[RED DEMOCRATICA] CFR.org Daily News Brief, March 3, 2010

 

March 3, 2010 View this newsletter as a web page on CFR's website. EXECUTIVE SUMMARY - Greece Announces New Austerity Measures - Arab League Agrees to Israel-Palestinian Talks - China Urges U.S. to Normalize Bilateral Relations - U.S. Reacts to Afghanistan Media Ban Greece Announces New Austerity Measures Greece's cabinet approved (FT) a new austerity package to manage its debt crisis, balancing domestic public ire with European concerns about the effect on the euro. The new package includes an immediate freeze on pensions; a 30 percent cut in annual bonuses for government workers; increased taxes on fuel, alcohol, and cigarettes; and an increase in value-added tax. Several hundred pensioners demonstrated outside Greek Prime Minister George Papandreou's office during Wednesday's cabinet meeting. The risk of deflation, or sustained falling prices, could make it harder for the Greek government to repair (WSJ) its budget and reduce public debt. The euro stabilized (Reuters) on news of the Greek package, but markets await a key meeting between Greek and German leaders Friday about implied financial support and the expected sale of ten-year Greek government bonds. Analysis: The effects of Wall Street swap transactions on Greece's debt crisis pale in comparison to Greece's own misguided budget moves, which European governments long ignored, reports the Wall Street Journal. PIMCO's Bill Gross questions whether a debt crisis like Greece's can be cured by government bailouts, which imply more debt. Merk Investment's Axel Merk says despite money managers calling for a Greek bailout, there are risk-friendly investors willing to extend loans to Greece. In this interview, CFR's Sebastian Mallaby says the markets' reaction to the sovereign debt crisis in Greece and other European countries suggests global governments "have used up all their ammunition to boost global growth." Background: This CFR Geographics chart indicates that default fears remain high despite the EU's pledge to "safeguard financial stability in the euro area as a whole." MIDDLE EAST: Arab League Agrees to Israel-Palestinian Talks The Arab League agreed (al-Jazeera) to a U.S. proposal for indirect Israel-Palestinian talks at a meeting in Cairo. Iraq: A triple bombing hit central Iraq (Telegraph) Wednesday, killing thirty-three people ahead of nationwide elections. Iran: The EU expressed support for new sanctions if Iran continues to defy Security Council demands. PACIFIC RIM: China Urges U.S. to Normalize Bilateral Relations China urged the United States to normalize (Xinhua) bilateral ties during a U.S. diplomatic visit to Beijing aimed at easing tensions between the two countries. Separately, China launched (NYT) its annual Chinese People's Political Consultative Congress, a 2,252-member body that advises Communist Party leaders on how to run the country. Tajikistan: The Islamist opposition in Tajikistan threatened to challenge (FT) the result of a parliamentary election after the ruling party won a landslide victory at the polls. SOUTH AND CENTRAL ASIA: U.S. Reacts to Afghanistan Media Ban The United States said it would make clear to Kabul its support for a free media after the Afghan government summoned journalists to its headquarters and threatened to arrest (Reuters) anyone filming Taliban attacks. Pakistan: The Pentagon will transfer (WSJ) laser-guided bomb kits to Pakistan, in a push to deepen U.S.-Pakistan cooperation in combating Islamic militants. Sri Lanka: Sri Lankan President Mahinda Rajapaksa said he will extend (al-Jazeera) the country's state of emergency in order to address Tamil Tiger rebel remnants trying to make a comeback. AFRICA: Nigeria's Ruling Party on New President Nigeria's ruling party wants the next president to be a northerner, which would rule out (Reuters) acting President Goodluck Jonathan running in next year's election. Somalia: Somali pirates hijacked (AP) a Saudi tanker in the Gulf of Aden, as the spring pirate attack season sets in. AMERICAS: Clinton Seeks Brazil's Help on Iran In her visit to Brazil today, U.S. Secretary of State Hillary Clinton will seek Brazil's help on Iran sanctions but will likely face resistance, says CFR's Julia Sweig. United States: Under a "Supplemental Poverty Measure" announced by the U.S. Commerce Department, the Obama administration is augmenting the formula (WashPost) that determines how many people are in poverty. EUROPE: Ukraine Presidential Dispute Ukraine's parliament passed a motion of no-confidence in Prime Minister Yulia Tymoshenko's government, forcing her and her cabinet to resign (BBC).

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