This morning’s key headlines from GenerationalDynamics.com.

• American drone strike kills Al-Qaeda’s second in command in Pakistan
• Pakistan lodges protest with US over drone attacks
• Cyprus seeks EU bailout
• Deflation hits Greece as supermarket prices plummet
• After conducting the horrific Houla massacre, Syria’s Assad turns to Latakia
• Netherlands artist turns dead cat into helicopter

American drone strike kills Al-Qaeda’s second in command in Pakistan

An American drone strike has killed Abu Yahya al-Libi, al-Qaeda’s second in command, according to American officials who say that this is a major blow to al-Qaeda in Pakistan. Al-Libi was a jihadist theologian who rose to prominence in 2005 when he escaped US custody in Afghanistan, becoming a major motivational figure for Al-Qaeda, masterminding its propaganda machine. “Al-Libi is a key motivator in the global jihadi movement and his messages convey a clear threat to US persons or property worldwide,” according to the U.S. State Dept. AFP

Pakistan lodges protest with US over drone attacks

Pakistan’s Foreign Affairs Ministry called U.S. Chargé d’Affairs Ambassador Richard Hoaglands to lodge a protest against drone attacks, saying that the drone strikes are unlawful, against international law and a violation of Pakistan’s sovereignty. According to Pakistan:

“Parliament had emphatically stated that they [drone strikes] were unacceptable. Drone strikes represented a clear red-line for Pakistan”

Hoaglands also received a protest, following the seizure of illegal weapons being carried by American diplomats in Peshawar. Daily Times (Islamabad)

Cyprus seeks EU bailout

Cyprus is ready to join Greece, Portugal and Ireland in asking the European Union for a bailout, according to central banker Panicos Demetriades. The country’s second largest lender, Cyprus Popular Bank, needs €1.8 billion by June 30 to avoid bankruptcy. “Clearly, the closer you get to the deadline, the less unlikely (asking for EU bailout money) becomes,” he said. His remarks echo those of President Dimitris Christofias, who said last week, “I don’t take as a given that we will negotiate entry to a support mechanism, (but) I don’t want to absolutely exclude it.” Cyprus’s financial troubles are tied to Greece. The Cyprus Popular Bank invested heavily in Greek bonds that have now lost 75% of the value, and the bank also had branches in Greece that loaned money to Greeks, and those loans are now turning sour. Famagusta Gazette (Cyprus)

Deflation hits Greece as supermarket prices plummet

Products sold in Greece’s supermarkets in the last two months have seen their prices drop to levels last seen in May 2010, despite rises in taxes and prices raw materials and fuel. Despite consecutive rises in value-added tax (VAT) over the last couple of years, shelf prices have only risen by a marginal 0.61 percent since 2010. When VAT is excluded, April 2012 prices were 3.42 percent lower than in January 2010. Kathimerini

After conducting the horrific Houla massacre, Syria’s Assad turns to Latakia

The army of Syria’s president Bashar al-Assad is following in Latakia a pattern similar to what preceded the recent horrific massacre in Houla that killed 108 people, half of them children. Syrian forces bombarded the Sunni-dominated protest hub with helicopter gunships, tanks and gunfire on Tuesday, destroying half the homes in the residential neighborhood. If the Houla pattern continues, then Assad will send in his gangs of “Shabiha” thugs to go from house to house, and exterminate all the Sunni men, women and children. Daily Star (Beirut)

Netherlands artist turns dead cat into helicopter

This is one of those stories that leave you with your mouth open in astonishment. When Bart Jansen’s cat Orville was killed by a car, the Dutch artist found an unusual way to pay respect to his beloved pet. He turned the cat into a helicopter by fitting rotors to each of the four paws. Spiegel