Thursday, May 27, 2010

[RED DEMOCRATICA] CFR.org Daily Brief, May 27, 2010

 

From the Council on Foreign Relations

May 27, 2010

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

EXECUTIVE SUMMARY

-Geithner Urges Europe to Mend Fiscal Crisis
-Biden Says Iraq Exit Won't Be Deterred
-N. Korea Scraps Naval Pact with South
-Pakistani Taliban Leader Rumored Dead

Top of the Agenda: Geithner Urges Europe to Mend Fiscal Crisis

U.S. Treasury Secretary Timothy Geithner arrived in Europe to urge (WSJ) European governments to fix their budget problems, reasserting a leading U.S. role in managing the global economy. Geithner said continental Europe should accelerate the rescue of its debt-wracked economies, while not cowering on fiscal stimulus. He travels to Germany today to chide its leaders about their recent decision to ban certain short-selling practices, which has added to market turmoil. Geithner's visit coincided with a drop in the U.S. stock market to below 10,000 for the first time since February. U.S. policymakers are growing more confident in telling Europe what to do as the continent's situation worsens, whereas in China, U.S. leaders' confidence remains low.

Much secrecy surrounds Geithner's trip to Frankfurt and his expected meeting with ECB President Jean-Claude Trichet. They are expected (FT) to address a global regulatory response that would stabilize the financial sector, in light of Germany's independent agenda.

Analysis:

In the Daily Telegraph, Edmund Conway says Europe's debt crisis is the "next leg of a global financial crisis."

A New York Times editorial says German politicians and commentators are "callously and self-destructively" turning to "nationalist illusions" about Germany's role in Europe. More German austerity will likely cripple Europe's nascent recovery.

Background:

In this roundup, six experts discuss the eurozone crisis' potential impact for the United States.

MIDDLE EAST: Biden Says Iraq Exit Won't Be Deterred

U.S. Vice President Joseph Biden, who is managing the U.S. exit from Iraq, says the military will reduce (WashPost) troop levels to fifty thousand this summer, even if no new Iraqi government takes shape.

Israel: Israeli Prime Minister Benjamin Netanyahu will meet (BBC) with President Obama Tuesday in Washington amid shaky U.S.-Israeli ties that began weakening in March over Israeli construction in East Jerusalem.

PACIFIC RIM: N. Korea Scraps Naval Safeguard Pact with South

North Korea said it was cutting off (NYT) an agreement used to prevent accidental naval clashes with South Korea, while the South conducted a large naval drill as a show of force.

North Korea's alleged sinking of a South Korean ship could have been part of a legitimization process to prepare for a new leader to succeed the ailing Kim Jong-Il, says North Korea expert Victor Cha.

China: China denied rumors (WSJ) that it plans to diversify its foreign exchange reserves away from the euro, which helped boost the currency's value.

SOUTH AND CENTRAL ASIA: Pakistani Taliban Leader Rumored Dead

Afghan officials are investigating reports that Pakistani Taliban leader Maulana Fazlullah may have been killed (AP) in fighting in the remote mountains of eastern Afghanistan.

Pakistan: Pakistan partially unblocked (Reuters) video sharing website YouTube, though public access will not include links to "sacrilegious or profane material."

AFRICA: Sufi Group Threatens Somalia's al-Shabaab

The Sufi group Ahlu Sunna Wal Jamaa is posing a strong challenge to Somalia's al-Qaeda-linked al-Shabaab, and could offer an alternative strategy (WashPost) for the United States and its allies in fighting the country's Islamist radicalism.

AMERICAS: Obama to Extend Deepwater Oil Moratorium

President Obama will announce (WashPost) a six-month moratorium on drilling new deepwater oil wells and will cancel plans for exploratory drilling and new lease sales off the Alaska and Virginia coasts.

The Gulf of Mexico oil spill spotlights the growth of deepwater drilling and the challenges of balancing strong environmental regulation with efforts to expand U.S. domestic oil production.

Jamaica: At least forty-four people were killed (NYT) in battles between Jamaican security officers and supporters of gang leader Christopher Coke, who is wanted by U.S. authorities on gun and drug charges.

EUROPE: Britain and France Reject EU Bank Tax

Britain and France rejected (FT) EU plans for a bank tax on the financial sector that would allow member states to form national funds to help buoy or reorganize failing firms.

Spain: Spain's parliament approved (BBC) by one vote a 15 billion euro austerity package to rein in the country's budget deficit.

TRANSNATIONAL: Austerity Could Provoke Global Social Unrest

Experts say the continuing financial crisis and countries' austerity measures could lead to global social unrest (DeutscheWelle) if conditions worsen and populations lose faith in their governments.
 

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