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Paul Parker
Lives in NSW Australia
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Paul Parker

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Greek ATMs will start running dry within hours of the vote
---- Louka Katseli, Chairwoman, National Bank of Greece. 
The chairman of Greece’s biggest bank put an end to the speculation about how long the nation’s crippled lenders can function after Sunday’s referendum.
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A draft of part of the Trans-Pacific Partnership trade deal leaked to the Politico website suggests the US is demanding increased protections for pharmaceutical companies, restricting access to the lower-cost generic versions of drugs that agencies such as New Zealand's Pharmac buy.

The draft copy of the intellectual property chapter of the trade agreement as it stood on May 11, before the Guam negotiating round, includes what is known as 'patent-linkage' provisions which would prevent regulators in TPP countries approving generic versions of drugs whenever there were unresolved patent issues, the Washington-based Politico website reported.

The draft would make linkage mandatory, as it is in the US, allowing drug companies to fend off generics by claiming patent infringements, the website reported. It cited Heather Bresch, chief executive of generic drug maker Mylan, as saying mandatory patent linkage would amount to "a recipe for indefinite evergreening of pharmaceutical monopolies."

The issue of generic drugs is sensitive in New Zealand because drug-buying agency Pharmac takes advantage of the availability of generic versions of medicines to reduce the cost to Kiwis. Generics are made after a brand-name drug comes off patent and typically when the developer's right to keep research secret expires.
A document shows the US was trying to get increased TPP protection for drug company intellectual property.
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Thanks ABC's Alan Kohler for passing on another neat joke from Reserve Bank Governor Glenn Stevens :-)    
The rest is a little sobering...
Something else happened in 2007/08 apart from the credit crisis and the collapse of Lehman Brothers, and it might just have a longer effect on the economy and the effectiveness of monetary policy.
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America is killing itself through its embrace and exaltation of ignorance...
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IMHO the book needs be re-titled : Fighting Back the Right: Reclaiming the World from the Attack on Reason ! 

Paul Parker

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 Greek banks are considering a depositor bail-in that could see deposits above €8,000 haircut by "at least" 30%. 
"Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears. The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said."
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While Louka Katseli chair of the National Bank of Greece is reported as telling Skai TV suggestions Greek authorities are planning a raid on deposits is "only in the sphere of fantasy",  yet many observers believe Greek Yes team currently living in fantasy world.... 

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Opinion in the declaration as signed by 246 professors at Economics  Schools and Universities in Greece :   "A disorderly break of our country from the core of Europe will have disastrous economic, social, political and geopolitical consequences." 
 
Ekathimerini
Declaration of Professors of Economics at Greek Universities on the Referendum
2 July 2015; 14:16

#Greece   #GreekCrisis   #Economy   #ProfessorsOfEconomy   #GreekUniversities   #2July2015  
The following declaration is signed by 246 professors at Economics Schools and Universities in Greece.
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Paul Parker

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We all have something to learn, except those who think they already know everything...
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NSW Australia
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Melbourne VIC - Adelaide SA - Canberra ACT - Sydney NSW - Brisbane QLD - Armidale NSW - Alice Springs NT - Coraki NSW - Wingellina WA - Papunya NT - Kintore NT
Paul Parker's +1's are the things they like, agree with, or want to recommend.
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