Friday, April 23, 2010

[RED DEMOCRATICA] CFR.org Daily News Brief, April 23, 2010

 

From the Council on Foreign Relations

April 23, 2010

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

EXECUTIVE SUMMARY

- Greece Activates IMF-EU Rescue
- Bangkok Grenade Attacks Stir Fears
- NATO Leaders to Discuss Afghan Handover
- Fewer Somali Pirate Attacks, Wider Net

Top of the Agenda: Greece Activates IMF-EU Rescue

Greece formally requested (WSJ) a financial rescue plan from the European Union and International Monetary Fund, easing investors' concerns about the impact of the country's economic instability on related markets . The announcement by Greek Prime Minister George Papandreou followed Thursday's news that Greece's finances were in poorer condition than expected. The EU's statistical arm, Eurostat, said Greece's 2009 budget deficit was wider than the country's estimate. Credit rating agency Moody's also downgraded Greece's debt rating, prompting a selloff in bond markets that spread to Portugal and Spain.

The European Commission, European Central Bank, and IMF are expected to finalize (NYT) their negotiations on the terms of the package next week, though up to one-third of the funding would come from eurozone countries that still require approval from the countries' legislators.

Analysis:

The Bespoke Investment Group says U.S. investors are not very concerned about Greece. The most recent run-up in default risk "has left the major indices here unfazed."

In the Washington Times, Mark Jurkevich says because the United States has the largest IMF quota, it is the largest donor country and is thus inappropriately shouldering part of the cost of the Greek bailout.

MIDDLE EAST: Netanyahu Offers New Proposal

Israeli Prime Minister Benjamin Netanyahu proposed (WashPost) Palestinian statehood with temporary borders to break deadlock over settlements ahead of talks Friday with U.S. envoy George Mitchell.

President Obama sees the Israeli-Palestinian conflict as a national security issue. But badly strained U.S.-Israeli relations mean progress is unlikely unless Obama travels to Israel on a trust-building mission, says Middle East expert Daniel Brumberg.

Iraq: Iraqi officials say a series of roadside bombs targeting policemen's homes killed six (AP) people near western city Ramadi.

PACIFIC RIM: Bangkok Grenade Attacks Stir Fears

At least three people were killed (BangkokPost) and as many as seventy-five injured by a series of grenade attacks in central Bangkok, spurring fear of more violence.

North-South Korea: North Korea said it will seize (AP) five South Korean-owned properties at a jointly operated mountain resort, amid heightening tensions between the two countries after a South Korean navy ship sank last month.

Read CFR's Asia Unbound blog, featuring timely analysis from CFR's Asia experts.

SOUTH AND CENTRAL ASIA: NATO Leaders to Discuss Afghan Handover

During a meeting in Estonia, NATO leaders are expected to discuss (BBC) criteria for deciding how and when to hand over responsibility to the Afghan government. Separately, the Afghan parliament is stepping up (WashPost) as a check on Afghan President Hamid Karzai's power, a move welcomed by the United States as it pushes for a more accountable government there.

Pakistan: At least five anti-Taliban political leaders have been killed (NYT) in northern Pakistan's Swat Valley over the past several weeks, raising concerns that Taliban forces in the area are regrouping.

AFRICA: Fewer Somali Pirate Attacks, Wider Net

There were fewer attacks (CSMonitor) by Somali pirates during the first quarter of this year than during the same time period last year, according to a report by the London-based International Maritime Bureau, but the pirates' net widened beyond the Gulf of Aden.

In this Council Special Report, Bronwyn Bruton offers a realistic assessment of U.S. and international interests and capabilities in Somalia.

Rwanda: Rwandan opposition leader Victoire Ingabire--charged with promoting genocide ideology and collaborating with rebels who carried out Rwanda's 1994 genocide--was released on bail (Reuters) after declaring her intention to contest the upcoming presidential election.

AMERICAS: Recovery Better for Countries Linked to China

Latin American countries--including Chile, Brazil, and Peru--that are increasingly dependent on Chinese demand for commodities are recovering faster and stronger (MercoPress) than those without links to the Asian economy, according to a World Bank report.

Venezuela: Companies in Venezuela's private sector fear they will be nationalized (FT) if they displease President Hugo Chavez.

EUROPE: Clinton: No to Tactical Nuke Cuts from Europe

At a meeting of NATO ministers in Estonia, U.S. Secretary of State Hillary Clinton rejected removing (NYT) tactical nuclear weapons from Europe unless Russia agreed to cuts in its arsenal.

TRANSNATIONAL: Developing to Developed Countries: Fix Debt

The G24 group of developing countries called on advanced economies to reduce (Reuters) their debt levels to ensure a sustained global economic recovery.
 

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