[RED DEMOCRATICA] CFR.org Daily News Brief, February 25, 2010

 

February 25, 2010 View this newsletter as a web page on CFR's website. EXECUTIVE SUMMARY - Greek Debt Debate Intensifies - Ahmadinejad Visits Syria Despite U.S. Efforts - India and Pakistan Hold Talks - Bernanke to Keep Low Interest Rates Top of the Agenda: Greek Debt Debate Intensifies Tens of thousands of protesters took to the streets over the Greek government's austerity program. Meanwhile, government officials juggled tough negotiations (FT) with an international delegation, and a top credit rating agency threatened to downgrade the country's long-term debt to near-junk. Greek Finance Minister George Papaconstantinou hinted that new budgetary measures could be announced after the delegation left Thursday. Government officials and bankers say the government is considering a rise in value-added tax, fuel tax, duties on luxury goods, as well as more cuts in civil servants' salaries. Standard & Poor's said Greece faced a downgrade to Triple B minus on its long-term credit ratings, one notch above junk. This could make it more difficult for Greece to obtain loans and refinance billions of dollars in debt due in April and May. Meanwhile, concern rose over the role of investment banks in helping Greece manage its debt. Credit default swaps, which insure against the risk of a Greek default, are making it harder for Greece to raise the money it needs, the New York Times reports. While Greece prompted the euro's crisis in confidence, economic woes in Spain, the eurozone's fourth largest economy, could determine the currency's fate (WSJ). Analysis: In the Financial Times, Gary Gensler says further derivatives regulation is needed to prevent the risks presented by cases like Greece. On Bloomberg, Mark Gilbert says Goldman Sachs is innocent of Greece's swap crimes. MIDDLE EAST: Iraqi Election Controversy Top Sunni lawmaker Saleh al-Mutlaq reversed his decision (AP) to pull his party out of Iraq's elections. He told reporters his party would now take part in the vote and called on Iraqis to participate in the election. Iran: Iranian President Mahmoud Ahmadinejad is visiting Damascus (al-Jazeera) for talks with Syrian leader Bashar al-Assad, even as the United States attempts to distance the two powers. PACIFIC RIM: Australia Warns Israel on Dubai Killings Australian officials summoned Israel's ambassador (Reuters) over the use of Australian passports by the suspected assassination squad in Dubai. China: China warned the United States (Xinhua) against further damaging bilateral ties by selling arms to Taiwan. SOUTH AND CENTRAL ASIA: India-Pakistan Talks India and Pakistan held wide-ranging talks Thursday (al-Jazeera) on terrorism and the dispute over Kashmir in the first meeting between the rival countries since the 2008 Mumbai attacks. This recent Contingency Planning Memo from CFR's Daniel Markey cites the real prospect of a new Pakistan-based attack on India and the need for improving dialogue between the two countries. Sri Lanka: After losing presidential elections, Sri Lanka's ex-army chief Sarath Fonseka will lead a new opposition coalition (AP) in parliament. AFRICA: Nigerian President's Return President Umaru Yar'Adua's return from medical treatment in Saudi Arabia is raising concerns (NYT) about a power struggle between him and Vice President Goodluck Jonathan. Yar'adua's unexpected return raises concerns about a power struggle between the president's backers and the political establishment, writes CFR's John Campbell. Rwanda: French President Nicolas Sarkozy met with Rwandan President Paul Kagame in the first visit to Rwanda by a French president (NewTimes) since the 1994 genocide. AMERICAS: Bernanke Signals Continued Low Interest Rates U.S. Federal Reserve Chairman Ben Bernanke told Congress record-low interest rates are still needed (WashPost) to ensure the economic recovery will last and to temper high unemployment. Latin America: At a two-day Rio Summit in Mexico, Latin American leaders announced (CSMonitor) they will form a new regional trade bloc that excludes the United States and Canada. EUROPE: Turkey Military Coup Case Turkish leaders met (BBC) head of the armed forces General Ilker Basbug about the alleged coup plot that's provoking tensions between the government and military. TRANSNATIONAL: Global Trade Woes Global trade fell 12 percent last year (Guardian) due to the recession, the fastest contraction in trade flows since World War II.

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