Pressure grows on Ireland and Portugal to accept bailout (+ Euro analysis); US plans military campaign in Yemen; Suu Kyi seeks to reinstate political party; Mullah Omar rejects Afghan peace talks with "puppets"; and more
TOP OF THE AGENDA: EU Pushes Ireland, Portugal on Debt Loads
European officials, concerned about further contagion of the debt crisis (NYT) that began months ago in Greece, are warning that any new plans will have to include Portugal as well as Ireland. Eurozone finance ministers are pressing Portugal and Ireland for detailed plans to handle their debt loads (FT). EU President Herman Van Rompuy warned that the Eurozone faces a "survival crisis" over its debt problems (BBC).
Though Ireland has insisted it has enough funds to last through the spring, the country is under mounting pressure to seek an EU or International Monetary Fund bailout (Guardian). Last month, Ireland was faced with 130 billion euros ($177 billion) in outstanding European Central Bank loans (DeutscheWelle), and its deficit is set to reach 32 percent of GDP this year.
Analysis
CFR's Stewart M. Patrick argues that the current crisis in the European Union presents a chance to overhaul the EU's institutions.
This essay by Mary Elise Sarotte examines the historical roots of the eurozone crisis, tracing the ongoing political and economic problems back to agreements that were made around German reunification in 1989.
Ireland's crisis is an opportunity for Germany to complete the construction of the single currency on its own terms, writes Larry Elliot in the Guardian.
The euro has imploded, writes Peter Oborne in the Telegraph, but the "euro elite" don't seem to understand the magnitude of the disaster.
PACIFIC RIM: China Sends Patrol Ship to Disputed Area
China sent a helicopter-equipped fisheries patrol vessel to the disputed East China Sea (AFP), the state media reported, just as tensions seemed to be cooling between Japan and China over Japan's arrest of a Chinese trawler captain in September.
China's influence is expanding regionally on land and at sea, from Central Asia to the South China Sea and from the Russian Far East to the Indian Ocean, writes Robert Kaplan in this Foreign Affairs article.
Burma: Pro-democracy leader Aung San Suu Kyi filed documents with the country's High Court to have her political party, the National League for Democracy, reinstated after the ruling junta disbanded it earlier this year (AP).
ELSEWHERE:
- US Plans Yemen Campaign
- Mullah Omar Rejects Negotiation Rumors
This is an excerpt of the CFR.org Daily News Brief. The full version is available on CFR.org