We’ve been waiting for any details on the purported “negotiations” between Israel and the Palestinian Authority, but there aren’t any that appear to be forthcoming. Aaron David Miller, a keen analyst of Middle Eastern affairs, has written a piece on the things we should look for to determine whether both sides are serious about negotiating. My reading of his essay is that much depends on the willingness of President Obama to take chances to provide assurances to both sides–they clearly will not trust each other on any matter.
Eurostat has just released the latest data on debt-to-GDP ratios in the Eurozone. For some countries, the debt crisis is getting much worse:
- Euroarea: 92.2%, up from 88.2% a year ago
- Greece: 160.5%, up from 136.5% a year ago
- Italy: 130.3%; up from 123.8% a year ago
- Portugal: 127.2%, up from 112.3% a year ago
- Ireland: 125.1%, up from 106.8% a year ago
- Spain: 88.2%, up from 73.0% a year ago
- Netherlands: 72.0%, up from 66.7% a year ago
The data suggest that the austerity programs have clearly failed to stimulate economic growth. The political pressures on these countries to try an alternative approach, even a debtor’s cartel, is growing–after all, what good is a hostage who threatens to commit suicide?
The Japanese elections have given Prime Minster Shinzo Abe and his Liberal Democratic Party solid control of both houses of the Japanese Parliament. The victory means that Abe will be able to pursue his economic reforms designed to shake Japan out of its two decade economic slump. It also means, however, that Abe will be able to move toward a more assertive foreign and military policy, a direction sure to rattle Japan’s neighbors in East Asia.
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