Juz naam naheeN soorat-e-aalam mujhe manzoor
Juz waham naheeN hastee-e-ashiya mere aage
Hota hai nihaaN gard meiN sehara mere hote
Ghisata hai jabeeN KHaak pe dariya mere aage
Mat pooch ke kya haal hai mera tere peeche
Tou dekh ke kya rang tera mere aagay
Sach kahte ho, KHudbeen-o-KHud_aaraa na kyoN hooN?
BaiTha hai but-e-aainaa_seemaa mere aage
Phir dekhiye andaaz-e-gul_afshaani-e-guftaar
Rakh de koee paimaanaa-o-sahba mere aage
Nafrat ka gumaaN guzare hai, maiN rashk se guzaraa
KyoN kar kahooN, lo naam na uska mere aage
ImaaN mujhe roke hai jo khiNche hai mujhe kufr
Ka'aba mere peeche hai kaleesa mere aage
Aashiq hooN, pe maashooq_farebee hai mera kaam
MajnooN ko bura kehti hai Laila mere aage
KHush hote haiN par wasl meiN yoN mar naheeN jaate
Aayee shab-e-hijaraaN ki tamanna mere aage
Hai mauj_zan ik qulzum-e-KHooN, kaash, yahee ho
Aata hai abhee dekhiye kya-kya mere aage
Go haath ko jumbish naheeN aaNkhoN meiN to dam hai
Rehne do abhee saaGar-o-meena mere aage
Ham_pesha-o-ham_masharb-o-ham_raaz hai mera
'GHalib' ko bura kyoN kaho achchaa mere aage!
Meaning of this gazal in translated in English..
I perceive the world as a playground
Where dawn and dusk appear in eternal rounds
In His Universal form is a plaything the throne of Solomon
The miracles of the Messiah seem so ordinary in my eyes
Without name I cannot comprehend any form
Illusionary but is the identity of all objects
My anguish envelopes the entire desert
Silently flows the river in front of my floods
Ask not what separation has done to me
Just see your poise when I come in front of you
Truly you say that I am egotistical and proud
It is the reflection, O friend, in your limited mirror
To appreciate the style and charm of conversation
Just bring in the goblet and wine
Hatred manifests due to my envious mind
Thus I say, don't take his name in front of me
Faith stops me while temptations attract
Inspite of Kaaba behind and church ahead
I am the Lover, yet notorious is my charm
Thus Laila calls names to Majnu in front of me
"Dies" not one though the union is a delight
In premonition of the separation night
Alas, this be it, the bloody separation wave
I know not what else is in store ahead of me
Though the hands don't move, the eyes are alive
Wine and goblet, let them stay in front of me
Says "Ghalib"
Conscience is companion and trusted friend
Don't pass any judgments in front of me.
Thursday, August 4, 2011
Wednesday, June 22, 2011
To be Kind does not need money ,A big Heart is required
Today I was just standing out side and having tea on a near by road side stall infront of my office.There used to be a stray but intelligent dog who use to sit there. Some times people used to offer him somethings to eat while they are having tea. That sensible dog even used to approach only those people who daily buy something for him. It was raining and there was less crowd outside and I think dog was hungry .So he was just standing there and watching everyone with hope that some one would by something but no one did.There was some labors working in near by construction site and one of them felt that dog is hungry and he buyed one Bun for the dog .Dog quickly finished that now he buyed again and now dog was appearing satisfied. I was watching whole thing.Suddenly a thought came in mind that the person who earns hardly 100 rupees in a day have spent 15 rupees to feed a stray and hungry dog and there were so many people who were earning 15000 Rs a day were not willing to spend even a fraction of that on a hungry animal. So i realized from my heart that Kindness comes from heart not from the money.Money can buy anything but not satisfaction, happiness and mental peace .
Tuesday, May 4, 2010
हे पन्थी पथ की चिन्ता क्या?
हे पन्थी पथ की चिन्ता क्या ?
तेरी चाह है सागरमथ भूधर,
उद्देश्य अमर पर पथ दुश्कर
कपाल कालिक तू धारण कर
बढ़ता चल फिर प्रशस्ति पथ पर
जो ध्येय निरन्तर हो सम्मुख
फिर अघन अनिल का कोइ हो रुख
कर तू साहस, मत डर निर्झर
है शक्त समर्थ तू बढ़ता चल
जो राह शिला अवरुद्ध करे
तू रक्त बहा और राह बना
पथ को शोणित से रन्जित कर
हर कन्टक को तू पुष्प बना
नश्वर काया की चिन्ता क्या?
हे पन्थी पथ की चिन्ता क्या ?
है मृत्यु सत्य माना पाति
पर जन्म कदाचित महासत्य
तुझे निपट अकेले चलना है
हे नर मत डर तू भेद लक्ष्य
इस पथ पर राही चलने में
साथी की आशा क्यों निर्बल
भर दम्भ कि तू है अजर अमर
तेरा ध्येय तुझे देगा सम्बल
पथ भ्रमित न हो लम्बा पथ है
हर मोड खड़ा दावानल है
चरितार्थ तू कर तुझमे बल है
है दीर्घ वही जो हासिल है
बन्धक मत बन मोह पाशों का
ये मोह बलात रोकें प्रतिपल
है द्वन्द्व समर में मगर ना रुक
जो नेत्र तेरे हो जायें सजल
बहते अश्रु की चिन्ता क्या
हे पन्थी पथ की चिन्ता क्या ?
तेरी चाह है सागरमथ भूधर,
उद्देश्य अमर पर पथ दुश्कर
कपाल कालिक तू धारण कर
बढ़ता चल फिर प्रशस्ति पथ पर
जो ध्येय निरन्तर हो सम्मुख
फिर अघन अनिल का कोइ हो रुख
कर तू साहस, मत डर निर्झर
है शक्त समर्थ तू बढ़ता चल
जो राह शिला अवरुद्ध करे
तू रक्त बहा और राह बना
पथ को शोणित से रन्जित कर
हर कन्टक को तू पुष्प बना
नश्वर काया की चिन्ता क्या?
हे पन्थी पथ की चिन्ता क्या ?
है मृत्यु सत्य माना पाति
पर जन्म कदाचित महासत्य
तुझे निपट अकेले चलना है
हे नर मत डर तू भेद लक्ष्य
इस पथ पर राही चलने में
साथी की आशा क्यों निर्बल
भर दम्भ कि तू है अजर अमर
तेरा ध्येय तुझे देगा सम्बल
पथ भ्रमित न हो लम्बा पथ है
हर मोड खड़ा दावानल है
चरितार्थ तू कर तुझमे बल है
है दीर्घ वही जो हासिल है
बन्धक मत बन मोह पाशों का
ये मोह बलात रोकें प्रतिपल
है द्वन्द्व समर में मगर ना रुक
जो नेत्र तेरे हो जायें सजल
बहते अश्रु की चिन्ता क्या
हे पन्थी पथ की चिन्ता क्या ?
Monday, May 3, 2010
Debt Crisis and Stock Market Trend, Is it 1998 All Over Again?
That's the question we're asking in tonight's report in light of developments in the euro-zone and, to a lesser extent, within the investment banking sector. Thursday's headline in the Wall Street Journal proclaimed, "Debt crisis hits Spain." The implication is that the recent downgrade of the sovereign debt ratings for Greece and Portugal have now spread even further into Europe and could continue to spread into a general euro-zone wide debt crisis.
When I saw Thursday's WSJ headline concerning Spain, I was struck with the thought that I had seen this scenario played out sometime in the past. After a little pondering, it finally occurred to me that the variables we're seeing set up right now are, in some ways, similar to the situation we saw in the spring of 1998.
Let's start with the cyclical backdrop. The similarity between '98 and today can be seen in the yearly Kress cycle configuration. In 1998 the 6-year cycle had bottomed two years prior in 1996. Also, 1998 was the year the 4-year bottom was scheduled for late September/early October, which definitely came into play in the late summer of that year. In 2010 we are two years removed from the 6-year cycle bottom (in 2008) and this year is also when the 4-year cycle is scheduled to bottom in late September/early October.
The second parallel is seen in the fact that the so-called "Asian contagion" was raging in the spring of 1998. This was how the press described the Asian currency crisis that was garnering lots of headline attention back then. U.S. financial markets mostly shrugged off the Asian contagion in the spring of '98, though there were definite concerns among investors. The S&P 500 had been in an uptrend that year and was coming off the lows of the October '97 mini-crash. A brief sell-off in January '98 accompanied the news of Bill Clinton's impeachment proceedings over the Monica Lewinsky scandal, but the market quickly regained its composure and zoomed ahead to new highs into April '98. The SPX stalled out in April as fears over the Asian contagion became more palpable and the S&P continued its lateral trading range into the middle of June before breaking out to a new high in a magnificent final flourish.
Then came disaster as the meltdown of the Long Term Capital Management (LTCM) hedge fund sent the U.S. stock market reeling in July. Making matters worse was the announcement of the Russian Ruble crisis and the intensification of the Asian currency crisis. Before long commodities were in a freefall along with the stock market and for a while it seemed the entire global economy was coming apart at the seams. The S&P lost just over 20% in the period between mid-June and early September, which technically qualified as one of the shortest "bear markets" on record. All of the disastrous developments in the spring and summer of 1998 took place within the context of a powerful equities bull market in the U.S.
The 4-year cycle bottomed in October 1998 and from there it was off the races as the stock market zoomed ahead in the final three months of '98 and retraced all its losses from the prior months. The S&P ended up closing at its all-time high at the end of the year and in no time it all the various crises that dominated the news headlines in the previous months were all but forgotten.
Now let's return to 2010. We've already seen the cyclical parallels that exist between then and now. The news headlines aren't quite the same but there are definite similarities. Instead of emanating from the Asian Pacific region we find the euro-zone is where the latest crisis is being played out. The press has even taken to calling the emerging debt crisis in Europe a "contagion," just as in 1998. A growing number of countries are becoming involved in this spreading "contagion" as was true in '98. And against the backdrop of this debt crisis we have a potential parallel to the Congressional trial of Bill Clinton in '98, namely high-profile federal investigation of the Goldman Sachs mortgage trading fraud.
It's a well known truism that "no two snowflakes are exactly alike" and neither are there ever two exact repetitions in stock market patterns. Yet I find it of more than anecdotal interest that the trading pattern of the S&P 500 Index in the first four months of 1998 is eerily reminiscent of the SPX in the first four months of 2010. Let’s take a look at the chart from January-April 1998 that follows.
Now what can we divine from the foregoing exercise in comparing the situation in 1998 with today's? If the euro-zone crisis continues to gain traction, we'll probably see an increase in market volatility and more churning in the broad market indices, similar to what occurred in the spring of '98. The market essentially was flat for the month of May in '98 and for the first half of June before blasting off one last time ahead of the mini-bear market that began that summer. I have no way of knowing whether we'll see a repetition of the May-June '98 pattern but again the similarities thus far are amazing. The final "hard down" phase of the current 4-year cycle most likely won't exert its presence on the stock market until around July, just as it did in 1998.
If this 1998 scenario does indeed play itself out from here, we'll obviously need to be on the lookout for a major market top this summer. The Wall Street Journal reported on Friday, "As investors scramble to protect themselves from the next credit flare-up in Europe, their worries are spreading to the U.K." According to WSJ, investors bought a net $443 million of credit-default swaps to insure against a U.K. default last week, which took the total outstanding to $8.2 billion, or roughly matching that of Greece. Here is the graphic depiction of the narrowing spread between Greek and U.K. credit default swaps.
Now what about the gold stocks? Back in 1998, the XAU Gold Silver Index was in an uptrend thanks in part to the powerful broad market momentum that characterized the broad market for shares at that time. The XAU made a mighty leap forward in April '98, then promptly collapsed in May as the gold stock decline preceded the broad equities market by about 10 weeks. At that time, the secular bear market in commodities was in its final "hard down" phase and accordingly, gold didn't have the benefit of a rising long-term uptrend as it does today
Currently, the gold stocks are the strongest of the major industry groups according to the gold stock internal momentum indicator series, which measures the incremental demand for gold stocks. This is in contrast to 1998, which saw tremendous crossing currents within the gold and silver share group in early spring, a prelude to the carnage that soon followed in May. Assuming the 4-year cycle exerts a strongly negative influence on the broad market later this summer as it did in summer '98, it wouldn't be surprising if gold stocks entered the final "hard down" phase of the cycle in the strongest relative position of all the major sectors. This would be essentially the opposite of what occurred in the summer of '98.
As was the case in '98, one of the most important moving averages that traders watch is the relationship between the XAU index and its 60-day moving average. The 60-day MA takes on increased significance when any of the major Kress cycles enter the "hard down" phase and a break in the 60-day MA, if it occurs within 4-5 months of the yearly cycle bottom (late September/early October) typically marks the commencement of a major sell-off.
When I saw Thursday's WSJ headline concerning Spain, I was struck with the thought that I had seen this scenario played out sometime in the past. After a little pondering, it finally occurred to me that the variables we're seeing set up right now are, in some ways, similar to the situation we saw in the spring of 1998.
Let's start with the cyclical backdrop. The similarity between '98 and today can be seen in the yearly Kress cycle configuration. In 1998 the 6-year cycle had bottomed two years prior in 1996. Also, 1998 was the year the 4-year bottom was scheduled for late September/early October, which definitely came into play in the late summer of that year. In 2010 we are two years removed from the 6-year cycle bottom (in 2008) and this year is also when the 4-year cycle is scheduled to bottom in late September/early October.
The second parallel is seen in the fact that the so-called "Asian contagion" was raging in the spring of 1998. This was how the press described the Asian currency crisis that was garnering lots of headline attention back then. U.S. financial markets mostly shrugged off the Asian contagion in the spring of '98, though there were definite concerns among investors. The S&P 500 had been in an uptrend that year and was coming off the lows of the October '97 mini-crash. A brief sell-off in January '98 accompanied the news of Bill Clinton's impeachment proceedings over the Monica Lewinsky scandal, but the market quickly regained its composure and zoomed ahead to new highs into April '98. The SPX stalled out in April as fears over the Asian contagion became more palpable and the S&P continued its lateral trading range into the middle of June before breaking out to a new high in a magnificent final flourish.
Then came disaster as the meltdown of the Long Term Capital Management (LTCM) hedge fund sent the U.S. stock market reeling in July. Making matters worse was the announcement of the Russian Ruble crisis and the intensification of the Asian currency crisis. Before long commodities were in a freefall along with the stock market and for a while it seemed the entire global economy was coming apart at the seams. The S&P lost just over 20% in the period between mid-June and early September, which technically qualified as one of the shortest "bear markets" on record. All of the disastrous developments in the spring and summer of 1998 took place within the context of a powerful equities bull market in the U.S.
The 4-year cycle bottomed in October 1998 and from there it was off the races as the stock market zoomed ahead in the final three months of '98 and retraced all its losses from the prior months. The S&P ended up closing at its all-time high at the end of the year and in no time it all the various crises that dominated the news headlines in the previous months were all but forgotten.
Now let's return to 2010. We've already seen the cyclical parallels that exist between then and now. The news headlines aren't quite the same but there are definite similarities. Instead of emanating from the Asian Pacific region we find the euro-zone is where the latest crisis is being played out. The press has even taken to calling the emerging debt crisis in Europe a "contagion," just as in 1998. A growing number of countries are becoming involved in this spreading "contagion" as was true in '98. And against the backdrop of this debt crisis we have a potential parallel to the Congressional trial of Bill Clinton in '98, namely high-profile federal investigation of the Goldman Sachs mortgage trading fraud.
It's a well known truism that "no two snowflakes are exactly alike" and neither are there ever two exact repetitions in stock market patterns. Yet I find it of more than anecdotal interest that the trading pattern of the S&P 500 Index in the first four months of 1998 is eerily reminiscent of the SPX in the first four months of 2010. Let’s take a look at the chart from January-April 1998 that follows.
Now what can we divine from the foregoing exercise in comparing the situation in 1998 with today's? If the euro-zone crisis continues to gain traction, we'll probably see an increase in market volatility and more churning in the broad market indices, similar to what occurred in the spring of '98. The market essentially was flat for the month of May in '98 and for the first half of June before blasting off one last time ahead of the mini-bear market that began that summer. I have no way of knowing whether we'll see a repetition of the May-June '98 pattern but again the similarities thus far are amazing. The final "hard down" phase of the current 4-year cycle most likely won't exert its presence on the stock market until around July, just as it did in 1998.
If this 1998 scenario does indeed play itself out from here, we'll obviously need to be on the lookout for a major market top this summer. The Wall Street Journal reported on Friday, "As investors scramble to protect themselves from the next credit flare-up in Europe, their worries are spreading to the U.K." According to WSJ, investors bought a net $443 million of credit-default swaps to insure against a U.K. default last week, which took the total outstanding to $8.2 billion, or roughly matching that of Greece. Here is the graphic depiction of the narrowing spread between Greek and U.K. credit default swaps.
Now what about the gold stocks? Back in 1998, the XAU Gold Silver Index was in an uptrend thanks in part to the powerful broad market momentum that characterized the broad market for shares at that time. The XAU made a mighty leap forward in April '98, then promptly collapsed in May as the gold stock decline preceded the broad equities market by about 10 weeks. At that time, the secular bear market in commodities was in its final "hard down" phase and accordingly, gold didn't have the benefit of a rising long-term uptrend as it does today
Currently, the gold stocks are the strongest of the major industry groups according to the gold stock internal momentum indicator series, which measures the incremental demand for gold stocks. This is in contrast to 1998, which saw tremendous crossing currents within the gold and silver share group in early spring, a prelude to the carnage that soon followed in May. Assuming the 4-year cycle exerts a strongly negative influence on the broad market later this summer as it did in summer '98, it wouldn't be surprising if gold stocks entered the final "hard down" phase of the cycle in the strongest relative position of all the major sectors. This would be essentially the opposite of what occurred in the summer of '98.
As was the case in '98, one of the most important moving averages that traders watch is the relationship between the XAU index and its 60-day moving average. The 60-day MA takes on increased significance when any of the major Kress cycles enter the "hard down" phase and a break in the 60-day MA, if it occurs within 4-5 months of the yearly cycle bottom (late September/early October) typically marks the commencement of a major sell-off.
How Greece went Bankrupt
Greece is undergoing financial turmoil over its $400bn debt, with increasingly expensive repayments and a continually downgraded credit rating.
The country's credit rating has been lowered to junk status, a risk level that will now force many groups to stop investing in the country's bonds.
Consequently, Athens has even less money to pay back its huge loans and their are now fears that its problems will spread to other EU nations and some countries further afield.
The country's so-called austerity measures, a combination of severe cuts to public expenditure and increases in taxes, has met widespread public opposition.
Greece has requested more than $50bn in emergency loans from the EU and IMF to help pay its immediate debts but so far all the parties concerned have been unable to agree upon the terms.
Why is Greece facing this crisis?
Greece's debt rose to more than 13 per cent of its gross domestic product (GDP) in 2009.
The Mediterranean nation incurred annual budget deficits of billions of dollars via overspending in several areas.
These included benefit programmes, the public sector and government committees, as well as loss making utilities, such as Olympic Airways, the national airline, that was eventually privatised in 2008.
The government's benevolence allowed civil servants to retire in their 40s and permitted their unmarried or divorced daughters to collect their pension after they had died, the latter at a cost of about $70 million annually by some estimates.
As tensions with Turkey have continued, Greece has also spent far more than most other EU members on arms, about six per cent of its GDP in 2009.
However, about 80 per cent of the budget is spent on administrative and staff payments.
The costs of paying off this debt have spiralled since October 2009, when Greece revealed that its budget deficit was double previous estimates.
The announcement led to continued credit rating downgrades, meaning that increasingly investors did not want to buy the government's bonds, making it harder for Greece to gain the finance needed to pay back debt and shore up the economy.
Investors have also not been reassured by measures taken by both the Greek government and the EU to restore confidence in the country's finances.
With the downgrade of its credit rating to junk status on Tuesday, Greece cannot secure the money it needs from the open market to pay its debt and thus has to go to the EU and IMF for bailout money.
What are the main effects of the crisis?
With the downgrade to a junk credit rating, Greece's debt became one of the most costly in the world for investors to insure.
Fears mounted that this will affect other nations using the single European currency - the euro.
Therefore, investors have been scarred off putting their finance into eurozone nations with high debt such as Portugal, Spain and Italy.
Consequently, these countries have now have less money coming into their economies meaning that they are less likely be able to make payments for their own debts.
The euro has fallen to a one-year low against the US dollar due to the crisis.
This has hit US exports since they have become more expensive for eurozone nations to buy, reducing their demand.
What austerity measures is Greece taking to reduce its debt?
Greece has introduced a number of austerity measures in order to tackle its debt, leading to widespread public opposition.
The measures include cutting civil servants' bonuses - for instance, those given for speaking a foreign language and Christmas and Easter windfalls - by between 12 and 30 per cent, saving about $2.25bn.
It is pledging to trim social security payments further by raising the retirement age and banning early retirement in a bill to be produced in May.
The state pension will also be frozen, saving $600m.
It is raising VAT to 21 per cent from the current rate of 19 per cent, raising $1.7bn and is to introduce a two per cent supplemental gas tax to bring in $600m.
A one-off corporate tax will raise $1.3bn and a two per cent supplemental cigarette tax will create an extra $400m.
There will also be a one-off tax on holiday homes and oversized properties, while the commercial activities of churches will also be taxed.
In addition, the government has said that it will merge some state firms and sell stakes in others, in a measure to limit losses.
Military spending is to be scaled back, with arms purchases limited to 0.7 per cent of GDP in 2010.
Where is the bailout coming from?
The EU and IMF has offered more than $50bn in emergency loans to Greece.
However, it is not certain that the aid will be provided as the conditions for its provision need to be agreed.
Initially Athens decided not to take up the aid, preferring instead to secure finance on the open market whenever possible, but when that was no longer possible Greece had to ask for the aid package.
Germany, the eurozone's biggest economy, wants greater austerity measures from Athens, including more tax cuts, easier firing of civil servants and increased privatisation, for them to commit to the bailout.
A meeting of EU leaders on May 10 is expected to decide whether Greece will meet EU and IMF conditions and thus receive the emergency finance.
It will be held after a local election local election in Germany on May 9 as Berlin does not want any decision to affect the poll.
But Germany also wants to protect the euro and therefore may soften its stance before the vote.
Will the aid and austerity measures succeed?
Greece has to make a debt payment of $11.2bn on May 19. If a deal on the aid package is not secured before then the country could default on its debt or have its debt restructured.
Some analysts have said that while Germany resists providing emergency aid Greece's finances will only deteriorate, with doubts over its future causing money to be pulled out of Greek-provided assets.
However, a balance is needed as increased austerity measures could have a detrimental effect.
Cuts will reduce citizens' income and reduce spending. This has the potential to lead Greece into an even more severe recession, meaning a weaker economy and a reduced ability to repay debts.
Increased unemployment felt during such a recession and cuts to key services could also lead to social unrest.
Although Greece has introduced many of the austerity measures, their economic plan for 2011 and beyond is vague.
Some economists expect Greece's GDP to shrink by three per cent even if deficit cutting measures are only moderately successful.
That is one per cent more than hoped for by the EU and IMF as part of their bailout package.
The country's credit rating has been lowered to junk status, a risk level that will now force many groups to stop investing in the country's bonds.
Consequently, Athens has even less money to pay back its huge loans and their are now fears that its problems will spread to other EU nations and some countries further afield.
The country's so-called austerity measures, a combination of severe cuts to public expenditure and increases in taxes, has met widespread public opposition.
Greece has requested more than $50bn in emergency loans from the EU and IMF to help pay its immediate debts but so far all the parties concerned have been unable to agree upon the terms.
Why is Greece facing this crisis?
Greece's debt rose to more than 13 per cent of its gross domestic product (GDP) in 2009.
The Mediterranean nation incurred annual budget deficits of billions of dollars via overspending in several areas.
These included benefit programmes, the public sector and government committees, as well as loss making utilities, such as Olympic Airways, the national airline, that was eventually privatised in 2008.
The government's benevolence allowed civil servants to retire in their 40s and permitted their unmarried or divorced daughters to collect their pension after they had died, the latter at a cost of about $70 million annually by some estimates.
As tensions with Turkey have continued, Greece has also spent far more than most other EU members on arms, about six per cent of its GDP in 2009.
However, about 80 per cent of the budget is spent on administrative and staff payments.
The costs of paying off this debt have spiralled since October 2009, when Greece revealed that its budget deficit was double previous estimates.
The announcement led to continued credit rating downgrades, meaning that increasingly investors did not want to buy the government's bonds, making it harder for Greece to gain the finance needed to pay back debt and shore up the economy.
Investors have also not been reassured by measures taken by both the Greek government and the EU to restore confidence in the country's finances.
With the downgrade of its credit rating to junk status on Tuesday, Greece cannot secure the money it needs from the open market to pay its debt and thus has to go to the EU and IMF for bailout money.
What are the main effects of the crisis?
With the downgrade to a junk credit rating, Greece's debt became one of the most costly in the world for investors to insure.
Fears mounted that this will affect other nations using the single European currency - the euro.
Therefore, investors have been scarred off putting their finance into eurozone nations with high debt such as Portugal, Spain and Italy.
Consequently, these countries have now have less money coming into their economies meaning that they are less likely be able to make payments for their own debts.
The euro has fallen to a one-year low against the US dollar due to the crisis.
This has hit US exports since they have become more expensive for eurozone nations to buy, reducing their demand.
What austerity measures is Greece taking to reduce its debt?
Greece has introduced a number of austerity measures in order to tackle its debt, leading to widespread public opposition.
The measures include cutting civil servants' bonuses - for instance, those given for speaking a foreign language and Christmas and Easter windfalls - by between 12 and 30 per cent, saving about $2.25bn.
It is pledging to trim social security payments further by raising the retirement age and banning early retirement in a bill to be produced in May.
The state pension will also be frozen, saving $600m.
It is raising VAT to 21 per cent from the current rate of 19 per cent, raising $1.7bn and is to introduce a two per cent supplemental gas tax to bring in $600m.
A one-off corporate tax will raise $1.3bn and a two per cent supplemental cigarette tax will create an extra $400m.
There will also be a one-off tax on holiday homes and oversized properties, while the commercial activities of churches will also be taxed.
In addition, the government has said that it will merge some state firms and sell stakes in others, in a measure to limit losses.
Military spending is to be scaled back, with arms purchases limited to 0.7 per cent of GDP in 2010.
Where is the bailout coming from?
The EU and IMF has offered more than $50bn in emergency loans to Greece.
However, it is not certain that the aid will be provided as the conditions for its provision need to be agreed.
Initially Athens decided not to take up the aid, preferring instead to secure finance on the open market whenever possible, but when that was no longer possible Greece had to ask for the aid package.
Germany, the eurozone's biggest economy, wants greater austerity measures from Athens, including more tax cuts, easier firing of civil servants and increased privatisation, for them to commit to the bailout.
A meeting of EU leaders on May 10 is expected to decide whether Greece will meet EU and IMF conditions and thus receive the emergency finance.
It will be held after a local election local election in Germany on May 9 as Berlin does not want any decision to affect the poll.
But Germany also wants to protect the euro and therefore may soften its stance before the vote.
Will the aid and austerity measures succeed?
Greece has to make a debt payment of $11.2bn on May 19. If a deal on the aid package is not secured before then the country could default on its debt or have its debt restructured.
Some analysts have said that while Germany resists providing emergency aid Greece's finances will only deteriorate, with doubts over its future causing money to be pulled out of Greek-provided assets.
However, a balance is needed as increased austerity measures could have a detrimental effect.
Cuts will reduce citizens' income and reduce spending. This has the potential to lead Greece into an even more severe recession, meaning a weaker economy and a reduced ability to repay debts.
Increased unemployment felt during such a recession and cuts to key services could also lead to social unrest.
Although Greece has introduced many of the austerity measures, their economic plan for 2011 and beyond is vague.
Some economists expect Greece's GDP to shrink by three per cent even if deficit cutting measures are only moderately successful.
That is one per cent more than hoped for by the EU and IMF as part of their bailout package.
Tuesday, April 20, 2010
ठुकरा दो या प्यार करो
ठुकरा दो या प्यार करो
देव! तुम्हारे कई उपासक कई ढंग से आते हैं।
सेवा में बहुमुल्य भेंट वे कई रंग की लाते हैं॥
धूमधाम से साजबाज से वे मंदिर में आते हैं।
मुक्तामणि बहुमुल्य वस्तुऐं लाकर तुम्हें चढ़ाते हैं॥
मैं ही हूँ गरीबिनी ऐसी जो कुछ साथ नहीं लायी।
फिर भी साहस कर मंदिर में पूजा करने चली आयी॥
धूप-दीप-नैवेद्य नहीं है झांकी का श्रृंगार नहीं।
हाय! गले में पहनाने को फूलों का भी हार नहीं॥
कैसे करूँ कीर्तन, मेरे स्वर में है माधुर्य नहीं।
मन का भाव प्रकट करने को वाणी में चातुर्य नहीं॥
नहीं दान है, नहीं दक्षिणा खाली हाथ चली आयी।
पूजा की विधि नहीं जानती, फिर भी नाथ! चली आयी॥
पूजा और पुजापा प्रभुवर! इसी पुजारिन को समझो।
दान-दक्षिणा और निछावर इसी भिखारिन को समझो॥
मैं उनमत्त प्रेम की प्यासी हृदय दिखाने आयी हूँ।
जो कुछ है, वह यही पास है, इसे चढ़ाने आयी हूँ॥
चरणों पर अर्पित है, इसको चाहो तो स्वीकार करो।
यह तो वस्तु तुम्हारी ही है ठुकरा दो या प्यार करो॥
- सुभद्रा कुमारी चौहान
देव! तुम्हारे कई उपासक कई ढंग से आते हैं।
सेवा में बहुमुल्य भेंट वे कई रंग की लाते हैं॥
धूमधाम से साजबाज से वे मंदिर में आते हैं।
मुक्तामणि बहुमुल्य वस्तुऐं लाकर तुम्हें चढ़ाते हैं॥
मैं ही हूँ गरीबिनी ऐसी जो कुछ साथ नहीं लायी।
फिर भी साहस कर मंदिर में पूजा करने चली आयी॥
धूप-दीप-नैवेद्य नहीं है झांकी का श्रृंगार नहीं।
हाय! गले में पहनाने को फूलों का भी हार नहीं॥
कैसे करूँ कीर्तन, मेरे स्वर में है माधुर्य नहीं।
मन का भाव प्रकट करने को वाणी में चातुर्य नहीं॥
नहीं दान है, नहीं दक्षिणा खाली हाथ चली आयी।
पूजा की विधि नहीं जानती, फिर भी नाथ! चली आयी॥
पूजा और पुजापा प्रभुवर! इसी पुजारिन को समझो।
दान-दक्षिणा और निछावर इसी भिखारिन को समझो॥
मैं उनमत्त प्रेम की प्यासी हृदय दिखाने आयी हूँ।
जो कुछ है, वह यही पास है, इसे चढ़ाने आयी हूँ॥
चरणों पर अर्पित है, इसको चाहो तो स्वीकार करो।
यह तो वस्तु तुम्हारी ही है ठुकरा दो या प्यार करो॥
- सुभद्रा कुमारी चौहान
जब नींद नहीं आती होगी! If you can understand it...
जब नींद नहीं आती होगी!
क्या तुम भी सुधि से थके प्राण ले-लेकर अकुलाती होगी!
जब नींद नहीं आती होगी!
दिनभर के कार्य-भार से थक जाता होगा जूही-सा तन,
श्रम से कुम्हला जाता होगा मृदु कोकाबेली-सा आनन।
लेकर तन-मन की श्रांति पड़ी होगी जब शय्या पर चंचल,
किस मर्म-वेदना से क्रंदन करता होगा प्रति रोम विकल
आँखों के अम्बर से धीरे-से ओस ढुलक जाती होगी!
जब नींद नहीं आती होगी!
जैसे घर में दीपक न जले ले वैसा अंधकार तन में,
अमराई में बोले न पिकी ले वैसा सूनापन मन में,
साथी की डूब रही नौका जो खड़ा देखता हो तट पर -
उसकी-सी लिये विवशता तुम रह-रह जलती होगी कातर।
तुम जाग रही होगी पर जैसे दुनिया सो जाती होगी!
जब नींद नहीं आती होगी!
हो छलक उठी निर्जन में काली रात अवश ज्यों अनजाने,
छाया होगा वैसा ही भयकारी उजड़ापन सिरहाने,
जीवन का सपना टूट गया - छूटा अरमानों का सहचर,
अब शेष नहीं होगी प्राणों की क्षुब्ध रुलाई जीवन भर!
क्यों सोच यही तुम चिंताकुल अपने से भय खाती होगी?
जब नींद नहीं आती होगी!
- रामेश्वर शुक्ल 'अंचल'
क्या तुम भी सुधि से थके प्राण ले-लेकर अकुलाती होगी!
जब नींद नहीं आती होगी!
दिनभर के कार्य-भार से थक जाता होगा जूही-सा तन,
श्रम से कुम्हला जाता होगा मृदु कोकाबेली-सा आनन।
लेकर तन-मन की श्रांति पड़ी होगी जब शय्या पर चंचल,
किस मर्म-वेदना से क्रंदन करता होगा प्रति रोम विकल
आँखों के अम्बर से धीरे-से ओस ढुलक जाती होगी!
जब नींद नहीं आती होगी!
जैसे घर में दीपक न जले ले वैसा अंधकार तन में,
अमराई में बोले न पिकी ले वैसा सूनापन मन में,
साथी की डूब रही नौका जो खड़ा देखता हो तट पर -
उसकी-सी लिये विवशता तुम रह-रह जलती होगी कातर।
तुम जाग रही होगी पर जैसे दुनिया सो जाती होगी!
जब नींद नहीं आती होगी!
हो छलक उठी निर्जन में काली रात अवश ज्यों अनजाने,
छाया होगा वैसा ही भयकारी उजड़ापन सिरहाने,
जीवन का सपना टूट गया - छूटा अरमानों का सहचर,
अब शेष नहीं होगी प्राणों की क्षुब्ध रुलाई जीवन भर!
क्यों सोच यही तुम चिंताकुल अपने से भय खाती होगी?
जब नींद नहीं आती होगी!
- रामेश्वर शुक्ल 'अंचल'
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