Opinionomics | 6 June 2012

Must-read comment and analysis. Back to the Eurozone!

1. Panic has become all too rational (Financial Times)

If those with good credit refuse to support those under pressure, when the latter cannot save themselves, the system will surely perish, writes Martin Wolf.

2. Simmering anger in Seville (BBC News)

Paul Mason reports from Seville on the human cost of the Spanish crisis

3. Markets against markets (Stumbling and Mumbling)

Was the crisis a function of too few markets? Probably not.

4. Michael Geismar’s blackjack strategy (Reuters)

When mathematician and blackjack expert Jonathan Adler saw Felix Salmon's post about hedge fund manager Michael Geismar’s antics at the Vegas blackjack tables, he offered to explain just how silly Geismar was being.

5. Prepare for “no austerity without growth” (Left Foot Forward)

Cormac Hollingsworth lays out the Tsipras agenda for the eurocrisis

Mario Draghi of the ECB. Why won't they help? Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Lord Sainsbury pulls funding from Progress and other political causes

The longstanding Labour donor will no longer fund party political causes. 

Centrist Labour MPs face a funding gap for their ideas after the longstanding Labour donor Lord Sainsbury announced he will stop financing party political causes.

Sainsbury, who served as a New Labour minister and also donated to the Liberal Democrats, is instead concentrating on charitable causes. 

Lord Sainsbury funded the centrist organisation Progress, dubbed the “original Blairite pressure group”, which was founded in mid Nineties and provided the intellectual underpinnings of New Labour.

The former supermarket boss is understood to still fund Policy Network, an international thinktank headed by New Labour veteran Peter Mandelson.

He has also funded the Remain campaign group Britain Stronger in Europe. The latter reinvented itself as Open Britain after the Leave vote, and has campaigned for a softer Brexit. Its supporters include former Lib Dem leader Nick Clegg and Labour's Chuka Umunna, and it now relies on grassroots funding.

Sainsbury said he wished to “hand the baton on to a new generation of donors” who supported progressive politics. 

Progress director Richard Angell said: “Progress is extremely grateful to Lord Sainsbury for the funding he has provided for over two decades. We always knew it would not last forever.”

The organisation has raised a third of its funding target from other donors, but is now appealing for financial support from Labour supporters. Its aims include “stopping a hard-left take over” of the Labour party and “renewing the ideas of the centre-left”. 

Julia Rampen is the digital news editor of the New Statesman (previously editor of The Staggers, The New Statesman's online rolling politics blog). She has also been deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines. 

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