Greece Says it Will Receive Bailout Funds, Typhoon Lashes Philippines
Greece’s finance minister, Evangelos Venizelos, has said his country will receive the next installment of bailout funds in order to avoid defaulting on its debt and further destabilizing the global financial market. Greek Prime Minister George Papandreou is in Germany for meetings with Chancellor Angela Merkel, where he told business leaders, “Your contribution can be crucial” in moving Greece — and Europe — out of its debt crisis.
The International Monetary Fund and other eurozone leaders have stipulated a series of cost-cutting measures in exchange for the bailout funds, but the austerity measures, which target public sector workers, have elicited angry street protests in recent months.
Merkel has emphasized that in the long run, stimulus packages are not the answer to Greece’s debt problem, emphasizing economic growth and budgetary considerations instead. “The idea that you need to boost growth by taking on ever greater debt is the wrong idea. I am deeply convinced of that,” she said.
On Thursday, Germany will vote on a proposal that would increase the lending ability of a eurozone fund, a measure that is expected to pass.
On Tuesday’s NewsHour, Jeffrey Brown discussed efforts to keep the nation from defaulting with freelance reporter John Psaropoulos in Athens.
At Least 16 People Dead in Philippines Typhoon
Typhoon Nesat has brought flooding, power outages, and landslides to the Philippine island of Luzon and its capital, Manila, killing at least 16 people, with the death toll expected to rise. Nesat is 400 miles across and has brought wind gusts of up to 105 miles per hour as it moves across the Philippines before moving out toward the South China Sea by late Thursday.
Manila has been hard hit by flooding several feet high in some places, and major government offices, hospitals, schools, hotels and the Philippine Stock Exchange were shuttered by the floodwater. Nearly 2 million people are reportedly without power.
Though the Philippines is frequently hit by typhoons, Nesat is one of the largest this year, and is expected to force at least 100,000 more people to evacuate. Nesat comes one day after the Philippines marked two years since another typhoon, Ketsana, killed 500 people.
200 Injured in Shanghai Subway Crash
At least 200 people were injured, three of them critically, when two subway trains collided in Shanghai after a signal failure. The crash occurred near a touristy area of central Shanghai Tuesday afternoon.
The crash brings further scrutiny to China’s train industry after a July high-speed rail crash killed 40 people. At the time, the accident raised criticism “that the country has moved too far, too fast with its high-speed rail,” GlobalPost Beijing correspondent Kathleen McLaughlin told the NewsHour.
16 Civilians Killed in Roadside Bomb in Western Afghanistan
Sixteen people — including 11 children — were killed when their station wagon hit a roadside bomb in Herat province in western Afghanistan, most from the same extended family, according to a local official. They were reportedly returning from an engagement party when the blast hit their vehicle.
Herat is generally considered one of the safer provinces in Afghanistan, and its capital is one of the cities handed over to the security of Afghan forces this year. But overall in Afghanistan, civilian casualties from the insurgency have been on the rise.