Greek leader Alexis Tsipras lashes out at EU, European Central Bank and IMF for months of fruitless negotiations as strains show within Syriza governmentGreece’s beleaguered prime minister, Alexis Tsipras, has blamed the “absurd proposals” of creditors keeping the debt-stricken country afloat for the failure to reach a deal that could release emergency aid to avert default.In a hard-hitting article for the French daily Le Monde, the leader lambasted the uncompromising approach of the EU, European Central Bank and International Monetary Fund for five months of fruitless negotiations.Related: Bruised and confused: why Greeks voted against the gods of Europe | Elena PanaritisRelated: Yanis Varoufakis dismisses rumours he intends to resign as 'grossly premature'Rumours of my impending resignation are (for the umpteenth time) grossly premature...@nikimoza1 "In the long run we are all dead." J.M.Keynes. (In the medium run, those nostalgic of the troika days are stuck with me @ FinMin)“Sometimes I get the impression that people are waiting for an accident so that they can really focus [on] avoiding a bigger disaster. It’s too long, this time that has been taken to find a solution. I believe it’s important now to find that solution.” Continue reading...

Central banks would have liked by now to have returned monetary policy to a more normal setting so they have wriggle room when things turn nastyFor 75 months it has been the same story. The nine members of the Bank of England’s monetary policy committee gather, consider all the latest evidence and decide that official interest rates should remain at 0.5%.Interest rates are at rock-bottom levels pretty much everywhere in the developed world and the moment for raising them continues to be pushed back. But central banks have not just relied on interest rates. They have also been active in the financial markets, exchanging bonds and other assets for cash. This process, known as quantitative easing, has increased the supply of money and driven down long-term interest rates. Continue reading...

Fresh from victory, a new government makes big fiscal changes as early as it can. What that means for Britain this time has already been spelled out all too clearlyThe first budget of a new parliament tends to be the most dramatic and influence the agenda for years ahead – even decades, in the case of Anthony Barber (chancellor 1970-74), Sir Geoffrey Howe (1979-83) and Nigel Lawson (1983-89). The impending July budget of the new chancellor – sorry, folks, but not really so new – will almost certainly fit the traditional pattern.On this occasion, however, it will be a true blue Conservative budget, not watered down by a coalition partner. And how those Liberals who deserted their own party in the recent election are going to regret it!It will be shameful if, as expected and indeed promised, he goes ahead with his attack on welfare and public services Continue reading...

Why did Andrei Guriev, or early 20th-century industrialist Arthur Crosfield and his family of just three, want to buy Witanhurst house – London’s biggest residence, besides Buckingham Palace, with 25 bedrooms and 365 windows?Highgate these days is full of Russians,” my friend Diana Athill said recently as we drove past the steep lane that leads to the cemetery and the grave of Karl Marx. Diana is rather old – she was born only a few weeks after the Bolsheviks stormed the Winter Palace – so you might say that her life has spanned every jump in modern Russian history, from the last tsar to Lenin, from Lenin to Stalin, from Stalin to Gorbachev and from Gorbachev to Putin; though by “Russians” she meant the most recent, oligarchical kind rather than those who, down the hill 30 years ago, would queue in their badly made suits to lay their official bouquets beside Marx’s great bronze head. Of course, both kinds of Russians are often the same people in different guise: apparatchiks whom historical opportunity has turned into plutocrats.Diana said she’d once asked a taxi driver if he ever drove any Russians. “He replied, ‘No, but I often drive their cooks.”’ She laughed at this. Despite their prominence in conversation, Highgate’s Russians are unobtrusive as pedestrians, pub goers and frequenters of the local shops, possibly because they are too rich for any of these ordinary activities. Theirs is the world of the bodyguard and the black-glass limousine. A few of the big names are known, including Alisher Usmanov, who is ranked third by Forbes in its list of Russian billionaires, and owns a regency villa on the edge of Hampstead Heath. But easily the most visible evidence of Russian wealth is an enormous house called Witanhurst, which stands only a few hundred yards from the high street, and for the past five years has been surrounded by scaffolding, shipping containers and Portakabins – evidence of its extravagant remodelling for an anonymous owner, of whom until this week nothing was known, other than the likelihood that he or she was Russian. Continue reading...

With 20% of bank accounts going unused in developing countries according to the World Bank, financial inclusion must take centre stage in poverty reduction

Conservatives give some of Margaret Thatcher’s ideas another whirl – and steal Ed Miliband’s one-nation Britain idea

The candidates have a duty to rethink their party’s failed election platform. But they cannot credibly talk to the future by wishing Britain’s inequality problem awayAspiration, opportunity and empowerment. Britain’s half-forgotten pre-crisis political buzzwords are back with a vengeance in the Labour leadership contest. Tony Blair himself was too good a communicator to rely much on such abstractions, but his favoured thinktanks never stopped pamphleteering on “enabling”, “contestable” and “consumer-orientated” policies. And those who hope to lead Labour now seem to be agreed on one thing: that the path back to power will be paved with talk about aspiration.Even in New Labour’s heyday such chatter was rarely heard beyond the shadow of Big Ben, and yet the likes of Liz Kendall and Andy Burnham can be forgiven a little linguistic nostalgia. Although there are multiple and contradictory lessons to absorb and reconcile after Ed Miliband’s drubbing, including how to deal with angry northern deserters to Ukip and dispossessed Scottish Nationalists, the single most urgent requirement in altering the dismal electoral arithmetic in 2020 is more familiar: persuading Middle Englanders who sided with the Conservatives this time that they would do better next time to take a chance on change. Through the frenzy of jargon, you can pick out a justified howl of mourning for the lost days when Labour was seen as helping people get ahead. Continue reading...

The UK oil and gas industry receives huge government subsidy, while support for renewable energy is cut. Is Treasury control of Whitehall fuelling a shortsighted economic agenda?There are no oil rigs visible from Aberdeen itself, but evidence of the foundations of Europe’s oil capital is easy to see: plaques for the head offices of major fossil fuel companies, helicopters ferrying workers to and from offshore platforms, designer shops for a city that has more millionaires than any other in the UK.It is not far from the centre of the granite city to the poorer wards, though, where like so many places, people struggling to pay ever-increasing energy bills are still forced to live in cold, damp, poorly insulated homes.