In April 2010, it was Iceland's unpronouncable Eyjafjallajokull volcano which erupted and forced more than 100,000 flights to be canceled on concern glass-like particles formed from lava could melt in aircraft engines and clog turbines. A year later, in May 2011, ash from Iceland’s Grimsvotn volcano forced flight cancellations in Scotland, northern England and Germany leading to further lower "GDP adjustments" across Europe which back then was in desperate need of a scapegoat for its then double-dip recession.
The eruption of an active volcano in Alaska is causing local carriers to cancel some flights, and could impact commercial airline traffic if it the situation becomes more severe. The plume of ash spewing from Pavlof Volcano, on the Alaskan Peninsula, is currently reaching about 20,000 feet into the air, the altitude at which some small aircraft fly.
Local airlines have been advised to avoid an erupting volcano in Indonesia, the AP reports. Mt. Sinabung, an 8,350-foot active volcano, last erupted in August 2010. This eruption began Sunday. More than 15,000 residents have fled the area, according to the AP.
Marc Chandler submits:The Greek drama continues to be a key focus in the foreign exchange market. It is expected to rival financial regulation as key topics at G7 meeting and G20 meetings at the end of the week. Officials, Greek and others, continue to play down the risks of default. Even if Greece can muddle through this year, there is growing realization that that will also not mean closure.
LONDON/BRUSSELS — The need for a new rescue program for Greece promises a drawn-out drama of late-night negotiations but is unlikely to trigger the sort of crisis that has threatened the breakup of the euro in the recent past.
That the collapse of the single currency is no longer an immediate danger reflects the solidity of the political bargain that saved Greece a year ago.
By George Liu:
Confusing signs continue to come out of Greece concerning its PSI (Private Sector Involvement) debt-swap, in which creditors are to accept around a 50% writedown in the value of their bond holdings. This issue is of paramount importance because the debt swap between creditors and the Greek government must be sealed before the troika will issue further financial aid for Greece.
One of Iceland's most feared volcanoes, Hekla, looks ready to erupt, with measurement instruments showing likely magma movement, an Icelandic geophysicist told AFP on Wednesday."The movements around Hekla have been unusual in the last two to three days and have been recorded in five very precise metres placed around Mount Hekla," University of Iceland expert Pall Einarsson said, adding that while this might not necessarily mean an immediate blast, "the volcano is ready to erupt."
A mud volcano that has displaced more than 13,000 Indonesian families will erupt for at least a quarter of century, emitting belches of flammable gas through a deepening lake of sludge, scientists reported on Thursday.Underground pressure means the volcano "Lusi," in Sidoarjo, East Java, is likely to gush grey mud until 2037, when volumes will become negligible, according to their computer model.But gas will continue to percolate through it for decades and possibly centuries to come.