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Greece’s Asylum Freeze Sparks Global Outcry Amid Crete Migrant Surge

In a move that has ignited fierce backlash from human rights organizations and the United Nations, Greece has passed legislation temporarily halting asylum applications from migrants arriving by sea from North Africa. The three-month suspension, approved by parliament with 177 votes in favor and 74 against, allows for expedited repatriation without prior identification. Prime Minister Kyriakos Mitsotakis defended the measure as a “difficult but necessary decision” in response to a sharp rise in irregular arrivals, particularly from Libya to the island of Crete. Over 7,000 migrants have reached Crete and nearby Gavdos this year, straining local resources and prompting concerns from the tourism industry. Rights groups, including the International Rescue Committee, have condemned the ban as illegal and inhumane, warning it violates international and European law. The UNHCR echoed these concerns, emphasizing that the right to seek asylum is a fundamental human right regardless of how or wh...
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 US stock futures took a sharp dive today as hopes for interest rate cuts in 2025 were dashed. The Dow Jones Industrial Average, S&P 500, and Nasdaq futures all saw significant declines amid rising bond yields and a stronger dollar.

The Dow Jones Industrial Average fell by 0.3%, while S&P 500 futures sank by 0.8%, and Nasdaq 100 futures tumbled by 1.2%. This drop follows a strong jobs report from December, which has led investors to believe that the Federal Reserve will maintain higher interest rates for a longer period.

The 10-year Treasury yield reached a 14-month high, touching close to 4.8%, while the 30-year yield neared 5%. Additionally, the US dollar surged to a two-year high against major currency peers.

Investors are now pricing in no rate cuts until at least September 2025, with only a slight 30 basis point reduction expected for the entire year. This has put a spotlight on the upcoming Consumer Price Index (CPI) report, due on Wednesday, as concerns grow that inflation may not cool to the central bank's 2% target.

Tech giants like Nvidia and Tesla were among the hardest hit, with both companies seeing their stock prices slide amid the market turmoil. The rise in energy prices, following new US sanctions on Russia's crude industry, has also added to the market's woes.

As the market continues to react to these developments, investors are bracing for a potentially rough session ahead.




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