title: Treaty of London (1871)

abstract: Treaty of London (1871) was an international treaty signed on 13 March 1871 by Germany, Austria, the Ottoman Empire, the United Kingdom, France, Russia, and Italy. Foreign Minister of the Russian Empire Alexander Gorchakov on 31 October 1870 denounced the Black Sea clauses of the Treaty of Paris (1856). It violated article XIV of the Treaty, which stated It cannot be either annulled or modified without the assent of the Powers signing the present Treaty. In the London Protocol of 17 January 1871, it was said that the representatives of Germany, Austro-Hungary, Great Britain, Italy, Russia and Turkey, having met in a conference, recognized as an essential principle of the law of nations that no power can liberate itself from the engagements of a treaty, nor modify the stipulations thereof, except as the result of the consent of the contracting parties, by means of an amicable understanding. Treaty signed 13 March 1871: Art. I. Articles XI, XIII, and XIV of the Treaty of Paris of March 30, 1856, as well as the special Convention concluded between Russia and the Sublime Porte, and annexed to the said Article XIV, are abrogated, and replaced by the following Article. Art. II. The principle of the closing of the Straits of the Dardanelles and the Bosphorus, such as it has been established by the separate Convention of March 30, 1856[132] is maintained, with power to His Imperial Majesty the Sultan to open the said Straits in time of peace to the vessels of war of friendly and allied Powers, in case the Sublime Porte should judge it necessary in order to secure the execution of the stipulations of the Treaty of Paris of March 30, 1856. Treaty of Berlin (1878): Art. LXIII. The Treaty of Paris of March 30, 1856, as well as the Treaty of London of March 13, 1871, are maintained in all such of their provisions as are not abrogated or modified by the preceding stipulation.

text:
# Treaty of London (1871)

**Treaty of London (1871)** was an international treaty signed on 13 March 1871 by Germany, Austria, the Ottoman Empire, the United Kingdom, France, Russia, and Italy.

Foreign Minister of the Russian Empire Alexander Gorchakov on 31 October 1870 denounced the Black Sea clauses of the Treaty of Paris (1856). It violated article XIV of the Treaty, which stated *It cannot be either annulled or modified without the assent of the Powers signing the present Treaty.*

In the London Protocol of 17 January 1871, it was said that the representatives of Germany, Austro-Hungary, Great Britain, Italy, Russia and Turkey, having met in a conference, recognized as an *essential principle of the law of nations that no power can liberate itself from the engagements of a treaty, nor modify the stipulations thereof, except as the result of the consent of the contracting parties, by means of an amicable understanding.*

Treaty signed 13 March 1871:

*Art. I. Articles XI, XIII, and XIV of the Treaty of Paris of March 30, 1856, as well as the special Convention concluded between Russia and the Sublime Porte, and annexed to the said Article XIV, are abrogated, and replaced by the following Article.*

*Art. II. The principle of the closing of the Straits of the Dardanelles and the Bosphorus, such as it has been established by the separate Convention of March 30, 1856\[132\] is maintained, with power to His Imperial Majesty the Sultan to open the said Straits in time of peace to the vessels of war of friendly and allied Powers, in case the Sublime Porte should judge it necessary in order to secure the execution of the stipulations of the Treaty of Paris of March 30, 1856.*

Treaty of Berlin (1878):

*Art. LXIII. The Treaty of Paris of March 30, 1856, as well as the Treaty of London of March 13, 1871, are maintained in all such of their provisions as are not abrogated or modified by the preceding stipulation.*


title: Passing Strangers

abstract: "Passing Strangers" is Ultravox's second single from Vienna, the band's first album with Midge Ure, released on Chrysalis Records on 10 October 1980. A fast-paced guitar track recalling early John Foxx-era Ultravox, Passing Strangers ultimately failed to live up to the top 30 success of its predecessor "Sleepwalk". It stalled at #57 in the UK charts despite having a music video and release on 12" format alongside the regular 7", both of which "Sleepwalk" lacked. The video was shot in Beckton Gas Works, London. The single contains two live b-sides; "Face To Face", an original Ultravox track that was never recorded in studio, and a live cover of the Brian Eno song "King's Lead Hat". "Face to Face" was taken from a show in St Albans City Hall. The complete show was released on the 40th anniversary Vienna box-set 2020.

text:
# Passing Strangers

**"Passing Strangers"** is Ultravox's second single from *Vienna*, the band's first album with Midge Ure, released on Chrysalis Records on 10 October 1980.

A fast-paced guitar track recalling early John Foxx-era Ultravox, Passing Strangers ultimately failed to live up to the top 30 success of its predecessor "Sleepwalk". It stalled at #57 in the UK charts despite having a music video (directed by Russell Mulcahy and featuring Barbie Wilde and Tok from Tik & Tok) and release on 12" format alongside the regular 7", both of which "Sleepwalk" lacked. The video was shot in Beckton Gas Works, London.

The single contains two live b-sides; "Face To Face", an original Ultravox track that was never recorded in studio, and a live cover of the Brian Eno song "King's Lead Hat". "Face to Face" was taken from a show in St Albans City Hall. The complete show was released on the 40th anniversary *Vienna* box-set 2020.

## Track listing

### 7" version

1. "Passing Strangers" – 3:48
2. "Face to Face (Live 16 Aug 80 at St Albans City Hall)" – 6:04

### 12" version

1. "Passing Strangers" – 3:48
2. "Face to Face (Live 16 Aug 80 at St Albans City Hall)" – 6:04
3. "King's Lead Hat (Live 17 Aug 80 at Lyceum)" – 4:06

## InfoBox

| "Passing Strangers" | |
| --- | --- |
|  | |
| Single by Ultravox | |
| from the album  *Vienna* | |
| B-side |  |
| Released | 10 October 1980 |
| Recorded | February 1980 |
| Studio | RAK, London |
| Genre | Post-punk, electronic, new wave |
| Length | 3:48 |
| Label | Chrysalis Records |
| Songwriter(s) | Warren Cann, Chris Cross, Billy Currie, Midge Ure |
| Producer(s) | Ultravox and Conny Plank |
| Ultravox singles chronology | |
| "Sleepwalk"
(1980) "**Passing Strangers**"
(1980) "Vienna"
(1981) | |


title: Ondangwa railway station

abstract: Ondangwa railway station is a railway station serving the town of Ondangwa in Namibia. It is part of the TransNamib Railway.

text:
# Ondangwa railway station

**Ondangwa railway station** is a railway station serving the town of Ondangwa in Namibia. It is part of the TransNamib Railway.

## History

## Trains

## Station layout

| **G** | Street Level | Exit/Entrance & Ticket Counter |
| --- | --- | --- |
| **P1** | Side platform, No-1 doors will open on the left/right | |
| | **Track 1** |  |
| | **Track 2** |  |
| | **Track 3** |  |
| | **Track 4** |  |
| | **Track 5** |
| **P2** | Side platform, No- 2 doors will open on the left/right | |
| |

## Nearest Airport

The nearest airports are Ondangwa Airport at Ondangwa, Otjiwarongo Airport at Otjiwarongo.

* "Ondangwa station" (Map). *Google Maps*.

## InfoBox

| Ondangwa railway station | |
| --- | --- |
| Namibian Railway station | |
| General information | |
| Location | Ondangwa<br>Namibia |
| Coordinates | 17°53′59″S 15°58′47″E / 17.8998°S 15.9797°E / -17.8998; 15.9797 |
| Elevation | 1,100 metres (3,600 ft) |
| Operated by | TransNamib |
| Line(s) | Oshikango Walvis Bay line |
| Platforms | 2 |
| Tracks | 5 |
| Construction | |
| Structure type | At Ground Single-track |
| Parking | Available |
| Accessible | Yes |
| Other information | |
| Status | Functional |
| History | |
| Electrified | No. |
|  | |
|  | |
|  | |


title: Packie Duignan

abstract: Patrick "Packie" Duignan was an Irish flute player, very well known by music lovers of his time. He was born in Aughabehy, in the Arigna Mountains of County Roscommon, Ireland. Duignan started learning to play on a Clarke's whistle while listening to the 78s of John McKenna. His deep diaphragm driven rhythm was strongly influenced by McKenna. From 1958 to 1973, Duignan played in the Drumshanbo-based céilí band Shannon Star. He recorded an album for the Topic label, "Traditional Music from County Leitrim", with the fiddler Séamus Horan in 1978 some of whose tracks later appeared on the compilation CD, "Irish Traditional Music" by Temple Records. He also made many television and radio appearances. In his later years, Duignan mostly played in and around Drumshanbo, Keadue and Arigna with fiddler Séamus Horan and bouzouki player Ciarán Emmett. Duignan was renowned for his great sense of humour and was always up for a bit of fun. In 1992, he died, following a short battle with leukemia. He refused the aid of chemotherapy, saying he wanted to die as he had lived and not a shadow of his former self. He was buried with his flute in the Church of the Immaculate Conception's adjoining cemetery in the middle of Arigna alongside other immediate family members.

text:
# Packie Duignan

**Patrick "Packie" Duignan** (5 May 1922 – 1992) was an Irish flute player, very well known by music lovers of his time. He was born in Aughabehy, in the Arigna Mountains of County Roscommon, Ireland.

Duignan started learning to play on a Clarke's whistle while listening to the 78s of John McKenna. His deep diaphragm driven rhythm was strongly influenced by McKenna. From 1958 to 1973, Duignan played in the Drumshanbo-based céilí band Shannon Star. He recorded an album for the Topic label, "Traditional Music from County Leitrim", with the fiddler Séamus Horan in 1978 some of whose tracks later appeared on the compilation CD, "Irish Traditional Music" by Temple Records. He also made many television and radio appearances. In his later years, Duignan mostly played in and around Drumshanbo, Keadue and Arigna with fiddler Séamus Horan and bouzouki player Ciarán Emmett.

Duignan was renowned for his great sense of humour and was always up for a bit of fun. In 1992, he died, following a short battle with leukemia. He refused the aid of chemotherapy, saying he wanted to die as he had lived and not a shadow of his former self. He was buried with his flute in the Church of the Immaculate Conception's adjoining cemetery in the middle of Arigna alongside other immediate family members.

## Legacy

In 1995, a tribute CD was compiled of a concert featuring Tommy Guihen, Patsy Hanly, Mick Woods, and Joe Skelton at the Joe Mooney Summer School in Drumshanbo, called "A Tribute to Packie Duignan." An annual tribute weekend featuring many bands and players is held in Drumshanbo in late January. A memorial plaque in honour of Duignan is displayed in the centre of the town in the Main Car Park.

Duignan was a very well respected musician in the Lough Allen region, and his music continues to inspire people who have an interest in traditional folk music. Among a younger generation of flute and tin whistle players to cite Packie's influence are Catherine McEvoy and Mary Bergin.

## Festival

On 26 January 2007, the first official Packie Duignan Traditional weekend was launched by Comhaltas Drumshanbo. Following the opening of the Duignan memorial on Friday the 26th of January, there was a very successful session in Duignan's local pub Conway's corner house. On the Saturday there was a workshop in flute, tin whistle, bodhrán, fiddle, and Sean-nós dancing.

## Family

Packie had a very large family that is scattered across the midlands and the west of Ireland. His roots can be traced back to the O'Duigenan bards and scribes of Kilronan from the 13th century. Some of his family still live in the Arigna area but most have moved elsewhere, especially to England, Wales and America.

## Recordings

* Music From County Leitrim, with Seamus Horan(Flute) Topic 1978
* Traditional Music from County Leitrim
* Irish Traditional Music
* A Tribute To Packie Duignan
* Happy To Meet You Sorry To Part

In 2009 *Bridie Morley/Duignan's Favourite* recorded with Seamus Horan from *Music from County Leitrim* was included in Topic Records 70 year anniversary boxed set *Three Score and Ten* as track twenty four on the third CD.


title: Marne's 5th constituency

abstract: The 5th constituency of Marne is one of five electoral districts in the department of the same name, each of which returns one deputy to the French National Assembly in elections using the two-round system, with a run-off if no candidate receives more than 50% of the vote in the first round.

text:
# Marne's 5th constituency

The **5th constituency of Marne** (French: *Cinquième circonscription de la Marne*) is one of five electoral districts in the department of the same name, each of which returns one deputy to the French National Assembly in elections using the two-round system, with a run-off if no candidate receives more than 50% of the vote in the first round.

## Description

The constituency – which covers the south-central and south-eastern parts of the department and includes the town of Vitry-le-François – is made up of the eleven former cantons of Anglure, Avize, Écury-sur-Coole, Fère-Champenoise, Heiltz-le-Maurupt, Saint-Remy-en-Bouzemont-Saint-Genest-et-Isson, Sompuis, Thiéblemont-Farémont, Vertus, Vitry-le-François-Est, and Vitry-le-François-Ouest.

At the time of the 1999 census (which was the basis for the most recent redrawing of constituency boundaries, carried out in 2010) the 5th constituency had a total population of 83,412.

The constituency has returned the centre-right politician Charles de Courson, currently a member of the Les Centristes, at every election since 1993.

## Historic representation

| Election | | Member | Party |
| --- | --- | --- | --- |
| 1986 | | *Proportional representation – no election by constituency* | |
|  | 1988 | Jean-Pierre Bouquet | PS |
|  | 1993 | Charles de Courson | UDF |
|  | 1997 | | |
|  | 2002 | | |
|  | 2007 | | NC |
|  | 2012 | |
|  | 2017 | | UDI |
|  | 2022 | | LC |

## Election results

### 2024

Legislative Election 2024: Marne's 5th constituency
| Party | | Candidate | Votes | % | ±% |
| --- | --- | --- | --- | --- | --- |
|  | LC | Charles de Courson | **21,751** | **42.66** | −1.88 |
|  | LO | Joëlle Bastien | 502 | 0.98 | N/A |
|  | PS (NFP) | Gaël Padiou | 4,774 | 9.36 | N/A |
|  | RN | Thierry Bosson | **23,954** | **46.99** | +19.75 |
| Turnout | | | 50,981 | 98.10 | +49.08 |
| Registered electors | | | 75,602 |  |  |
| 2nd round result | | | | | |
|  | **LC** | **Charles de Courson** | **26,393** | **50.43** | **+7.77** |
|  | RN | Thierry Besson | 25,947 | 49.57 | +2.58 |
| Turnout | | | 52,340 | 98.34 | +0.24 |
| Registered electors | | | 75,580 |  |  |
|  | LC **hold** | | Swing |  |  |

### 2022

Legislative Election 2022: Marne's 5th constituency
| Party | | Candidate | Votes | % | ±% |
| --- | --- | --- | --- | --- | --- |
|  | **LC (UDC)** | **Charles de Courson** | **16,329** | **44.54** | **+1.61** |
|  | **RN** | **Pierre-Romain Thionnet** | **9,989** | **27.24** | **+5.74** |
|  | LFI (NUPÉS) | Karine Le Luron | 4,066 | 11.09 | +0.74 |
|  | MoDem (Ensemble) | Isabelle Pestre | 3,268 | 8.91 | −11.97 |
|  | REC | Emmanuel Renoud | 1,293 | 3.53 | N/A |
|  | | | | | | | |
|  | Others | *N/A* | 1,720 | - |  |
| Turnout | | | 36,665 | 49.02 | −2.16 |
| 2nd round result | | | | | |
|  | **LC (UDC)** | **Charles de Courson** | **21,325** | **63.03** | **-8.54** |
|  | RN | Pierre-Romain Thionnet | 12,506 | 36.97 | +8.54 |
| Turnout | | | 33,831 | 46.35 | +0.01 |
|  | LC **gain** from UDI | | | | |

### 2017

| Candidate | | Label | First round | | Second round | |
| --- | --- | --- | --- | --- | --- | --- |
| | Votes | | % | Votes | % |
|  | **Charles de Courson** | UDI | 16,631 | 42.93 | **24,074** | **71.57** |
|  | Thomas Laval | FN | 8,329 | 21.50 | 9,563 | 28.43 |
|  | Bertrand Trepo | REM | 8,089 | 20.88 |  | |
|  | Laurène Massicard | FI | 2,752 | 7.10 | |
|  | Dominique Chailloux | PCF | 1,261 | 3.25 | |
|  | Estelle Arbogast | DLF | 742 | 1.92 | |
|  | Françoise Dehut | ECO | 332 | 0.86 | |
|  | Joëlle Bastien | EXG | 279 | 0.72 | |
|  | Julien Havasi | EXD | 175 | 0.45 | |
|  | Naceur Yagoubi | DIV | 152 | 0.39 | |
|  | | | | | | |
| Votes | | | 38,742 | 100.00 | 33,637 | 100.00 |
|  | | | | | | |
| Valid votes | | | 38,742 | 98.40 | 33,637 | 94.37 |
| Blank votes | | | 446 | 1.13 | 1,471 | 4.13 |
| Null votes | | | 184 | 0.47 | 537 | 1.51 |
| Turnout | | | 39,372 | 51.18 | 35,645 | 46.34 |
| Abstentions | | | 37,556 | 48.82 | 41,276 | 53.66 |
| Registered voters | | | 76,928 |  | 76,921 |  |
|  | | | | | | |
| Source: Ministry of the Interior | | | | | | |

### 2012

Legislative Election 2012: Marne's 5th constituency
| Party | | Candidate | Votes | % | ±% |
| --- | --- | --- | --- | --- | --- |
|  | **NC** | **Charles de Courson** | **22,051** | **47.69** |  |
|  | **PS** | **Mariane Doremus** | **11,677** | **25.25** |  |
|  | FN | Pascal Erre | 8,389 | 18.14 |  |
|  | FG | Nathalie Mayance | 1,387 | 3.00 |  |
|  | | | | | | | |
|  | Others | *N/A* | 2,738 |  |  |
| Turnout | | | 46,242 | 59.11 |  |
| 2nd round result | | | | | |
|  | **NC** | **Charles de Courson** | **28,219** | **65.79** |  |
|  | PS | Mariane Doremus | 14,673 | 34.21 |  |
| Turnout | | | 42,892 | 54.83 |  |
|  | NC **hold** | | | | |

## Sources

## InfoBox

| 5th constituency of Marne | |
| --- | --- |
| **Constituency of the
National Assembly of France** | |
| The constituency shown within Champagne-Ardenne | |
| Incumbent deputy | Charles de Courson
LC |
| Department | Marne |
| Cantons | Anglure, Avize, Écury-sur-Coole, Fère-Champenoise, Heiltz-le-Maurupt, Saint-Remy-en-Bouzemont-Saint-Genest-et-Isson, Sompuis, Thiéblemont-Farémont, Vertus, Vitry-le-François-Est, Vitry-le-François-Ouest |
| Registered voters | 76,921 (2017) |
|  | |


title: Xanthium ambrosioides

abstract: Xanthium ambrosioides, the Argentine cocklebur, is a species of flowering plant in the family Asteraceae, native to Argentina, and introduced to Great Britain, France, Italy, and New South Wales. Some authorities consider it a synonym of Xanthium spinosum. It is a "Declared Pest, Prohibited" in Western Australia.

text:
# Xanthium ambrosioides

***Xanthium ambrosioides***, the **Argentine cocklebur**, is a species of flowering plant in the family Asteraceae, native to Argentina, and introduced to Great Britain, France, Italy, and New South Wales. Some authorities consider it a synonym of *Xanthium spinosum*. It is a "Declared Pest, Prohibited" in Western Australia.

## InfoBox

| *Xanthium ambrosioides* | |
| --- | --- |
|
| Scientific classification | |
| Kingdom: | Plantae |
| *Clade*: | Tracheophytes |
| *Clade*: | Angiosperms |
| *Clade*: | Eudicots |
| *Clade*: | Asterids |
| Order: | Asterales |
| Family: | Asteraceae |
| Genus: | *Xanthium* |
| Species: | ***X. ambrosioides*** |
| Binomial name | |
| ***Xanthium ambrosioides***<br>Hook. & Arn. | |
|


title: Systemic risk

abstract: In finance, systemic risk is the risk of collapse of an entire financial system or entire market, as opposed to the risk associated with any one individual entity, group or component of a system, that can be contained therein without harming the entire system. It can be defined as "financial system instability, potentially catastrophic, caused or exacerbated by idiosyncratic events or conditions in financial intermediaries". It refers to the risks imposed by interlinkages and interdependencies in a system or market, where the failure of a single entity or cluster of entities can cause a cascading failure, which could potentially bankrupt or bring down the entire system or market. It is also sometimes erroneously referred to as "systematic risk".

text:
# Systemic risk

In finance, **systemic risk** is the risk of collapse of an entire financial system or entire market, as opposed to the risk associated with any one individual entity, group or component of a system, that can be contained therein without harming the entire system. It can be defined as "financial *system* instability, potentially catastrophic, caused or exacerbated by idiosyncratic events or conditions in financial intermediaries". It refers to the risks imposed by *interlinkages* and *interdependencies* in a system or market, where the failure of a single entity or cluster of entities can cause a cascading failure, which could potentially bankrupt or bring down the entire system or market. It is also sometimes erroneously referred to as "systematic risk".

## Explanation

Systemic risk has been associated with a bank run which has a cascading effect on other banks which are owed money by the first bank in trouble, causing a cascading failure. As depositors sense the ripple effects of default, and liquidity concerns cascade through money markets, a panic can spread through a market, with a sudden flight to quality, creating many sellers but few buyers for illiquid assets. These interlinkages and the potential "clustering" of bank runs are the issues which policy makers consider when addressing the issue of protecting a system against systemic risk. Governments and market monitoring institutions (such as the U.S. Securities and Exchange Commission (SEC), and central banks) often try to put policies and rules in place with the justification of safeguarding the interests of the market as a whole, claiming that the trading participants in financial markets are entangled in a web of dependencies arising from their interlinkage. In simple English, this means that some companies are viewed as too big and too interconnected to fail. Policy makers frequently claim that they are concerned about protecting the resiliency of the system, rather than any one individual in that system. Systemic risk arises because of the interaction of market participants, and therefore can be seen as a form of endogenous risk.

The risk management literature offers an alternative perspective to notions from economics and finance by distinguishing between the nature of systemic failure, its causes and effects, and the risk of its occurrence. It takes an "operational behaviour" approach to defining systemic risk of failure as: "A measure of the overall probability at a current time of the system entering an operational state of systemic failure by a specified time in the future, in which the supply of financial services no longer satisfies demand according to regulatory criteria, qualified by a measure of uncertainty about the system's future behaviour, in the absence of new mitigation efforts." This definition lends itself to practical risk mitigation applications, as demonstrated in recent research by a simulation of the collapse of the Icelandic financial system in circa 2008.

Systemic risk should not be confused with market or price risk as the latter is specific to the item being bought or sold and the effects of market risk are isolated to the entities dealing in that specific item. This kind of risk can be mitigated by hedging an investment by entering into a mirror trade.

Insurance is often easy to obtain against "systemic risks" because a party issuing that insurance can pocket the premiums, issue dividends to shareholders, enter insolvency proceedings if a catastrophic event ever takes place, and hide behind limited liability. Such insurance, however, is not effective for the insured entity.

One argument that was used by financial institutions to obtain special advantages in bankruptcy for derivative contracts was a claim that the market is both critical and fragile.

Systemic risk can also be defined as the likelihood and degree of negative consequences to the larger body. With respect to federal financial regulation, the systemic risk of a financial institution is the likelihood and the degree that the institution's activities will negatively affect the larger economy such that unusual and extreme federal intervention would be required to ameliorate the effects.

A general definition of systemic risk which is not limited by its mathematical approaches, model assumptions or focus on one institution, and which is also the first operationalizable definition of systemic risk encompassing the systemic character of financial, political, environmental, and many other risks, was put forth in 2010.

The Systemic Risk Centre at the London School of Economics is focused on the study of systemic risk. It finds that systemic risk is a form of endogenous risk, hence frustrating empirical measurements of systemic risk.

## Measurement

### TBTF/TCTF

According to the Property Casualty Insurers Association of America, there are two key assessments for measuring systemic risk, the "too big to fail" (TBTF) and the "too (inter)connected to fail" (TCTF or TICTF) tests. First, the TBTF test is the traditional analysis for assessing the risk of required government intervention. TBTF can be measured in terms of an institution's size relative to the national and international marketplace, market share concentration, and competitive barriers to entry or how easily a product can be substituted. Second, the TCTF test is a measure of the likelihood and amount of medium-term net negative impact to the larger economy of an institution's failure to be able to conduct its ongoing business. The impact is measure beyond the institution's products and activities to include the economic multiplier of all other commercial activities dependent specifically on that institution. The impact is also dependent on how correlated an institution's business is with other systemic risks.

#### Too big to fail

The traditional analysis for assessing the risk of required government intervention is the "too big to fail" test (TBTF). TBTF can be measured in terms of an institution's size relative to the national and international marketplace, market share concentration (using the Herfindahl-Hirschman Index for example), and competitive barriers to entry or how easily a product can be substituted. While there are large companies in most financial marketplace segments, the national insurance marketplace is spread among thousands of companies, and the barriers to entry in a business where capital is the primary input are relatively minor. The policies of one homeowners insurer can be relatively easily substituted for another or picked up by a state residual market provider, with limits on the underwriting fluidity primarily stemming from state-by-state regulatory impediments, such as limits on pricing and capital mobility. During the recent financial crisis, the collapse of the American International Group (AIG) posed a significant systemic risk to the financial system. There are arguably either no or extremely few insurers that are TBTF in the U.S. marketplace.

#### Too connected to fail

A more useful systemic risk measure than a traditional TBTF test is a "too connected to fail" (TCTF) assessment. An intuitive TCTF analysis has been at the heart of most recent federal financial emergency relief decisions. TCTF is a measure of the likelihood and amount of medium-term net negative impact to the larger economy of an institution's failure to be able to conduct its ongoing business.

Network models have been proposed as a method for quantifying the impact of interconnectedness on systemic risk.

The impact is measured not just on the institution's products and activities, but also the economic multiplier of all other commercial activities dependent specifically on that institution. It is also dependent on how correlated an institution's business is with other systemic risk.

#### Criticisms of systemic risk measurements

*Criticisms of systemic risk measurements:* Danielsson et al. express concerns about systemic risk measurements, such as SRISK and CoVaR, because they are based on market outcomes that happen multiple times a year, so that the probability of systemic risk as measured does not correspond to the actual systemic risk in the financial system. Systemic financial crises happen once every 43 years for a typical OECD country and measurements of systemic risk should target that probability.

### SRISK

A financial institution represents a systemic risk if it becomes undercapitalized when the financial system as a whole is undercapitalized. In a single risk factor model, Brownlees and Engle build a systemic risk measure named SRISK. SRISK can be interpreted as the amount of capital that needs to be injected into a financial firm as to restore a certain form of minimal capital requirement. SRISK has several nice properties: SRISK is expressed in monetary terms and is, therefore, easy to interpret. SRISK can be easily aggregated across firms to provide industry and even country specific aggregates. Last, the computation of SRISK involves variables which may be viewed on their own as risk measures. These are the size of the financial firm, the leverage (ratio of assets to market capitalization), and a measure of how the return of the firm evolves with the market (some sort of time varying conditional beta but with emphasis on the tail of the distribution).

Whereas the initial Brownlees and Engle model is tailored to the US market, the extension by Engle, Jondeau, and Rockinger is more suitable for the European markets. One factor captures worldwide variations of financial markets, another one the variations of European markets. This extension allows for a country-specific factor.

By accounting for different factors, one captures the notion that shocks to the US or Asian markets may affect Europe, but also that bad news within Europe (such as the news about a potential default of one of the countries) matters for Europe. Also, there may be country specific news that does not affect Europe or the US, but matters for a given country. Empirically the last factor is less relevant than the worldwide or European factor.

Since SRISK is measured in terms of currency, the industry aggregates may also be related to Gross Domestic Product. As such one obtains a measure of domestic, systemically important banks.

The SRISK Systemic Risk Indicator is computed automatically on a weekly basis and made available to the community. For the US model, SRISK and other statistics may be found under the Volatility Lab of NYU Stern School website and for the European model under the Center of Risk Management (CRML) website of HEC Lausanne.

#### Pair/vine copulas

A vine copula can be used to model systemic risk across a portfolio of financial assets. One methodology is to apply the Clayton Canonical Vine Copula to model asset pairs in the vine structure framework. As a Clayton copula is used, the greater the degree of asymmetric (i.e., left tail) dependence, the higher the Clayton copula parameter. Therefore, one can sum up all the Clayton Copula parameters, and the higher the sum of these parameters, the greater the impending likelihood of systemic risk. This methodology has been found to detect spikes in the US equities markets in the last four decades capturing the Oil Crisis and Energy Crisis of the 1970s, Black Monday and the Gulf War in the 1980s, the Russian Default/LTCM crisis of the 1990s, and the Technology Bubble and Lehman Default in the 2000s. Manzo and Picca introduce the t-Student Distress Insurance Premium (tDIP), a copula-based method that measures systemic risk as the expected tail loss on a credit portfolio of entities, in order to quantify sovereign as well as financial systemic risk in Europe.

## Valuation of assets and derivatives under systemic risk

### Inadequacy of classic valuation models

One problem when it comes to the valuation of derivatives, debt, or equity under systemic risk is that financial interconnectedness has to be modelled. One particular problem is posed by closed valuations chains, as exemplified here for four firms A, B, C, and D:

B might hold shares of A, C holds some debt of B, D owns a derivative issued by C, and A owns some debt of D.

For instance, the share price of A could influence all other asset values, including itself.

#### The Merton (1974) model

Situations as the one explained earlier, which are present in mature financial markets, cannot be modelled within the single-firm Merton model, but also not by its straightforward extensions to multiple firms with potentially correlated assets. To demonstrate this, consider two financial firms, $i=1,2$, with limited liability, which both own system-exogenous assets of a value $a\_{i}\geq 0$ at a maturity $T\geq 0$, and which both owe a single amount of zero coupon debt $d\_{i}\geq 0$, due at time $T$. "System-exogenous" here refers to the assumption, that the business asset $a\_{i}$ is not influenced by the firms in the considered financial system. In the classic single firm Merton model, it now holds at maturity for the equity $s\_{i}\geq 0$ and for the recovery value $r\_{i}\geq 0$ of the debt, that

$$r\_{i}=\min\\{d\_{i},a\_{i}\\}$$

and

$$s\_{i}=(a\_{i}-d\_{i})^{+}.$$

Equity and debt recovery value, $s\_{i}$ and $r\_{i}$, are thus uniquely and immediately determined by the value $a\_{i}$ of the exogenous business assets. Assuming that the $a\_{i}$ are, for instance, defined by a Black-Scholes dynamic (with or without correlations), risk-neutral no-arbitrage pricing of debt and equity is straightforward.

#### Non-trivial asset value equations

Consider now again two such firms, but assume that firm 1 owns 5% of firm two's equity and 20% of its debt. Similarly, assume that firm 2 owns 3% of firm one's equity and 10% of its debt. The equilibrium price equations, or liquidation value equations, at maturity are now given by

$$r\_{1}=\min\\{d\_{1},a\_{1}+0.05s\_{2}+0.2r\_{2}\\}$$

$$r\_{2}=\min\\{d\_{2},a\_{2}+0.03s\_{1}+0.1r\_{1}\\}$$

$$s\_{1}=(a\_{1}+0.05s\_{2}+0.2r\_{2}-d\_{1})^{+}$$

$$s\_{2}=(a\_{2}+0.03s\_{1}+0.1r\_{1}-d\_{2})^{+}.$$

This example demonstrates, that systemic risk in the form of financial interconnectedness can already lead to a non-trivial, non-linear equation system for the asset values if only two firms are involved.

#### Over- and underestimation of default probabilities

It is known that modelling credit risk while ignoring cross-holdings of debt or equity can lead to an under-, but also an over-estimation of default probabilities. The need for proper structural models of financial interconnectedness in quantitative risk management – be it in research or practice – is therefore obvious.

### Structural models under financial interconnectedness

The first authors to consider structural models for financial systems where each firm could own the debt of other firms were Eisenberg and Noe in 2001. Suzuki (2002) extended the analysis of interconnectedness by modeling the cross ownership of both debt and equity claims. Building on Eisenberg and Noe (2001), Cifuentes, Ferrucci, and Shin (2005) considered the effect of costs of default on network stability. Elsinger's further developed the Eisenberg and Noe (2001) model by incorporating financial claims of differing priority.

Acemoglu, Ozdaglar, and Tahbaz-Salehi, (2015) developed a structural systemic risk model incorporating both distress costs and debt claim with varying priorities and used this model to examine the effects of network interconnectedness on financial stability. They showed that, up to a certain point, interconnectedness enhances financial stability. However, once a critical threshold density of connectedness is exceeded, further increases in the density of the financial network propagate risk.

Glasserman and Young (2015) applied the Eisenberg and Noe (2001) to modelling the effect of shocks to banking networks. They develop general bounds for the effects of network connectivity on default probabilities. In contrast to most of the structural systemic risk literature, their results are quite general and do not require assuming a specific network architecture or specific shock distributions.

### Risk-neutral valuation: price indeterminacy and open problems

Generally speaking, risk-neutral pricing in structural models of financial interconnectedness requires unique equilibrium prices at maturity in dependence of the exogenous asset price vector, which can be random. While financially interconnected systems with debt and equity cross-ownership without derivatives are fairly well understood in the sense that relatively weak conditions on the ownership structures in the form of ownership matrices are required to warrant uniquely determined price equilibria, the Fischer (2014) model needs very strong conditions on derivatives – which are defined in dependence on any other liability of the considered financial system – to be able to guarantee uniquely determined prices of all system-endogenous liabilities. Furthermore, it is known that there exist examples with no solutions at all, finitely many solutions (more than one), and infinitely many solutions. At present, it is unclear how weak conditions on derivatives can be chosen to still be able to apply risk-neutral pricing in financial networks with systemic risk. It is noteworthy, that the price indeterminacy that evolves from multiple price equilibria is fundamentally different from price indeterminacy that stems from market incompleteness.

## Factors

Factors that are found to support systemic risks are:

1. Economic implications of models are not well understood. Though each individual model may be made accurate, the facts that (1) all models across the board use the same theoretical basis, and (2) the relationship between financial markets and the economy is not known lead to aggravation of systemic risks.
2. Liquidity risks are not accounted for in pricing models used in trading on the financial markets. Since all models are not geared towards this scenario, all participants in an illiquid market using such models will face systemic risks.

## Diversification

Risks can be reduced in four main ways: avoidance, diversification, hedging and insurance by transferring risk. Systematic risk, also called market risk or un-diversifiable risk, is a risk of a security that cannot be reduced through diversification. Participants in the market, like hedge funds, can be the source of an increase in systemic risk and the transfer of risk to them may, paradoxically, increase the exposure to systemic risk.

Until recently, many theoretical models of finance pointed towards the stabilizing effects of a diversified (i.e., dense) financial system. Nevertheless, some recent work has started to challenge this view, investigating conditions under which diversification may have ambiguous effects on systemic risk. Within a certain range, financial interconnections serve as a shock-absorber (i.e., connectivity engenders robustness and risk-sharing prevails). But beyond the tipping point, interconnections might serve as a shock-amplifier (i.e., connectivity engenders fragility and risk-spreading prevails).

## Regulation

One of the main reasons for regulation in the marketplace is to reduce systemic risk. However, regulation arbitrage – the transfer of commerce from a regulated sector to a less regulated or unregulated sector – brings markets a full circle and restores systemic risk. For example, the banking sector was brought under regulations in order to reduce systemic risks. Since the banks themselves could not give credit where the risk (and therefore returns) were high, it was primarily the insurance sector which took over such deals. Thus the systemic risk migrated from one sector to another and proves that regulation of only one industry cannot be the sole protection against systemic risks.

## Project risks

In the fields of project management and cost engineering, systemic risks include those risks that are not unique to a particular project and are not readily manageable by a project team at a given point in time. They are caused by micro or internal factors i.e. uncertainty resulting from attributes of the project system/culture. Some use the term inherent risk. These systemic risks are called individual project risks e.g. in PMI PMBOK(R) Guide. These risks may be driven by the nature of a company's project system (e.g., funding projects before the scope is defined), capabilities, or culture. They may also be driven by the level of technology in a project or the complexity of a project's scope or execution strategy. One recent example of systemic risk is the collapse of Lehman Brothers in 2008, which sent shockwaves throughout the financial system and the economy. In contrast, those risks that are unique to a particular project are called overall project risks aka systematic risks in finance terminology. They are project-specific risks which are sometimes called contingent risks, or risk events. These systematic risks are caused by uncertainty in macro or external factors of the external environment. "The Great Recession" of the late 2000s is an example of systematic risk. Overall project risks are determined using PESTLE, VUCA, etc.

PMI PMBOK(R) Guide defines individual project risk as "an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives," whereas overall project risk is defined as "the effect of uncertainty on the project as a whole … more than the sum of individual risks within a project, since it includes all sources of project uncertainty … represents the exposure of stakeholders to the implications of variations in project outcome, both positive and negative."

## Systemic risk and insurance

In February 2010, international insurance economics think tank, The Geneva Association, published a 110-page analysis of the role of insurers in systemic risk.

In the report, the differing roles of insurers and banks in the global financial system and their impact on the crisis are examined (See also CEA report, "Why Insurers Differ from Banks"). A key conclusion of the analysis is that the core activities of insurers and reinsurers do not pose systemic risks due to the specific features of the industry:

* Insurance is funded by up-front premia, giving insurers strong operating cash-flow without the requirement for wholesale funding;
* Insurance policies are generally long-term, with controlled outflows, enabling insurers to act as stabilisers to the financial system;
* During the hard test of the financial crisis, insurers maintained relatively steady capacity, business volumes and prices.

Applying the most commonly cited definition of systemic risk, that of the Financial Stability Board (FSB), to the core activities of insurers and reinsurers, the report concludes that none are systemically relevant for at least one of the following reasons:

* Their limited size means that there would not be disruptive effects on financial markets;
* An insurance insolvency develops slowly and can often be absorbed by, for example, capital raising, or, in a worst case, an orderly wind down;
* The features of the interrelationships of insurance activities mean that contagion risk would be limited.

The report underlines that supervisors and policymakers should focus on activities rather than financial institutions when introducing new regulation and that upcoming insurance regulatory regimes, such as Solvency II in the European Union, already adequately address insurance activities.

However, during the financial crisis, a small number of quasi-banking activities conducted by insurers either caused failure or triggered significant difficulties. The report therefore identifies two activities which, when conducted on a widespread scale without proper risk control frameworks, have the potential for systemic relevance.

* Derivatives trading on non-insurance balance sheets;
* Mis-management of short-term funding from commercial paper or securities lending.

The industry has put forward five recommendations to address these particular activities and strengthen financial stability:

* The implementation of a comprehensive, integrated and principle-based supervision framework for insurance groups, in order to capture, among other things, any non-insurance activities such as excessive derivative activities.
* Strengthening liquidity risk management, particularly to address potential mis-management issues related to short-term funding.
* Enhancement of the regulation of financial guarantee insurance, which has a very different business model than traditional insurance.
* The establishment of macro-prudential monitoring with appropriate insurance representation.
* The strengthening of industry risk management practices to build on the lessons learned by the industry and the sharing experiences with supervisors on a global scale.

Since the publication of The Geneva Association statement, in June 2010, the International Association of Insurance Supervisors (IAIS) issued its position statement on key financial stability issues. A key conclusion of the statement was that, "The insurance sector is susceptible to systemic risks generated in other parts of the financial sector. For most classes of insurance, however, there is little evidence of insurance either generating or amplifying systemic risk, within the financial system itself or in the real economy."

Other organisations such as the CEA and the Property Casualty Insurers Association of America (PCI) have issued reports on the same subject.

## Discussion

Systemic risk evaluates the likelihood and degree of negative consequences to the larger body. The term "systemic risk" is frequently used in recent discussions related to the economic crisis, such as the Subprime mortgage crisis. The systemic risk of a financial institution is the likelihood and the degree that the institution's activities will negatively affect the larger economy such that unusual and extreme federal intervention would be required to ameliorate the effects. The failing of financial firms in 2008 caused systemic risk to the larger economy. Chairman Barney Frank has expressed concerns regarding the vulnerability of highly leveraged financial systems to systemic risk and the US government has debated how to address financial services regulatory reform and systemic risk.

A series of empirical studies published between the 1990s and 2000s showed that deregulation and increasingly fierce competition lowers bank's profit margin and encourages the moral hazard to take excessive credit risks to increase profits. On the other hand, the same effect was measured in presence of a banking oligopoly in which banking sector was dominated by a restricted number of market operators encouraged by their market share and contractual power to set higher loan mean rates. An excessive number of market operators was sometimes deliberately introduced with a below market value selling to cause a price war and a wave of bank massive failures, subsequently degenerating in the creation a market cartel: those two phases had been seen as expressions of the same interest to collude at generally lower prices (and then higher), resulting possible because of a lack of regulation ordered to prevent both of them. Banks are the entities most likely to be exposed to valuation risk as a result of their massive holdings of financial instruments classified as Level 2 or 3 of the fair value hierarchy. In Europe, at the end of 2020 the banks under the direct supervision of the European Central Bank (ECB) held fair-valued financial instruments in an amount of €8.7 trillion, of which €6.6 trillion classified as Level 2 or 3. Level 2 and Level 3 instruments respectively amounted to 495% and 23% of the banks' highest-quality capital (so-called Tier 1 Capital). As an implication, even small errors in such financial instruments' valuations may have significant impacts on banks' capital.

In February 2020 the European Systemic Risk Board warned in a report that substantial amounts of financial instruments with complex features and limited liquidity that sit in banks' balance sheets are a source of risk for the stability of the global financial system. In Europe, at the end of 2020 the banks under the direct supervision of the European Central Bank (ECB) held financial instruments subject to fair value accounting in an amount of €8.7 trillion. Of these, €6.6 trillion were classified as Level 2 or 3 in the so-called Fair Value Hierarchy, which means that they are potentially exposed to valuation risk, i.e. to uncertainty about their actual market value. Level 2 and Level 3 instruments respectively amounted to 495% and 23% of the banks' highest-quality capital (so-called Tier 1 Capital). As an implication, even small errors in such financial instruments' valuations may have significant impacts on banks' capital.

## Further reading

* Website dedicated to systemic risk: http://www.systemic-risk-hub.org/
* Bartram, Söhnke M.; Brown, Gregory W.; Hund, John (December 2007). "Estimating Systemic Risk in the International Financial System" (PDF). *Journal of Financial Economics*. **86** (3): 835–869. CiteSeerX 10.1.1.1033.2966. doi:10.1016/j.jfineco.2006.10.001. S2CID 6589252. SSRN 938707.
* Cont, Rama; Moussa, Amal; Santos, Edson B (December 2013). *Network structure and systemic risk in banking systems*. pp. 327–368. doi:10.1017/CBO9781139151184. ISBN 9781139151184. `{{cite book}}`: `|journal=` ignored (help)
* Fischer, Tom (2014). "No-arbitrage pricing under systemic risk: Accounting for cross-ownership". *Mathematical Finance*. **24** (1): 97–124. arXiv:1005.0768. doi:10.1111/j.1467-9965.2012.00526.x. S2CID 153225655. (Published online: 19 Jun 2012)
* Gray, Dale F. and Andreas A. Jobst, 2011, "Modelling Systemic Financial Sector and Sovereign Risk," Sveriges Riksbank Economic Review, No. 2, pp. 68–106.
* Gray, Dale F. and Andreas A. Jobst, 2009, "Higher Moments and Multivariate Dependence of Implied Volatilities from Equity Options as Measures of Systemic Risk," *Global Financial Stability Report*, Chapter 3, April (Washington: International Monetary Fund), pp. 128–31.
* Gray, Dale F. and Andreas A. Jobst, 2011, "Modeling Systemic and Sovereign Risk," in: Berd, Arthur (ed.) *Lessons from the Financial Crisis* (London: RISK Books), pp. 143–85.
* Gray, Dale F. and Andreas A. Jobst, 2011, "Systemic Contingent Claims Analysis – A Model Approach to Systemic Risk," in: LaBrosse, John R., Olivares-Caminal, Rodrigo and Dalvinder Singh (eds.) *Managing Risk in the Financial System* (London: Edward Elgar), pp. 93–110.
* Gray, Dale F.; Jobst, Andreas A.; Malone, Samuel (2010). "Quantifying Systemic Risk and Reconceptualizing the Role of Finance for Economic Growth". *Journal of Investment Management*. **8** (2): 90–110.
* Hansen, Lars Peter. "Challenges in Identifying and Measuring Systemic Risk" (PDF). National Bureau of Economic Research. Retrieved 6 March 2013.
* Ilin, Thomas; Varga, Liz (2015). "The uncertainty of systemic risk". *Risk Management*. **17** (4): 240–275. doi:10.1057/rm.2015.15. S2CID 155209532.
* Jobst, Andreas A., 2012, "Systemic Risk in the Insurance Sector-General Issues and a First Assessment of Large Commercial (Re-)Insurers in Bermuda," Working paper (March 14). SSRN 2022062.
* Orlando, Giuseppe; Bufalo Michele; Penikas Henry; Zurlo Concetta (2022). *Modern Financial Engineering: Counterparty, Credit, Portfolio and Systemic Risks*. World Scientific. ISBN 978-981-125-235-8.
* Williams, Mark T. (March 2010). "Uncontrolled Risk: The Lessons of Lehman Brothers and How Systemic Risk Can Still Bring Down the World Financial System". *Mcgraw-Hill*.
* Zeyu Zheng, Boris Podobnik, Ling Feng and Baowen Li, "Changes in Cross-Correlations as an Indicator for Systemic Risk" (Scientific Reports 2: 888 (2012)).


title: Leonor de Velasco Álvarez

abstract: Leonor de Velasco Álvarez was a housewife, socialite and the First Lady of Colombia from 1926 to 1930, through her marriage to the 12th president Miguel Abadía Méndez.

text:
# Leonor de Velasco Álvarez

**Leonor de Velasco Álvarez** (July 30, 1907 - January 14, 1975) was a housewife, socialite and the First Lady of Colombia from 1926 to 1930, through her marriage to the 12th president Miguel Abadía Méndez.

## Biography

Leonor de Velasco Álvarez was born on July 30, 1907 to Enrique de Velasco and Mercedes Álvarez in Bogotá.

She completed her high school studies at the María Auxiliadora Women's Catholic School in Bogotá.

## First Lady of Colombia (1926-1930)

On June 5, 1926, Leonor married the then elected-President of Colombia, Miguel Abadía Méndez, being the first time in the history of Colombia that a presidential wedding occurred.

As host of San Carlos Palace de Velasco Álvarez was characterized by holding numerous social events held every month known as the "Palace Receipts" which were only attended by diplomats as well as those close to the Abadía Méndez administration.

## InfoBox

| Leonor de Velasco Álvarez | |
| --- | --- |
| Leonor de Velasco Álvarez in the center | |
|  | |
| First Lady of Colombia | |
| **In role**
August 7, 1926  August 7, 1930 | |
| President | Miguel Abadía Méndez |
| Preceded by | Carolina Vásquez Uribe |
| Succeeded by | María Teresa Londoño |
|  | |
| Personal details | |
| Born | Leonor de Velasco Álvarez
(1907-07-30)July 30, 1907
Bogotá, Colombia |
| Died | January 14, 1975(1975-01-14) (aged 67)
Bogotá, Colombia |
| Political party | Conservative |
| Spouse | Miguel Abadía Méndez  (m. 19261947) |
|  | |


title: Treaty of London (1913)

abstract: The Treaty of London (1913) was signed on 30 May following the London Conference of 1912–1913. It dealt with the territorial adjustments arising out of the conclusion of the First Balkan War. The London Conference had ended on 23 January 1913, when the 1913 Ottoman coup d'état took place and Ottoman Grand Vizier Kâmil Pasha was forced to resign. Coup leader Enver Pasha withdrew the Ottoman Empire from the Conference, and the Treaty of London was signed without the presence of the Ottoman delegation.

text:
# Treaty of London (1913)

The **Treaty of London** (1913) was signed on 30 May following the London Conference of 1912–1913. It dealt with the territorial adjustments arising out of the conclusion of the First Balkan War. The London Conference had ended on 23 January 1913, when the 1913 Ottoman coup d'état took place and Ottoman Grand Vizier Kâmil Pasha was forced to resign. Coup leader Enver Pasha withdrew the Ottoman Empire from the Conference, and the Treaty of London was signed without the presence of the Ottoman delegation.

## Combatants

The combatants were the victorious Balkan League (Serbia, Greece, Bulgaria, and Montenegro) and the defeated Ottoman Empire. Representing the Great Powers were the United Kingdom, Germany, Russia, Austria-Hungary, and Italy.

## History

Hostilities had officially ceased on 2 December 1912, except for Greece that had not participated in the first truce. Three principal points were in dispute:

* the status of the territory of present-day Albania, the vast majority of which had been conquered especially by Serbia, but also small regions by Montenegro, and Greece
* the status of the Sanjak of Novi Pazar formally under the protection of Austria-Hungary since the Treaty of Berlin in 1878
* the status of the other territories taken by the Allies: Kosovo vilayet; Macedonia; and Thrace

The Treaty was negotiated in London at an international conference which had opened there in December 1912, following the declaration of independence by Albania on 28 November 1912.

Austria-Hungary and Italy strongly supported the creation of an independent Albania. In part, this was consistent with Austria-Hungary's previous policy of resisting Serb expansion to the Adriatic; Italy had designs on the territory, manifested in 1939. Russia supported Serbia and Montenegro. Germany and Britain remained neutral. The balance of power struck between the members of the Balkan League had been on the assumption that no Albanian polity would be formed and the later Albanian territory would be split between them.

## Terms

The terms enforced by the Great Powers were:

* All European territory of the Ottoman Empire west of the line between Enos on the Aegean Sea and Midia on the Black Sea was ceded to the Balkan League, except Albania.
* His Majesty the Emperor of the Ottomans declares that he cedes to their Majesties the Allied Sovereigns the island of Crete and that he renounces in their favour all rights of sovereignty and all other rights which he possessed in that island.
* The borders of Albania and all other questions concerning Albania were to be settled by the Great Powers.

However, the division of the territories ceded to the Balkan League was not addressed in the Treaty, and Serbia refused to carry out the division agreed with Bulgaria in their treaty of March 1912. As a result of Bulgarian dissatisfaction with the *de facto* military division of Macedonia, the Second Balkan War broke out between the combatants on 16 June 1913. The Bulgarians were defeated, and the Ottomans made some gains west of the Enos-Midia line. A final peace was agreed at the Treaty of Bucharest on 12 August 1913. A separate treaty, the Treaty of Constantinople, was concluded between the Bulgarians and Turks, largely defining the modern-day borders between the two countries.

## Perceptions

The delineation of the exact boundaries of the Albanian state under the Protocol of Florence (17 December 1913) was highly unpopular among the Greek population of southern Albania, who after their revolt managed to declare the Autonomous Republic of Northern Epirus, was internationally recognised as an autonomous region inside Albania under the terms of the Protocol of Corfu.

Albanians have tended to regard the Treaty as an injustice imposed by the Great Powers, as roughly half of the predominantly Albanian territories and 40% of the population were left outside the new country's borders.

## Further reading

## InfoBox

Treaty of London
| Borders of the Balkan states after the Treaty of London and the Treaty of Bucharest | |
| --- | --- |
| Signed | 30 May 1913 |
| Location | London, United Kingdom |
| Signatories |  |


title: Passing Shadows

abstract: Passing Shadows is a 1934 British mystery film directed by Leslie S. Hiscott and starring Edmund Gwenn, Barry MacKay and Aileen Marson. It was made as Beaconsfield Studios as a quota quickie. The film's sets were designed by Norman G. Arnold.

text:
# Passing Shadows

***Passing Shadows*** is a 1934 British mystery film directed by Leslie S. Hiscott and starring Edmund Gwenn, Barry MacKay and Aileen Marson.

It was made as Beaconsfield Studios as a quota quickie. The film's sets were designed by Norman G. Arnold.

## Cast

1. Wood p.83

## Bibliography

* Chibnall, Steve. *Quota Quickies: The Birth of the British 'B' Film*. British Film Institute, 2007.
* Low, Rachael. *Filmmaking in 1930s Britain*. George Allen & Unwin, 1985.
* Wood, Linda. *British Films, 1927-1939*. British Film Institute, 1986.

## InfoBox

| Passing Shadows | |
| --- | --- |
| Directed by | Leslie S. Hiscott |
| Written by | Michael Barringer |
| Produced by | Herbert Smith |
| Starring | Edmund Gwenn
Barry MacKay
Aileen Marson |
| Cinematography | Alex Bryce |
| Production
company | British Lion |
| Distributed by | Fox Film |
| Release date | * 2 May 1934 (1934-05-02) |
| Running time | 67 minutes |
| Country | United Kingdom |
| Language | English |


title: List of works published by Shogakukan

abstract:
This is a list of works published by Shogakukan, including mangas published by foreign subsidiaries, books, novels, and light novels. The list includes titles from:
  - Shogakukan Asia
  - Viz Media/Viz Communications
  - Viz Media Europe (2007–2020)

text:
# List of works published by Shogakukan

This is a **list of works published by Shogakukan** (sorted by release date), including mangas published by foreign subsidiaries, books, novels, and light novels.

The list includes titles from:

## 1970s

### 1973

### 1974

## 1980s

### 1982

### 1984

### 1986

### 1988

## 1990s

### 1990

### 1991

### 1992

### 1993

### 1994

### 1995

### 1996

### 1997

### 1998

### 1999

## 2000s

### 2000

### 2001

### 2002

### 2003

### 2005

### 2006

### 2007

### 2008

### 2009

## 2010s

### 2010

### 2011

### 2012

### 2014

### 2015

### 2016

### 2017

### 2018

### 2019

## Unsorted


title: Ondangwa Constituency

abstract: Ondangwa Constituency was an electoral constituency in the Oshana Region of Namibia until August 2013. It had 29,783 inhabitants, its district capital was the town of Ondangwa. Following a recommendation of the Fourth Delimitation Commission of Namibia, and in preparation of the 2014 general election, the constituency was split into Ondangwa Urban and Ondangwa Rural.

text:
# Ondangwa Constituency

**Ondangwa Constituency** was an electoral constituency in the Oshana Region of Namibia until August 2013. It had 29,783 inhabitants, its district capital was the town of Ondangwa. Following a recommendation of the *Fourth Delimitation Commission of Namibia*, and in preparation of the 2014 general election, the constituency was split into Ondangwa Urban and Ondangwa Rural.

## Politics and governance

Ondangwa constituency was traditionally a stronghold of the South West Africa People's Organization (SWAPO) party. In the 2004 regional election SWAPO candidate Ismael Uugwanga received 8,412 of the 8,878 votes cast.

The following people have served as councillors of Ondangwa constituency:

1. Prinse Shiimi (1992–1998)
2. Ismael Uugwanga (1999–2010)
3. Alfeus Abraham (since 2011)

17°55′S 15°57′E / 17.917°S 15.950°E / -17.917; 15.950


title: PUM1

abstract: Pumilio homolog 1 is a protein that in humans is encoded by the PUM1 gene.

text:
# PUM1

**Pumilio homolog 1** is a protein that in humans is encoded by the *PUM1* gene.

## Function

This gene encodes a member of the PUF family, evolutionarily conserved RNA-binding proteins related to the Pumilio proteins of *Drosophila* and the fem-3 mRNA binding factor proteins of *C. elegans*. The encoded protein contains a sequence-specific RNA binding domain composed of eight repeats and N- and C-terminal flanking regions, and serves as a translational regulator of specific mRNAs by binding to their 3' untranslated regions. The evolutionarily conserved function of the encoded protein in invertebrates and lower vertebrates suggests that the human protein may be involved in translational regulation of embryogenesis, and cell development and differentiation. Alternatively spliced transcript variants encoding different isoforms have been described.

## Further reading

## InfoBox

| PUM1 | | | |
| --- | --- | --- | --- |
|  | | | |
| Available structures  PDB Ortholog search: PDBe RCSB | | | |
| Identifiers | | | |
| Aliases | PUM1, HSPUM, PUMH, PUMH1, PUML1, pumilio RNA binding family member 1, SCA47 | | |
| External IDs | OMIM: 607204; MGI: 1931749; HomoloGene: 22830; GeneCards: PUM1; OMA:PUM1 - orthologs | | |
|  | | | |
|  | | | |
|  | | | |
| Orthologs  Species **Human** **Mouse**  Entrez   Ensembl   UniProt   RefSeq (mRNA)     NM\_014676
NM\_001020658   NM\_001159603
NM\_001159604
NM\_001159605
NM\_001159606
NM\_030722   RefSeq (protein)     NP\_001018494
NP\_055491   Location (UCSC) Chr 1: 30.93 – 31.07 Mb n/a  PubMed search | | | |
| Wikidata | | | |
| View/Edit Human View/Edit Mouse | | | |


title: Married Life (novel)

abstract: Married Life is a novel written in Hebrew between 1927-1928 by Jewish novelist and poet David Vogel. The novel was first published in three sections between 1929–1931, and later on in a new edition in 1986.

text:
# Married Life (novel)

***Married Life*** (in Hebrew: Hayey Nisu'im חיי נישואים) is a novel written in Hebrew between 1927-1928 by Jewish novelist and poet David Vogel. The novel was first published in three sections between 1929–1931, and later on in a new edition in 1986.

## Plot summary

Set in Vienna in the 1920s, *Married Life* is an urban novel, in which that city had witnessed defeat in the First World War and the collapse of the Habsburg Empire, and plays a central role as the setting it is based in.

The social decay and presentiments of an ominous future mirror the pathological relationship between Rudolf Gurdweill, a poor Jewish intellectual and Dorothea "Thea" von Takow, an Austrian baroness who takes pleasure in humiliating him at every turn. The relationship is portrayed in telling detail as the couple descends till nightmarish depths of cruelty and masochism, eventually ending in Thea's sexual betrayal of Gurdweill and her murder at his own hands.

## InfoBox

Married Life
| 1986 Hebrew edition | |
| --- | --- |
| Author | David Vogel |
| Language | English (trans from Hebrew) |
| Genre | Fiction |
| Publisher | Peter Halban Publishers |
| Publication date | 1986 |
| Media type | Print (Paperback) |
| Pages | 500 pp |
| ISBN | 9-781870-015707 |


title: Lili Sumner

abstract: Lilian Sumner Gilbert is a New Zealand fashion model based in New York City.

text:
# Lili Sumner

**Lilian Sumner Gilbert** is a New Zealand fashion model based in New York City.

## Early life

Sumner grew up between Wellington, Auckland and Napier, New Zealand with six sisters and one brother Her mother is writer Barbara Sumner-Burstyn. Her father is New Zealand film editor and Academy Award winner John Gilbert.

## Career

Sumner started her career in London at age 17. She made her official runway debut with Hedi Slimane at Yves Saint Laurent. She has walked the runway for Sonia Rykiel, Miu Miu, Kenzo, Haider Ackermann, Lanvin, Vionnet, Marc Jacobs, Kate Spade, Diane von Fürstenberg, and Céline.

Sumner has been on the cover of *Numéro*, Vogue Ukraine, Vogue Czechoslovakia, Vogue Italia, Modern Matter, Double, Purple, Zoo, Document, 10 Magazine, Arena Homme + and more. .

Sumner wrote and directed a short film in 2019 titled *Lucan Asks Why* starring Coco Gordon-Moore and Lilac Cianciolo. The film was part-funded by Gucci and debuted at the Gucci Wooster Store in New York City.

## InfoBox

| Lili Sumner (Lilian Sumner) | |
| --- | --- |
| Sumner walks at the Paco Rabanne Fall Winter 2019-20 show | |
| Born | Lilian Sumner Gilbert
(1994-06-24) 24 June 1994
Ponsonby, New Zealand |
| Nationality | New Zealander |
| Occupation | Model |
| Parent(s) | Barbara Sumner-Burstyn
John Gilbert |
| **Modeling information** | |
| Height | 5 ft 9 in (1.75 m) |
| Hair color | Blonde |
| Eye color | Blue |
| Agency | * MIKAs (Stockholm) * Chic Management (Sydney) * Bon Image Corp. (Tokyo) * Next Models (worldwide) |
|  | |


title: Xerochlora martinaria

abstract: Xerochlora martinaria is a species of emerald moth in the family Geometridae. It is found in North America. The MONA or Hodges number for Xerochlora martinaria is 7080.

text:
# Xerochlora martinaria

***Xerochlora martinaria*** is a species of emerald moth in the family Geometridae. It is found in North America.

The MONA or Hodges number for *Xerochlora martinaria* is 7080.

## Further reading

## InfoBox

| *Xerochlora martinaria* | |
| --- | --- |
|
| Scientific classification | |
| Domain: | Eukaryota |
| Kingdom: | Animalia |
| Phylum: | Arthropoda |
| Class: | Insecta |
| Order: | Lepidoptera |
| Family: | Geometridae |
| Tribe: | Hemitheini |
| Genus: | *Xerochlora* |
| Species: | ***X. martinaria*** |
| Binomial name | |
| ***Xerochlora martinaria***<br>(Sperry, 1948) | |
|


# Synchronized swimming at the 2012 Summer Olympics – Qualification

## Qualifying system

For the team event, the 5 continental champions and 3 further non-qualified teams from an Olympic Qualifying Tournament will qualify for the 2012 Summer Olympics. For the duet event, the same teams will qualify plus a further 16 non-qualified teams from the Olympic Qualifying Tournament will qualify. The host nation is considered European champion, whilst the best-placed teams from Asia, Africa & Oceania at the 2011 World Aquatics Championships will be considered as the respective continental champions.

## Qualification summary

| Nation | Team | Duet | Athletes |
| --- | --- | --- | --- |
| Argentina |  | X | 2 |
| Australia | X | X | 8 |
| Austria |  | X | 2 |
| Brazil |  | X | 2 |
| Canada | X | X | 8 |
| Czech Republic |  | X | 2 |
| China | X | X | 8 |
| France |  | X | 2 |
| Great Britain | X | X | 8 |
| Greece |  | X | 2 |
| Egypt | X | X | 8 |
| Hungary |  | X | 2 |
| Israel |  | X | 2 |
| Italy |  | X | 2 |
| Japan | X | X | 8 |
| Kazakhstan |  | X | 2 |
| Mexico |  | X | 2 |
| North Korea |  | X | 2 |
| Russia | X | X | 8 |
| South Korea |  | X | 2 |
| Spain | X | X | 8 |
| Switzerland |  | X | 2 |
| Ukraine |  | X | 2 |
| United States |  | X | 2 |
| Total: 24 NOC | 8 | 24 |  |

## Qualification timeline

| Event | Date | Venue |
| --- | --- | --- |
| 2011 World Aquatics Championships | July 16 to July 31, 2011 | Shanghai |
| 2011 Pan American Games | October 14 to October 30, 2011 | Guadalajara |
| Synchronized Swimming Olympic Qualification Tournament | April 18 to April 22, 2012 | London |

* The Asian, Oceania and African qualification tournament will be at the World Aquatics Championships.

## Women's team

| Competition | Vacancies | Qualifiers |
| --- | --- | --- |
| Africa | 1 | Egypt |
| Americas | 1 | Canada |
| Asia | 1 | China |
| Europe/Host | 1 | Great Britain |
| Oceania | 1 | Australia |
| 2012 Olympic Qualifying Tournament - Top 3 | 3 | Russia
Spain
Japan |
| TOTAL | 8 |  |

## Women's duet

| Competition | Vacancies | Qualifiers |
| --- | --- | --- |
| Africa | 1 | Egypt |
| Americas | 1 | Canada |
| Asia | 1 | China |
| Europe/Hosts | 1 | Great Britain |
| Oceania | 1 | Australia |
| 2012 Olympic Qualifying Tournament - Top 3 teams | 3 | Russia
Spain
Japan |
| 2012 Olympic Qualifying Tournament | 16 | Argentina
Austria
Brazil
Czech Republic
France
Greece
Hungary
Israel
Italy
Kazakhstan
Mexico
North Korea
South Korea
Switzerland
Ukraine
United States |
| TOTAL | 24 |  |


title: Leonie Haimson

abstract: Leonie Haimson is the founder and executive director of Class Size Matters, a non-profit organization based in New York City that advocates nationally for smaller classes. The New York Times education editor, Alison Mitchell, acknowledged her as New York City's “leading proponent of smaller classes.” She has also been active in other civic aspects of school education.

text:
# Leonie Haimson

**Leonie Haimson** is the founder and executive director of Class Size Matters, a non-profit organization based in New York City that advocates nationally for smaller classes. *The New York Times* education editor, Alison Mitchell, acknowledged her as New York City's “leading proponent of smaller classes.” She has also been active in other civic aspects of school education.

## Biography

Haimson is a graduate of Harvard College with a BA in Social Studies. She was a public school parent for fifteen years, and became involved in advocating for smaller classes when her first child was in first grade. She worked for the Educational Priorities Panel until she started Class Size Matters in 2000. She lives in New York City and is married to climate scientist Michael Oppenheimer. They have two children.

## Work

Haimson founded Class Size Matters, a non-profit based in New York City, which advocates for class size reduction in New York City public schools and nationally. The organization provides information on the benefits of smaller classes, particularly for at-risk children, to boost student learning, engagement, and graduation rates, and lower disciplinary referrals.

She co-founded Parents Across America, and is currently a board member of the Network for Public Education. She is on the Steering Committee of New York State Allies for Education, a coalition of groups which led the state exam opt-out movement across NY State; 20% of children did not participate in 2015.

She was a prominent figure in the nationwide privacy fight against inBloom Inc., designed as a repository of data collected about individual school students. The corporation received $100 million in start up funding from the Gates Foundation. After every district and state withdrew from inBloom because of parent protests, the corporation closed its doors in April 2014. In July 2014, she co-founded the Parent Coalition for Student Privacy.

In 2012, she brought attention to an absurd passage and its associated questions, which had been recycled on numerous Pearson-produced state exams. The story, about unanswerable questions for a passage about a talking pineapple, went viral. The passage was regarded as emblematic of the lack of oversight and accountability of standardized exams. In May 2015, John Oliver discussed the Pineapple passage during his HBO show.

In 2015, she alerted elected officials and the media to an inflated $1.1 billion New York City education contract. The company had been involved in a kickback scheme just a few years before, and was the highest cost bidder. The cost of the contract was reduced within 24 hours by about $500 million. Although the contract was then awarded, this award was later revoked; an unbundled rebidding process resulted in further substantial savings.

## Awards

In 2007, she received the John Dewey award from the United Federation of Teachers. She was named one of the city's “family heroes” by NYC Family Magazine in 2008, and was honored as an “Extraordinary Advocate for our Children” by Advocates for Justice in 2012. In 2014, she received the “Parent Voice” award from Parents Across America for her work defeating inBloom Inc. In 2015, she was cited as one of the ten most influential people in education technology by Tech and Learning magazine.