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By John R. Bolton
The president fiddles at his domestic altar while the world burns
Independent voices from the The Washington Times Communities
Topic - spanish government
With European outrage over American surveillance reaching the boiling point, the White House on Monday recast the U.S. as the defender of not only its own security interests but also those of other nations across the globe.
More than 60 dignitaries and pro-democracy advocates from around the world have signed an open letter to U.N. Secretary-General Ban Ki-moon requesting that the world body conduct an investigation into the tragic deaths of Cuban dissidents Osvaldo Paya and Harold Cepero in an automobile accident in July 2012.
Stocks hit a big milestone, then promptly spun off the road.
In the final presidential debate, President Obama told us what he did after the Sept. 11, 2012, terrorist murders in Benghazi of Ambassador J. Christopher Stevens and three other Americans. He also told us what he did to take the United States into Libya before the attack.
Spain took center stage this week in the seemingly unending drama that is the European debt crisis. The streets were rocked with violent protests, and many in the wealthy region of Catalonia are looking to unhitch themselves from Madrid's control. The increasingly unpopular Prime Minister Marino Rajoy announced the latest federal budget would be heavier on spending cuts than on tax increases in an effort to fend off asking for a bailout from the European Union. Markets remained skeptical, with the yield for Spanish 10-year bonds headed into the danger zone of 7 percent yields.
Stocks fell on Friday after news that U.S. consumers spent more last month only because higher gas prices forced them to.
Central banks are being pressured by their political masters to solve a problem they cannot solve.
Fear that Spain may need a bailout sent its borrowing costs soaring, the euro to a two-year low against the dollar and stocks around the world tumbling as investors pulled back Monday from all manner of risk.
Spaniards blasted off fireworks and jumped for joy after their soccer team won the European Championship on Sunday night, giving the country a burst of national pride and temporary relief from the crushing economic woes that have engulfed the nation.
Spain insisted Wednesday it will continue to push for European financial aid to be delivered directly to its troubled banks, rather than count as government debt, warning that these were crucial moments for the euro currency union.
Finance ministers from the counties that use the embattled euro are debating on Thursday the best way to help Spain bail out its banks and whether to give Greece's new government more time to get its deficit under control.
Spain's ability to manage its debt without an international bailout was thrown into doubt Monday after investors pushed its borrowing rates up to the level at which Greece, Portugal and Ireland had sought help.
Spain's borrowing costs broke through another record Thursday after a credit ratings agency downgraded the country's ability to pay down its debt amid rising fears a bank bailout may not be enough to save the country from economic chaos.
Euphoria over a lifeline of up to €100 billion ($125 billion) to rescue Spain's hurting banks morphed into a financial markets rout in a matter of hours Monday, as investors digested the still-undefined plan and became concerned the country may be unable to repay the new loans.
Europe is to offer Spain a bailout package of up to €100 billion ($125 billion) to help rescue the country's banks and keep the 17-country eurozone from breaking apart.