Monday, May 10, 2010

[RED DEMOCRATICA] CFR.org Daily News Brief, May 10, 2010

 

From the Council on Foreign Relations

May 10, 2010

View this newsletter as a web page on CFR's website.

EXECUTIVE SUMMARY

- EU Unveils Euro Stability Package
- Israeli-Palestinian Peace Talks Begin
- Karzai Visits U.S. Amid Tensions
- Britain Waits for New Government

Top of the Agenda: EU Unveils Euro Stability Package

The European Union agreed on a 750 billion euro ($955 billion) bailout plan to stave off the spreading sovereign debt crisis (WSJ). The plan includes 440 billion euros of loans from eurozone governments, 60 billion euros of EU emergency funding, and 250 billion euros from the IMF. The European Central Bank also said it had agreed to buy eurozone government and private bonds, while the U.S. Federal Reserve said it would reopen swap lines with other central banks. The euro and European stocks rose sharply. Investors rallied enthusiastically after the ECB's announcement, since it failed to announce such efforts at its governing council meeting last week. European parliaments still need to approve their contributions. German Chancellor Angela Merkel--who hesitated to approve the join EU-IMF aid package for Greece--said Germany's government intends to approve the new aid package Tuesday.

Merkel suffered a critical defeat in a regional election (FT) in North Rhine-Westphalia, related to her decision to support the Greek bailout. Her coalition will lose its majority in the upper house of German parliament, threatening her reform plan to boost eurozone growth.

Analysis:

On FT.com, Mohamed El-Erian says many questions about the aid package remain, including how these interventions will be approved, financed, and executed, and how effective will the package be.

In the Daily Telegraph, Ambrose Evans-Pritchard says it is unclear how long Germany will continue to acquiesce in the bailout, considering Merkel's loss in North Rhine-Westphalia and in the upper house of parliament.

Background:

This CFR Backgrounder profiles five heavily indebted eurozone countries.

MIDDLE EAST: Israeli-Palestinian Peace Talks Begin

Palestinian officials announced the official start (WSJ) of indirect peace talks with Israel, after a two-month stall triggered by Israeli building plans in East Jerusalem.

Iran: Iran executed by hanging five Iranian Kurds in Tehran's Evin prison after convictions for anti-revolutionary activity, inciting Kurdish protests (Guardian).

PACIFIC RIM: Explosive Material on Sunken South Korean Ship

An investigation into the wreckage of the South Korean warship that sank near the sea border with North Korea revealed traces of an explosive material (NYT) used in torpedoes and mines.

Philippines: Voting began in the Philippines' presidential election; Benigno Aquino, son of former president Corazon Aquino, leads so far (CSMonitor).

SOUTH AND CENTRAL ASIA: Karzai Visits U.S. Amid Tensions

Afghan President Hamid Karzai arrives in the United States Monday (BBC) for talks amid lingering tensions over Afghan government corruption.

Pakistan: The Obama administration said Pakistan needs to ramp up efforts (NYT) to eradicate Islamic militancy in the country's tribal regions, following the failed Times Square car bombing.

AFRICA: Somali Insurgents Seize Pirate Stronghold

Somali insurgent group Hizbul Islam, which seized a pirate stronghold, said it would drive pirates from the area (Reuters) and free hostages.

Zimbabwe: A Zimbabwean court acquitted Roy Bennett (AP), a top aide to the prime minister, over an alleged plot to overthrow President Robert Mugabe.

AMERICAS: BP, Other Companies to Face Congress

Top officials from oil giant BP and several other companies associated with the worsening Gulf oil spill will be questioned at congressional hearings (Reuters) Tuesday and Wednesday.

In this podcast, CFR's Michael Levi says the Gulf oil spill is not just a problem to clean up, but has serious commercial implications for oil firms and has dimmed the prospects of U.S. climate legislation.

Latin America: The Union of South American Nations (UNASUR) agreed to boost defense spending transparency (MercoPress) to ensure regional stability, raising tensions over Colombia's controversial military agreement with United States.

EUROPE: Britain Waits for New Government

Britain's Tories remained in negotiations (FT) with the country's Liberal Democrats to reach a deal on forming the next British government.

British Conservatives' skepticism toward European integration could weaken the bloc and its potential as a U.S. partner, writes CFR's Charles Kupchan.

TRANSNATIONAL: Deliberative Democracy

The Economist reports on the evolution of deliberative democracy around the globe.
 

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