In a sign of how seriously it regards the deterioration of the European economy, the IMF has agreed to increase the size of a financial fund that might be necessary to bail out the larger European countries in case they face an imminent default. It’s not clear that any amount would persuade some bond investors that a default can be avoided, but it does give great support to less aggressive financial institutions. At the G20 meeting it also seems as if the emerging market countries are going to get greater representation within the IMF voting structure. It is an overdue move, but better late than never.
India has tested a new long-range missile which has a range that includes China. Strangely, there was little comment from most of the world, including from the Chinese, in direct contrast to the furor over the failed test of a similar missile by North Korea. The different reactions are a strong testimony to how regular some nuclear expectations are, and how resistant to change the nuclear regime is. The lesson cannot be lost on the Iranians.
The Economist ran an interesting graph on the change in military spending globally between 2002-2011. I won’t ask any quiz questions on the chart, but there are some striking outliers. What’s up with Azerbaijan?
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Why do u think China’s being indifferent to India’s recent military actions or developments(testing Agni V, drills on the Chinese border etc)?
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I suspect that the Indians told the Chinese about the new missile before they launched it. There is no way for the Chinese to prevent the test, so they did the right thing and ignored it. If they had protested, they would have looked foolish since they have long-range missiles as well.
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