he's waited to hold a memorial service is two months for a deceased person. He explains why.

       




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Could Germany afford Irish, Greek and Portuguese default?

The Western world remains where it has been for some time, delicately poised between anaemic recovery and a shock that could tip us back into economic contraction.

Perhaps the most conspicuous manifestation of the instability is that investors can't make up their minds whether the greater risk comes from surging inflation that stems largely from China's irrepressible growth or the deflationary impact of the unsustainable burden of debt on peripheral and not-so-peripheral eurozone (and other) economies.

And whence do investors flee when it all looks scary and uncertain, especially when there's a heightened probability of specie debasement - to gold, of course.

Unsurprisingly, with the German finance minister, Wolfgang Schauble, implying that a writedown of Greece's sovereign obligations is an option, and with consumer inflation in China hitting 5.4% in March, there has been a flight to the putative safety of precious metal: the gold price hit a new record of $1,480.50 per ounce for June delivery yesterday and could well break through $1,500 within days (say the analysts). Silver is hitting 30-year highs.

In a way, if a sovereign borrower were to turn €100bn of debts (for example) into an obligation to repay 70bn euros, that would be a form of inflation - it has the same economic impact, a degradation of value, for the lender. But it is a localised inflation; only the specific creditors suffer directly (though there may be all sorts of spillover damage for others).

And only this morning there was another blow to the perceived value of a chunk of euro-denominated sovereign obligations. Moody's has downgraded Irish government debt to one level above junk - which is the equivalent of a bookmaker lengthening the odds the on that country's ability to avoid controlled or uncontrolled default.

Some would say that the Irish government has made a start in writing down debt, with the disclosure by the Irish finance minister Michael Noonan yesterday that he would want to impose up to 6bn euros of losses on holders of so-called subordinated loans to Irish banks.

But I suppose the big story in the eurozone, following the decision by the European Central Bank to raise interest rates, is that the region's excessive government and bank debts are more likely to be cut down to manageable size by a restructuring - writedowns of the amount owed - than by generalised inflation that erodes the real value of the principal.

The decision of the ECB to raise rates has to be seen as a policy decision that - in a worst case - a sovereign default by an Ireland, or Greece or Portugal would be less harmful than endemic inflation.

But is that right? How much damage would be wreaked if Greece or Ireland or Portugal attempted to reduce the nominal amount they owe to levels they felt they could afford?

Let's push to one side the reputational and economic costs to those countries - which are quite big things to ignore, by the way - and simply look at the damage to external creditors from a debt write down.

And I am also going to ignore the difference between a planned, consensual reduction in sums owed - a restructuring that takes place with the blessing of the rest of the eurozone and the International Monetary Fund - and a unilateral declaration of de facto bankruptcy by a Greece, Ireland or Portugal (although the shock value of the latter could have much graver consequences for the health of the financial system).

So the first question is how much of the impaired debt is held by institutions and investors that could not afford to take the losses.

Now I hope it isn't naive to assume that pension funds, insurance companies, hedge funds and central banks that hold Greek, or Irish or Portuguese debt can cope with losses generated by a debt restructuring.

The reason for mild optimism in that sense is that those who finance investments made by pension funds and insurers - that's you and me by the way - can't get their money out quickly or easily. We simply have to grin and bear the losses to the value of our savings, when the stewards of our savings make lousy investment decisions.

As for hedge funds, when they make bad bets, they can suffer devastating withdrawals of finance by their investors, as and when the returns generated swing from positive to negative. But so long as those hedge funds haven't borrowed too much, so long as they are not too leveraged - and most aren't these days - the impact on the financial system shouldn't be significant.

Finally, if the European Central Bank - for example - ends up incurring big losses on its substantial holdings of Greek, Portuguese and Irish debt, it can always be recapitalised by solvent eurozone nations, notably by Germany and France.

However this is to ignore the node of fragility in the financial system, the faultline - which is the banking industry.

In the financial system's network of interconnecting assets and liabilities, it is the banks as a cluster that always have the potential to amplify the impact of debt writedowns, in a way that can wreak wider havoc.

That's built into their main function, as maturity transformers. Since banks' creditors can always demand their money back at whim, but banks can't retrieve their loans from their creditors (homeowners, businesses, governments), bank losses above the norm can be painful both for banks and for the rest of us.

Any event that undermines confidence in the safety of money lent to banks, will - in a best case - make it more difficult for a bank to borrow and lend, and will, in the worst case, tip the bank into insolvency.


Which, of course, is what we saw on a global systemic scale from the summer of 2007 to the end of 2008. That's when creditors to banks became increasingly anxious about potential losses faced by banks from a great range of loans and investments, starting with US sub-prime.

So what we need to know is whether the banking system could afford losses generated by Greek, Irish and Portuguese defaults.

And to assess this, we need to know how much overseas banks have lent to the governments of these countries and also - probably - to the banks of these countries, in that recent painful experience has told us that bank liabilities become sovereign liabilities, when the going gets tough.

According to the latest published analysis by the Bank for International Settlements (the central bankers'central bank), the total exposure of overseas banks to the governments and banks of Greece, Portugal and Ireland is "just" $362.2bn, or £224bn,

Now let's make the heroic guess that a rational writedown of this debt to a sustainable level would see a third of it written off - which would generate $121bn (£75bn) of losses for banks outside the countries concerned.

If those loans were spread relatively evenly between banks around the world, losses on that scale would be a headache, but nothing worse.

But this tainted cookie doesn't crumble quite like that. Just under a third of the relevant exposure to public sector and banks of the three debt-challenged states, some $118bn, sits on the balance sheets of German banks, according to the BIS.

For all the formidable strength of the German economy, the balance sheets of Germany's banks are by no means the strongest in the world. German banks would not be able to shrug off $39bn or £24bn of potential losses on Portuguese, Irish and Greek loans as a matter of little consequence.

This suggests that it is in the German national interest to help Portugal, Ireland and Greece avoid default.

If you are a Greek, Portuguese or Irish citizen this might bring on something of a wry smile - because you would probably be aware that the more punitive of the bailout terms imposed by the eurozone on these countries (or about to be imposed in Portugal's case) is the expression of a German desire to spank reckless borrowers.

But as I have mentioned here before, reckless lending can be the moral (or immoral) equivalent of reckless borrowing. And German banks were not models of Lutheran prudence in that regard.

If punitive bailout terms make it more likely that Ireland, Greece or Portugal will eventually default, you might wonder whether there has been an element of masochism in the German government's negotiating position.




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Oligarch says will sell to BP at right price

My colleague Tanya Beckett has conducted a rare and fascinating interview with Viktor Vekselberg, one of the billionaire oligarchs who co-own TNK-BP with BP - and who have fallen out with BP over BP's desire to form a business relationship with Rosneft, Russia's largest energy group, which would involve BP and Rosneft taking stakes in each other.

It implies, perhaps for the first time, that there may be a solution to a dispute that has damaged BP's reputation and jeopardised the value of its very substantial assets in Russia.

Because of the tensions that have arisen with AAR, the group that represents the oligarchs, BP in collaboration with Rosneft would dearly love to buy AAR's half share in TNK-BP. But their offer of $27bn for 50% of TNK-BP, which values the whole of TNK-BP at $54bn, was rejected earlier this month.

All may not be lost for BP, however. Mr Vekselberg suggests that a sale is possible. He tells Tanya Beckett:

"Of course it can be happen, for sure. If it will be [an] interesting proposal for us according to our understanding of (the) valuation of this company, of course we can accept. So far we have not received this."

So what would be an "interesting" valuation of TNK-BP? Well those close to the oligarchs say that they value TNK-BP at more than $70bn.

It's not clear BP and Rosneft are prepared to pay as much that. The difficulty for BP is that if it fails to reach an accommodation with Mr Vekselberg and his colleagues on price, then it will be stuck in a difficult place - because BP will have been publicly humiliated by the failure to consummate the Rosneft deal and will somehow have to rebuild relations with AAR in order to continue to extract billions of dollars in dividends from TNK-BP.

BP's partnership with AAR is in tatters, as Mr Vekselberg makes clear, in emotive terms, because of AAR's conviction, upheld in arbitration proceedings, that BP's proposed deal with Rosneft breached its contract with AAR:

"The picture is really simple. TNK-BP was created eight years ago, 2003. It was created like [a] joint venture between Russian shareholders and BP, huge global player... The company grew very active; it's now one of the best companies - not just Russian but internationally, because we have investment outside Russia...
 
And really I personally was surprised, I was surprised why BP decided to do something which [was] not according to our shareholders agreement. I am not surprised why BP would like to do this but I am surprised why they did it without any consulting or even just like, just inform us about that (sic). I was very upset, I am still upset even now".

Mr Vekselberg says he is "not so interested in money". The billionaire
adds: "I have enough money, for my life, for my family, for all that".
But "we are businessmen, we are not ideological or something", so of course a sale to BP and Rosneft "can happen".

So what would occur if BP and Rosneft were to make him several billion dollars richer? "I am already very upset" he says "but I will [be] double upset if I have to decide to sell. It's because I dedicated for this company almost like 15 years".

These remarks by Mr Vekselberg are a sign that the impasse over the purchase by BP and Rosneft of AAR's stake in TNK-BP can be overcome.
It offers hope to BP, perhaps for the first time, that it may be able to buy AAR out of the joint venture by the time of the May 16 extended deadline set by Rosneft.

But here's the question? Is the price that Mr Vekselberg and his fellow billionaires will accept one that BP's owners will see as acceptable?

Some of them are already dubious about the terms of the new partnership it wants to form with Rosneft. At a time when BP remains financially stretched by the costs of the disaster in the Gulf of Mexico, BP's shareholders won't want it to further enrich Mr Vekselberg more than is strictly necessary.

For more on the Vekselberg interview, see Russia Business Report.




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Aircraft carrier costs to rise by at least a billion (again)

The cost of Britain's controversial new aircraft carriers is set to rise by at least £1bn, and perhaps almost £2bn, as a result of the government's decision taken last October to make them compatible with different aircraft than those originally envisaged.

I have learned that the working assumption of the contractors on the project, which are BAE Systems, Thales UK and Babcock, is that the carriers will now cost taxpayers some £7bn in total, compared with the £5.2bn cost disclosed by the Ministry of Defence last autumn - and up from the £3.9bn budget announced when the contract was originally signed in July 2008.

One defence industry veteran said the final bill was bound to be nearer £10bn, though a government official insisted that was way over the top.

The Ministry of Defence and the Treasury believe that total final costs could be nearer £6bn, if only one of the carriers is reconfigured to take the preferred version of America's Joint Strike Fighter aircraft.

An MoD official said no final decision had been taken on whether the first carrier to be built, the Queen Elizabeth, or the second carrier, the Prince of Wales, or both would be reconfigured.

He said it would probably be the case that changing the design specification for the Prince of Wales would be the cheapest option. But if that happened, it is not clear when - if ever - the Queen Elizabeth, due to enter service in 2019, would actually be able to accommodate jets (as opposed to helicopters).

Whatever happens, the increase in the bill will be substantial - and is only regarded by the Treasury as affordable because the increment is likely to be incurred later than 2014/15, when the expenditure constraints put in place by the Chancellor's spending review come to an end.

The Treasury is adamant that the MoD will receive no leeway to increase spending before then.

An MoD spokesman sent me the following statement late last night:

"The conversion of the Queen Elizabeth Class...will allow us to operate the carrier variant of the Joint Strike Fighter that carries a greater payload, has a longer range and is cheaper to purchase. This will give our new carriers, which will be in service for 50 years, greater capability and interoperability with our allies. Final costs are yet to be agreed and detailed work is ongoing. We expect to take firm decisions in late 2012."

The disclosure of the rise in costs is bound to reopen the debate about whether the UK really needs new carriers, especially since the UK will be without any aircraft carrier till 2019, following the decision to decommission Ark Royal.

British Tornado jets are currently active in Libya, flying from a base in Italy, without the use of a British aircraft carrier.

The latest increase in likely expenditure on the enormous carriers - which are almost the size of three football pitches - stems from the decision of the Ministry of Defence in October to change the design one or both of them so that they can be used by the carrier version of America's Joint Strike Fighter.

This would mean they have to be fitted with catapults and traps - or "cats and traps" - rather than ramps.

The likely final cost will depend on whether the cats and traps are cheaper traditional steam devices, or newer-technology electromagnetic ones - and also whether the cats and traps are fitted to both carriers or just one.

Industry and government sources tell me that even if the MoD goes for the cheaper option, and even if the cats and traps are fitted to only one carrier, the additional bill will still be of the order of £1bn.

The hope however would be that in the longer term savings could be achieved because the maintenance costs of the more conventional Joint Strike Fighter should be lower.

One of the reasons the refit could be relatively more expensive is that for one of the carriers, HMS Queen Elizabeth, there would have to be a retrofit - because so much work has already been done on it.

"Retrofitting is always very pricey" said a senior defence executive.

The carrier project has been beset by controversy and cost increases.

In June 2009, I disclosed that the carrier costs had soared by more than £1bn as a result of a decision taken by the previous government to delay their entry into service.

Then last October the government, in its Strategic Defence and Security Review, came close to cancelling one or both carriers.

In the end, it committed to build both, but with the strange caveat that it might end up using only one of them. This was the reason given by the Prime Minister David Cameron in the Commons for building both:

"They [the previous government] signed contracts so we were left in a situation where even cancelling the second carrier would actually cost more than to build it; I have this in written confirmation from BAE Systems".

However in a memo to the House of Commons Public Accounts Committee (PAC), the Ministry of Defence estimated that cancelling both contracts would have saved £2bn and cancelling just one would have saved £1bn.

The MoD told MPs that "as the cancellation costs would have had immediate effect, the costs in the short term would have been significantly higher than proceeding with both carriers as planned; nearly £1bn more in financial year 2011/12 if both carriers had been cancelled".

The MoD was also concerned that cancelling the carriers would have undermined British capability and know-how in the manufacture of complex warships.

The carriers, called Queen Elizabeth Class Aircraft Carriers, are being built by the Aircraft Carrier Alliance, whose members are the UK defence giant BAE systems, the British engineering group Babcock, and Thales of France. The Ministry of Defence is also described as both a member of the Alliance and a customer.

Update 15:06:It has been pointed out to me, by what you might term a grizzled sea dog, that the UK does still possess two ships that can take aircraft. They are HMS Illustrious and HMS Ocean (which is a commando carrier with a flat top).

However they can't accommodate jet airplanes, only helicopters - so for veteran sailor it was a terrible error for the government to scrap the illustrious Harrier jumpjet.

He also takes the view, which I've heard from many other military personnel, that it would be bonkers to convert only one of the new carriers to take the carrier version of the Joint Strike Fighter - because if that were to happen, one of the carriers would be an enormous white elephant, and the other would not be able to provide a service for 100% of the time (it would need periodic servicing).

That said, the cost of retro-fitting the first carrier being built now and also redesigning the other one would certainly be nudging £2bn, maybe more.

He believes there is powerful strategic logic to building two new huge ships able to handle jets.

The problem for David Cameron is that he may find it hard to make the strategic case, since last autumn he justified building the two on the basis that it would not save any money to cancel one - which is not the most positive case for what turns out to be a very substantial public investment that anyone has ever advanced.




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What price a Greek haircut?

One of Europe's most influential bankers said to me the other day that he thought it would be a disaster if any of the eurozone's debt-stretched nations imposed a reduction in the value of their respective sovereign borrowings, or - to use the jargon - took a haircut on their debts.

For him, the eurozone approach of muddling through - providing IMF and eurozone loans to those countries that cannot borrow on markets - is the right approach, even if it hasn't actually solved anything for the eurozone in a permanent sense.

It is curious he should take that view, given that the rescues of Greece and Ireland that took place last year are already having to be renegotiated. And the bailout of those countries didn't stop the rot: Portugal is well into the process of obtaining emergency finance from eurozone and IMF.

Wouldn't it be better to cut what Greece - or Portugal or Ireland - owes down to a manageable size, in tandem with the imposed shrinkage of its public sector, to put its public finances back on a basis that is sustainable for the long term?

The markets are saying that's the only way forward. Over the course of a year, the market price of Greek government debt has fallen by more than half, for example. The yield on 10-year Greek government bonds is well over 15%. Which is an unambiguous statement from investors that there is not the faintest chance that they will lend to Greece again, unless and until its debt burden is reduced to a manageable size.

Or to put it another way, markets are presenting a simple choice to eurozone government heads and the IMF: they can continue to lend to Greece for an indefinite period, in the hope that Greece's economic growth will eventually pick up and generate incremental tax revenues, which would allow the Greek government to perhaps start paying down its debts; or they can bite the bullet and put Greece into the equivalent of what the Americans call Chapter 11 bankruptcy protection, to restructure and reduce what Greece owes so that it is consistent with the market price of all that debt.

Now as of this instant, option one looks a bit naive, in that what's happened subsequent to the first bailout of Greece a year ago is that its ratio of debt to GDP has been growing in leaps and bounds to more than 150% of GDP (and for more on the heroic challenges faced by Greece, see reports in the next day or two from Stephanie Flanders, who is in Athens).

So you would have expected my influential banker - who knows a thing or two about the markets - to be in favour of what the markets are saying is inevitable. Surely he should be calling for that most humiliating event for any creditor, a formal admission by Greece that it can't pay what it owes, which goes by the moniker of a haircut, or restructuring, or default?

But Mr Big Banker doesn't think that's the right way forward. His reasoning is that he fears a debt restructuring would weaken many of Europe's banks, such that they would be forced to raise new capital - perhaps from their respective governments. And, for reasons that slightly elude me, he sees that as a worse outcome than leaving Greece trapped in an unbreakably vicious cycle of economic decline.

The odd thing, however, is that the official statistics really don't seem to indicate that a haircut on Greek debt would be Armageddon for Europe's banks.

It would be a disaster for Greece's banks, that's certainly true, given that (according to Bank of England figures) a 50% writedown of Greek sovereign debt would wipe out more than 70% of their equity capital. Or to put it another way, they would be bust and would have to be recapitalised.

But, sooner or later, Greece's banks are going to need strengthening in any case. Fixing Greece's public finances won't fix Greece unless its banks are mended too. So any estimate of the costs of rehabilitating that country will include the price of providing new capital to the banks.

The more relevant question, perhaps, is what a Greek haircut would mean for banks outside Greece.

The latest figures from the Bank for International Settlements, published a few days ago, show that at the end of last year banks outside Greece had lent $146bn to Greek banks, companies and the public sector - down from $171bn three months earlier. And, of this, loans to the public sector (largely holdings of Greek government bonds) were $54bn.

To be clear, this doesn't take account of exposure through derivatives, credit commitments or guarantees. So the world's banks probably have a further $100bn exposure to Greece.

The sums at risk therefore look serious though not - on their own - potentially disastrous for the health of the financial system.

Now as luck would have it, the banks most at risk happen to be those of the eurozone's two largest and strongest economies, Germany and France. The exposure of German banks to Greece is $34bn, including perhaps $20bn of loans to the Greek government, while the exposure of French banks is $57bn, of which again around $20bn is probably sovereign lending

Now because of what some would say is the madness of how the global Basel rules - that measure the strength of banks - are applied, there would be a double whammy for eurozone banks if there were a write-off of Greek sovereign debt.

The banks with Greek sovereign exposure would have to reduce their respective stocks of capital by the amount of the loan loss. And they would have to inflate the size of their balance sheets, because the residual exposure to the Greek government would lose its official (and some would say insane) zero risk weighting. So the fall in the capital ratios of banks with exposure to Greece would be magnified in a painful way.

Of the larger listed banks, only one, the Franco-Belgian group Dexia, looks as though it would be seriously hurt by a Greek debt writedown. According to Morgan Stanley, Dexia has 4.9bn euros of exposure to Greek sovereign debt, equivalent to more than half the value of its equity capital. Dexia would be significantly weakened by a 50% Greek haircut.

Next at risk, according to Morgan Stanley, would be Commerzbank of Germany, with €3bn of Greek sovereign debt, equivalent to 15% of its capital. Meanwhile BNP Paribas and Credit Agricole of France, Erste of Austria, KBC of Belgium and Deutsche Bank of Germany all have meaningful though not devastating exposures.

Less visible is the Greek exposure of Germany's state backed landesbanks - which regulators tell me is considerable. But if they were to incur large losses on it, Germany could afford to recapitalise them.

So what is going on? Why are eurozone governments so wary of a restructuring or haircut of Greek sovereign debt, given that banks in the round won't be killed by the consequential hit?

There seem to be three reasons.

First, in Germany, it is apparently politically more acceptable to provide rescue finance to Greece directly than to rescue German banks that foolishly and greedily bought Greek debt for its relatively high yield.

Second, a Greek debt restructuring would be a severe blow to eurozone pride in the strength of the currency union.

Third, a Greek haircut might be the thin end of a large wedge. If it created a precedent for haircuts in Portugal and Ireland, the losses for the eurozone's banks would begin to look serious. But again, if there were just a trio of national debt haircuts, if the rot were to stop with Ireland and Portugal, eurozone governments could afford to shore up and recapitalise their banks.

That said, what the eurozone could not afford - or so regulators fear - would be haircut contagion to the likes of Spain and Italy.

But Spain and Italy are looking in better shape. Spain, for example, is taking steps to strengthen its second tier banks and its banks in general have become less dependent on funding from the European central bank (which is a proxy for their perceived weakness).

So here, I think, will be what will determine whether Greece gets its haircut in the next two or three months: if eurozone governments come to believe that Spain is well past the moment of maximum risk of financial crisis, there will be a bold restructuring of Greek debt.

But, to use that awful footballing expression, if they do go for a Greek debt haircut or writedown, it will be squeaky bum time in government buildings all over Europe.




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Insider: Helio Castroneves is this era's bridesmaid

In IndyCar Series history, driver Helio Castroneves ranks second in second-place race finishes. His legacy, beyond being a three-time Indianapolis 500 winner, might be that of being this era's bridesmaid.

       




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IndyCar debate: Will Pagenaud or Power win series title?

SONOMA, Calif. — Simon Pagenaud's excellence this Verizon IndyCar Series season can be summed with two words: One mistake.

       




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Cavin: Josef Newgarden to Penske the right move

Don't blame Josef Newgarden for leaving Ed Carpenter's popular IndyCar Series team, and don't blame powerful Team Penske for signing Newgarden. It's the right thing to do for the employee and his new employer.

       




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Great way to spend holiday cash: '100 Years, 500 Miles' historic Indy 500 book

Coffee table picture book tells the 100-year history of the famous race

       




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Indiana University will move to remote teaching after spring break over coronavirus concerns

Indiana University will move to remote teaching after its scheduled spring break over concerns about the spread of the coronavirus.

      




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As one Indiana school district closes amid COVID-19 concerns, others consider eLearning

As districts prepare for the possibility of an outbreak of the novel coronavirus in their schools, most consider a move to online learning.

      




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Most Marion County public schools will close Friday, all will close Monday

Most Marion County public schools will close Friday and all public schools in the county will close by Monday.

      




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Indiana schools continue to pay teachers, other staff during coronavirus closures

Indiana schools will be closed until at least May 1, but districts are ensuring employees continue to get paid.

      




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Noblesville teachers parade through students' neighborhoods: 'We've missed them terribly'

Teachers from North Elementary School in Noblesville decorated their cars and paraded through neighborhoods, waving and honking at students from afar during the closure of schools because of the coronavirus outbreak.

      




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An untrue April Fools' Day prank scared students and angered officials

The April Fools' prank is being shared in Indiana and other states across the nation.

      




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Schools, donors rush to fill 'digital divide' and keep students learning during closures

During coronavirus, Indiana schools turn to donors to fill gaps in access to devices and home internet as state and federal resources lag behind.

       




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Where kids from Central Indiana school districts can get meals for the rest of the year

Governor Holcomb announced schools will be closed for the rest of the school year, but districts are committed to continue providing meals for kids.

       




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How fifth, eighth graders are preparing to leave elementary, middle school away from peers

With schools closed, fifth and eighth grade students navigate the transition from elementary to middle school or middle to high school on their own.

       




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IU President McRobbie gives 5 scenarios for fall 2020 semester

While a return to full, in-person classes is unlikely, IU President Michael McRobbie outlined five possibilities for the fall semester.

       




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Notre Dame turns down $5.8 million in stimulus money amid endowment criticism

The private Catholic university in South Bend with $11 billion in reserves follows similar decisions by other endowment-rich institutions.

       




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Sintomas do coronavírus: quais os novos sinais de covid-19 que as autoridades americanas acrescentaram à lista

Ao longo da pandemia e com rápida propagação do vírus, que já atingiu mais de 3 milhões de pessoas, tem surgido diversos outros sinais associados à enfermidade, como tremores e calafrios persistentes.




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Autoridades americanas comemoram 'efeito certeiro' de remédio contra coronavírus

No mesmo dia, entretanto, uma publicação no periódico Lancet colocou dúvida sobre eficácia do remdesivir.




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O que se sabe sobre a 'invasão frustrada' que terminou com a prisão de dois americanos na Venezuela

A tentativa resultou em pelo menos oito mortes e a prisão até agora de 13 pessoas, incluindo dois cidadãos americanos.




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O sul-coreano que dá abrigo e aula em casa para 10 meninos que fugiram da Coreia do Norte

Kim Tae- hoon, de 45 anos, cuida de 10 meninos norte-coreanos que desertaram do regime repressivo de Pyongyang sem seus pais; o mais novo tem apenas 10 anos e o mais velho, 22.




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Coronavírus: o mapa interativo que mostra as medidas e tipos de isolamento adotados na América Latina

Mapa interativo mostra medidas que países vizinhos vêm tomando desde primeiros casos registrados de covid-19 para restringir movimento dos cidadãos.




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Coronavírus: pais deveriam interromper trabalho em casa para dar atenção a filhos na quarentena, diz especialista em infância

Apesar de serem menos afetadas pelo coronavírus, crianças são as que podem sofrer maiores efeitos sobre sua saúde no longo prazo, explica pesquisador americano Philip Fisher.




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Remessas de brasileiros nos EUA caem até 90%, mas podem aliviar auge da crise no Brasil

Como crise atingiu primeiro americanos, na opinião de analistas e operadores de empresas de remessas migrantes devem se recuperar financeiramente a tempo de socorrer familiares em suas cidades originais.




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Eta Aquáridas: a impressionante chuva de meteoros do cometa Halley que atinge seu clímax nesta semana

Passagem da Terra pela trilha de resquícios do cometa Halley traz espetáculo de chuva de meteoros todos os anos; países da América do Sul estão entre os melhores posicionados para assistir a esse show noturno.