Violence has erupted in Athens and other major Greek cities. We still don’t have good reports yet about the extent of the rioting, but it appears as if the violence is widespread. It is directed toward the Greek Parliament which must approve the terms of the debt agreement with major bondholders. The terms are onerous on ordinary Greek citizens, and it is difficult to see how economic growth can return to Greece under the terms of the Agreement. The Parliament must decide whether it stands with the Greek people or with the bondholders.
China is getting ready for a leadership transition. Xi Jinping is slated to become the next leader of China and he is introducing himself to world leaders. All political transitions are difficult, but this year will be quite tumultuous: China, Russia, the US, and France all will have national elections. One should expect a high degree of unpredictability in the global system as these changes get closer.
Another article on an Israeli attack on Iran, this time by Michael Hirsh of the National Journal. The steady drumbeat is getting harder to ignore, but the rationale for the attack is getting less compelling the more we learn about the complexities of the attack.
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