Daily Digest 6/2 - U.S. Steps Up Pressure To Resolve Euro Crisis, Syrian Civil War Possible, More On Egypt's Elections
- Surging Spain Borrowing Costs Hit Asian Shares and Euro
- U.S. Steps Up Pressure on Europe to Resolve Euro Crisis
- China Lets Currency Weaken, Risking New Trade Tensions
- Clinton Says Russian Inaction May Lead to Syrian Civil War
- Egypt's revolution won't end with the presidential election
The cost of insuring against a Spanish default scaled a record high near 600 basis points while Italy, which is also struggling with huge public debt, saw its 10-year yields top 6 percent for the first time since January.
In Ireland, voters were going to the polls Thursday for a referendum on the European Union fiscal treaty for fostering budgetary discipline and growth. While polls have shown a small majority favoring the treaty, the Irish are already resentful of painful austerity measures, and success is not certain. A failure to back the agreement could mean that Ireland was unable to draw on European Union financing after 2013 if it needs another bailout and could further encourage anti-euro sentiment in Europe.
The Chinese central bank pushed the renminbi up slightly on Monday, the first trading day after the Treasury report, but has let it slide further each of the last three trading days. The Treasury declined on Thursday to comment on the renminbi’s depreciation while the Chinese central bank, the People’s Bank of China, has stayed silent this spring on currency policy.
Mrs. Clinton said that she had held “numerous conversations” focused on Russia’s role in Syria in recent days, but that the Russians had shown little willingness to abandon Mr. Assad even in an orderly, negotiated settlement. Instead, she said, they cite the violent history of civil war in neighboring Lebanon.
This month my buildings' latest revolutionary iteration was unveiled – two giant billboards sporting beaming mugshots of Ahmed Shafiq: former Mubarak-era prime minister, current presidential candidate and feloul ("regime remnant") figurehead par excellence. The elections campaign's last batch of polls suggests Shafiq could emerge triumphant, sounding what many in the media would describe as the final death knell to the "liberal revolutionaries" of Tahrir who have been steadily battered – by guns at the hands of the state security forces, and by public delegitimisation at the hands of the state media – since those heady images of collective protest conquered global TV screens 18 months ago.
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