IMF ‘ruthless truth tellers’ on Greece economy: Lagarde

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IMF chief Christine Lagarde (AFP Photo/Cristobal Bouroncle)<br />

IMF chief Christine Lagarde defended her organization’s pessimistic outlook for the Greek economy, saying Wednesday the fund must be the “ruthless truth teller” even if some do not like the analysis.

The International Monetary Fund and Greece are at odds over the outlook for the troubled European nation’s economy, a split that likely will continue to hold up further IMF financing.

Greece Finance Minister Euclid Tsakalotos said the IMF report on the economy, released Tuesday, “fails to do justice” to his country by underestimating growth and the progress made through years of sacrifice.

But Lagarde said following a speech that the fund in the review of the Greek economy “tried in full honesty to be those ruthless truthtellers” despite the criticism.

The reports highlighted that despite a “massive effort” by the Greek people some of the reforms are incomplete, including changes to the pension and income tax systems, where too few people bear most of the tax burden, she said.

“Somebody can ask me the question three times over, I will still say the same thing.”

The IMF said Athens is relying on overly optimistic calculations for its estimates of growth and budget.

The central focus of the dispute is whether Greece can deliver a primary balance, or budget surplus before debt repayments, of 3.5 percent of GDP, far in excess of the 1.5 percent the IMF says is feasible. Trying for the higher surplus “will take a toll on growth.”

Months of bickering have delayed progress on Greece’s 86-billion-euro ($92.4 billion) bailout program agreed in 2015. European officials insist on IMF participation, and the IMF will not lend more unless the country’s long-term debt is sustainable.

The IMF warned that Greece’s debt will become “explosive” in the long run, and insists the country requires further substantial debt relief and realistic budget targets.

But Tsakalotos, in a letter responding to the IMF assessment, said the argument that “Greece cannot sustain high fiscal surpluses that surpass 1.5 percent of GDP is in contradiction to recent developments.”

The fund data “rely neither on the most recent evidence of fiscal performance nor on the most up-to-date evidence on the ability of the Greek economy to produce fiscal surpluses,” he said.

But Lagarde said the country’s reform program “had not yet delivered the benefits that were expected in order to unleash the forces of the Greek economy.”

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British MPs approve bill to start Brexit

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British Prime Minister Theresa May . / AFP PHOTO / NIKLAS HALLE'N

British MPs overwhelmingly backed a bill on Wednesday empowering Prime Minister Theresa May to start negotiations on leaving the European Union, bringing Brexit a significant step closer.

Members of the House of Commons voted by 494 votes to 122 for a law enabling May to trigger Article 50 of the EU’s Lisbon Treaty, which begins two years of talks on pulling out of the 28-nation bloc.

The unamended two-clause bill now moves to the House of Lords, where there may be more opposition from unelected peers — and where May’s Conservative party does not have a majority.

But its passage through the Commons, where two-thirds of MPs had campaigned against Brexit ahead of the June referendum, puts May on course to begin the withdrawal process by the end of March, as she has vowed.

“This, elementally, is a straightforward bill which serves only to give the prime minister the power to trigger Article 50 and thereby respect the result of the referendum,” said Brexit minister David Jones.

– Labour headaches –

The referendum result sent shockwaves around Europe, spooking investors and raising fears for the future of the EU itself.

In the early weeks, there was speculation that pro-European lawmakers might try to delay or even stop the Brexit process.

May initially sought to bypass parliament, prompting an appeal to the Supreme Court that last month ruled she must obtain their approval to trigger Article 50.

But during five days of debate on the resulting government bill, it became clear that most MPs would not stop the process — even if some warned that leaving Europe’s single market could be disastrous.

The opposition Labour party and the smaller Scottish National Party tabled amendments demanding guarantees on market access, workers’ rights and those of EU citizens in Britain.

Each was defeated, although during the process the government was forced to promise lawmakers a vote on the final Brexit deal before it is concluded.

Labour imposed a “three-line whip,” a tough disciplinary measure ordering its MPs not to oppose the legislation, ensuring it would pass.

But some 47 Labour MPs rebelled last week, and business spokesman Clive Lewis resigned to back them shortly before Wednesday’s vote, bringing a fresh headache for embattled leftist leader Jeremy Corbyn.

After two-thirds of Labour voters backed Brexit, many of them driven by concerns over mass immigration from the rest of the EU, Corbyn decided his party could not block the process.

But with dismal opinion poll ratings and long-running discontent among MPs over his leadership, a major rebellion could seriously undermine his position.

– Vote on final deal –

May has promised to prioritise controlling migration in the Brexit negotiations, even if that comes at the expense of giving up membership of Europe’s single market and its 500 million customers.

Concerns over losing access to the continental trading zone have sent the pound plunging around 15 percent against the dollar since the referendum.

Under pressure from MPs, the government was forced to concede on Tuesday that MPs and peers would vote on the agree exit terms and the new trading relationship with the EU.

The move helped fend off a rebellion by pro-European members of May’s Conservative party, but left many lawmakers unhappy with parliament’s future role.

There is scepticism on both sides of the Channel that both an exit deal and a trade agreement can be agreed within two years, raising the question of what parliament would be voting on at the end.

Ministers also confirmed that if lawmakers rejected the final deal, the alternative was not to return to negotiations — but to leave the bloc without any agreement at all.

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Non-League Sutton face Arsenal in FA Cup

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Non-League Sutton will face Arsenal in next month’s fifth round of the English FA Cup after being given a home draw against the Premier League giants on Monday.

Sutton saw off second-tier Leeds United last weekend and have now landed themselves one of the star ties in the last 16 of football’s oldest senior knockout competition.

Lincoln City, the other non-league side to make it through to the last 16, will also face Premier League opposition when they travel to Burnley.

Championship club Fulham are at home to Tottenham Hotspur in a London derby, while FA Cup holders Manchester United, who together with Arsenal have won the Cup a record 12 times, are away to second-tier strugglers Blackburn Rovers.

Meanwhile Premier League leaders Chelsea travel to Championship side Wolves.

All ties will be played on the weekend of February 17-20.

FA Cup 5th rd draw

Burnley v Lincoln City

Fulham v Tottenham Hotspur

Blackburn Rovers v Manchester United

Sutton United v Arsenal

Middlesbrough v Oxford United

Wolverhampton Wanderers v Chelsea

Huddersfield Town v Manchester City

Millwall v Derby County or Leicester City

Ties to be played weekend of February 17-20

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Cynthia Morgan – “In Love” [Mp3 + Lyrics]

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Northside Inc. signed artiste, Cynthia Morgan begins 2017 with this love record titled “In Love”.

Obviously, valentine is around the corner.

Download and enjoy below…

DOWNLOAD

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Yolanda Ugo – Hosanna [Mp3, Lyrics, Wiki, Bio]

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Yolanda Ugo is an international gospel music minister, also the CEO/FOUNDER of Yolanda Ugo Foundation. She has a burning passion not only for her God given talent but, also for the less privileged! She has impacted the lives of the needy in various ways, i.e. sponsoring orphan’s education, empowering the widows and youths in small scale businesses, feeding and providing shelter for the homeless. She never relents when it comes to reaching out to the needy. That is why her charity foundation is. …a Bridge of Hope!

Yolanda Ugo – Hosanna

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Femi – Faya DanceOluko La Nla Nla LoRuko Jesu [Mp3, Lyrics, Wiki, Bio]

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Oruko Jesu is a Yoruba Gospel song with Caribbean reggae instrumental, a popular chorus in the days that proclaimed the name of Jesus. Arranged and performed by femi2joye. Ko sagbara to dabi ti Jesu, Kosa gbara to dabi ti Baba! Agbara to Ju agbara lo. Produced by emclass.

Femi – Faya DanceOluko La Nla Nla LoRuko Jesu

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Walcott hat-trick as Arsenal dump Saints out of FA Cup (Read full details)

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Arsenal's English midfielder Theo Walcott (C) celebrates scoring his team's fifth goal with Arsenal's Nigerian striker Alex Iwobi (L) and Arsenal's English midfielder Ainsley Maitland-Niles during the English FA Cup fourth round football match between Southampton and Arsenal at St Mary's in Southampton, southern England on January 28, 2017. PHOTO: Adrian DENNIS / AFP

Theo Walcott struck a hat-trick against his former club after Danny Welbeck scored twice on his first start since a knee injury in May as Arsenal thrashed Southampton 5-0 in the fourth round of the FA Cup at St Mary’s on Saturday.

It was a match between two weakened teams, but the strength in depth of Arsenal, FA Cup winners in 2014 and 2015, ensured the visitors won out.

Arsenal manager Arsene Wenger will have been especially pleased with the performance of Welbeck, who had not started since a 2-2 draw away to Manchester City in May.

It was only the Gunners’ second win at St Mary’s in seven attempts and was sweet revenge for a 4-0 defeat at the south coast ground in the Premier League last season.

Welbeck put Arsenal ahead with his first goal since the winner in a 1-0 victory over Norwich on April 30 last year and added a second before Walcott got in on the act before the break, adding two more in the second half.

Both managers made 10 changes to the teams that started their previous matches, with Southampton having reached the League Cup final after a strenuous midweek tie against Liverpool at Anfield.

Only young central defender Jack Stephens kept his place, while goalkeeper Harry Lewis, whose only previous first-team games for the Saints had been made in the third-round tie and replay against Norwich City, replaced Fraser Forster ahead of regular second-choice Stuart Taylor.

– Relaxed Wenger –

The relative strength of the two line-ups was plain and Wenger, serving the first match of his four-game touchline ban for pushing fourth official Anthony Taylor during the 2-1 victory over Burnley, was able to relax in the directors’ box.

Arsenal’s Jeff Reine Adelaide had an early shot blocked before Lucas Perez, found in plenty of space on the left by Welbeck’s pass, hit his shot beyond the far post.

Alex Oxlade-Chamberlain was next to line up a shot, but his effort went well wide.

An Arsenal goal seemed inevitable and it duly arrived in the 15th minute.

The outstanding 19-year-old Ainsley Maitland-Niles, in a deep midfield role on only his fourth first-team start for Arsenal, played a pass forward to Perez, whose flick found Welbeck running clear of the defence to chip the ball over Lewis and in off the crossbar.

Six minutes later the England forward was celebrating again. Oxlade-Chamberlain’s long forward pass found him making up three yards on Stephens, taking the dropping ball away from the defender with his first touch and rolling a left-foot shot gently past Lewis with his second.

Saints looked for a swift reply but Pierre-Emile Hojbjerg volleyed over the bar in the 35th minute and 60 seconds later Shane Long got goal-side of Rob Holding and blasted a shot towards the top near corner only for a leaping David Ospina to palm the ball away.

Shkodran Mustafi should have made it 3-0 when he glanced a header wide from a free-kick but the Gunners extended their lead anyway in the 35th minute as Welbeck turned provider.

Saints gave the ball away as Stephens’s attempted clearance rebounded off Hojbjerg to Welbeck.

He in turn exchanged passes with Perez and crossed low into the middle where Walcott got ahead of Sam McQueen to score.

Southampton manager Claude Puel sent on substitutes Dusan Tadic and Nathan Redmond but it made little difference and instead it was an Arsenal’s substitute, Alexis Sanchez, who created the next goal in the 69th minute.

Delaying his run to stay onside, he took a pass from Oxlade-Chamberlain on the right and cut the ball back for Walcott to shoot into the corner.

Walcott then rubbed salt in the Saints wounds as he side-footed calmly home six minutes from time to complete his hat-trick after Sanchez, running down the left, had rolled the ball across the penalty area.

Walcott hat-trick as Arsenal dump Saints out of FA Cup

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