[RED DEMOCRATICA] CFR.org Daily News Brief, April 16, 2010

 

April 16, 2010 View this newsletter as a web page on CFR's website. EXECUTIVE SUMMARY -- Greece Takes Next Step on Bailout -- Gaza Govt Executes Two Palestinians -- Deposed Kyrgyz Leader Resigns -- UN Blasts Pakistan on Bhutto Death Top of the Agenda: Greece Takes Next Step on Bailout Greece asked eurozone countries and the International Monetary Fund to meet over a $40 billion bailout package (FT) after doubts about the country's austerity plan rocked financial markets. Greek finance minister George Papaconstantinou's letter to the European Commission is a key step in setting the bailout--the first from the IMF to a eurozone country--into motion. Papaconstantinou was careful to clarify that the country is not yet seeking help, but his letter begins a formal process that may be difficult to stop, given the market's likely reaction. The move came as Greece's ten-year bonds hit near-record highs. It is unclear whether the EU or IMF will take the lead in controlling the rescue, which will likely involve public sector job and pension cuts. A new study finds that graft deprives Greece of at least 8 percent of its GDP (WSJ), or more than $27 billion. Analysis: In the Daily Telegraph, Edmund Conway says the Greek crisis will invariably end in default, since investors' confidence will only temporarily be boosted by a bailout. On Bloomberg, Alice Schroeder says the debate around whether Greece will default on its debt indicates that banks too will have to shrink and change. MIDDLE EAST: Gaza Government Executes Two Palestinians Gaza's Hamas-led government executed two Palestinians convicted of aiding Israel (WashPost) in the assassination of Palestinian militants, highlighting the deep divisions between political factions Fatah and Hamas. U.S. Secretary of State Hilary Clinton said Israel must do more (Reuters) to pursue peace with the Palestinians. Iran: Iran is holding a nuclear conference (DeutscheWelle) aimed at proving its commitment to a peaceful nuclear program this weekend, as new UN sanctions over its nuclear activities loom. PACIFIC RIM: Malaysian Oil Company Stopped Shipping to Iran Malaysia's state oil company, Petronas, said it stopped shipping gasoline to Iran last month (WSJ), as more firms react to mounting Western pressure for fresh sanctions against Iran over its nuclear program. Read CFR's new Asia Unbound blog, featuring timely analysis from CFR's Asia experts. SOUTH AND CENTRAL ASIA: UN Blasts Pakistan on Bhutto Death A UN report finds the assassination of former Pakistani prime minister Benazir Bhutto could have been prevented (al-Jazeera) with better security and says that Pakistani officials failed to adequately investigate her murder. Kyrgyzstan: Deposed Kyrgyz President Kurmanbek Bakiyev formally resigned in a hand-written letter (al-Jazeera), according to the country's interim government. Afghanistan: At least two bombs rocked the southern Afghan city of Kandahar (AP), killing at least six people, while fighting in the north left four German troops dead. AFRICA: Vote Counting Begins in Sudan Vote counting starts in Sudan (BBC) after the five-day landmark elections. Sudanese President Omar al-Bashir is expected to win another five years in office after his two main rivals withdrew from the race before the vote, alleging fraud. This CFR Backgrounder examines Sudan's fractured internal politics. Somalia: Al-Shabaab militants in Somalia banned the ringing of bells in schools (AFP), associating them with Christian schools and calling them "un-Islamic." AMERICAS: Argentina Moves to Eliminate 2001 Debts Argentina has offered to repay (Guardian) the last group of creditors owed for defaults on nearly $100 billion in loans in 2001, as Greece battles against a similar fate. Brazil: Agribusiness in Brazil is fostering good governance (FT) on issues including the environment and labor laws. EUROPE: Iceland Ash Disruption Continues in Europe Fallout from a volcanic eruption in Iceland continued to disrupt many of Europe's busiest airline routes (WSJ), which will remain closed until at least Saturday, leaving thousands of travelers stranded and impacting global trade. TRANSNATIONAL: BRIC More Voting Rights in IMF, WB The leaders of Brazil, Russia, India, and China called for voting share reforms (FT) at the World Bank and IMF to give developing countries more clout and set a deadline to complete those reforms before the G20 summit in November. A CFR Analysis Brief notes that the BRIC summit raises new questions on whether the countries can overcome internal differences and pursue common goals.

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