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Argentina’s new trillion-peso risk: mounting ‘Leliq’ debt

FILE PHOTO: A man shows Argentine pesos outside a bank in Buenos Aires' financial district
FILE PHOTO: A man shows Argentine pesos outside a bank in Buenos Aires' financial district, Argentina August 30, 2018. Picture taken August 30, 2018. REUTERS/Marcos Brindicci

March 13, 2019

By Gabriel Burin

BUENOS AIRES (Reuters) – Argentina has a new debt worry. The country’s pile of short-term “Leliq” notes has broken through 1 trillion pesos (around $24 billion), a potential strain on the central bank’s coffers and a fresh headache for the government in an election year.

The Leliq debt, denominated in pesos and auctioned daily to mostly domestic banks, helps the central bank mop up funds in the market to bolster a weak currency and bring down stubborn inflation. But with sky-high interest rates it is also raising concerns that it could become unsustainable.

The spike in the short-term government debt instrument is significant in a country where a tumbling peso, stalling growth and problems repaying debt last year led to an emergency $56 billion deal with the International Monetary Fund.

“If investors start thinking that this is a problem, then it could become a self-fulfilling prophecy,” said Carlos de Sousa, senior Latin America economist at Oxford Economics.

“Banks could be discouraged from holding Leliqs, the interest will go up further, and that may end up in the BCRA (central bank) having to rethink its monetary policy framework once again.”

A central bank spokesman said when inflation was taken into account the rise in Leliq volumes was “considerably more moderate.” Monthly inflation in January was 2.9 percent and is expected to rise around 32 percent this year.

The central bank auctioned around 200 billion pesos in Leliq notes on Wednesday at a four-month high average interest rate of 63.328 percent, with net Leliq debt rising above the trillion peso mark for the first time this week, according to official bank data and traders.

(GRAPHIC: Argentina’s trillion-peso Leliq debt – https://tmsnrt.rs/2UEgejH)

“SNOWBALL EFFECT”

In theory, if rates remained elevated, that could put the government on the line for annual interest of around 600 billion pesos or more, considering compound interest. Most analysts expect rates to drop, though they have spiked again recently.

Rates peaked at over 70 percent in October before easing to just above 40 percent last month as economic fears abated. However, higher-than-expected inflation and renewed fears about the peso have forced rates back up sharply over the last month.

The issue would arise if high rates created a “snowball” effect with Leliq notes, some analysts said, as the central bank issued more of the instrument to repay the debt. Leliqs set the benchmark lending rate and are a main tool to control inflation.

“The face value of Leliqs is really high now so we need to watch it closely,” said Juan Lezica, a Buenos Aires-based economist with consultancy ACM. “It starts to get a bit dangerous if it continues to grow at this rate.”

Rating agency Moody’s said on Wednesday the high rates were negative for the country’s banks because they increased loan delinquencies and stymied economic activity.

The sharp ramp-up of high-interest Leliq debt underscores how Argentina’s central bank is having to fire on all cylinders to defend the peso, which lost half its value against the dollar last year, and draw down inflation running at nearly 50 percent.

High-interest peso debt encourages banks to keep their money in the currency, rather than moving it into safer dollars – a trend which last year pummeled the peso.

Argentine President Mauricio Macri also wants to avoid a flight from the peso at all costs, which would destabilize an already fragile economic situation and derail his plans to seek re-election when the country heads to the polls in October.

Eric Ritondale, Buenos Aires-based economist at consultancy Econviews, said if markets remained stable then the central bank should be able to turn over the rising Leliq debt, but that rates – up twenty points in the last month – were the issue.

“The amount (of Leliq) itself doesn’t worry me so much,” he said. “What worries me is that rates have gained so much again after their lows earlier this year.”

($1 = 41.5000 Argentine pesos)

(Reporting by Gabriel Burin; Additional reporting by Jorge Otoala; Editing by Adam Jourdan and Rosalba O’Brien)

Source: OANN

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Soldier walking across US to aid other vets

A retired Army infantryman is walking across the U.S.

But no, it's not a scene from "Forrest Gump," and he's not crossing the country on a whim.

Alabama native Van Booth is walking across the U.S. to raise money for Operation Song, a nonprofit program that helps veterans, active-duty military and their families tell their stories.

The program is unique in how it helps veterans tap the power of song, pairing them with songwriters.

Operation Song is close to Booth's heart. He says that listening to his own story turned into a song was very healing and helped him cope with memories and lost comrades.

Retired veteran Van Booth walks a highway in Nevada to help veterans in need. So far he's walked 114 miles.

Retired veteran Van Booth walks a highway in Nevada to help veterans in need. So far he's walked 114 miles. (Walking for Life/Facebook)

He says it's hard for veterans to remember past trauma they've experienced in combat. It's much easier to talk about that material via music.

"It pairs a veteran with a national hit-making songwriter to help veterans get things off their chest they can't normally say," he explained to WZDX. "It seems to be easier to do over song, and it works."

On Friday Booth had just trekked through the state of Nevada. He aims to cover more than 2,800 miles with just a large stroller, equipped with a pouch to hold his guitar.

"The stringless guitar, meaning a silent guitar, represents the soldiers and veterans who aren't here anymore," Booth told WZDX.

"As of today, I'm about 114 miles total in my walk. I have been walking for the past week," Booth said.

Booth served as an infantryman from 1995 to 2016, taking part in Operation Iraqi Freedom.

He has been tweeting from the Pony Express trail in Nevada.

The best part for Booth is meeting new people along the way and having them open up to him.

"The amount of people I run into, the stories, it's just been amazing," he said.

Booth is also a member of Bearded Warriors, a veteran support group. There he met his friend Ty Oswald, who along with other members of the group, ise encouraging him along his journey.

"We talk about him every day," Oswald told WZDX. "We're all keeping up with him and trying to figure out how to make it easier for him or if there's stuff he needs and we can drop-ship him.

"We're super-proud of him. He's not doing it for anyone but everyone else."

Source: Fox News National

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Ex-SS guard charged with 5,230 counts of accessory to murder

A former Nazi guard has been charged with 5,230 counts of accessory to murder at the Stutthof concentration camp during the final months of World War II, German prosecutors said Thursday.

Prosecutors in the northern city of Hamburg said Thursday that the 92-year-old suspect, whose name they didn't release, is accused of assisting in the "malicious and cruel" killing of mainly Jewish inmates through his work as an SS guard at the camp between August 1944 and April 1945.

Prosecutors said the man, who was aged 17-18 at the time and would therefore be tried as a juvenile, was "a little wheel in the machinery of murder" which saw thousands of people shot dead, poisoned or starved toward the end of the war.

German daily Die Welt reported that the suspect, who it identified as Bruno Dey, acknowledged to investigators he was aware of the camp's gas chambers and saw bodies taken to the crematoriums, but denied being a supporter of Nazi ideology and expressed regret for the fate of Jews.

German prosecutors have charged a number of aging former concentration camp guards in recent years. There have been some convictions but in several cases the defendants' poor health has prevented them going on trial.

Source: Fox News World

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Mexico president Lopez Obrador signs vow he will not seek second term

FILE PHOTO: Mexico's President Andres Manuel Lopez Obrador attends a news conference at the National Palace in Mexico City
FILE PHOTO: Mexico's President Andres Manuel Lopez Obrador attends a news conference to announce a plan to strengthen finances of state oil firm Pemex, at the National Palace in Mexico City, Mexico February 15, 2019. REUTERS/Henry Romero/File Photo

March 19, 2019

MEXICO CITY (Reuters) – Mexico’s President Andres Manuel Lopez Obrador on Tuesday put in writing a promise to never seek a second term, after critics expressed worry that a new law allowing a mid-term recall referendum could be a step toward a re-election bid.

At a morning news conference, Lopez Obrador signed a document in which he vowed to step down as president when his term ends in 2024, and retire to his ranch in southern Mexico.

“Never, under any circumstance, will I try to perpetuate myself in the position that I currently have,” the document stated.

Several Latin American leaders have changed laws to allow them to stand for re-election, including leftists such as Venezuela’s late president Hugo Chavez and President Evo Morales in Bolivia. Colombia’s conservative former president Alvaro Uribe unsuccessfully tried to change the law and run for a second term.

The Mexican constitution limits a president to a single six-year term, and the principle of no re-election has been at the heart of Mexican politics since Francisco Madero campaigned in 1909 against president Porfirio Diaz, who had held on to power for three decades.

Late Thursday, Mexico’s lower house of Congress approved legislation permitting referendums to cut short the presidential term, in line with Lopez Obrador’s plan to have the public vote on his performance half-way through his administration.

The constitutional change, which must still be approved by the Senate, will enable Lopez Obrador to honor his pledge to give the electorate a chance to vote him out after three years.

Critics say that will also allow the president to put himself at the center of the campaign for mid-term legislative elections in 2021, and could encourage support for permitting re-election.

(Reporting by Sharay Angulo; Writing by Frank Jack Daniel; Editing by David Gregorio)

Source: OANN

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UN says fighting over Libya’s capital has displaced 18,000

The U.N. migration agency says recent clashes between rival Libyan militias for control of Tripoli have displaced more than 18,000 people.

U.N. spokesman Stephane Dujarric said on Monday in New York that the International Organization for Migration reported that 13 civilians are among the 146 killed so far in clashes since the self-styled Libyan National Army launched a major military offensive on April 5.

Dujarric says around 3,000 migrants remain trapped in detention centers in and close to conflict areas.

The fighting pits the Libyan National Army, led by commander Khalifa Hifter against militias affiliated with Tripoli's U.N.-backed government.

The clashes threaten to re-ignite civil war such as the 2011 one that toppled and killed longtime dictator Moammar Gadhafi. Libya is split between rival governments in the east and west.

Source: Fox News World

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Russia says it will probe Jehovah's Witnesses torture claim

An official of Russia's main criminal investigative body says it is probing allegations that its officers tortured members of the banned Jehovah's Witnesses.

The religious denomination says seven of its adherents were beaten, given electrical shocks and suffocated during interrogation this month at the Investigative Committee office in the city of Surgut. Russia banned the Jehovah's Witnesses in 2017, declaring the group an extremist organization.

The committee initially denied the torture claim. But the Interfax news agency on Friday cited regional committee official Oleg Menshikh as saying it had decided to probe the claim "given the agitation that has arisen after publication of this information in the media."

The torture claim came about a week after a Russian court sentenced a Danish Jehovah's Witness to six years in prison.

Source: Fox News World

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After Tripoli assault, Libya’s next battle could be over banks

FILE PHOTO: Members of Libyan National Army (LNA) commanded by Khalifa Haftar, get ready before heading out of Benghazi to reinforce the troops advancing to Tripoli, in Benghazi
FILE PHOTO: Members of Libyan National Army (LNA) commanded by Khalifa Haftar, get ready before heading out of Benghazi to reinforce the troops advancing to Tripoli, in Benghazi, Libya April 13, 2019. REUTERS/Esam Omran Al-Fetori/File Photo

April 25, 2019

By Ulf Laessing

TRIPOLI (Reuters) – Eastern Libya commander Khalifa Haftar has thrown much of his military forces into attacking Tripoli, but the outcome of the offensive could be determined by a separate battle — to keep open the parallel finance system that funds his soldiers.

Mobilizing Libya’s biggest military campaign since the 2011 overthrow of Muammar Gaddafi, Haftar has advanced on the U.N.-backed administration in the capital from a bastion in the east, where he has a parallel government and central bank branch.

The general has funded his eastern state with a mix of unofficial bonds, Russia-printed cash and deposits from eastern banks, accumulating debt worth around 35 billion Libyan dinars ($25.18 billion) outside the official banking system.

But diplomats and banking sources say that those sources of support might be closing, as the Tripoli-based central bank, which controls the country’s energy revenues, has taken steps to curtail the operations of banks in the east.

Those banks have in recent months struggled to meet minimum deposit requirements, which could give the Tripoli central bank allied to Tripoli Premier Fayez al-Serraj the excuse to shut off access to hard currency, they said.

“There is a looming banking crisis that could undermine eastern authorities’ ability to fund themselves in the near future,” said Claudia Gazzini, senior Libya analyst at International Crisis Group.

“The crisis was already in the making before the war broke out.”

Haftar has built up his Libyan National Army (LNA) with the help of the United Arab Emirates (UAE) and Egypt supplying heavy gear such helicopters, according to U.N. reports.

   

WELFARE STATE

But Gulf countries such as the UAE have preferred not to give cash directly to Haftar, fearing it will end up being used for the wrong purposes, several diplomatic sources told Reuters.

That has forced the septuagenarian leader to use merchants to import vehicles and other gear, using hard currency obtained from the Tripoli central bank and paid out by eastern commercial banks issuing letters of credit, military sources said.

There is no public data on the costs of Haftar’s war, but he has sent more than 1,000 troops west plus support staff like drivers or medics, military sources and residents said.

Fuel is not a problem, costing just 0.15 dinars a liter, with state oil firm NOC serving the whole country.

But in its attempt to capture Tripoli the LNA has used hundreds of vehicles, with convoys going west non-stop from Benghazi, carrying anything from soldiers to ammunition to food.

In addition, every day two flights with Russian-made transport planes go from Benghazi to Jufrah in central Libya, his main base. Seriously wounded soldiers are flown to Tunisia.

The offensive has stalled, and so the LNA has vowed to move in yet more troops.

Haftar’s finances face another potential vulnerability.

In November, the House of Representatives allied to Haftar approved a law to set up a military investment authority which gives the LNA control — like in Egypt — of parts of the economy including civilian activities such as scrap metal.

The investment vehicle’s companies are exempted from taxes and import duties, as part of a welfare state envisaged by Haftar, but they need banks to deal with partners abroad and expand their businesses, analysts say.

“If the banks fail, Haftar’s welfare state will come under pressure,” said a Western diplomat.

SUPPORT NETWORK

Functioning banks are also needed for Haftar’s parallel government to pay salaries and serve an LNA support network, analysts say. The central bank in Tripoli covers some public salaries in eastern Libya but not LNA soldiers hired after 2014 when the country split into western and eastern administrations.

The Tripoli central bank has already cut three eastern banks from Libya’s electronic banking system to curb their operations. Lenders have still been able to get hard currency via other banks but in a further step the Tripoli central bank might shut access completely, diplomats and business sources said.

The Tripoli central bank (CBL) has vowed to stay neutral and but diplomats say it is also helping Serraj, approving his plans to allocate some 2 billion dinars for his own war effort.

CBL did not respond to mailed questions.

There has been a banking crisis building up all across Libya and especially in the east, where three eastern banks have struggled to keep a required 20 percent of customers’ deposits at the Tripoli central bank: They have been paying out more hard currency in recent months, but need to balance accounts.

“Their deposits with CBL have fallen short of their statutory minimum requirements,” Husni Bey, a prominent business leader and owner of HB group.

Data received by Reuters confirmed his.

FEW OPTIONS

Diplomats do not expect Tripoli central bank governor Sadiq al-Kabir to shut eastern banks completely as this would pose risks for western lenders. The same banks operate in the west and east with money flows hard to differentiate.

But they fear the longer the conflict lasts, the harder it will be to unify the central banks and repay debt.

The west has piled up debt of 68 billion dinars, bringing Libya’s total deficit and public debt to 130 billion, including unpaid state obligations such as social insurance, said Bey.

The biggest worry among diplomats is that Haftar, who surprised world powers with his offensive, might try selling crude from oilfields and ports, bypassing NOC.

“If the offensive fails, Haftar might do this as he feels encouraged by (U.S. President Donald) Trump,” said one Western diplomat.

On Friday, the White House said that Trump had told Haftar by phone he recognized his “significant role in fighting terrorism and securing Libya’s oil resources”, a comment which has enraged his opponents but fired up LNA supporters.

(Additional reporting by Ghaida Ghantous in Dubai; Editing by William Maclean)

Source: OANN

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A man looks out at a flooded residential area in Gatineau
A man looks out at a flooded residential area in Gatineau, Quebec, Canada, April 24, 2019. REUTERS/Chris Wattie

April 26, 2019

MONTREAL/OTTAWA (Reuters) – Rising waters were prompting further evacuations in central Canada on Thursday, with the mayor of the country’s capital, Ottawa, declaring a state of emergency and Quebec authorities warning that a hydroelectric dam was at risk of breaking.

Ottawa Mayor Jim Watson declared the emergency in response to rising water levels along the Ottawa River and weather forecasts that called for significant rainfall on Friday.

In a statement on Twitter, Watson asked for help from the Ontario provincial government and the country’s military.

He warned that “flood levels are currently forecasted to exceed the levels that caused significant damage to numerous properties in the city of Ottawa in 2017.”

Spring flooding had killed one person and forced more than 900 people from their homes in Canada’s Quebec province as of 1 p.m. on Thursday, according to a government website.

Ottawa has received 80 requests for service related to potential flooding such as sandbagging, a city spokeswoman said.

The prospect of more rain over the next 24 to 48 hours triggered concerns on Thursday that the hydroelectric dam at Bell Falls in the western part of Quebec could be at risk of failing because of rising water levels.

Quebec’s provincial police said 250 people were protectively removed from homes in the area as of late afternoon in case the dam on the Rouge River breaks.

The dam is now at its full flow capacity of 980 cubic meters per second of water, said Francis Labbé, a spokesman for the province’s state-owned utility, Hydro Quebec. He said Hydro Quebec expected the flow could rise to 1,200 cubic meters per second of water over the next two days.

“We have to take the worst-case scenario into consideration, since we`re already at the maximum capacity,” Labbé said by phone.

The dam is part of a power station that no longer produces electricity, but is regularly inspected by Hydro Quebec, he said.

(Reporting by Allison Lampert in Montreal and David Ljunggren and Julie Gordon in Ottawa; Editing by James Dalgleish and Peter Cooney)

Source: OANN

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FILE PHOTO: Funeral of journalist Lyra McKee in Belfast
FILE PHOTO: Pallbearers carry the coffin of journalist Lyra McKee at her funeral at St. Anne’s Cathedral in Belfast, Northern Ireland, April 24, 2019. REUTERS/Clodagh Kilcoyne/File Photo

April 26, 2019

BELFAST (Reuters) – Detectives investigating the murder of journalist Lyra McKee in Northern Ireland last week suspect the gunman who shot her dead is in his late teens as they made a further appeal to the local community who they believe know his identity.

McKee’s killing by an Irish nationalist militant during a riot in Londonderry has sparked outrage in the province where a 1998 peace deal mostly ended three decades of sectarian violence that cost the lives of some 3,600 people.

The New IRA, one of a small number of groups that oppose the peace accord, has said one of its members shot the 29-year-old reporter dead in the Creggan area of the city on Thursday when opening fire on police during a riot McKee was watching.

The killing, which followed a large car bomb in Londonderry in January that police also blamed on the New IRA, has raised fears that small marginalized militant groups are exploiting a political vacuum in the province and tensions caused by Britain’s decision to leave the European Union.

Police released footage on Friday of immediately before and after the shooting showing three men who were involved in the rioting and identified one as the gunman who they believe is in his late teens. 

“I believe that the information that can help us to bring those responsible for her murder to justice lies within the community. I need the public to tell me who he is,” Detective Superintendent Jason Murphy told reporters.

Murphy said those involved in the disorder on the night were teenagers or in their early 20s, and that about 100 people were on the ground watching the trouble as it unfolded.

He added that police believed the gun used in the attack was of a similar caliber to those used before in paramilitary type attacks in Creggan. 

“I recognize that people living in Creagan may find it’s difficult to come forward to speak to police. Today, I want to provide a personal reassurance that we are able to deal with those issues sensitively,” Murphy said, echoing similar appeals in recent days.

(Reporting by Amanda Ferguson, editing by Padraic Halpin and Toby Chopra)

Source: OANN

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Traders work on the floor at the NYSE in New York
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid

April 26, 2019

By Sruthi Shankar and Amy Caren Daniel

(Reuters) – U.S. stock index futures were flat on Friday, as investors paused ahead of GDP data, which is expected to show the world’s largest economy maintained a moderate pace of growth in the first quarter.

Gross domestic product probably increased at a 2% annualized rate in the quarter as a burst in exports, strong inventory stockpiling and government investment in public construction projects offset a slowdown in consumer and business spending, according to a Reuters survey of economists.

The Commerce Department report will be published at 8:30 a.m. ET.

The GDP data comes as investors look for fresh catalysts to push the markets higher. The S&P 500 index is about 0.5% below its record high hit in late September, after surging nearly 17% this year.

First-quarter earnings have been largely upbeat, with nearly 78% of the 178 companies that have reported so far surpassing earnings estimates, according to Refinitiv data.

Wall Street now expects S&P 500 earnings to be in line with the year-ago quarter, a sharp improvement from the 2.3% fall expected at the start of April.

Amazon.com Inc rose 0.9% in premarket trading after the e-commerce giant reported quarterly profit that doubled and beat estimates on soaring demand for its cloud and ad services.

Ford Motor Co shares surged 8.5% after the automaker posted better-than-expected first-quarter earnings largely due to strong pickup truck sales in its core U.S. market.

Mattel Inc jumped 8% after the toymaker beat analysts’ estimates for quarterly revenue, as a more diverse range of Barbie dolls powered sales in the United States.

At 6:52 a.m. ET, Dow e-minis were down 35 points, or 0.13%. S&P 500 e-minis were down 1.5 points, or 0.05% and Nasdaq 100 e-minis were up 10.75 points, or 0.14%.

Among decliners, Intel Corp slumped 7.7% after it cut its full-year revenue forecast and missed quarterly sales estimate for its key data center business.

Rival Advanced Micro Devices declined 0.8%.

Oil majors Exxon Mobil Corp and Chevron Corp are expected to report results later in the day.

(Reporting by Sruthi Shankar and Amy Caren Daniel in Bengaluru; Editing by Anil D’Silva)

Source: OANN

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General view of a destroyed building during World War II is pictured in Warsaw
General view of a destroyed building during World War II is pictured in Warsaw, Poland April 26, 2019. REUTERS/Kacper Pempel

April 26, 2019

By Joanna Plucinska

WARSAW (Reuters) – Germany could owe Poland more than $850 billion in reparations for damages it incurred during World War Two and the brutal Nazi occupation, a senior ruling party lawmaker said.

Some six million Poles, including three million Polish Jews, were killed during the war and Warsaw was razed to the ground following a 1944 uprising in which about 200,000 civilians died.

Germany, one of Poland’s biggest trade partners and a fellow member of the European Union and NATO, says all financial claims linked to World War Two have been settled.

The right-wing Law and Justice (PiS) has revived calls for compensation since it took power in 2015 and has made the promotion of Poland’s wartime victimhood a central plank of its appeal to nationalism.

PiS has yet to make an official demand for reparations but its combative stance towards Germany has strained relations.

“Poland lost not only millions of its citizens but it was also destroyed in an unusually brutal way,” Arkadiusz Mularczyk, who heads the Polish parliamentary committee on reparations, told Reuters in an interview.

“Many (victims) are still alive and feel deeply wronged.”

His comments come a month before European Parliament elections in which populist and nationalist parties are expected to do well. Poland will also hold national elections later this year, with PiS still well ahead of its rivals in opinion polls.

EU LARGESSE

Mularczyk said the reparations figure could amount to more than 10 times the estimated 100 billion euros ($111 billion) that Poland has received so far in European Union funds since it joined the bloc in 2004.

Germany is the biggest net donor to the EU budget and some Germans regard its contributions as generous compensation to recipient countries like Poland which suffered under Nazi rule.

In 1953 Poland’s then-communist rulers relinquished all claims to war reparations under pressure from the Soviet Union, which wanted to free East Germany, also a Soviet satellite, from any liabilities. PiS says that agreement is invalid because Poland was unable to negotiate fair compensation.

Mularczyk said his committee hoped to complete its report on the reparations issue by Sept. 1, the 80th anniversary of Hitler’s invasion.

Accusing Berlin of playing “diplomatic games” over the issue, he said: “The matter is being swept under the rug (by Germany) … until it’ll be wiped from the memory, from people’s awareness.”

His comments come after the Greek parliament voted this month to seek billions of euros in German reparations for the Nazi occupation of their country.

(Additional reporting by Anna Wlodarczak-Semczuk, Editing by Justyna Pawlak and Gareth Jones)

Source: OANN

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FILE PHOTO - Otto Frederick Warmbier is taken to North Korea's top court in Pyongyang North Korea
FILE PHOTO – Otto Frederick Warmbier (C), a University of Virginia student who was detained in North Korea since early January, is taken to North Korea’s top court in Pyongyang, North Korea, in this photo released by Kyodo March 16, 2016. Mandatory credit REUTERS/Kyodo/File Photo

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday said the United States did not pay any money to North Korea as it sought the release of comatose American student Otto Warmbier.

The Washington Post reported on Thursday that Trump had approved payment of a $2 million bill from North Korea to cover its care of the college student, who died shortly after he was returned to the United States after 17 months in a North Korean prison.

(Reporting by Makini Brice and Susan Heavey)

Source: OANN

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