The German approach to the eurozone crisis (greater fiscal austerity) gets a boost from Sarkozy. It appears as if Angela Merkel has held fast against lending by the ECB and/or the issuance of eurobonds. Sarkozy’s move is likely to lead to the end of his government–the French economic position will now only deteriorate more quickly. How fast France slows down is the key determinant of when the eurozone splits. The meetings scheduled for Thursday and Friday will tell all.
Iran claims to have shot down a US drone flying over its territory. That the US is spying on Iran is not unexpected. The loss of a high-tech weapon to Iran (and presumably, its close ally, Russia) is a serious setback for the US. The covert war against Iran continues.
A rare public criticism of Israel by Secretary of State Clinton. There are a number of laws being considered by the Israeli Knesset that would alter some fundamental principles of liberal democracy. These concerns follow an ad campaign launched by Israel to American Jews warning them of the dangers of assimilation. Tensions between Israel and the US continue to simmer below the surface.
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