World View: Turkey Says It Has 'No Intention' of Going to War with Syria

This morning's key headlines from GenerationalDynamics.com.
  • Cyprus announces it will seek a European bailout
  • Spain formally requests €100 billion bailout
  • Turkey says it has 'no intention' of going to war with Syria
  • Turkey threatens to cut off electricity to Syria
  • Egypt's president denies interview on stronger ties with Iran
  • China suspected of ramming Philippine fishing boat

Cyprus announces it will seek a European bailout

A furious Cypriot president Demetris Christofias, a veteran communist, lambasted European officials as "a colonial force" for imposing austerity measures and neo-liberal policies, even as he announced that he was seeking a bailout to keep the country's banks from bankruptcy. He says that Cyprus deserves a bailout with no austerity measures because it's all Greece's fault:
"Cyprus is facing the prospect of entering [a rescue] mechanism not because of the fiscal state of the economy, but because of the need to recapitalise Cypriot banks which have important exposure to the Greek economy.

In every downgrade of the Cypriot economy, the exposure of our banks to Greece is portrayed as the main cause. The economy of Cyprus continues to have healthy foundations despite the problems, distortions and inequalities accumulated over the years."

Cyprus will join Greece, Ireland, Spain and Portugal as countries that have requested bailouts. Christofias said that he will continue to pursue a loan from Russia or China, hoping that the terms will be less onerous. Guardian and Reuters

Spain formally requests €100 billion bailout

Spain formally requested a bailout of €100 billion to rescue its banks. Spain announced on June 9 that it would request a bailout, and made the request formal on Monday. The June 9 announcement said that there would be no austerity requirements attached to the bailout, but that was never a commitment by the European officials. It will now take several weeks to conclude an agreement on a bailout and related austerity requirements. Bloomberg

Turkey says it has 'no intention' of going to war with Syria

Turkey says that Syria will "not go unpunished" for downing a Turkish jet last Friday, but Turkey as "no intention" of going to war. However, Turkey's deputy foreign minister said, "Syria shot down our unarmed jet in a cold-blooded and hostile way in international airspace. International law is on our side." Turkey has invoked the Nato charter provision that says that an attack on one member is an attack on all, and Nato officials will meet in Brussels on Tuesday to receive Turkey's presentation. BBC and Al-Jazeera

Turkey threatens to cut off electricity to Syria

Turkey has said that Syria will "not go unpunished," but the exact form of that punishment has not been specified. However, Turkey's vice Prime Minister Bulent Arinc on Monday said that Turkey is considering cutting electricity exports to Syria. Now Lebanon

Egypt's president denies interview on stronger ties with Iran

Egypt is denying that President-elect Mohammed Morsi gave an interview to Iran's official Fars agency in which he said that wanted to expand ties with Iran to create a strategic "balance" in the region. "Mr. Morsi did not give any interview to Fars and everything that this agency has published is without foundation," said a Morsi spokesman. Egypt and Iran have had no formal ties wince 1980, following Iran’s Great Islamic Revolution and Egypt’s recognition of Israel. Al-Arabiya

China suspected of ramming Philippine fishing boat

Last week, a large boat rammed a Philippine fishing boat in the South China Sea, in the region near the Scarborough Shoal where the Philippines and China had standoff last month. The ramming boat fled the scene, after 8 fishermen were thrown overboard. One has died, and four are missing. Philippine officials believe that Chinese boat, possibly a Hong Kong boat, was the culprit, but Chinese officials are saying indignantly that no facts have been produced to support that accusation. VOA

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