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European Stocks Tread Water, Greek Debt Deadline Eyed

European stocks are treading water, flitting between small gains and losses, with investors reluctant to make any bold moves ahead of Greece's debt-swap deadline.

(DOW JONES NEWSWIRES) London - At 0845 GMT, the benchmark Stoxx Europe 600 index was down 0.1% at 258.10. London's FTSE 100 index was down 0.1% at 5760.21, Paris's CAC 40 index was flat at 3363.28 and Frankfurt's DAX was 0.2% lower at 6618.62.

Greece is hopeful it can achieve participation of around 75% to 80% in the deal, which is aimed at writing down 53.5% of the country's EUR177 billion debt. However, that would still fall short of the 90% needed to avoid the activation of collective action clauses that would force the hand of reluctant investors. The worry here is that the activation of CACs will trigger payouts under credit-default swap contracts, as it would be a case of a debtor coercing a creditor under the rules of the International Swaps and Derivatives Association.

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Geopolitics

Modi Is Wrong: Russia's War Also Creates Real Risks For India

By shrugging aside Russia’s aggression, India has shown indifference to fears that China could follow Russia’s example.

Photo of India's Prime Minister Narendra Modi and Russian President Vladimir Putin

India's Prime Minister Narendra Modi Visits Russia

Anita Inder Singh*

-OpEd-

NEW DELHI — India is wrong to dismiss Russia’s war in Ukraine as Europe’s problem. The illegality and destructiveness of the invasion, and consequential food and energy crises, have global ramifications.

Stay up-to-date with the latest on the Russia-Ukraine war, with our exclusive international coverage.

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This explains why 143 out of the 193 member-states of the UN General Assembly voted against recognizing Russia’s illegal annexation of four Ukrainian regions after holding sham referenda there. Ninety-three voted in favor of expelling Russia from the UN Human Rights Council.

India has abstained from every vote in the UN condemning Russia’s aggression in Ukraine. The reason? Moscow is India’s top arms supplier and some 70% of India’s military platforms are of Russian origin.

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