22-Oct-11 World View — Surprise! Greece's Economy Is Worse Than Expected

This morning’s key headlines from GenerationalDynamics.com.

* Occupy Wall Street protesters very similar to Greece’s protesters

* Palestinians to push U.N. for statehood recognition

* Surprise! Greece’s economy is worse than expected

* Nato agrees to wind down Libya bombing campaign by November 1

* The NTC will proclaim the liberation of Libya on Saturday

* American troops will leave Iraq by end of year, causing controversy

Occupy Wall Street protesters very similar to Greece’s protesters


Wall Street protesters (AFP)
Wall Street protesters (AFP)

As the global financial crisis continues to worsen, and left-wing violence increases around the world, a poll by Democratic Party pollster Douglas Schoen indicates that the “Occupy Wall Street” protesters are ideologically very similar to the Communist and anarchist protesters in Athens. Interviews with nearly 200 protesters in New York’s Zuccotti Park reveals that half (52%) have participated in a political movement before, virtually all (98%) say they would support civil disobedience to achieve their goals, and nearly one-third (31%) would support violence to advance their agenda. An overwhelming majority of demonstrators supported Barack Obama in 2008. Now 51% disapprove of the president while 44% approve, and only 48% say they will vote to re-elect him in 2012, while at least a quarter won’t vote. Wall Street Journal (Access)

Palestinians to push U.N. for statehood recognition

Palestinian Authority President Mahmoud Abbas may pressure the United Nations Security Council to vote on the Palestinian proposal for full membership as quickly as possible, possibly by November 11. The reason for the rush is that five members of the Security Council will be replaced by new members on January 1, and the new members are not expected to be as supportive of the Palestinian cause as the nations that they’re replacing. Bloomberg

Surprise! Greece’s economy is worse than expected

According to a report to be released by the “troika” (European Commission, European Central Bank, International Monetary Fund), Greece’s economy has deteriorated so severely in the last three months that it will require a €252 billion bailout, twice as much as estimated in the July 21 bailout announcement. Under more severe assumptions, this amount could balloon to €444 billion. As a result, the report recommends that bondholders of Greece’s debt should have to take a 60% “haircut,” well above the 21% haircut calculated on July 21. The report is based on economic assumptions through 2020 which is really ridiculous, since they have no idea what’s happening next month, let alone by 2020. What clowns! Financial Times (Access)

Nato agrees to wind down Libya bombing campaign by November 1

Nato air patrols over Libya are set to continue in the next ten days as a precautionary measure to ensure the stability of the new regime, but the alliance made a preliminary decision to end the campaign on Oct. 31 and will make the formal decision next week. AP

The NTC will proclaim the liberation of Libya on Saturday

The rebel National Transitional Council (NTC) will declare the liberation of Libya on Saturday, and will declare Libya a free nation. The announcement will take place in the eastern city of Benghazi, rather than in Tripoli, perhaps leading to suspicions that the disagreements between eastern and western tribes and militias are still great. The rebellion had cost close to 40,000 lives. Tripoli Post

American troops will leave Iraq by end of year, causing controversy

According to a statement by President Barack Obama:

“A few hours ago I spoke with Iraqi Prime Minister Maliki. I reaffirmed that the United States keeps its commitments. He spoke of the determination of the Iraqi people to forge their own future. We are in full agreement about how to move forward.

So today, I can report that, as promised, the rest of our troops in Iraq will come home by the end of the year. After nearly nine years, America’s war in Iraq will be over.

Over the next two months, our troops in Iraq — tens of thousands of them — will pack up their gear and board convoys for the journey home. The last American soldier[s] will cross the border out of Iraq with their heads held high, proud of their success, and knowing that the American people stand united in our support for our troops. That is how America’s military efforts in Iraq will end.”

White House

The complete withdrawal of American troops from Iraq is raising controversy. The U.S. had hoped to leave several thousand troops behind in a non-combat role, in which they would train and advise Iraqi security forces, but the complete withdrawal may result in a dangerous power vacuum. According to security analyst Anthony Cordesman, “Now we’re going to have zero [soldiers], which means there won’t be forces to help maintain checkpoints between Kurds and Arabs. There are not going to be specialized forces to help the Iraqis deal with the kinds of terrorism and insurgent groups they have. We’re not going to have any clear contingency basing structure that will allow us to rapidly deploy if Iraq faced a threat from Iran.” VOA

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