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Croatia adopts euro, enters borderless Europe club on New Year

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Croatia adopts euro, enters borderless Europe club on New Year

Croatia has switched to the euro and entered Europe’s passport-free zone – two vital milestones for the nation after becoming a member of the European Union (EU) practically a decade in the past.

At midnight on Sunday, the Balkan nation bid farewell to its kuna foreign money and have become the twentieth member of the eurozone.

It’s now the twenty seventh nation within the Schengen zone, the world’s largest passport-free journey space, which allows greater than 400 million individuals to maneuver freely round its members.

“It’s the season of latest beginnings. And there’s no place in Europe the place that is extra true than right here in Croatia,” tweeted EU chief Ursula von der Leyen, as she arrived in Croatia to mark the event.

She met Croatian Prime Minister Andrej Plenkovic and Slovenian President Natasa Pirc Musar at a border crossing with EU member Slovenia.

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Croatia, a former Yugoslav republic of three.9 million those that fought a battle of independence within the Nineteen Nineties, joined the EU in 2013.

‘Spent years ready’

As revellers round Croatia took to the streets to ring within the New 12 months, the nation’s inside minister, Davor Bozinovic, was on the Bregana border crossing with Slovenia to want the perfect of luck to the final travellers to have their passports checked there.

“We opened our doorways to borderless Europe. This goes past eliminating border controls, it’s the last affirmation of our European identification,” Bozinovic mentioned.

Consultants say the adoption of the euro will assist defend Croatia’s economic system at a time when inflation is hovering worldwide after Russia’s invasion of Ukraine despatched meals and gas costs by the roof.

Stipica Mandic, a 72-year-old skilled driver, mentioned the liberty of motion with out lengthy waits at border crossings was his private dream.

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“I spent years of my life ready at border checkpoints, so I got here right here tonight to witness this second, the second after which I’ll wait no extra,” he mentioned.

However emotions amongst Croatians are combined. Whereas they welcome the tip of border controls, some concern the euro swap will result in a rise in the price of dwelling as companies spherical up costs once they convert them.

“It is going to be tough. Costs which might be already excessive will turn out to be even greater,” mentioned Ivana Toncic, a instructor from Zagreb.

 

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Vacationer company worker Marko Pavic mentioned Croatia was becoming a member of “an elite membership”.

“The euro was already a price measure – psychologically it’s nothing new – whereas entry into Schengen is improbable information for tourism,” he instructed AFP information company.

Financial hardships

Consultants say the adoption of the euro will decrease borrowing situations amid financial hardship.

Croatia’s inflation price reached 13.5 % in November in contrast with 10 % within the eurozone.

Analysts stress that jap EU members with currencies outdoors of the eurozone, similar to Poland and Hungary, have been much more susceptible to surging inflation.

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French President Emmanuel Macron on Sunday hailed Croatia’s swap to the euro, describing it as a “secure and strong” foreign money that had contributed to Europe’s resilience in dealing with the results of the battle in Ukraine.

Earlier on Sunday, Croatian Nationwide Financial institution Governor Boris Vujcic symbolically withdrew euros from a money machine in downtown Zagreb.

In latest days, prospects have queued at banks and ATMs to withdraw money, fearing cost issues throughout the instant aftermath of the transition interval.

Croatia’s entry into the Schengen borderless space is anticipated to supply a lift to the Adriatic nation’s key tourism business, which accounts for 20 % of its gross home product (GDP).

Croatia will proceed to use strict border checks on its jap frontier with non-EU neighbours Bosnia and Herzegovina, Montenegro and Serbia.

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Ukraine and Russia exchange drone attacks while Russia continues its push in the east

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Ukraine and Russia exchange drone attacks while Russia continues its push in the east

KYIV, Ukraine (AP) — Russia said it shot down some 60 drones and several missiles over its territory while Ukraine in turn said it destroyed over 30 Russian drones. At least four people were reported killed in an attack on the outskirts of Kharkiv on Sunday as Russia pushed ahead with its renewed offensive in Ukraine’s war-ravaged northeast.

Russian air defenses shot down 57 Ukrainian drones over the southern Krasnodar region overnight, the Russian Defense Ministry said.

Local military officials said drone debris hit an oil refinery in the town of Slavyansk-on-Kuban, but there was no fire or damage. News outlet Astra published videos appearing to show an explosion at the refinery as it was hit by a drone. The videos could not be independently verified.

Nine long-range ballistic missiles and a drone were destroyed over the Russia-occupied Crimean Peninsula, following Friday morning’s massive Ukrainian drone attack that cut off power in the city of Sevastopol.

A further three drones were shot down over the Belgorod region, which borders Ukraine. According to regional Gov. Vyacheslav Gladkov, a church roof was set on fire by falling drone debris, but there were no casualties.

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The Russian-installed governor of Ukraine’s partially occupied Kherson region, Vladimir Saldo, said that one person died and 16 were wounded when a Ukrainian drone hit a minibus on Sunday morning.

In Ukraine, air force officials said air defenses shot down all 37 Russian drones launched against the country overnight.

In the northeastern Kharkiv region, where Moscow recently launched a new offensive, regional Gov. Oleh Syniehubov said Sunday morning that one person died and 11 were wounded as a result of shelling over the previous day.

Later on Sunday, Syniehubov said four people were killed and eight wounded in a Russian strike on the outskirts of the regional capital, also called Kharkiv.

Ukrainian troops are fighting to halt Russian advances in the Kharkiv region that began late last week.

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Russian President Vladimir Putin said on Friday during a visit to China that Moscow’s offensive in the Kharkiv region aims to create a buffer zone but that there are no plans to capture the city.

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Morton reported from London.

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Follow AP’s coverage at https://apnews.com/hub/russia-ukraine

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Argentina's Milei shuts up critics with miracle turnaround of economy, strong security policies

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Argentina's Milei shuts up critics with miracle turnaround of economy, strong security policies

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President Javier Milei of Argentina continues to stun his critics with an economy that has outperformed expectations and continues along an ambitious path for national security, including pursuit of a NATO global partnership. 

“The fact that you have a president, head of state, who is defending the free market, who is defending the role of entrepreneurs and businessmen as creators of value and just defending deregulation when the tendency in Latin America and much of the West has been to regulate the economy . . . I think that’s very positive, not only for Argentina, but for the region as a whole and maybe beyond,” Daniel Raisbeck, a policy analyst at the CATO Institute, told Fox News Digital. 

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Milei won the presidency in November last year and prompted concern from some in the West that he would lead his country down a road to ruin with libertarian policies that would make an already troubled economy even weaker. Voters wanted economic relief from a market hit with some of the highest inflation in the world. 

Those attitudes have shifted just months later as Milei has enacted a raft of policy changes: The International Monetary Fund (IMF) agreed to release a tranche of loans due to Argentina under a bailout program thanks to Milei’s government managing to create a fiscal surplus in the previous fiscal quarter and bring inflation down. 

ARGENTINA REPORTS ITS FIRST SINGLE-DIGIT INFLATION IN SIX MONTHS AS MARKETS SWOON AND COSTS HIT HOME

President of Argentina Javier Milei gives a speech after his Inauguration Ceremony at National Congress on December 10, 2023, in Buenos Aires, Argentina.  (Marcelo Endelli/Getty Images)

Argentina’s inflation in March alone hit 287%, causing poverty to deepen, and citizens to take to the streets with strikes and protests against his policies. The monthly inflation rate was 25% in December when Milei first took office. 

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Milei then went on to significantly reduce spending with major cuts to public-sector wages as he suspended public works projects and cut subsidies. He also devalued the country’s currency by over 50%, which helped it stabilize in value even as the price of basic goods jumped. 

The monthly inflation dropped to 8.8% by April, marking the first single-digit inflation rate in over six months. 

Argentina recorded a $589 million budget surplus in January and continued to post a surplus for each of the first four months of 2024, even as the surplus shrank to $299 million in April, Reuters reported. This marks the country’s first quarterly surplus since 2008. 

Raisbeck stressed that Milei’s primary measure of cutting spending has proven highly effective, while arguing that the significant deregulation in other parts of the economy has helped it revive over those first months of the new administration. 

Argentina South America

Javier Milei of La Libertad Avanza lifts a chainsaw next to Buenos Aires province governor candidate Carolina Piparo of La Libertad Avanza during a rally on September 25, 2023, in San Martin, Buenos Aires, Argentina. (Tomas Cuesta/Getty Images)

“Argentina was one of the most regulated economies in the world,” Raisbeck said. “So when you have a very well-thought-out package like the one that they introduced . . . and you get rid of as many of those regulations as you can, then it’s very positive.”

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AT LEAST 90 INJURED AFTER PASSENGER TRAIN HITS BOXCAR, DERAILS IN ARGTENTINE CAPITAL

He noted that Milei has not adhered to some of his more aggressive campaign promises, which included a promise to dollarize the economy and shut down the Central Bank, saying that it was a “non-negotiable matter.”

Even days after he won the election, Milei appeared to favor more moderate Cabinet members than many would have expected of a man who jolted the international community with his outsider attitude and plans. 

APTOPIX-Argentina-Protest

Students protest for more public university funding and against austerity measures proposed by President Javier Milei, featured on the sign, in Buenos Aires, Argentina, Tuesday, April 23, 2024. The posters read in Spanish, “With fascism, there are no rights,” center, and “Why so much fear to educate the people?” and “Defending the university is defending the country.” (AP Photo/Natacha Pisarenko)

The Wall Street Journal, in December 2023, argued that Milei’s tenure “may turn out to be pretty conventional,” with pro-market Economy Minister Luis Caputo leading away from Milei’s more radical plans. 

The promised dollarization has been delayed, and Raisbeck explained that Milei’s approach has relied heavily on using the Central Bank to help regulate the economy, though he argued that Milei’s policies remain libertarian due to the deregulation he has pursued in other areas. 

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Argentina-Economy

A vendor waits for customers at the central market for fruit and vegetables in Buenos Aires, Argentina, Friday, May 10, 2024.  (AP Photo/Natacha Pisarenko)

“Everything related to deregulation is very libertarian, and we’ve seen great success already in the housing market, for instance,” Raisbeck said. “So that obviously brought a huge amount of supply that was suppressed because of price controls.”

Milei also brought Argentina back to the international foreground, with a stronger focus on national security and changing up the country’s goals from the previous administration – most notably, he rejected the invitation to join the China and Russia-led economic bloc BRICS. 

PERUVIAN LAWMAKERS BEGIN YET ANOTHER EFFORT TO REMOVE PRESIDENT DINA BULARTE FROM OFFICE

A man holds up a giant US dollar sign with President Argentina's President Javier Milei

A supporter holds a giant dollar bill with the face President elect Javier Milei as people start gathering outside National Congress ahead of his inauguration ceremony on December 10, 2023, in Buenos Aires, Argentina. (Marcelo Endelli/Getty Images)

Milei argued that it was not “opportune” for Argentina to join the bloc as a full member, according to German outlet DW. However, he will continue to develop ties with its members in the meantime. 

“They have a good security minister, Patricia Bullrich, who has experience because she was a security minister in the previous government,” Joseph M. Humire, the executive director of the Center for a Secure Free Society, told Fox News Digital. “She has been able to get the ball rolling very quickly, and I think that was the benefit of having her in that position.” 

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Milei supporters in Buenos Aires

Supporters of presidential candidate Javier Milei gather outside his headquarters during the presidential runoff election in Buenos Aires, Argentina, Sunday, November 19, 2023.  (AP Photo/Rodrigo Abd)

Humire explained that Milei’s government has largely focused on clearing out external agitators, particularly those connected to Russian disinformation networks, which remain a paramount concern in most parts of the world as Moscow seeks to expand its influence. 

“The external forces are usually the key,” Humire said. “Usually, it’s the Russians. The Russians have probably the biggest disinformation networks to be able to amplify local grievances and turn them into this macro instability, and they did that in Colombia, in Chile.” 

“A lot of the specifics of the nation’s security has been in mitigating these agitation networks that create chaos throughout the country, and they have been neutralizing some of these threats while they’re studying others,” he added. 

The Associated Press contributed to this report. 

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Russia-Ukraine war: List of key events, day 815

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Russia-Ukraine war: List of key events, day 815

Here is the situation on Sunday, May 19, 2024.

Fighting

  • Slavyansk oil refinery in Russia’s southern Krasnodar region halted operations following a Ukrainian drone attack overnight, Interfax news agency reported. The refinery is a private plant with a capacity of 4 million metric tonnes of oil per year, about one million barrels per day.
  • Ukraine’s air force claimed it destroyed all 37 Shahed attack drones launched by Russia overnight. The regions targeted by the drones include Kyiv, Odesa, Mykolaiv, Sumy, Vinnytsia, Zhytomyr, Cherkasy and Kherson.

  • The governor of Kharkiv said nearly 10,000 people had been forced to leave their homes since Russian forces launched a surprise ground attack on May 10. Russia claimed its military took control of another village, Staritsya, in the Kharkiv region near the Russian border.
  • Ukrainian prosecutors said Russian shelling killed a 60-year-old woman and injured three other civilians in the northeast city of Vovchansk, 5km (3 miles) from the Russian border. A 59-year-old man was also injured in the village of Ukrainske.
  • Russia said its forces shot down nine US ATACMS missiles over Crimea and at least 60 drones over Russian sovereign territory. Its forces also shot down a Tochka-U missile fired by Ukraine in Russia’s Belgorod region.
  • Belgorod regional Governor Vyacheslav Gladkov said a Ukrainian drone attack injured a woman and a man in the village of Petrovka. The two were treated for shrapnel injuries.

Politics and diplomacy

  • Ukrainian President Volodymyr Zelenskyy acknowledged issues with staffing and “morale” within the country’s troops as he signed a mobilisation law that came into force on Saturday. Kyiv has lowered the age at which men can be drafted from 27 to 25 and tightened punishments for those who avoid the call-up.
  • Ukrainian prosecutors said they were investigating as a potential war crime a Russian air attack on a residential area of the regional capital, Kharkiv, in which six civilians were wounded, including a 13-year-old girl, 16-year-old male and an eight-year-old.
  • Ukrainian officials accuse Russian soldiers in Vovchansk of using dozens of captured civilians as “human shields” to defend their command headquarters.
  • Moscow denied deliberately targeting civilians even as thousands have been killed and injured since its February 2022 invasion of Ukraine.
  • Poland announced it would spend $2.5bn to fortify its eastern border, which includes Russia, Belarus and Ukraine.
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