Archive for: August 2015

Thailand Believes International Terrorism Is Unlikely Suspect In Bombing

After the Erawan Shrine and Sathorn Pier bombings, Thai authorities believe suspects only involved a minor group of individuals, suggesting only 10 people were involved in both incidents. The Thai government calls on Interpol and Australian police to aid its investigation.

Thailand said that international terror groups were unlikely suspects in the bombing. National Police Chief Somyot Poompanmoung said the bombers were part of a network of 10 people. No arrests of suspects have been made.

The police had released a sketch of the suspect’s possible facial appearance. The warrant supplied for the suspect described him as an “unnamed foreigner”. However, the police have yet to say how they reached the conclusion.

Junta Spokespoerson Col Winthai Suvaree said:

‚ÄúSecurity agencies have cooperated with agencies from allied countries and have come to the preliminary conclusion that the incident is unlikely to be linked to international terrorism,”

The Erawan Bombings had killed 20 people including Asian and Western foreigners and had injured more than a hundred people.

Airlines have asked passengers flying from Singapore to Sydney on Thursday to voluntarily hand some photos of the Erawan shrine to call the Australian police to aid them in their investigation.

Greece Needs 55% Of Debt Cleared To Avoid Permanent Depression

According to the National Institute of Economic and Social Research (NIESR), Greece requires a wide debt relief to avoid falling back into permanent depression. It warns that Greece can suffer fresh damage from austerity measures demanded by its creditors and it will remain stuck unless it has substantial debt relief.

NIESR expects that the increases in VAT that the Syriza-led government reluctantly accepted for its new bailout will result in a 1% fall in national output for 2016. NIESR said that by the time the Greek economy begins growing again, gross domestic product would drop by 30% than the start of the crisis in 2010. They estimated to be 7% lower before Greece even joined the EU in 2001.

NIESR published the report after the heavy selling of bank shares on the Athens stock market. Five bank shares – National Bank of Greece, Alpha Bank. Piraeus Bank, Attica Bank and Eurobank – suffered double digit losses over 30%, which triggered an automatic trading suspension.

However the main Greek stock market index had a steadier day after posting a decline of just 1%. Banks, hit hard by a combination of a poor-performing economy, deposit flight, the rising number of non-performing loans and the capital controls introduced by the Greek government, will have much relief after clearing more than half of its debt.