Over Easy

Rabbit, rabbit, rabbit – old superstition that for luck, the first thing you say on the first day of the month is what I just said. You’ve been rabbited, not sure if it works, but, why not? Now, back to rational discourse.

In tribute to Southern Dragon’s Lakeside Diner, the Over Easy community gathers to discuss news of the day of a morning.

A directive from the Egyptian cabinet for the interior ministry to break up ongoing demonstrations in Tahrir Square brought more tension to the streets in Cairo.

The Muslim Brotherhood described a decision by the Egyptian cabinet to order security forces to disperse a pro-Morsi sit-in as “terrorism.”

EU and African Union delegations met with Morsi last week in ‘an undisclosed location’.

The summer temperatures in China continue breaking all records for heat, with Shanghai reaching over 40C, about 105F.

The China Meteorological Administration issued the level two emergency heat alert on Tuesday.

“Anhui, Jiangsu, Hunan, Hubei, Zhejiang, Jiangxi, Fujian, Chongqing and Shanghai meteorological bureaus should enter into emergency response on the basis of actual weather conditions,” it said on its website.

It added that weather forecasts suggested that some areas south of the Yangtze river, including Chongqing, could experience temperatures of over 35C until 8 August.

Sovereign debt ‘vulture fund’ buyouts are on trial in New York, with the future of global significance in its effect, an attempt to extract full repayment from the victims of government intransigence.

The current legal clash dates back to 2001-02, when Argentina suffered an economic crisis and defaulted on its foreign debt. It was the largest sovereign default in history.

Many average Argentines lost their lifesavings as the currency crashed and the economy contracted more than 10 percent. Images of middle class women in high-heels smashing bank windows raced around the globe…

During negotiations, a small group of hedge funds, including NML Capital, swooped in and bought up the distressed debt at bargain-basement prices. The fund, controlled by billionaire US financier and Republican donor Paul Singer, is now suing to get the full value of the original debt – including interest – even though most investors accepted the financial “haircut”. If NML wins the case, it stands to make an exponential profit from its original investment on the distraught debt.

“None of these hedge funds were buying Argentina’s bonds at par,” Charles Geisst, a former investment banker and author of Beggar-Thy-Neighbor: A History of Usury and Debt, told Al Jazeera. “They bought them at a distressed rate hoping for a bounce … More vulture funds will go into the business if Argentina loses this case.”

The deaths of upwards of 80 people in last week’s Spanish train crash appear to have resulted as the driver took a cell phone call from the company, Renfe, that operates the trains.

In an official statement, the court handling the case said that “minutes before the derailment, [Garzón] received a call on his professional telephone to signal to him the route he had to take on arriving in Ferrol. It appears, from the content of the conversation and the background noise, that the driver consulted a plan or some similar paper document.”

The person on the other end of the telephone “appears to have been a controller,” the statement said. The existence of the conversation emerged from an inspection of the “black boxes,” which began in the presence of the investigating magistrate on Tuesday morning.

Never.Give.Up.