[RED DEMOCRATICA] CFR.org Daily News Brief, May 6, 2010

 

May 6, 2010 View this newsletter as a web page on CFR's website. EXECUTIVE SUMMARY - Euro Drops Amid Greek Violence - Thai PM Rejects Negotiations - Pakistan Help Requested for NY Bomb - British General Election Begins Top of the Agenda: Euro Drops Amid Greek Violence The euro dropped to fifteen-month lows (FT) over fears that contagion from the Greek fiscal crisis would spread to other eurozone countries and threaten the global economic recovery. Riots in Athens, where three people died, highlighted the social and political implications of severe budget cuts needed to tackle unwieldy deficits. Meanwhile, investors paid significantly higher yields on a 2.4 billion euro sale of five-year Spanish bonds. Analysts warned that if Greece's social unrest transformed into a longer spate of violence, it could intensify financial market jitters and undermine the government's resolve (NYT) to implement austerity measures. Greece's parliament began debating (WSJ) the three-year, 30 billion euro package of austerity measures. It will vote on the bill, which is expected to pass, later today. Analysis: In the Guardian, Joseph Stiglitz says Europe must implement a fiscal framework if the euro is to survive, since the monetary union currently has no way of helping countries with severe problems. CFR's Benn Steil argues in the Financial News that blaming the euro for Greece's woes is misguided. CFR's Sebastian Mallaby says that the eurozone's twin temptations--to borrow too much and to raise wages too much (Washpost)--always threatened the cohesion of the currency union. If Greece is rescued from its follies, these temptations will become stronger. Background: This CFR Backgrounder offers fiscal profiles of Greece, Portugal, Spain, Ireland, and Italy. MIDDLE EAST: Iraqiya Criticizes Shiite Alliance, May Join Former Iraqi premier Ayad Allawi's secular Iraqiya alliance criticized the new Shiite alliance (WSJ) between Prime Minister Nouri al-Maliki's State of Law coalition and the Iraqi National Alliance, but said it would consider joining the coalition. Lebanon-Israel: Lebanon and Israel could be headed for another war (Newsweek), after reports that Syria and Iran are passing Scud missiles to Hezbollah. PACIFIC RIM: Thai PM Rejects Negotiations with Protesters Thai Prime Minister Abhisit Vejjajiva rejected calls by anti-government protestors (FT) to negotiate the terms of his "reconciliation road-map" and clarify when he intended to dissolve parliament. Australia: Australia and India are negotiating a trade deal (SMH) that could increase Australia's GDP by $45 billion in the next twenty years and decrease its reliance on China. SOUTH AND CENTRAL ASIA: Pakistan Help Requested for Attempted NY Bombing The Obama administration will send Pakistan a detailed request for help (WashPost) on the Times Square bombing case, as evidence continues to point to the Pakistani Taliban's involvement. India: India sentenced to death (WashPost) the lone surviving Pakistani gunman from the 2008 Mumbai terrorist attack, which has strained India-Pakistan relations. AFRICA: Yar'Adua Dies, Goodluck Jonathan President Nigeria's acting president Goodluck Jonathan was sworn in as the official head of state (BBC) following the death of President Umaru Yar'Adua. Africa: Smallholder farmers, which produce 80 percent of food consumed in Africa, need better government investment in infrastructure to turn a profit, feed the hungry, and develop the countryside, according to a UN agriculture agency (Reuters). AMERICAS: BP Tries Capturing Oil with Steel Box British oil giant BP will lower a ninety-eight ton steel box into the waters of the Gulf of Mexico to try to capture the leaking oil (NYT) after unsuccessfully attempting to seal the damaged well. In this podcast, CFR's Michael Levi says the Gulf oil spill is not just a problem to clean up, but it has serious commercial implications for oil firms and has dimmed the prospects of U.S. climate legislation. Latin America: Brazil, Venezuela, Bolivia, and Ecuador are threatening to boycott (LAHT) the upcoming European Union-Latin America and Caribbean summit in Madrid if Honduran President Porfirio Lobo attends. Many Latin American countries do not recognize Lobo's government because he came to power through questionable circumstances following the coup against elected president Manuel Zelaya. EUROPE: British General Election Begins General elections begin today (Guardian) in Britain, where the conservative Tory party looks poised to win. Regardless of who wins, or whether the first hung parliament since 1974 is the outcome, the election "may prove to be a hinge point" in the evolving relations between Britain and the United States, says Robin Niblett, director of Chatham House in London. TRANSNATIONAL: UN Climate Chief Urges Movement on Kyoto In a speech to environment ministers in Germany, the UN's top climate official Yvo de Boer said governments must step up efforts to prevent the collapse of the Kyoto Protocol.

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