The victory of Alexis Tsipras’s Syriza party in Greece’s snap election on Sunday is the latest in a remarkable series of events in that country. It would seem extraordinary that the Greek people have reelected Mr Tsipras, who resigned as prime minister a month ago, on a platform so radically different to the one he successfully took to the electorate in January. Back then, he vowed to defy the austerity measures being forced on Greece by its European Union partners as a condition of a bailout enabling it to manage its huge debts. This month, he went to the people defending his decision to agree to serious belt-tightening in exchange for an €86 billion (Dh357bn) rescue package, and he received a mandate to implement further austerity policies.
Mr Tsipras has moved from the far left of the political spectrum towards the centre, although he has not carried his entire party with him. Internal opposition to the most recent bailout deal led to his resignation as leader and to this latest poll.
While Mr Tsipras can claim a renewed mandate, these remain desperate times for Greece. On top of its internal problems, it is facing an influx of Syrian refugees. Greece cannot afford to continue to take out loans just to pay the interest bill on previous borrowing. It needs to generate serious income, and that will involve economic reforms that will inevitably mean further unpopular measures such as wage freezes and cuts, government spending cuts and tax increases. From the result of Sunday’s election, it would appear that the electorate accepts this.
Whether Mr Tsipras can do enough to meet the country’s commitments, which include a payment of €3.2bn to the International Monetary Fund due by the end of the year, remains to be seen. There is a growing feeling in Germany and some other EU countries that Greece should be left to fend for itself. Surely, though, there must be a compromise position between the much-vaunted “Grexit”, in which Athens defaults on its debts, abandons the euro as its currency and leaves the EU, and yet another round of bailouts to pay the interest on an ever-growing principal debt. A mechanism that allows the country to repay what it can, then start again with a financial clean slate – albeit with strict conditions on its furthering borrowing – would seem to be a better outcome both for Greece and Europe as a whole.
The challenge for Mr Tsipras, who has to this point been the ultimate Teflon politician, is to prove that he is best placed to deliver the best result.
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RESULTS
2pm: Handicap (PA) Dh40,000 (Dirt) 1,000m
Winner: AF Mozhell, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)
2.30pm: Maiden (PA) Dh40,000 (D) 2,000m
Winner: Majdi, Szczepan Mazur, Abdallah Al Hammadi.
3pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Athabeh, Tadhg O’Shea, Ernst Oertel.
3.30pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Eshaar, Bernardo Pinheiro, Khalifa Al Neyadi
4pm: Gulf Cup presented by Longines Prestige (PA) Dh150,000 (D) 1,700m
Winner: Al Roba’a Al Khali, Al Moatasem Al Balushi, Younis Al Kalbani
4.30pm: Handicap (TB) Dh40,000 (D) 1,200m
Winner: Apolo Kid, Antonio Fresu, Musabah Al Muahiri
UAE currency: the story behind the money in your pockets
Sholto Byrnes on Myanmar politics
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COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
COMPANY%20PROFILE
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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COMPANY%20PROFILE
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Company%20Profile
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COMPANY%20PROFILE%20
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Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
More on Quran memorisation:
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
COMPANY%20PROFILE
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The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
EA%20Sports%20FC%2024
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US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
RESULT
Deportivo La Coruna 2 Barcelona 4
Deportivo: Perez (39'), Colak (63')
Barcelona: Coutinho (6'), Messi (37', 81', 84')