2-Mar-12 World View: In Iran's Elections Friday, It's Ahmadinejad Versus the Supreme Leader

2-Mar-12 World View: In Iran's Elections Friday, It's Ahmadinejad Versus the Supreme Leader

This morning’s key headlines from GenerationalDynamics.com.

  • EU approves partial bailout of Greece
  • Greece’s debt default is still not a ‘credit event’
  • Russia and China express ‘deep disappointment’ in Syria
  • In Iran’s elections Friday, it’s Ahmadinejad versus the Supreme Leader

EU approves partial bailout of Greece

The Eurogroup (eurozone finance ministers) met on Thursday and agreed that Greece had met most of the demands set by for the new €130 billion bailout, but they only approved a small part of the bailout, just enough to implement the so-called private sector involvement (PSI) scheme, where private bondholders would “voluntarily” take a 75% loss. The Europeans are currently chasing after private investors, trying to convince them to take the voluntary program. If enough of them do by March 9, then the rest of the bailout will be approved. Kathimerini

Greece’s debt default is still not a ‘credit event’

Private investors are being asked to take a “voluntary” 75% loss of their investments in Greek debt, and yet the International Swaps & Derivatives Association (IDSA) ruled on Thursday that this is not a “credit event” that would trigger the paying insurance money benefits to investors who had thought they were protecting themselves by purchasing insurance policies in the form of credit default swaps (CDSs). “The situation in the Hellenic Republic is still evolving,” said the IDSA statement, adding that they may change their minds, if any investors were forced to take the 75% haircut through the use of Greek “collective action clauses.” I would think that an investor would have to be crazy to spend money on a CDS, after this ruling. Bloomberg

Russia and China express ‘deep disappointment’ in Syria

Russia and China joined other U.N. Security Council members in expressing “deep disappointment” in “the rapidly deteriorating humanitarian situation” in Syria. Syria and Russia have previous vetoed any U.N. Security Council resolutions condemning their ally, president Bashar al-Assad. This new statement is so weak that it doesn’t really represent a change of position by the Russians and Chinese. Al-Arabiya

In Iran’s elections Friday, it’s Ahmadinejad versus the Supreme Leader

Iran’s parliamentary elections, to be held on Friday, are an extension of the increasingly bitter political battle between Iran’s president Mahmoud Ahmadinejad and the Supreme Leader Ayatollah Ali Khamenei. Ahmadinejad has struck back through an aggressive appeal to poor and working-class voters, especially in the provinces, hard hit by a severe economic downturn. The parliamentary election is not expected to change any of Iran’s international policies, but it may indicate a shift that will affect next year’s presidential election. LA Times


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