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Spain had a stronger fiscal position and healthier bank balance sheets than many of its peers when the crisis began, but it still may end up having to leave the euro and restructure its external debt.
While signals pointing to a looming nuclear test in North Korea have quieted in recent weeks, this could change overnight.
As China prepares for its leadership transition later this year, Beijing has faced an unusual number of high-profile political incidents which has the potential to help shift the balance of power within China’s leadership to give a larger voice to proponents of reform.
Despite repeated incidents in U.S.-China relations that could have produced significant strains between Beijing and Washington, relations so far have remained productive and durable. This is likely a product of the Obama administration’s top-level initiative since 2010 to draw China’s leaders into personal engagement in managing affairs to avoid or deal with tensions.
Southeast Asia is often viewed as a dynamic region, home to several of Asia’s tiger economies. But look a bit closer, and the region is replete with internal tensions—some between countries, but most within countries. April’s events in the region are illustrative of so many of these tensions. In every case, they reflect deep fault lines that have existed for many years.
The more Washington appears to intervene in highly sensitive Chinese human rights disputes, the less likely it is that China’s incoming leaders will make desired changes.
Although recent comment by China’s premier Wen Jiabao were taken by many as a signal that financial reform is finally on the agenda, this interpretation is mistaken.
U.S.-China distrust may not be rooted in misunderstanding, but rather in fundamental disagreements over political institutions, value systems, and geostrategic interests.
The 1959 movie The Mouse That Roared offers a useful metaphor for understanding North Korea.
Chinese National Oil Companies, while owned by the government, increasingly base investment decisions on market signals rather than state orders. Their efforts to access oil and gas resources are helping to meet the challenge of high petroleum consumption levels.