Last week Greece received a four-month extension of its $277 billion bailout program. The parliaments of Finland, Estonia and, most importantly, Germany, as well as Greece’s other EU partners, approved the bailout program that was agreed to Feb. 20, provided that Greece submit a list of planned reforms. Greece submitted six pages of reforms last Monday, but not all of Greece’s creditors think they are sufficient. Christine Lagarde, managing director of the International Monetary Fund (IMF), wrote a letter to Dutch Finance Minster Jeroen Dijsselbloem, who is also president of the Eurogroup of eurozone finance ministers, expressing her concern that [...]
Is Russia a rogue power bent on ripping up the international rulebook? Or is it a master of diplomatic brinksmanship with an uncanny knack for turning multilateral negotiations to its advantage? Commentators in the United States and Europe increasingly fear that Moscow is set on a destructive course. Yet Western diplomats at the United Nations are frequently impressed by their Russian counterparts’ maneuvers. Last month, the Russians pulled off two small diplomatic coups in the Security Council. Shrugging off tensions over Ukraine and Syria, they initiated a resolution in early February aimed at cutting off funding to the so-called Islamic [...]
The latest cease-fire between government forces and Russian-backed separatists in eastern Ukraine remains tenuous, but there are some signs it may hold for now. Kiev withdrew heavy artillery from the front today as the Russian ruble rallied for the first time since its collapse in December, prompted both by the cease-fire and by a rebound in global oil prices. While Russia’s economic outlook remains grim, with Western sanctions still in place, Russian President Vladimir Putin can claim some measure of victory after a year of interventions in Ukraine. Meanwhile, to the north, the three Baltic states—Estonia, Latvia and Lithuania—are faced [...]
