Dueling trackers keeping tabs on Santa

Updated 7:58 p.m. Eastern

PETERSON AIR FORCE BASE, Colo. Volunteers at a U.S. Air Force base monitoring Santa Claus' progress around the world were on track to answer a record number of calls Monday from children wanting to know everything from Saint Nick's age to how reindeer fly.

Oh, and when are the presents coming?

Phones were ringing nonstop at Peterson Air Force Base, headquarters of the North American Aerospace Command's annual Santa-tracking operation.

First Lady Michelle Obama joined in from Hawaii, where she answered phone calls for about 30 minutes.

First Lady Michelle Obama reacts while talking on the phone to children across the country as part of the annual NORAD Tracks Santa program. Mrs. Obama answered the phone calls from Kailua, Hawaii, Christmas Eve, Dec. 24, 2012.

/

The White House/Pete Souza

NORAD Tracks Santa was on pace to exceed last year's record of 107,000 calls, program spokeswoman Marisa Novobilski said.

But NORAD has some fresh competition: Google has unveiled a new Santa tracker this year. As CNET reports, Google Maps engineers developed a new route algorithm that will let users track Saint Nick's journey on a special Santa Tracker page.

"Google has been tracking Santa via Google Earth since 2004," CNET's Don Reisinger notes. "This is the first time the company has launched a broader Santa Tracker tool that competes with NORAD's perennial favorite."

The NORAD maps show Santa is in Europe and heading west. He has delivered more than 4 billion presents so far, according to the "NORAD Tracks Santa" website.

Volunteers started taking calls at 4 a.m. Mountain time on Monday and will keep updating until 3 a.m. on Christmas morning.

NORAD Tracks Santa began in 1955 when a newspaper ad listed the wrong phone number for kids to call Santa. Callers ended up getting the Continental Air Defense Command, NORAD's predecessor, and a tradition was born.

Officers played along. Since then, NORAD Tracks Santa has gone global, posting updates for nearly 1.2 million Facebook fans and 104,000 Twitter followers.

Volunteer Sara Berghoff was caught off-guard when a child called to see if Santa could be especially kind this year to the families affected by the recent Connecticut school shooting.

"I'm from Newtown, Connecticut, where the shooting was," she remembered the child asking. "Is it possible that Santa can bring extra presents so I can deliver them to the families that lost kids?"

Sara, just 13 herself, gathered her thoughts quickly. "If I can get ahold of him, I'll try to get the message to him," she told the child.

Following is a sampling of calls received at the base:

---

GIFTS IN HEAVEN: One little boy from Missouri phoned in to ask what time Santa delivered toys to heaven, said volunteer Jennifer Eckels, who took the call. The boy's mother got on the line to explain that his sister had died this year.

"I think Santa headed there first," Eckels told him.

---

IS HE THERE YET?: James Solano took a call from a young girl and her father in Bangkok, asking when Santa would arrive. Solano checked the map and said it wouldn't be long.

"The dad was saying, `We've got to get to bed soon,"' said Solano, an Army colonel.

"It was kind of neat," he said. "They were very thrilled."

---

SANTA KNOWS: Glenn Barr took a call from a 10-year-old who wasn't sure if he would be sleeping at his mom's house or his dad's and was worried about whether Santa would find him.

"I told him Santa would know where he was and not to worry," Barr said.

Another child asked if he was on the nice list or the naughty list.

"That's a closely guarded secret, and only Santa knows," Barr replied.

---

THE REAL DEAL: A young boy called to ask if Santa was real.

Air Force Maj. Jamie Humphries, who took the call, said, "I'm 37 years old, and I believe in Santa, and if you believe in him as well, then he must be real."

The boy turned from the phone and yelled to others in the room, "I told you guys he was real!"

Read More..

4 Firefighters Shot, 2 Killed in NY 'Trap'

A man who served nearly 17 years in jail for killing his grandmother set a house and car on fire this morning in upstate New York and then began shooting at emergency personnel who showed up, killing two firefighters, police said.

In all, William Spengler, 62, shot four firefighters, killing two and severely injuring two more after setting his "trap," police said.

An off-duty police officer from Greece, N.Y., who responded to the scene early in the morning of Christmas Eve also was injured today.

"It was a trap," said Webster, N.Y., Police Chief Gerald L. Pickering, "set by Mr. Spengler who laid in wait and shot first responders."

Spengler, who was released from prison in 1998, was found dead at the scene following a shootout with police. He was believed to have killed himself with a bullet to the head.

As a convicted felon, Spengler would not have been allowed to own guns legally. Police were working to determine the types of weapons he used and how he obtained them, Pickering said.

Spengler was convicted of manslaughter in 1981 for "beating his 92-year-old grandmother with a hammer," according to state prison documents.

Several weapons were used, Pickering said, and, "probably a rifle was used to inflict wounds of the first responders.

"I know many people are going to be asking if they were assault rifles," Pickering said

There has been a week-long national debate about such weapons after one was used in a tragic school shooting in Newtown, Conn. on Dec. 14.

Four firefighters, two on a ladder truck and two more in their own vehicles, responded to 911 calls around 5:30 a.m. Monday morning. Spengler is believed to have hidden behind an elevated berm, shooting down on the firefighters and later police.

"Upon arrival, all [the firefighters] drew fire. All four were shot on the scene," Pickering said. "One was able to flee the scene. The other three were pinned down."

Police believe Spengler's sister may have been inside the home, and that he set it on fire.

The blaze spread, engulfing three nearby homes and damaging three more on a sleepy street next to Lake Ontario that police described as a quiet vacation community. The fire was not put under control until late this afternoon.

SWAT team officers used an armored personnel carrier to evacuate 33 residents from homes in the area.

Among the dead firefighters was Lt. Michael Chiapperini, a 20-year veteran of the Webster Police Department and "lifetime firefighter," according to Pickering. Chiapperini was a spokesman for the police department, ABC News affiliate WHAM reported.

Police identified the other firefighter killed as Tomasz Kaczowka, who also worked as a 911 dispatcher.

The chief, choking up, called the incident that shattered the quiet before 6 a.m. on Christmas Eve morning "terrible."

"People get up in the middle of the night to fight fires," he said. "They don't expect to get shot and killed."

Two surviving firefighters were in the intensive care unit at Strong Memorial Hospital in Rochester, N.Y. Both men were awake and breathing on their own after surgery and were in what doctors are calling "guarded condition."

Joseph Hofsetter was shot once. He sustained an injury to his pelvis and has "a long road to recovery," said Dr. Nicole A. Stassen, a trauma physician.

The second firefighter, Theodore Scardino, was shot twice and received injuries to his left shoulder and left lung, as well as a knee.

New York Gov. Andrew Cuomo released a statement calling the attack a "senseless act of violence" and the first responders "true heroes."

Read More..

Egyptians back new constitution in referendum

CAIRO (Reuters) - An Islamist-backed Egyptian constitution won approval in a referendum, rival camps said on Sunday, after a vote the opposition said would sow deep social divisions in the Arab world's most populous nation.

The Islamist Muslim Brotherhood, which propelled President Mohamed Mursi to power in a June election, said an unofficial tally showed 64 percent of voters backed the charter after two rounds of voting that ended with a final ballot on Saturday.

An opposition official also told Reuters their unofficial count showed the result was a "yes" vote, while party spokesmen said there had been a series of abuses during the voting.

The main opposition coalition, the National Salvation Front, responded to the defeat by saying it was moving towards forming a single political party to challenge the Islamists who have dominated the ballot box since strongman Hosni Mubarak was overthrown two years ago.

Members of the opposition, taking heart from a low turnout of about 30 percent of voters, pledged to keep up pressure on Mursi through peaceful protests and other democratic means.

"The referendum is not the end of the road," said Khaled Dawoud, a spokesman for the National Salvation Front. "It is only the beginning of a long struggle for Egypt's future."

The referendum committee may not declare official results for the two rounds until Monday, after hearing appeals. If the outcome is confirmed, a parliamentary election will follow in about two months.

Mursi's Islamist backers say the constitution is vital for the transition to democracy, nearly two years after Mubarak was ousted in a popular uprising. It will provide the stability needed to help a fragile economy, they say.

The constitution was "a historic opportunity to unite all national powers on the basis of mutual respect and honest dialogue for the sake of stabilizing the nation," the Brotherhood said in a statement.

RECIPE FOR UNREST

The opposition accuses Mursi of pushing through a text that favors Islamists and ignores the rights of Christians, who make up about 10 percent of the population, as well as women. They say it is a recipe for further unrest.

The opposition said voting in both rounds was marred by abuses. However, an official said the overall vote favored the charter.

"The majority is not big and the minority is not small," liberal politician Amr Hamzawy said, adding that the National Salvation Front would use "all peaceful, democratic means" such as protests to challenge the constitution.

The vote was split over two days as many judges had refused to supervise the ballot, making a single day of voting impossible.

During the build-up to the vote there were deadly protests, sparked by Mursi's decision to award himself extra powers in a November 22 decree and then to fast-track the constitutional vote.

The new basic law sets a limit of two four-year presidential terms. It says the principles of sharia, Islamic law, remain the main source of legislation but adds an article to explain this. It also says Islamic authorities will be consulted on sharia - a source of concern to Christians and others.

ABUSES

Rights groups reported what they said were illegalities in voting procedures. They said some polling stations opened late, that Islamists illegally campaigned at some polling places, and complained of irregularities in voter registration.

But the committee overseeing the two-stage vote said its investigations showed no major irregularities in voting on December 15, which covered about half of Egypt's 51 million voters. About 25 million were eligible to vote in the second round.

The Brotherhood said turnout was about a third of voters.

The opposition says the constitution will stir up more trouble on the streets since it has not received sufficiently broad backing for a document that should be agreed by consensus, and raised questions about the fairness of the vote.

In the first round, the district covering most of Cairo voted "no," which opponents said showed the depth of division.

"I see more unrest," said Ahmed Said, head of the liberal Free Egyptians Party and a member of the opposition Front.

He cited "serious violations" on the first day of voting, and said anger against Mursi was growing. "People are not going to accept the way they are dealing with the situation."

At least eight people were killed in protests outside the presidential palace in Cairo this month. Islamists and rivals clashed in Alexandria, the second-biggest city, on the eves of both voting days.

(Writing by Edmund Blair and Giles Elgood; editing by Philippa Fletcher)

Read More..

Ferrari joins green revolution

MARANELLO, Italy: Italy's red racing giant Ferrari wants to go green, cutting emissions without sacrificing horsepower and working on a new hybrid model set to thrill pro-environment speed junkies.

"We're working on reducing energy consumption without forgetting that the symbol of Ferrari is performance," Matteo Lanzavecchia, head of development, told AFP at the luxury car-maker's historic factory in Maranello, a small town in the Emilia Romagna region.

"We've also managed to up horsepower to 100 while still reducing CO2 emissions by 30 percent," he said.

The sleek "California 30", one of the brand's most sought-after models with a price tag of 180,000 euros ($239,000), has been vamped up with the new technology -- extra horsepower but weighing 30 kilogrammes (66 pounds) less than the previous version.

"We're going all out, not just using the lightest materials but making adjustments across the board. We have improved the brake system to reduce friction and the fan to reduce energy consumption," Lanzavecchia said.

And the green drive does not stop there: among the towering steel machines on the Maranello factory floor trees have been planted to control the air's humidity levels.

The most recent buildings have also been built with vast glass bays to allow more light in and slash electricity consumption.

The hybrid car -- set to hit salesrooms in the next few months -- aims to lure customers not only with its green credentials but also the promise of an off-piste taste of a Formula One experience.

It will have the Kinetic energy recovery system (KERS) used in the famous racer -- which recovers energy during braking and stores it for future use -- "to reduce consumption but also capture the thrill of driving a Ferrari", Lanzavecchia said.

The luxury brand has managed to avoid fallout from the economic crisis which hit the standard automobile industry.

Last year, 7,200 Ferraris were sold around the world, up 10 percent from 2010, and the company's turnover this year has shot up over the two billion euro level for the first time in its history.

As well as focussing on emerging markets, the brand has been tempting clients with "personal stylist" services and gadgets to gussy up the inside of gleaming new Ferraris.

"There are opportunities all over the world. Of course, we are more prudent about some markets such as Europe, but there are others where the economy is growing -- China, Indonesia, Malaysia or the United States," commercial director Enrico Galliera said.

For a small fee -- up to half the cost of the vehicle -- customers can personalise the car's interior with cashmere, peccary or teak and choose their favourite model of seats, seat-belt, HI-FI system and touch-screen.

"We have personal designers who help the client choose and give him advice," Nicola Boari, head of the personal shopper system, said in the factory's workshop.

Nearby, women in red overalls cut out metres of fabric for the cars' interiors, tailoring them specially for each new owner.

Anything goes -- as long as it stays within the limits of good taste and conforms to Ferrari's glossy and seductive "Italian style".

"We would never let a Ferrari leave our factory with crocodile-leather seats or our trademark horse symbol done in diamonds," one of the stylists said.

The extras may cost, but that does not seem to put eager customers off -- around 98 percent of them choose to jazz up their brand new racers.

- AFP/al

Read More..

Love low-fi? 3D-print your own vinyl records

I can't bear to part with my record collection. It's got gems like Steely Dan's "The Royal Scam" that sound better on a turntable and amplifier than on MP3.

Maybe analog sound can feel better because we're analog creatures. Whatever the reason, vinyl's recent popularity has led to events like Record Store Day and DIY projects like Amanda Ghassaei's 3D-printed records.

An editorial staffer at Instructables.com, Ghassaei managed to lay down digital audio files on 3D-printed 33 rpm records that she played on a standard turntable.

The results, as heard in the video below, sound about as clear as phonograph cylinders from the 1880s. The audio output has a sampling rate of 11kHz and 5- to 6-bit resolution, but tunes like Nirvana's "Smells Like Teen Spirit" are easily recognizable.

Ghassaei went to TechShop in San Francisco and created the records on a large-scale Objet Connex500 printer, which has a particularly high 600dpi X and Y resolution and a print layer accuracy of 16 microns.

It produced records with grooves that are wider and deeper than factory-made vinyls, so each side can only fit five or six minutes of sound. Check out a video of Ghassaei removing the white resin records from the printer, pizza-style, and scraping off the residue here.

She notes that her 3D-printed copy of Daft Punk's "Around the World" had such a heavy bass sound that it threw the needle off and forced her to revise the conversion algorithm. Meanwhile, you can download her other printed songs like New Order's "Blue Monday" here.

"The Objet still at least an order of magnitude or two away from the resolution of a real vinyl record," Ghassaei writes. "My hope with this project was that despite the lack of vinyl-quality precision, I would still be able to produce something recognizable by approximating the groove shape as accurately as possible with the tools I had."

Her homespun records are only prototypes and who knows how good they'll get. Could this lead to a DIY K-tel?

Read More..

Inouye remembered at Hawaii memorial service

HONOLULU President Barack Obama, Gov. Neil Abercrombie and other dignitaries attended a memorial service for the late Sen. Daniel Inouye on Sunday.

A 19-gun cannon salute was fired as Inouye's coffin arrived for the service at Honolulu's National Memorial Cemetery of the Pacific, the final resting place to thousands of World War II veterans. More than 400 members of the storied Japanese-American 442nd Regimental Combat Team -- of which Inouye was a part -- are buried at the site.

Several cabinet secretaries and a number of senators also attended the service, including fellow Hawaii Democrat Daniel Akaka and Senate Majority Leader Harry Reid.

Play Video

Reid on Bob Dole's friendship with Inouye

"Daniel was the best senator among us all," Reid told those assembled. "Whenever we needed a noble man to lean on, we turned to Sen. Dan Inouye. He was fearless."

The 88-year-old Inouye died of respiratory complications on Dec. 17.

He was the first Japanese-American elected to both houses of Congress and the second-longest serving senator in U.S. history.

The past week has been marked by tributes and honors for Inouye, with services held in Washington and in Hawaii. He lay in state at both the U.S. Capitol Rotunda on Thursday and the Hawaii state Capitol on Saturday.

Inouye was a high school senior in Honolulu on Dec. 7, 1941, when he watched dozens of Japanese planes fly toward Pearl Harbor and other Oahu military bases to begin a bombing that changed the course of world events.

He volunteered for a special U.S. Army unit of Japanese-Americans and lost his right arm in a battle with Germans in Italy. That scratched his dream of becoming a surgeon and went to law school and into politics instead.

He became known as an economic power in his home state as part of the Senate Appropriations Committee, where he steered federal money toward Hawaii to build roads, schools and housing.

Obama eulogized Inouye during a service at Washington's National Cathedral on Friday, saying that Inouye's presence during the Watergate hearings helped show him what could be possible in his own life.

The president arrived early Saturday in Honolulu for his annual Christmas family vacation.

Read More..

NRA Chief LaPierre: 'Call Me Crazy'

National Rifle Association CEO Wayne LaPierre fired back at his critics today, defending his proposal to put armed guards in every school in the country as a way to prevent future tragedies like the Sandy Hook Elementary School shooting that took the lives of 20 children and six adults.

"If it's crazy to call for armed officers in our schools to protect our children, then call me crazy," the head of the powerful gun lobby said today on NBC's "Meet the Press."

LaPierre and the NRA came under harsh criticism this week for their response to the Newtown, Conn., school shooting.

After keeping silent for a week, except for a release announcing that the organization would make "meaningful contributions" to the search for answers to the problem of gun violence, LaPierre held what critics described as a "tone deaf" press conference in which he blamed the media, video games and Hollywood for the recent shootings, and suggested that the answer to gun violence was more guns.

Gun control advocates argue that a federal assault weapons ban is necessary to curbing gun violence. Sen. Dianne Feinstein, D-Calif., who helped pass an assault weapons ban in 1996 is renewing efforts to pass similar legislation as the original ban expired in 2004.

PAUL J. RICHARDS/AFP/Getty Images

National Rifle Association News Conference Interrupted by Protesters Watch Video

Critics Slam NRA for Proposing Armed School Guards Watch Video

"I think that is a phony piece of legislation and I do not believe it will pass for this reason: it's all built on lies," LaPierre said today.

LaPierre and many pro-gun advocates like him argue that assault weapons bans aren't effective and that violent criminals are solely to blame.

INFOGRAPHIC: Guns in America: By The Numbers

In today's interview, LaPierre pointed out that the Columbine High School shooting occurred after the assault weapons ban passed, but he failed to mention that the shooters obtained the guns they used illegally though a gun show.

He also did not discuss the fact that there was an armed guard on duty at the school when Eric Harris and Dylan Klebold killed 13 people there before killing themselves.

Several senators watching LaPierre's interview had strong reactions.

"He says the only way to stop a bad guy with a gun is a good guy with a gun. What about stopping the bad guy from getting the gun in the first place?" said Sen. Chuck Schumer, D-N.Y., on NBC's "Meet the Press."

Sen. Lindsey Graham, R-S.C., who was also on the show, said that he open to discussing increased school security but warned against a quick rush to ban assault weapons.

"I don't suggest we ban every movie with a gun in it and every video that's violent and I don't suggest that you take my right buy an AR-15 away from me because I don't think it will work," Graham said on NBC's "Meet the Press."

New Jersey Gov. Chris Christie said he didn't think having armed guards in schools was a good idea, though the Republican said he was "not commenting on the NRA proposal in particular."

"I am not someone who believes that having multiple, armed guards, in every school, is something that will enhance the learning environment, and that is our first responsibility inside a school, is the learning environment, you don't want to make this an armed camp for kids, I don't think that is a positive example for children," he said. "We should be able to figure out some other ways to enhance safety."

Earlier this week protesters from the group "Code Pink" snuck into the NRA press conference and held up a sign that read "NRA Blood on Your Hand."

Read More..

Egypt's constitution approved in vote, say rival camps

CAIRO (Reuters) - A constitution drafted by an Islamist-dominated assembly was approved by a majority of Egyptians in a referendum, rival camps said on Sunday, after a vote the opposition said drove a wedge through the Arab world's most populous nation.

The Muslim Brotherhood, which propelled President Mohamed Mursi to power in a June election, said 64 percent of voters backed the charter after two rounds of voting that ended with a final ballot on Saturday. It cited an unofficial tally.

An opposition official also told Reuters their unofficial count showed the result was a "yes" vote.

The referendum committee may not declare official results for the two rounds until Monday, after hearing appeals. If the outcome is confirmed, a parliamentary election will follow in about two months.

Mursi's Islamist backers say the constitution is vital for the transition to democracy, nearly two years after the overthrow of autocrat Hosni Mubarak in an uprising. It will provide stability needed to help a fragile economy, they say.

But the opposition accuses Mursi of pushing through a text that favors Islamists and ignores the rights of Christians, who make up about 10 percent of the population, as well as women. They say it is a recipe for further unrest.

"According to our calculations, the final result of the second round is 71 percent voting 'yes' and the overall result (of the two rounds) is 63.8 percent," a Brotherhood official, who was in an operations room monitoring the vote, told Reuters.

His figures were confirmed by a statement issued shortly afterwards by the group and broadcast on its television channel.

The Brotherhood and its party, as well as members of the opposition, had representatives monitoring polling stations and the vote count across the country.

The opposition said voting in both rounds was marred by abuses and had called for a re-run after the first stage. However, an official said the overall vote favored the charter.

"They (Islamists) are ruling the country, running the vote and influencing the people, so what else could we expect," the senior official from the main opposition coalition, the National Salvation Front, told Reuters.

PROTESTS

The vote was split over two days as many judges had refused to supervise the ballot.

"I'm voting 'no' because Egypt can't be ruled by one faction," said Karim Nahas, 35, a stockbroker, heading to a polling station in Giza, in greater Cairo, in the last round.

At another polling station, some voters said they were more interested in ending Egypt's long period of political instability than in the Islamist aspects of the charter.

"We have to extend our hands to Mursi to help fix the country," said Hisham Kamal, an accountant.

The build-up to the vote witnessed deadly protests, sparked by Mursi's decision to award himself extra powers in a decree on November 22 and then to fast-track the constitution to a vote.

Hours before polls closed, Vice President Mahmoud Mekky announced his resignation. He said he wanted to quit last month but stayed on to help Mursi tackle the crisis that blew up when the Islamist leader assumed wide powers.

Mekky, a prominent judge who said he was uncomfortable in politics, disclosed earlier he had not been informed of Mursi's power grab. The timing of his resignation appeared linked to the lack of a vice-presidential post under the draft constitution.

The new basic law sets a limit of two four-year presidential terms. It says the principles of Islamist sharia law remain the main source of legislation but adds an article to explain this. It also says Islamic authorities will be consulted on sharia - a source of concern to Christians and others.

TURNOUT

Rights groups reported what they said were illegalities in voting procedures. They said some polling stations opened late, that Islamists illegally campaigned at some polling places and complained of irregularities in voter registration.

But the committee overseeing the two-stage vote said its investigations showed no major irregularities in voting on December 15, which covered about half of Egypt's 51 million voters. About 25 million were eligible to vote in the second round.

The Brotherhood said turnout was about a third of voters.

The opposition says the constitution will stir up more trouble on the streets since it has not received sufficiently broad backing for a document that should be agreed by consensus, and raised questions about the fairness of the vote.

In the first round, the district covering most of Cairo voted "no," which opponents said showed the depth of division.

"I see more unrest," said Ahmed Said, head of the liberal Free Egyptians Party and a member of the National Salvation Front, an opposition coalition formed after Mursi expanded his powers on November 22 and then pushed the constitution to a vote.

He cited "serious violations" on the first day of voting, and said anger against Mursi was growing. "People are not going to accept the way they are dealing with the situation."

At least eight people were killed in protests outside the presidential palace in Cairo this month. Islamists and rivals clashed in Alexandria, the second-biggest city, on the eves of both voting days.

Late on Saturday, Mursi announced the names of 90 new members he had appointed to the upper house of parliament, state media reported, and a presidential official said the list was mainly liberals and other non-Islamists.

A spokesman for the National Salvation Front, which groups opponents who include liberals, socialists and other parties and politicians, said the Front's members had refused to take part.

Legislative powers, now held by Mursi because the lower house of parliament was dissolved earlier this year, will pass to the upper house under the new constitution.

Two-thirds of the 270-member upper house was elected in a vote this year, with one third appointed by the president. Mursi, elected in June, had not named them until now. Mursi's Islamist party and its allies dominate the assembly.

(Writing by Edmund Blair and Giles Elgood; Editing by Mark Trevelyan and Todd Eastham)

Read More..

Euro survives 2012, further tests in store

BRUSSELS: The battered euro, written off as a dud many times during a crisis-wracked year, appears to have survived 2012, but 2013 could prove just as difficult if the economy continues to struggle.

It finished the year strongly after the 17 eurozone nations earlier this month nailed down a deal to supply long-delayed bailout funds to Greece to keep the country afloat, and the bloc intact.

Athens in turn delivered on its part of the bargain -- more stinging austerity, economic reforms and a tight budget -- all with the aim of cutting its massive debt burden to a more sustainable 124 percent of GDP by 2020.

Then progress towards tighter economic and fiscal coordination in the eurozone, and a key first step towards a shared bank supervision regime, rounded out the gains, leaving the Europe in much better shape than seemed likely at the beginning of the year.

"Many observers felt it was all over for Greece (and its) ... remaining in the eurozone. As year-end approaches, we know that these Casandras were wrong," EU Economics Commissioner Olli Rehn said.

For many months, all analysts could talk about was Greece's likely exit from the eurozone and what it would mean for the bloc's future.

Now, "the likelihood of a member state leaving the eurozone is gone," said Janis Emmanouilidis of the European Policy Centre (EPC) think-tank.

Reflecting the change, Standard and Poor's raised Greece's sovereign debt rating by a massive six notches because of what it termed the "strong determination of ... (eurozone) member states to preserve Greek membership."

Greek Finance Minister Yannis Stournaras said the decision "was a very important one that created a climate of optimism. But we know that the road is still long and hard, the hour is not one for easing up."

Analysts also highlighted agreement on the eurozone's Single Supervisory Mechanism (SSM) to regulate its banks, a first step in ring-fencing lenders who get into trouble and threaten financial disaster.

Perhaps the key breakthrough, giving purpose and backing to the other reforms, was a commitment by European Central Bank head Mario Draghi over the summer months to do anything necessary to save the euro.

In September, Draghi said the ECB would buy up the sovereign debt of any eurozone member state without limit, if that is what it took to keep the financial markets in check.

This pledge of 'Outright Monetary Transactions' meant markets' could no longer enjoy a one-way bet against a member state as the ECB could step in on its side.

The immediate result was a sharp easing in borrowing costs, especially for Spain and Italy which had been tipped to follow Greece, Ireland and Portugal in needing a bailout.

That change, backed up a 100 billion euros eurozone lifeline for its banks, allowed the Spanish government to hold the line.

By year-end, few were talking of Madrid as the next debt crisis casualty, with its banks also being stabilised at a much lower-than-expected cost of some 40 billion euros.

Some analysts said it was important not to get too carried away, however.

The outlook for the next two years "looks less unsettled and will be concerned above all with implementing the new supervisory regime and winding up mechanism for the banks," CM-CIC Securities analysts said in a note.

For Barclays, talks on closer integration in the eurozone could prove heated and even chaotic, with the emergence of deep differences running the risk of stoking fresh tensions on the markets.

Above all, the uncertainties for the coming year are political, with elections due in Italy and then Germany, while the situation in "Greece is still on a knife-edge," said Emmanouilidis at the EPC.

The economic outlook is also clouded, with the eurozone in recession and expected to slow further while unemployment runs at a record 11.7 percent, rising to unprecedented levels around 25 percent in Spain and Greece.

Against that background, German Chancellor Merkel's guarded words on the outlook seem appropriate.

"We have already achieved a lot but I think we still have a very difficult time ahead," Merkel said after the last EU leaders summit of the year earlier this month.

- AFP/ck

Read More..

First day tips and tweaks for new MacBook owners

As much as new MacBook owners love to rave about their systems, no laptop -- even one with an Apple logo -- comes right out of the box ready to perform optimally.

And while it's certainly exciting to unwrap a new holiday MacBook, there are a handful of tweaks, tips, and fixes you should check out on day one that will make your MacBook easier to use. I've put together some of my personal favorites here.

There are many more I could list, and I'm sure I've left out some of your favorites, so feel free to leave your own Day One tips for new MacBook owners in the comments section.

 

Featured Posts

Most Popular

Holiday Gift Guide

Your mobile devices could use a little holiday cheer as well. Take a look at this gathering of affordable accessories.

Read More..