Greece has agreed to the terms of the troika (the European Central Bank, the European Commission, and the International Monetary Fund) to secure a large loan in order to prevent a sovereign default. The Greek government will receive $9.2 billion in return for firing 25,000 government workers including police and teachers. With unemployment of around 27% it is difficult to see how laying off more workers will improve the economic situation in Greece. I suspect we will be seeing more protests in Greece in the coming days.
India is not immune to the general global economic slowdown. Its economic growth in recent years has been truly impressive, but that growth was in some respects dependent upon a vibrant world economy. Now, like China and Brazil, India is slowing down and not creating nearly enough jobs for its young people. And, like many of the richer countries, its government seems sclerotic and unable to act decisively. Thus far, there have not been nation-wide protests in the country, but there are many signs of discontent.
A North Korean ship has been detained by Panama after it was discovered that it was secretly carrying Cuban weapons. The ship’s captain attempted suicide after the discovery, and the transfer of weapons to North Korean definitely violates the arms embargo against North Korea ordered by the UN Security Council. We have been hoping for some sort of reconciliation between the US and Cuba for many years now; it is unclear whether this incident will set back those efforts.
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