Tag: news

Confirming that the brotherhood of the “fairness doctrine” in which everyone is equal to everyone else (but some are too big to fail or prosecute, and are thus a little more equal) will have to do more work to bring wayward Switzerland, home to some of the world’s biggest companies, fattest bank accounts and wealthiest individuals, into the socialist fold was the announcement moments ago that Switzerland roundly rejected a proposal to limit executive salaries to 12 times that of the lowest paid employee, with 66% of the voters opposing. This so-called “1:12 initiative for fair pay,” was brought about by the youth wing of the Social Democrats (JUSO) which claimed that nobody should earn more in a month than others earn in a year. The outcome is notable because it was in March when Swiss voters backed proposals to impose some of the world’s strictest controls on executive pay, with some 70% of voters thought to have supported plans to give shareholders a veto on compensation and ban big payouts for new and departing managers. Surprisingly, just over six months later, the drive to bring more equality to all appears to have lost it steam.

“Of course we are disappointed. But I also believe that we have an achievement nonetheless,” JUSO President David Roth told Reuters. “A year ago, opponents were defending high salaries. Today no-one is doing that. No-one in Swiss politics would dare say that million salaries are justified.”

Maybe not, but they refused to enact it into law, which means that million and much higher salaries will continue. From Reuters:

Sunday’s vote is just one of several initiatives being put to Swiss voters to try to address the widening income gap in the country. Switzerland will also hold a vote on whether to introduce a basic living wage of $2,800 per month from the state, though a date has not yet been set.

 

While anger at multi-million payouts for executives is not limited to Switzerland, the Swiss system of direct democracy – which allows for up to four national referenda per year – means popular outrage can more easily be translated into action.

 

Deborah Warburton, a partner at executive search consultants Hedley May said the issue has resonated in other parts of Europe.

 

“Even though it was a ‘no’ vote, the question of how to make executive pay fairer is still very much a live issue,” she said, adding Britain has implemented a law to give shareholders a binding vote on executive pay while France and Germany are weighing similar measures.

Meanwhile, corporations and others who benefit from unlimited pay, are understandably delighted:

Opponents to the proposal had warned it would harm Switzerland by restricting the ability of firms to hire skilled staff, forcing firms to decamp abroad, resulting in a shortfall in social security contributions and higher taxes.

 

“It’s an important decision for the Swiss business location,” Valentin Vogt, president of the Swiss Association of Employers told Swiss television SRF. “The Swiss people have clearly decided that it’s not up to the state to have a say on pay.”

 

The Swiss have a history of voting against proposals they feel could hurt the country’s economic success story or threaten competitiveness.

The last is particularly surprising in a world in which workers are eager to make their lives as easy as possible because contrary to the rest of the world, in Switzerland initiatives to increase workers’ annual paid holiday allowance to six weeks from four and to cut the working week to 36 hours from 42 both have failed at the ballot box in the past. Impossible US labor unions would say. But such is life when one is actually concerned about the long-run instead of just maximizing one’s consumption potential in the here and now.

Still it is likely that anger at social inequity will continue even in this most “neutral” of countries:

Some Swiss firms have acknowledged the public anger. Last month, Credit Suisse said it made a “mistake” by paying Chief Executive Brady Dougan 19.2 million francs ($21 million) in cash and stock in 2009, plus 70 million francs($76.75 million) worth of stock under a bonus plan for 2004. That meant his total pay was 1,182 times that of the bank’s lowest paid employee, according to Travail.Suisse.

Finally, while Switzerland may have no problem with capping executive pay at 12 times the minimum wage, we wonder how the Swiss, or Americans for that matter, would feel about a ratio of nearly 20 times that, or 213 to 1 which is how much more, at last check, the average Fortune 50 CEO made more than their average worker.

 

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/cpU_b00awYc/story01.htm Tyler Durden

The following statement was made by British Prime Minister, Neville Chamberlain, on September 30, 1938 in front of #10 Downing Street, London, after his arrival home from the notorious Munich Conference of 1938.

We, the German Fuhrer and Chancellor, and the British Prime Minister, have had a further meeting today and are agreed in recognizing that the question of Anglo-German relations is of the first importance for our two countries and for Europe.

 

We regard the agreement signed last night and the Anglo-German Naval Agreement as symbolic of the desire of our two peoples never to go to war with one another again.

 

We are resolved that the method of consultation shall be the method adopted to deal with any other questions that may concern our two countries, and we are determined to continue our efforts to remove possible sources of difference, and thus to contribute to assure the peace of Europe.

 

My good friends, for the second time in our history, a British Prime Minister has returned from Germany bringing peace with honor. I believe it is “peace for our time.” Go home and get a nice quiet sleep

75 years later, last night appeasement came to Iran:

(L to R) British foreign secretary, German foreign minister, EU foreign policy chief, Iran’s foreign minister, Chinese foreign minister, US secretary of state and Russian and French foreign ministers in Geneva on November 24, 2013.

It remains to be seen if appeasing Iran will lead to yet another anschluss or worse, but for now one thing is certain: nobody really knows what to make of last night’s historic nuclear “deal” with Iran. Because when even the two main participants are unable to agree on what was decided…

Now, THAT’s “win-win” diplomacy —> pic.twitter.com/5zbI5Db6Kh

— Nima Shirazi (@WideAsleepNima) November 24, 2013

… how is everyone else expected to fare any better?

In any case, here is a sampling of the immediate reactions, most of which were as expected. First, Israel:

• Israel Foreign Minister Lieberman: Iran’s greatest diplomatic victory since the Islamic revolution

Which is a good thing right? Wrong:

“What was concluded in Geneva last night is not a historic agreement, it’s a historic mistake,” Netanyahu said. “It’s not made the world a safer place. Like the agreement with North Korea in 2005, this agreement has made the world a much more dangerous place.”

Not surprisingly, Israel hates any deal that diffuses tension in the region and lowers the probability of war. Iran, on the other hand was giddy:

IRAN NUCLEAR DEAL A “REAL SUCCESS’ FOR NATION”

Hassan Rouhani hails nuclear deal as turning point for Iran

Also not surprising is that unlike last time when the deal was scuttled in the last minute due to a block by France, this time Obama made a few phone calls to his socialist peer:

• French President Francois Hollande “welcomes the conclusion of the Geneva negotiations on Iran’s nuclear program” in e-mailed statement by his office today.
  “The accord that was reached respects the demands imposed by France on the issues of uranium storage and enrichment, suspension of new facilities, and international control”
• Agreement “constitutes a step toward the ending of Iran’s nuclear military program, and therefore toward the normalization of our relations with Iran”
• “France will continue to work to reach a final agreement on this issue. The intermediate accord reached last night represents an  important step in the right direction”: Hollande

The other negotiating parties hailed the deal. From Iran’s PressTV:

China, Germany and Russia have hailed the deal between Iran and the Sextet over Tehran’s nuclear energy program.

 

After more than four days of intense negotiations, Iran and the five permanent members of the United Nations Security Council plus Germany sealed an interim deal in Geneva on Sunday morning to pave the way for the full resolution of the West’s decade-old dispute with Iran over its nuclear energy program.

 

According to the Iranian Foreign Ministry, the deal allows Iran to continue its activities at Arak, Fordow and Natanz facilities. The agreement also stipulates that no additional sanctions will be imposed on Tehran because of its nuclear energy program.

 

China on Sunday welcomed the deal, saying the agreement with Tehran would “help safeguard peace and stability in the Middle East”.

 

German Foreign Minister Guido Westerwelle also hailed the agreement and said the nuclear deal marks “a turning point.”

 

Russian Foreign Minister Sergei Lavrov also praised the deal and stressed it would benefit all sides. “Nobody lost, everyone ends up winning,” he said.

Kerry’s own spin may not have actually mentioned “peace in our time” just yet, but it was vigorous regardless:

• “We believe very strongly that because the Iranian nuclear program is actually set backwards and is actually locked into place in critical places, that that is better for Israel than if you were just continuing to go down the road and they rush towards a nuclear weapon”
• “The basic architecture of the sanctions is staying in place. There is very little relief. We are convinced over the next few months, we will really be able to put to the test what Iran’s intentions are,” Kerry told CNN chief political correspondent Candy Crowley.
• “When you’re dealing with nuclear weapons, it’s not an issue of trust,” Kerry said. “Verification is the key.”

And the punchline:

• Kerry: If Iran’s nuclear program is really only for peaceful purposes, then “prove it”

Just how does one prove they are not doing something they are not doing? Anyway, all of this is merely more theatrics. As the AP reports, the deal was prepared secretly months in advance following secret talks between the US and Iran:

The United States and Iran secretly engaged in a series of high-level, face-to-face talks over the past year, in a high-stakes diplomatic gamble by the Obama administration that paved the way for the historic deal sealed early Sunday in
Geneva aimed at slowing Tehran’s nuclear program, The Associated Press has learned.

 

The discussions were kept hidden even from America’s closest friends, including its negotiating partners and Israel, until two months ago, and that may explain how the nuclear accord appeared to come together so quickly after years of stalemate and fierce hostility between Iran and the West.

 

But the secrecy of the talks may also explain some of the tensions between the U.S. and France, which earlier this month balked at a proposed deal, and with Israel, which is furious about the agreement and has angrily denounced the diplomatic outreach to Tehran.

 

The talks were held in the Middle Eastern nation of Oman and elsewhere with only a tight circle of people in the know, the AP learned. Since March, Deputy Secretary of State William Burns and Jake Sullivan, Vice President Joe Biden’s top foreign policy adviser, have met at least five times with Iranian officials.

 

The last four clandestine meetings, held since Iran’s reform-minded President Hassan Rouhani was inaugurated in August, produced much of the agreement later formally hammered out in negotiations in Geneva among the United States, Britain, France, Russia, China, Germany and Iran, said three senior administration officials. All spoke only on condition of anonymity because they were not authorized to discuss by name the highly sensitive diplomatic effort.

 

The AP was tipped to the first U.S.-Iranian meeting in March shortly after it occurred, but the White House and State Department disputed elements of the account and the AP could not confirm the meeting. The AP learned of further indications of secret diplomacy in the fall and pressed the White House and other officials further. As the Geneva talks appeared to be reaching their conclusion, senior administration officials confirmed to the AP the details of the extensive outreach.

Politics aside, Bloomberg reports on the actual elements of the deal:

Iran will get as much as $7 billion in relief from economic sanctions over six months under the first-step agreement reached today in Geneva, the Obama administration said.

 

In return for Iran limiting its nuclear program, the interim agreement provides for the release of $4.2 billion in frozen oil assets and will let Iran continue exporting oil at current levels, rather than forcing continued reductions by buyers, as would be required under current law, according to a White House statement.

 

The accord also will “suspend certain sanctions on gold and precious metals, Iran’s auto sector and Iran’s petrochemical exports, potentially providing Iran approximately $1.5 billion in revenue,” the administration said.

 

Israeli officials and some U.S. lawmakers have said sanctions should be tightened, not eased, to keep pressure on Iran. Rejecting those pleas, the U.S. and the five other countries negotiating with Iran have agreed to “not impose new nuclear-related sanctions for six months if Iran abides by its commitments under this deal, to the extent permissible within their political systems,” according to the White House statement.

 

The no-new-sanctions pledge will be tested when the U.S. Senate returns for legislative business on Dec. 9 after a Thanksgiving break. A group of 14 senators from both parties issued a statement last week pledging to “pass bipartisan Iran sanctions legislation as soon as possible.”

 

Critics of an interim accord in Congress and in Israel have predicted Iran would reap $20 billion or more in relief. U.S. officials have rejected such estimates and have said the accord won’t lift the most punishing sanctions — those on oil sales and banking. The Obama administration estimated in its statement that Iran will continue to lose $4 billion a month in crude it otherwise would have exported.

Finally, while the cynics may say this was merely yet another attempt to redirect attention from the Obamacare debacle, we will one-up their cynicism and claim all of this was merely an advertising photo op for Nike:

Close up: pic.twitter.com/pGKuPJPdYq

— southpaw (@nycsouthpaw) November 24, 2013

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/Pr4Al9sU31I/story01.htm Tyler Durden

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/5Jl231Qxu3M/story01.htm williambanzai7

The White House has released their (lengthy) fact sheet…

"During the six-month initial phase, the P5+1 will negotiate the contours of a comprehensive solution… Over the next six months, we will determine whether there is a solution that gives us sufficient confidence that the Iranian program is peaceful. If Iran cannot address our concerns, we are prepared to increase sanctions and pressure.

 

Suspend certain sanctions on gold and precious metals, Iran’s auto sector, and Iran’s petrochemical exports, potentially providing Iran approximately $1.5 billion in revenue

Israelis, Saudis, and Republicans are already questioning the decision…

 

Full Fact Sheet:

A Comprehensive Solution

During the six-month initial phase, the P5+1 will negotiate the contours of a comprehensive solution. Thus far, the outline of the general parameters of the comprehensive solution envisions concrete steps to give the international community confidence that Iran’s nuclear activities will be exclusively peaceful. With respect to this comprehensive resolution: nothing is agreed to with respect to a comprehensive solution until everything is agreed to. Over the next six months, we will determine whether there is a solution that gives us sufficient confidence that the Iranian program is peaceful. If Iran cannot address our concerns, we are prepared to increase sanctions and pressure.

Conclusion

In sum, this first step achieves a great deal in its own right. Without this phased agreement, Iran could start spinning thousands of additional centrifuges. It could install and spin next-generation centrifuges that will reduce its breakout times. It could fuel and commission the Arak heavy water reactor. It could grow its stockpile of 20% enriched uranium to beyond the threshold for a bomb's worth of uranium. Iran can do none of these things under the conditions of the first step understanding.

Furthermore, without this phased approach, the international sanctions coalition would begin to fray because Iran would make the case to the world that it was serious about a diplomatic solution and we were not. We would be unable to bring partners along to do the crucial work of enforcing our sanctions. With this first step, we stop and begin to roll back Iran's program and give Iran a sharp choice: fulfill its commitments and negotiate in good faith to a final deal, or the entire international community will respond with even more isolation and pressure.

The American people prefer a peaceful and enduring resolution that prevents Iran from obtaining a nuclear weapon and strengthens the global non-proliferation regime. This solution has the potential to achieve that. Through strong and principled diplomacy, the United States of America will do its part for greater peace, security, and cooperation among nations.

 

#############

Fact Sheet: First Step Understandings Regarding the Islamic Republic of Iran’s Nuclear Program

The P5+1 (the United States, United Kingdom, Germany, France, Russia, and China, facilitated by the European Union) has been engaged in serious and substantive negotiations with Iran with the goal of reaching a verifiable diplomatic resolution that would prevent Iran from obtaining a nuclear weapon.

President Obama has been clear that achieving a peaceful resolution that prevents Iran from obtaining a nuclear weapon is in America’s national security interest. Today, the P5+1 and Iran reached a set of initial understandings that halts the progress of Iran's nuclear program and rolls it back in key respects. These are the first meaningful limits that Iran has accepted on its nuclear program in close to a decade. The initial, six month step includes significant limits on Iran's nuclear program and begins to address our most urgent concerns including Iran’s enrichment capabilities; its existing stockpiles of enriched uranium; the number and capabilities of its centrifuges; and its ability to produce weapons-grade plutonium using the Arak reactor. The concessions Iran has committed to make as part of this first step will also provide us with increased transparency and intrusive monitoring of its nuclear program. In the past, the concern has been expressed that Iran will use negotiations to buy time to advance their program. Taken together, these first step measures will help prevent Iran from using the cover of negotiations to continue advancing its nuclear program as we seek to negotiate a long-term, comprehensive solution that addresses all of the international community's concerns.

In return, as part of this initial step, the P5+1 will provide limited, temporary, targeted, and reversible relief to Iran. This relief is structured so that the overwhelming majority of the sanctions regime, including the key oil, banking, and financial sanctions architecture, remains in place. The P5+1 will continue to enforce these sanctions vigorously. If Iran fails to meet its commitments, we will revoke the limited relief and impose additional sanctions on Iran.

The P5+1 and Iran also discussed the general parameters of a comprehensive solution that would constrain Iran's nuclear program over the long term, provide verifiable assurances to the international community that Iran’s nuclear activities will be exclusively peaceful, and ensure that any attempt by Iran to pursue a nuclear weapon would be promptly detected. The set of understandings also includes an acknowledgment by Iran that it must address all United Nations Security Council resolutions – which Iran has long claimed are illegal – as well as past and present issues with Iran’s nuclear program that have been identified by the International Atomic Energy Agency (IAEA). This would include resolution of questions concerning the possible military dimension of Iran’s nuclear program, including Iran’s activities at Parchin. As part of a comprehensive solution, Iran must also come into full compliance with its obligations under the Non-Proliferation Treaty (NPT) and its obligations to the IAEA. With respect to the comprehensive solution, nothing is agreed until everything is agreed. Put simply, this first step expires in six months, and does not represent an acceptable end state to the United States or our P5+1 partners.

Halting the Progress of Iran’s Program and Rolling Back Key Elements

Iran has committed to halt enrichment above 5%:

· Halt all enrichment above 5% and dismantle the technical connections required to enrich above 5%.

Iran has committed to neutralize its stockpile of near-20% uranium:

· Dilute below 5% or convert to a form not suitable for further enrichment its entire stockpile of near-20% enriched uranium before the end of the initial phase.

Iran has committed to halt progress on its enrichment capacity:

· Not install additional centrifuges of any type.

· Not install or use any next-generation centrifuges to enrich uranium.

· Leave inoperable roughly half of installed centrifuges at Natanz and three-quarters of installed centrifuges at Fordow, so they cannot be used to enrich uranium.

· Limit its centrifuge production to those needed to replace damaged machines, so Iran cannot use the six months to stockpile centrifuges.

· Not construct additional enrichment facilities.

Iran has committed t
o halt progress on the growth of its 3.5% stockpile:

· Not increase its stockpile of 3.5% low enriched uranium, so that the amount is not greater at the end of the six months than it is at the beginning, and any newly enriched 3.5% enriched uranium is converted into oxide.

Iran has committed to no further advances of its activities at Arak and to halt progress on its plutonium track. Iran has committed to:

· Not commission the Arak reactor.

· Not fuel the Arak reactor.

· Halt the production of fuel for the Arak reactor.

· No additional testing of fuel for the Arak reactor.

· Not install any additional reactor components at Arak.

· Not transfer fuel and heavy water to the reactor site.

· Not construct a facility capable of reprocessing. Without reprocessing, Iran cannot separate plutonium from spent fuel.

Unprecedented transparency and intrusive monitoring of Iran’s nuclear program

Iran has committed to:

· Provide daily access by IAEA inspectors at Natanz and Fordow. This daily access will permit inspectors to review surveillance camera footage to ensure comprehensive monitoring. This access will provide even greater transparency into enrichment at these sites and shorten detection time for any non-compliance.

· Provide IAEA access to centrifuge assembly facilities.

· Provide IAEA access to centrifuge rotor component production and storage facilities.

· Provide IAEA access to uranium mines and mills.

· Provide long-sought design information for the Arak reactor. This will provide critical insight into the reactor that has not previously been available.

· Provide more frequent inspector access to the Arak reactor.

· Provide certain key data and information called for in the Additional Protocol to Iran’s IAEA Safeguards Agreement and Modified Code 3.1.

Verification Mechanism

The IAEA will be called upon to perform many of these verification steps, consistent with their ongoing inspection role in Iran. In addition, the P5+1 and Iran have committed to establishing a Joint Commission to work with the IAEA to monitor implementation and address issues that may arise. The Joint Commission will also work with the IAEA to facilitate resolution of past and present concerns with respect to Iran’s nuclear program, including the possible military dimension of Iran’s nuclear program and Iran’s activities at Parchin.

Limited, Temporary, Reversible Relief

In return for these steps, the P5+1 is to provide limited, temporary, targeted, and reversible relief while maintaining the vast bulk of our sanctions, including the oil, finance, and banking sanctions architecture. If Iran fails to meet its commitments, we will revoke the relief. Specifically the P5+1 has committed to:

· Not impose new nuclear-related sanctions for six months, if Iran abides by its commitments under this deal, to the extent permissible within their political systems.

· Suspend certain sanctions on gold and precious metals, Iran’s auto sector, and Iran’s petrochemical exports, potentially providing Iran approximately $1.5 billion in revenue.

· License safety-related repairs and inspections inside Iran for certain Iranian airlines.

· Allow purchases of Iranian oil to remain at their currently significantly reduced levels – levels that are 60% less than two years ago. $4.2 billion from these sales will be allowed to be transferred in installments if, and as, Iran fulfills its commitments.

· Allow $400 million in governmental tuition assistance to be transferred from restricted Iranian funds directly to recognized educational institutions in third countries to defray the tuition costs of Iranian students.

Humanitarian Transactions

Facilitate humanitarian transactions that are already allowed by U.S. law. Humanitarian transactions have been explicitly exempted from sanctions by Congress so this channel will not provide Iran access to any new source of funds. Humanitarian transactions are those related to Iran’s purchase of food, agricultural commodities, medicine, medical devices; we would also facilitate transactions for medical expenses incurred abroad. We will establish this channel for the benefit of the Iranian people.

Putting Limited Relief in Perspective

In total, the approximately $7 billion in relief is a fraction of the costs that Iran will continue to incur during this first phase under the sanctions that will remain in place. The vast majority of Iran’s approximately $100 billion in foreign exchange holdings are inaccessible or restricted by sanctions.

In the next six months, Iran’s crude oil sales cannot increase. Oil sanctions alone will result in approximately $30 billion in lost revenues to Iran – or roughly $5 billion per month – compared to what Iran earned in a six month period in 2011, before these sanctions took effect. While Iran will be allowed access to $4.2 billion of its oil sales, nearly $15 billion of its revenues during this period will go into restricted overseas accounts. In summary, we expect the balance of Iran’s money in restricted accounts overseas will actually increase, not decrease, under the terms of this deal.

Maintaining Economic Pressure on Iran and Preserving Our Sanctions Architecture

During the first phase, we will continue to vigorously enforce our sanctions against Iran, including by taking action against those who seek to evade or circumvent our sanctions.

· Sanctions affecting crude oil sales will continue to impose pressure on Iran’s government. Working with our international partners, we have cut Iran’s oil sales from 2.5 million barrels per day (bpd) in early 2012 to 1 million bpd today, denying Iran the ability to sell almost 1.5 million bpd. That’s a loss of more than $80 billion since the beginning of 2012 that Iran will never be able to recoup. Under this first step, the EU crude oil ban will remain in effect and Iran will be held to approximately 1 million bpd in sales, resulting in continuing lost sales worth an additional $4 billion per month, every month, going forward.

· Sanctions affecting petroleum product exports to Iran, which result in billions of dollars of lost revenue, will remain in effect.

· The vast majority of Iran’s approximately $100 billion in foreign exchange holdings remain inaccessible or restricted by our sanctions.

· Other significant parts of our sanctions regime remain intact, including:

o Sanctions against the Central Bank of Iran and approximately two dozen other major Iranian banks and financial actors;

o Secondary sanctions, pursuant to the Comprehensive Iran Sanctions, Accountability, and Divestment Act (CISADA) as amended and other laws, on banks that do business with U.S.-designated individuals and entities;

o Sanctions on those who provide a broad range of other financial services to Iran, such as many types of insurance; and,

 Restricted access to the U.S. financial system.

· All sanctions on over 600 individuals and entities targeted for supporting Iran’s nuclear or ballistic missile program remain in effect.

· Sanctions on several sectors of Iran’s economy, including shipping and shipbuilding, remain in effect.

· Sanctions on long-term investment in and provision of technical services to Iran’s energy sector remain in effect.

· Sanctions on Iran’s military program remain in effect.

· Broad U.S. restrictions on trade with Iran remain in effect, depriving Iran of acce
ss to virtually all dealings with the world’s biggest economy.

· All UN Security Council sanctions remain in effect.

· All of our targeted sanctions related to Iran’s state sponsorship of terrorism, its destabilizing role in the Syrian conflict, and its abysmal human rights record, among other concerns, remain in effect.

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/i7fnyjiHS_4/story01.htm Tyler Durden

Despite earlier denials from Iran's Deputy FinMin, EU and US spokespersons have confirmed:

• *IRAN REACHES ACCORD WITH WORLD POWERS ON NUCLEAR WORK, EU SAYS
• *IRAN NUCLEAR ACCORD WITH WORLD POWERS ENDS 10-YEAR DEADLOCK
• *IRAN'S ZARIF CONFIRMS NUCLEAR AGREEMENT REACHED ON TWITTER
• *IRAN NUCLEAR DEAL ALLOWS CONTINUATION OF NATANZ, FORDO WORK
• *IRAN INTERIM AGREEMENT FREEZES ADDITIONAL SANCTIONS

There are no details yet – but an interim agreement has been reached to 'roll back' some of Iran's nuclear program. Close U.S. ally Israel opposes the deal as too generous to an enemy it sees as a mortal threat. Israel is not a party to the talks. President Obama will address the nation at 1015ET to take a victory lap (perhaps this foreign victory will lift his domestic approval rating off record lows)…

 

The Iranian President seems pleased…

Iranian people's vote for #moderation & constructive engagement + tireless efforts by negotiating teams are to open new horizons. #IranTalks

— Hassan Rouhani (@HassanRouhani) November 24, 2013

 

Some details on the deal…

Via WaPo,

Close U.S. ally Israel opposes the deal as too generous to an enemy it sees as a mortal threat. Israel is not a party to the talks.

 

…

 

The proposed deal offered to Iran would reportedly allow limited uranium enrichment, although under tight restrictions and heavy international monitoring. But Western officials have balked at recognizing a legal "right" to uranium enrichment, hoping instead to craft language in the final agreement that acknowledges the right of all countries to pursue nuclear energy for peaceful purposes. Zarif appeared to endorse that approach publicly last week.

 

The sides also continued to haggle over details of the limited sanctions relief to be offered to Iran in return for scaling back its nuclear program, diplomats said. The relief would reportedly include freeing up a small portion of Iran's overseas currency accounts and easing other trade restrictions.

 

The most painful sanction, affecting Iran's oil and banking sectors, would remain until the end of the deal's first phase, depending on Iran's willingness to accept permanent curbs on its nuclear program, Western officials said.

 

Video Embed will be added when available

 

Via Al Jazeera,

Iran and six world powers have reached an agreement on curbing Iran's nuclear programme in exchange for limited sanctions relief, several delegations in the talks said on Sunday.

 

"We have reached an agreement," Iranian Foreign Minister Mohammad Javad Zarif announced on his Twitter feed.

 

Al Jazeera's Jonah Hull speaking from Geneva said "marathon talks have come to an end, the French foreign minister gave a thumbs up as he departed the Intercontinental hotel.

 

"Foreign ministers of the P5+1 negotiation with Iran will be going to Geneva's UN headquarters where they will announce details of the deal," he said. "There are no details yet, but a interim agreement has been struck to roll back some of Iran's nuclear programme."

 

"It is extrordinarily significant," he added.

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/zRIKbpXMcJQ/story01.htm Tyler Durden