World View: Sinai Attack Considered National Tragedy for Egypt
This morning's key headlines from GenerationalDynamics.com
- Weekend attack in Sinai considered a national tragedy for Egypt
- Europeans take extraordinary measures to keep Greece from bankruptcy
Weekend attack in Sinai considered a national tragedy for Egypt
Mohamed Morsi (AP)
Last weekend ambush in Egypt's Sinai region near the border with Israel by armed militants who killed 16 Egyptian soldiers is transforming Egyptian public opinion. The public is furious at both the army and the new president Mohamed Morsi for failing to protect Egypt, especially since it's been revealed that Israeli intelligence had warned the Egyptians in advance that an attack was coming. Ever since the Egyptian uprising began in January of last year, it's been pretty clear that there are political differences among Egyptians, but no serious fault line dividing them. But the exception has always been with the Bedouins in Sinai, where violence is growing. In an attempt to try to bring the situation under control, Morsi fired his intelligence chief on Wednesday, and launched "Operation Eagle," with helicopter gunships striking positions where the attackers are believed to be staying. According to an unnamed army commander, the attacks killed 20 terrorists and destroyed three armored cars belonging to terrorists. Several Egyptian security officers have also been wounded. Al-Jazeera and Al-Ahram (Cairo)
Europeans take extraordinary measures to keep Greece from bankruptcy
If anyone in Europe ever meant anything they said, then Greece would be bankrupt by now, or by August 20 at the latest, when it has to make a 3 billion euro payment. But the European Central Bank (ECB) is continuing to bail out Greece, and is extraordinary procedures to avoid direct violation of EU and eurozone treaties. In an "ordinary bailout," Greece might issue bonds that the ECB could then purchase from Greece, which would use the money to pay off its debt. But it's illegal, under existing treaties, for the ECB to bail out any country by purchasing its bonds. Leaked information reveals how the ECB will get around this restriction. Greece will issue the toxic bonds, but Greek banks will buy them, not the ECB. But the ECB will then buy them from the Greek banks. SpiegelPermanent web link to this article
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