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7-Jul-11 World View — Eurozone Sharply Split Over Greece's Debt Crisis


This morning’s key headlines from

Rebels make gains in western Libya

Rebel fighters in training
Rebel fighters in training

Fighting is still going on in Libya. Rebels captured the town of al-Qawalish in western Libya from Gaddafi supporters after a six hour battle. The rebels hope to cut off the road to Tripoli that carries Gaddafi’s supplies. Al-Jazeera

Eurozone sharply split over Greece’s debt crisis

The plan put forth as the “French plan” to bail out Greece is being called “illusory” by the Dutch finance minister because no investor will volutarily share in the costs of a bailout, and any involuntary sharing would push Greece into “selected default.” Prices on credit default swaps (CDSs) for Portugal’s government debt skyrocketed on Wednesday, indicating that investors expect Portugal to follow the same insolvency path as Greece. Guardian

Distrust between China and India growing at an alarming rate

At the global level, the rhetoric between India and China is all about cooperation, and indeed the two sides have worked together on climate change, global trade negotiations and demanding a restructuring of global financial institutions in view of the global economy’s shifting center of gravity. But at the bilateral level, tensions are mounting, and the potential for military conflict is high, especially over boundary issues. Foreign Policy Research Institute (FPRI)

Palestinian Authority will only pay half its employees’ salaries

Prime Minister Salam Fayyad announced on Wednesday that a severe financial crisis faced by the Palestinian Authority will force the government to pay its civil servants only half of their salaries. The crisis is coming about because international donors, many of them Arab, are failing to meet their commitments to the PA. PA Secretary-General Yasser Abed Rabbo said that the Palestinians were surprised by the Arab countries’ failure to assist them. “The situation has become very complicated for the Palestinian Authority because of the failure of the Arab countries to fulfill their financial promises. This is regretful.” Jerusalem Post

Unauthorized ordinations lead to excommunications in China

Unauthorized ordination of a Catholic bishop in China will result in “automatic excommunication” of that bishop. Seven previously ordained bishops participated in the new ordination, and it’s under debate whether they should be excommunicated as well for participating. These seven bishops have clearly violated Vatican law, but there are mitigating circumstances, for example, “when the individual committing the offence of ordaining or being ordained, is constrained to do so through great fear, even if this is only relative, or through necessity or great trouble.” Vatican Insider

Will America’s budget deficit bring an end to world peace?

There are 50,000 American troops stationed in Japan. There are more in South Korea. They’re all there to keep the peace. People all over the world have benefited from U.S. military presence that has provided stability that has rarely been seen in history. President Obama wants to pull back from those overseas commitments, and use the money to rebuild our own nation, here at home. But there is no one else in the world that can replace America’s unique leadership in providing world security. Time

Small businesses can’t get loans

Analysts have been predicting a “V-shaped recovery” for three years, and in particular they’ve been predicting that the credit freeze that began in 2007 would finally begin to thaw in 2011. Instead, borrowing has only gotten worse. Large companies are successful in securing large bank loans, but loans to small businesses plummeted 10% below their already low levels last year. Wall Street Journal (Access)

Dennis the Dentist and Lawrence the Lawyer

Here’s a weird fact. People called Dennis are disproportionately likely to become dentists, and people called Lawrence are more likely to become lawyers. Guardian


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