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Generational Dynamics Web Log for 5-Nov-2011
5-Nov-11 World View -- Threats grow against Iran's nuclear program

Web Log - November, 2011

5-Nov-11 World View -- Threats grow against Iran's nuclear program

G-20 world financial summit ends in failure

This morning's key headlines from

* G-20 world financial summit ends in failure
* Italy is placed under IMF monitoring
* China: Time the West stopped being obstinate
* Britain's David Cameron issues a stark warning
* Papandreou barely survives confidence vote in Greece's parliament
* Threats grow against Iran's nuclear program
* The 'Freedom Waves to Gaza' flotilla is seized by Israel
* Britain will abstain on U.N. Security Council Palestine statehood vote

G-20 world financial summit ends in failure

G-20 group picture (AP)
G-20 group picture (AP)

A meeting in Cannes, France, of the leaders of the "Group of 20" (G-20) industrial and developing economies ended without producing any of its objectives. Instead, they kicked the can down the road on all issues. They came to no agreement on how to handle the euro financial crisis and they obtained no foreign commitments for investments in the European Financial Stability Facility (EFSF), which is supposed to prevent future crises. Wall Street Journal (Access)

Italy is placed under IMF monitoring

Italy 10 year bond yield at 6.370%
Italy 10 year bond yield at 6.370%

Italy's Prime Minister Silvio Berlusconi tried to play down its significance by saying that he was just agreeing to be nice, and anyway, Italy didn't need any IMF money, but the decision that the International Monetary Fund (IMF) will monitor Italy's commitments to growth and austerity reforms is a humiliation for Berlusconi, who is essentially being told that he isn't trusted. Italy continues to follow the path of Greece in deteriorating bond yields (interest rates), which have now risen to an unsustainable euro-era historic high of 6.370% for 10 year bonds. The Economist

China: Time the West stopped being obstinate

The European leaders at the G-20 summit had hoped to convince China to invest in the EFSF bailout fund, but China declared to do so. "The emerging powers to put their hard-won reserves at risk for the sake of far richer European societies, they need to have a greater say in global governance."

"You'd have thought that the United States debt-ceiling debacle and the eurozone's endless cycle of half-measures declared and quarter-measures taken would have impressed upon Western leaders the urgency of finding new solutions to their economic difficulties and the modesty of recognizing the need for help in implementing them. You'd be wrong. Instead, they responded to a recent proposal from some emerging countries to increase the firepower of the IMF with a mixture of fear and arrogance."

China Daily

Britain's David Cameron issues a stark warning

As we've reported, Britain's Prime Minister David Cameron is unhappy with the euro leaders because he was excluded from their recent summit meeting. He did attend the G-20 meeting, issued a stark warning. "I am not going to pretend all the problems in the eurozone have been fixed. They have not. The task for the eurozone is the same as going into this summit. The world can't wait for the eurozone to go through endless questions and changes about this. We, like the rest of the world, need the eurozone to sort out its problems. We need more to happen in terms of detail on the European firewall." He added that this is only "a stage of the global crisis." Guardian

Papandreou barely survives confidence vote in Greece's parliament

Papandreou shakes hands with Venizelos after winning the confidence vote
Papandreou shakes hands with Venizelos after winning the confidence vote

Greece's Prime Minister George Papandreou won a confidence vote in Parliament early on Saturday by a vote of 153 out of 300 MPs. Papandreou is being asked to step aside by many in his own party and the opposition. In that case, it's thought that Finance Minister Evangelos Venizelos is most likely to succeed him, until elections could be called. Papandreou has indicated that he would like lead a coalition government until early elections could be called. Kathimerini

Threats grow against Iran's nuclear program

Israel's President Shimon Peres on Friday said that the media speculation about a potential Israeli attack on Iran may have some basis in truth, since he believes probably won't be possible to find a diplomatic solution. French President Nicolas Sarkozy condemned Iran's nuclear program and said France would not stand idly by "if Israel's existence were threatened. ... Iran's behavior and this obsessional desire to acquire nuclear military (capability) is in violation of all international rules, and France condemns firmly the lack of respect for these rules." Jerusalem Post

The 'Freedom Waves to Gaza' flotilla is seized by Israel

The two boats in the "Freedom Waves to Gaza" flotilla that approached Gaza on Friday with the purpose of breaking Israel's blockade of Gaza were seized by the Israeli Defenses Forces (IDF) navy, after they were boarded and led to the Israeli port Ashdod. No one was hurt, according to the IDF, and the activists on board were turned over to police and immigration authorities. Jerusalem Post

Britain will abstain on U.N. Security Council Palestine statehood vote

Britain says that it will join France in formally abstaining in the United Nations Security Council on any vote to admit a Palestinian state as a U.N. member. Admitting a new state to U.N. membership requires a Security Council vote, and Palestinian president Mahmoud Abbas has already formally request such a vote. However, the United States has already announced that it will veto the proposal, so Britain's and France's abstentions are symbolic. However, they are a humiliation for Abbas because Hamas has opposed the bid, and because Hamas has gained additional respect versus Abbas among Palestinians for negotiating the deal that freed over 1,000 Palestinians from Israeli jails in return for a captured Israeli soldier, Gilad Shalit. Telegraph

(Comments: For reader comments, questions and discussion, see the 5-Nov-11 World View -- Threats grow against Iran's nuclear program thread of the Generational Dynamics forum. Comments may be posted anonymously.) (5-Nov-2011) Permanent Link
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