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World View: Sixth Eurozone Country May Need Bailout

World View: Sixth Eurozone Country May Need Bailout

This morning’s key headlines from GenerationalDynamics.com.

  • Slovenia may become sixth euro country needing a bailout
  • Iraq to purchase air defense systems from Russia
  • U.N. General Assembly passes purely symbolic resolution condemning Syria
  • Russia still considering naval bases in Vietnam, Cuba, Seychelles
  • India/Vietnam planning joint oil exploration in South China Sea

Slovenia may become sixth euro country needing a bailout

They’re falling like dominoes. Eurozone country Slovenia has just hadits debt downgraded by Moody’s to just two steps above junk status.Slovenia is a small country with an export-oriented economy that’sbeen hard hit by the global economic crisis. It seems likely thatSlovenia will ask for a bailout, and if it does then it will be sixtheurozone country to do so, after Ireland, Greece, Portugal Spain andCyprus. Deutsche-Welle

Iraq to purchase air defense systems from Russia

Under Saddam Hussein, Iraq’s air force was one of the largest in theregion with hundreds of mainly Soviet-designed jets. But its militarywas disbanded after the U.S.-led invasion in 2003 deposed Saddam, andnow Iraq has no capability to defend its air space. A delegation,headed by Iraq’s defense minister, is negotiating with Russia tosupply early warning systems, radars and some other civil defenseapparatuses. Last month Baghdad vowed to apply to the U.N. seekingcondemnation of countries that violate Iraqi airspace, includingTurkey. Hurriyet (Ankara)

U.N. General Assembly passes purely symbolic resolution condemning Syria

The UN General Assembly has overwhelmingly passed a resolutioncriticizing the Security Council’s failure to act on the Syriaconflict, and also condemned “the Syrian authorities’ use of heavyweapons including indiscriminate shelling from tanks and helicopters”and demanded the government refrain from using its chemical weapons.The resolution was purely symbolic, as the General Assembly has noenforcement authority. The vote comes one day after Syrian peaceenvoy Kofi Annan resigned in failure. Australian Broadcasting

Russia still considering naval bases in Vietnam, Cuba, Seychelles

On July 28, I quoted Russia’s Vice Admiral Viktor Chirkov as saying that Russia was planning navalbases in Vietnam, Cuba and the Seychelles (off the eastern coast ofAfrica). Just as I was posting the article, I heard a BBC report thatChirkov was denying the quote, so I added an update to the story.However, it appears that there’s a lot more to the story. Chirkov hasapparently been reprimanded by Vladimir Putin for making the remarks,though the official explanation is that the Ria Novosti reporter wasat fault and was “unethical and incompetent,” cooking up alife in Siberia for his “crime.” Of course, Putin would love torestore Russia’s navy, which he himself cut in the early 2000s becauseof a severe budget crunch. But Chirkov’s announcements werepremature, because talk of a naval base in Cuba would inflame theAmericans, and talk of a naval base in Vietnam would inflame theChinese. So now Russia’s Foreign Ministry and Defense Ministry haveclarified the situation by saying that Russian warships will indeed besent to the three locations, but only for “rest and replenishment ofthe crews.” They will not, according to the statement, be militarybases. Jamestown and Pravda

India/Vietnam planning joint oil exploration in South China Sea

India is evaluating Vietnam’s offer for oil exploration in theSouth China Sea, provided it can find a suitable partner.The announcement has infuriated the Chinese, who haveindicated plans to annex the entire South China Sea region,including areas historically belonging to Vietnam and othercountries. According to Beijing’s Global Times: 

The strategic intention of India’s renewedinvolvement in the South China Sea issue is obvious. New Delhiwants to further complicate the issue and seeks to pin down Chinain the area so it could gain dominance in affairs across theregion. …

Under such circumstances, China must first insist on exertingpolitical pressure over both India and Vietnam, warning them thattheir joint exploration activities in the South China Sea areillegal and violate China’s sovereignty. If they conduct oil andgas exploration in waters under China’s sovereignty, China shouldgive a strong response.

Indo Asian News Service and Global Times (Beijing)

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