U.S., Japan Differ on Nuclear Crisis

Angela Merkel Alarmed by Worsening Credit Crisis
THE TELEGRAPH: The German government is rushing through a fresh package of measures to shore up ailing banks and prevent a second wave of the debt crisis suffocating large parts of manufacturing industry.

German Chancellor Angela Merkel: fears of new crisis. Photograph: The Telegraph
"We are in a very critical situation," said Chancellor Angela Merkel in her weekly radio address. "We are going to discuss with leaders of the financial institutions what can be done to head off a credit crunch."

The move comes days after the Bundesbank revealed that German banks face a further €90bn (£82bn) of likely write-downs over the next year.

Leaders of the new coalition are to meet industrialists and bankers tomorrow to thrash out an emergency plan. The proposals include a €10bn scheme to purchase toxic securities from banks. The idea is anathema in Germany and faces stiff opposition from Mrs Merkel's Bavarian and liberal partners.

The renewed sense urgency follows a flurry of warnings from economists and business groups over the risks of a credit contraction. >>> Ambrose Evans-Pritchard | Monday, November 30, 2009

The Roman Catholic Church Faces a Crisis
TIMESONLINE: Ireland, a country that used to export its Catholic clergy around the world, is running out of priests at such a rate that their numbers will have dropped by two thirds in the next 20 years, leaving parishes up and down the land vacant.

The decline of Catholic Ireland, for decades the Pope’s favourite bastion of faith in Europe, has been regularly predicted, as the economic successes of the Celtic Tiger brought growing secularisation. But new figures have starkly set out the fate of the Irish priesthood if action is not taken by the Church to reverse the trend.

One-hundred and sixty priests died last year but only nine were ordained. Figures for nuns were even more dramatic, with the deaths of 228 nuns and only two taking final vows for service in religious life.

Based upon these figures The Irish Catholic newspaper predicts that the number of priests will drop from the current 4,752 to about 1,500 by 2028. Catholic Church faces new crisis — Ireland is running out of priests: Ireland is running out of priests at such a rate that their numbers will have dropped by two thirds in the next 20 years >>> By David Sharrock, Ireland Correspondent

Mark Alexander (Paperback)
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