Global News Journal

Beyond the World news headlines

Gaddafi and Lukashenko – coming in from the cold?

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Posted by Andrei Makhovsky and Salah Sarrar

Belarussian President Alexander Lukashenko and Libyan leader
Muammar Gaddafi found they had plenty in common when they met in
Minsk this week.

Both their  countries have started to come in from the cold after years of
international isolation and sanctions that were imposed on their
countries because of their policies.

They also share a vision of a multi-polar world to
counterbalance U.S. influence.

But despite their efforts to improve ties with the West,
they could not avoid a dig at Washington.

“We both see as a key issue that the world must be
multi-polar. We already know what a unipolar world leads to,” Lukashenko said.

“Deja vu all over again” in struggling Hungary?

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Hungary has negotiated a $25 billion economic rescue package with the IMF, the EU and the World Bank. What else is new? As that non-Hungarian philosopher of gamesmanship Yogi Berra put it, it’s ”like déjà vu all over again”.  

 

Consider the words of historian Paul Lendvai who wrote: ”Its economy in tatters, Hungary accepts a loan of 250 million gold crowns.” “Fiscal stability was restored, a currency reform was introduced…and after a modest upswing the value of industrial production stood 12 percent higher…”

Central Europe; a safe harbour in the financial storm

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euro.jpgIf being in the European Union were ever controversial in central Europe, the current financial turmoil may be delivering the ultimate proof that it was worth it.

While markets plunged in Russia and Turkey, the emerging markets of central Europe saw only muted reaction (some of their currencies are actually up on the year) largely because their EU status guarantees them access to easy money from the bloc.

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