Euro-area finance ministers gave Greece two extra years to wrestle down its budget deficit, pledging to plug the resulting financing gaps in order to keep the country in the single currency and prevent a renewed flareup of the debt crisis. Finance ministers granted Greece until 2016 to cut the deficit to 2 percent of gross domestic product. They […]
The European Central Bank wields more power now than at any point in its 14-year history. If it wants to use that power responsibly, it needs to be a lot more open with the people whose well-being it aims to ensure. Thanks in large part to its lead role in fighting the euro area’s festering debt crisis, the […]
President Hamid Karzai’s visit to India comes at a time when his nation’s future, more than at any point since 9/11, is shrouded in a fog of fear. This weekend, shells fired by his troops were reported to have killed five civilians in Pakistan’s South Waziristan agency, the latest in a series of cross-border skirmishes. […]
Recent anti-Japanese street demonstrations in China may signal the start of economic decline for a nation that won its reputation as the “world’s manufacturing factory” in the late 1990s and surpassed Japan in 2010 to become the second-largest economy after the United States. Although the riots were ostensibly meant as a protest against the Japanese […]
IN SEVEN weeks America‘s federal budget will self-destruct and plunge America back into recession unless Barack Obama can persuade the Republicans in Congress to raise taxes, which they have vowed never to do. So what is he doing between now and then? He’s heading off to visit south-east Asia and attend the East Asian Summit. […]
President Barack Obama will visit Myanmar (formerly known as Burma) later this month and meet President Thein Sein, who is trying to steer the country toward democracy. Yet sectarian strife could still deal a setback to the government’s significant political, economic, and social reforms that have been made since the democratic transition began in 2011. […]
It is official. The US will overtake Saudi Arabia to become the world’s top oil producer by 2017. The International Energy Agency (IEA) said in its world outlook for 2012 this morning that the US will be a net exporter of gas by 2020, with all the vast implications of abundant cheap gas for its […]
Can China avoid becoming Japan? In a few decades’ time, we may be talking about how today’s up-and-coming economic superpower is starting to look like the Land of the Rising Sun and Falling Expectations. But before that, another country is first in line: the Republic of Korea. Despite differences in politics and size, China can […]
Xi Jinping may have to wait two years to gain control of the world’s largest army after he takes the Communist Party’s top job this week, a delay that may weaken China’s ability to address tensions with Japan and the U.S. In China’s past two transitions of power, the departing leader kept hold of the military for about […]
