A bizarre interview that Bannon gave to the liberal magazine the American Prospect – in which he claimed there was no military solution for North Korea, called the far right a “collection of clowns”, and said the left’s focus on racism would allow him to “crush the Democrats” – may have altered the balance of the power inside the West Wing. For an aide long suspected of leaking freely about rivals, Bannon’s excuse that he thought the call was off the record was not helpful.  Bannon’s departure leaves a major void in the White House, depriving it of a man once seen as Cardinal Richelieu in cargo pants, an unkempt schemer adept at manipulating the president, who was famously depicted as a childlike naif to his aide’s Grim Reaper in a Saturday Night Live sketch. The characterization – summed up in a Time magazine cover that hailed “the great manipulator” – reportedly annoyed the famously thin-skinned president and contributed to his fall from grace.  Josh Green, the author of the book Devil’s Bargain about Bannon and Trump, told the Guardian: “Bannon may be the only person in the White House with clear and distinct politics of his own.”  His absence means more power and influence for figures such as Trump’s son-in-law Jared Kushner and the national economic council chair, Gary Cohn, who have few, if any, ideological ties to the Republican party and the conservative movement.   Bannon has long occupied an unusual position in the White House. In an administration that one outside ally compared to Baskin Robbins, “composed of 31 flavors,” Bannon represented “the nationalist Trump coalition” as opposed to “a lot of people that were not only not Trump supporters but anti-Trump people”.  One Bannon ally told the Guardian that the West Wing had seen a “four-on-one fight” recently, with Bannon taking on a coalition of Kushner, Ivanka Trump, Cohn and national security adviser HR McMaster. In the ally’s eyes Bannon represented the populist “burn it all down” path while others in the administration wanted Trump to “move the center” and work with the establishment.  A White House source claimed to Axios: “His departure may seem turbulent in the media, but inside it will be very smooth. He has no projects or responsibilities to hand off.”  Bannon had also stood out as the lone White House staffer to defend Trump’s comments on Charlottesville in recent days.

President Donald Trump finally condemned the “evil” of “racist violence” in Charlottesville on Monday, two days after a white supremacist rally in the Virginia town that left three people dead. After mounting criticism at his failure to speak out against white supremacist groups, Mr Trump addressed the nation from the White House and warned those behind Saturday’s riots that they will be held criminally responsible. And, after widespread cross-party anger at his initial response – in which he condemned violence “on many sides” – the president on Monday delivered a more measured response, in which he called out neo-Nazis and the Ku Klux Klan. “To anyone who acted criminally at this weekend’s racist violence, you will be held fully accountable.” He described the rally on Saturday as an “egregious display of hatred and violence” which, he said, “has no place in America.” He continued: “Racism is evil. And those who cause violence in its name are criminals and thugs, including the KKK, neo-Nazis, white supremacists, and other hate groups that are repugnant to everything we hold dear as Americans “We are a nation founded on the premise that all are created equal. We are equal in the eyes of our creator, we are equal under the law, and we are equal under our Constitution. "Those who spread violence in the name of bigotry strike at the very core of America. ” Mr Trump paid tribute to Heather Heyer, the 32-year-old who died when James Fields rammed his car into a group of anti-hate protesters. He also commended the two Virginia state troopers killed when their helicopter crashed on Saturday. “These three fallen Americans embody the goodness and decency of our nation. “In times such as these, America has always shown its true character.”Reading from a teleprompter, the president's remarks were seen as a belated condemnation of the white supremacists who politicians across the mainstream US political spectrum held responsible for the mayhem in Charlottesville.

The precursor to the EU was set up in 1958, as the continent’s leaders vowed to make another war between them all but impossible. The euro came in 1999, when a group of 11 countries jettisoned marks, francs and lire and turned control of interest rates over to a new central bank. The common currency’s scale provided exchange-rate stability and better access to world markets. It did not, however, impose uniform financial discipline; to avoid surrendering national sovereignty, politicians largely sidestepped a unified approach to bank regulation and government spending. To the extent that there were rules, they were flouted. The events that brought the euro to its knees came during the global rout in 2009, when Greece came clean and said its budget deficit was twice as wide as forecast. Investors started dumping assets of the most indebted nations and borrowing costs soared. The shared euro made it impossible to devalue individual currencies of weaker economies, limiting options for recovery. Politicians lurched through bailouts for Greece, Ireland, Portugal and Cyprus plus a rescue of banks in Spain. The panic fueled fears of a breakup as fragile banks and their holdings of government bonds exposed the common currency’s vulnerabilities. The firestorm abated in July 2012, when European Central Bank President Mario Draghi pledged to do “whatever it takes” to save the euro.

PARIS - President Donald  Trump acknowledged that France and the US had “occasional disagreements” but said that would not disrupt a friendship that dates back to the American Revolution. Macron acknowledged sharp differences with Trump over climate change. But he said he and the US president were able to discuss how best to combat “a global threat with enemies who are trying to destabilise us”, with a focus on counter-terrorism. President Trump said that his recent meeting with Putin had led to a ceasefire in a part of southern Syria, and said that he was working on “a second ceasefire in a very rough part of Syria”. He suggested that other parties would become involved in the deal, saying “and all of a sudden you will have no bullets fired in Syria”.  As Trump began his 24-hour tour of Paris, the two leaders’ body language was under close scrutiny. Macron chose to move on from the aggressive handshake he offered the US leader at their initial meeting in May, instead styling himself as Trump’s new “straight-talking” best friend on the international stage. the invitation to the US president to attend this year’s Bastille Day celebrations was in the pipeline long before both Macron and Trump’s election because 2017 marks the 100th anniversary of the entry by the US into the first world war.

The Italian Chamber of Deputies recently organized the conference called "Italy's public debt in the Eurozone", which saw experts in the restructuring of public debt, academics, journalists and investment fund managers.  In a participant's opinion, Jens Nordvig, head of department at Nomura Securities and former banker at Goldman Sachs, "Italy is now the most important country in Europe".  The reason is of course, not just the size of its economy, but also the very high level of its public debt, which nobody seems to be able to find a solution for. The latest official data, of April 2017, shows that public debt has reached 2.27 trillion Euros, a new record, after increasing 37.2 billion over last year's similar period. The aggregated budget deficit after the first six months of 2017 was 50.2 billion Euros, 22.5 billion Euros higher YOY, according to Reuters, as over half of the deficit of June 2017, of 8.2 billion Euros, was the "result" of the state's involvement in the liquidation of the two banks in the Veneto region.  A new record, once again a negative one, was seen when it comes to Italy's position within Target2 (Trans-European Automated Real-time Gross settlement Express Transfer), the real-time settlement system for payments in Euros.  ECB data of May 2017, shows that Italy's deficit within the Target2 system has reached 421.6 billion Euros, way above the level recorded during the sovereign debt crisis, a phenomenon which reflects the acceleration of capital outflows.  Under these circumstances, it is not surprising that the European authorities have "allowed" Italy to violate the banking resolution regulations that recently came into effect, even though that represents a new factor "to divide Europe", according to Reuters.

Why HAMBURG for G 20...

Hamburg is the second largest city in Germany (pop. 1.7 million), a major hub situated on the River Elbe, nestled between the states of Schleswig-Holstein and Lower Saxony. Although a major port, it lies 130km inland from the North Sea.

Why? As an outward-looking city, Hamburg is an ideal location, says Angela Merkel. It has maintained trading links around the world for centuries, and today is home to the headquarters of industrial heavyweights Airbus and Unilever, among others. It can also boast at being ranked 18th among world cities for its livability.

Famous for? A city of bridges (around 2,500), Hamburg boasts what was once the world’s tallest building, the 122-metre Church of St Nicholas. Bombed heavily by Allied forces in WW2, the city recovered to become once again an economic and cultural powerhouse, where the Beatles served their apprenticeship, and where museums and opera go hand in hand with sport and radical politics. And there’s the Reeperbahn.

Security? Some 20,000 officers have been drafted in from around Germany and beyond to address the twin challenges of potential terror attack and political protest. Temporary courtrooms and cells have been built alongside a mass holding facility for as many as 400 detainees at a time - at a cost of €750,000. A planned mass protest camp in the city’s main park has been banned.

The IMF – historically the world’s foremost cheerleader of austerity – admitted that it was based on a false prospectus: these policies do more harm than good. Simon Wren-Lewis of Oxford University said that the issue was not whether attempts to reduce the deficit had damaged the economy, but “how much GDP has been lost as a result”. Amartya Sen said that while austerity “deepened Europe’s economic problems, it did not help in the aimed objective of reducing the ratio of debt to GDP to any significant extent”. Richard Portes at London Business School says that even the UK’s sluggish growth under the Conservatives is down to the “semi-covert” backing away from George Osborne’s initially brutal plans, which would have done even more harm. Paul Krugman wrote that in the post-crisis economy “the government does everyone a service by running deficits and giving frustrated savers a chance to put their money to work … deficit spending that expands the economy is, if anything, likely to lead to higher private investment than would otherwise materialise”. All this has led Joseph Stiglitz to remark that it’s “remarkable there are still governments, including here in the UK, that still believe in austerity”.