Greek Prime Minister Tsipras turned to Russia for financial assistance in the current Greek standoff with the IMF. Russian President Putin offered moral support, but no financial aid. Greece’s overtures to Russia caused a degree of consternation within the eurozone, as it seems obvious that Russia would enjoy the prospect of exploiting divisions within the EU. It was, however, unlikely that Russia was in any financial position to offer substantial aid to Greece. The Greeks now have to figure out how to buy a number of creditors within the next two weeks or face the prospect of a banking collapse.
US President Obama is scheduled to attend the Summit of the Americas conference in Panama this week, and it is likely that he will meet with Cuban President Raul Castro at the meeting. Polls indicate that President Obama is a very popular figure in Cuba, and that a reinstatement of diplomatic ties would be favored by a large number of Cubans.
Foreign aid from rich countries to poor countries totaled about $135 billion in 2014 according to the Organization for Economic Cooperation and Development. The total amount was near record levels, but, curiously, aid to middle-income countries increased while aid to the lowest-income countries decreased. The information is relevant as the world prepares for the third International Conference on Financing for Development which will be held in Addis Ababa, Ethiopia, from 13 to 16 July 2015. The Conference will offer an opportunity to think more creatively about the effectiveness of development assistance.
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