Sir Mervyn King, governor of the Bank of England, is not the most popular man in Germany these days. In a world where bankers are supposed to think seven times before making a market-moving pronouncement, he blurted out some unpleasant truths. Europe was "tearing itself apart", he said, and Britain had to prepare for Greece to exit from the euro zone, the 17 countries which use the European single currency.
Such views are held privately all over the European Union, but the official line is rather different: the euro zone is going to hold together, and Greece will not be forced into reviving the old drachma, with all the devastating consequences that would entail for the whole European financial system.
There have, of course, been dark warnings of the humiliation that would follow if Greece chose to abandon the euro and default on its debts. But these are all part of the EU's Plan A - which is to scare the Greeks into voting on June 17 for more "responsible" parties than the ones they chose in this month's inconclusive election. A return to sanity, in the Brussels view, would allow the formation of a government to implement the austerity plan imposed by the "troika" - the European Commission, the European Central Bank and the International Monetary Fund - that determines the fate of Greece.
Plan A involves a strategy that has worked before in recalcitrant states such as Ireland to make European electorates change their mind after they have voted the wrong way. The idea is to turn next month's election into a referendum on whether Greece stays in the euro zone. One of the many contradictions of democracy is that the Greeks are 80 per cent in favour of keeping the euro, but vote overwhelmingly for parties that refuse to pay the price required to do so.
On the surface, the respect for the democratic timetable is admirable. But there is hidden reason. If Greece is going to abandon the euro, the Europeans will need a massive fighting fund - known as a "firewall" - to protect Spain from the Greek contagion. This is not yet fully subscribed, so that extra month is needed as a breathing space.
For all the confident talk, time is running out for Plan A. The Greeks are withdrawing their euros from the banks, preferring to keep them under the mattress rather than have them one day forcibly converted into depreciating drachmas. Who would not do the same?
Opinion polls show that the radical left anti-austerity parties are gaining in popularity. The two mainstream parties, the centre-right New Democracy and socialist PASOK, have lost credibility, having spent the past two decades piling up state debt to buy votes.
To put these discredited parties back in power would be widely seen as a great humiliation, with the added shame of giving in to what is seen as a German diktat.
It will take a miracle for Plan A to work. Already European minds are looking ahead to what the EU might look like in the future after the exit of Greece from the euro zone. Opinion is divided between those who fear that the Greek crisis will cause a financial cataclysm, and those who see it as the only path for Greece to escape a mountain of unpayable debt and rebuild its economy, just as Thailand, Indonesia and South Korea did with spectacular success after the 1997 Asian financial crisis.
One thing is clear. The era of the EU being driven by an ideology of wishful thinking is over. One should not be too dismissive: by the standards of other grand schemes, it has been a great success. But its future will not be like its past. The lesson of this euro zone crisis is that the member states - even small ones like Greece - still have the capacity to inflict terrible harm on the whole. The wealthier nations will inevitably be more choosy about who they invite into the club.
John Jungclaussen, London correspondent of Die Zeit, a German weekly, has an intriguing view of the future. In the short term, euro-zone members will have to move towards greater federalism, with strict control of member states' borrowing and budget deficits. But over the next generation, the euro zone will shrink to the northern European countries that favour solid money - Germany, the Benelux and Nordic countries, Poland and perhaps even Britain. This grouping will look very like the Hanseatic League, a trading group of city states along the coast of the North Sea and the Baltic that flourished from the 13th to the 16th centuries.
The surprising absence from this list is France. Hitherto the Franco-German axis has been the motor for European integration. But perhaps France is losing the will to keep up with Germany. Once the memory of the recurrent wars between the two neighbours - the original driver for European integration - becomes fuzzy, they may go separate ways.
And what of Greece? A clue to its future lies in Cyprus, which stands to suffer a major financial shock because of the close link between Cypriot and Greek banks. Cyprus is a favourite place for the deposits of Russian billionaires, and Moscow last year provided a €2.5 billion (Dh11.7 billion) loan to help out the island state.
This is not a solitary gesture. Russia's state-owned Sberbank is offering to step in with a massive loan for Ukraine, whose president, Victor Yanukovych, has fallen out with the EU and the International Monetary Fund. Clearly the way would be open for Russia also to be patron of the Greeks as they flee the German straitjacket.
But one Russian commentator, Konstantin Eggert, says Moscow, flush with oil revenues, is rubbing its hands at the prospect of "buying influence, assets and politicians" on the "non-transparent, corrupt fringes of the Old World". We are a long way from there, but that is maybe what Plan B looks like.
aphilps@thenational.ae
On Twitter: @aphilps
UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
COMPANY%20PROFILE
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PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Turning%20waste%20into%20fuel
%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A
Results:
6.30pm: Maiden Dh 165,000 1,400m.
Winner: Walking Thunder, Connor Beasley (jockey), Ahmad bin Harmash (trainer).
7.05pm: Handicap (rated 72-87) Dh 165,000 1,600m.
Winner: Syncopation, George Buckell, Doug Watson.
7.40pm: Maiden Dh 165,000 1,400m.
Winner: Big Brown Bear, Pat Dobbs, Doug Watson.
8.15pm: Handicap (75-95) Dh 190,000 1,200m.
Winner: Stunned, Pat Dobbs, Doug Watson.
8.50pm: Handicap (85-105) Dh 210,000 2,000m.
Winner: New Trails, Connor Beasley, Ahmad bin Harmash.
9.25pm: Handicap (75-95) Dh 190,000 1,600m.
Winner: Pillar Of Society, Pat Dobbs, Doug Watson.
UAE currency: the story behind the money in your pockets
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
The%20Genius%20of%20Their%20Age
%3Cp%3EAuthor%3A%20S%20Frederick%20Starr%3Cbr%3EPublisher%3A%20Oxford%20University%20Press%3Cbr%3EPages%3A%20290%3Cbr%3EAvailable%3A%20January%2024%3C%2Fp%3E%0A
SPEC SHEET
Display: 10.4-inch IPS LCD, 400 nits, toughened glass
CPU: Unisoc T610; Mali G52 GPU
Memory: 4GB
Storage: 64GB, up to 512GB microSD
Camera: 8MP rear, 5MP front
Connectivity: Wi-Fi, Bluetooth 5.0, USB-C, 3.5mm audio
Battery: 8200mAh, up to 10 hours video
Platform: Android 11
Audio: Stereo speakers, 2 mics
Durability: IP52
Biometrics: Face unlock
Price: Dh849
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
Empty Words
By Mario Levrero
(Coffee House Press)
The%20Hunger%20Games%3A%20The%20Ballad%20of%20Songbirds%20%26%20Snakes
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Francis%20Lawrence%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3ERachel%20Zegler%2C%20Peter%20Dinklage%2C%20Viola%20Davis%2C%20Tom%20Blyth%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A