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Sources
Belgium

Did Germany Lose Twice In One Night? The Weight Of European Soccer And Euro Zone Debt

SourcesWORLDCRUNCHSocietyBelgiumCountries

Worldcrunch

IL SOLE 24 ORE (Italy), DIE WELT (Germany) BBC NEWS (UK), LE MONDE ( France)

BRUSSELS - Spain and Italy...Spain and Italy.

Sports junkies know by now the lineup for the finals of the 2012 European Soccer Championship, after Italy defeated the favored Germans 2-1 in Warsaw on Thursday night, following Spain's semifinal win over Portugal in a shootout.

But political junkies saw the real European showdown taking shape at a key Brussels summit where German Chancellor Angela Merkel was facing growing pressures into the wee hours of Friday to cede to demands of euro-zone partners -- notably Spain and Italy -- on restructuring of a massive bailout fund.

Le Monde reports that Italian Prime Minister Mario Monti and Spanish Prime Minister Mariano Rajoy told their partners they would refuse to go forth with the overall 120 billlon euro growth package until they obtained guarantees on limiting their borrowing costs.

In exchange for the deal, the countries agreed on a European Central Bank supervision of banks, conforming to Merkel's wish that Brussels have more control over euro-zone country finances. Once the supervisory system is set in place by the end of this year, the European Stability Mechanism will be able to directly recapitalize banks without passing through governments, thus avoiding additional national debt.

Still, German daily Die Welt concluded that the German leader had been outflanked, posting the Friday morning headline "Merkel's Defeat On A Historic Night."

French President François Hollande provided key support for Italy and Spain, according to BBC News. "I'm here to try to find rapid solutions for those countries facing pressure from the market, despite having made huge efforts to balance their budgets," Hollande said.

The euro rose against the dollar Friday on Asian markets after the summit, as did stocks in Germany and the United Kingdom.

Milan financial daily Il Sole 24 Ore reported that the Brussels summit was a clear victory for Italian Prime Minister Mario Monti. But most of Italy was focused on the other "Super Mario" - 21-year-old striker Mario Balotelli - who scored twice (see below) on the way to the Italian team's 2 - 1 victory over Germany. Italy will meet Spain in the finals Sunday in Kiev.

Photo Credit: Emanuele Dal Carlo - http://www.emanuele.dalcarlo.it/

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Economy
trade

The West Has An Answer To China's New Silk Road — With A Lift From The Gulf

The U.S. and Europe are seeking to rival China by launching a huge joint project. Saudi Arabia and the Gulf States will also play a key role – because the battle for world domination is not being fought on China’s doorstep, but in the Middle East.

Saudi Crown Prince Mohammed bin Salman, Indian Prime Minister Narendra and U.S. President Joe Biden shaking hands during PGII & India-Middle East-Europe Economics Corridor event at the G20 Summit on Sept. 9 in New Delhi

Saudi Crown Prince Mohammed bin Salman, Indian Prime Minister Narendra and U.S. President Joe Biden during PGII & India-Middle East-Europe Economics Corridor event at the G20 Summit on Sept. 9 in New Delhi

Pib/Press Information/Planet Pix/ZUMA
EconomyGeopoliticsSourcesUSADIE WELTfeatured-postCountries
Daniel-Dylan Böhmer

-Analysis-

BERLIN — When world leaders are so keen to emphasize the importance of a project, we may well be skeptical. “This is a big deal, a really big deal,” declared U.S. President Joe Biden earlier this month.

The "big deal" he's talking about is a new trade and infrastructure corridor planned to be built between India, the Middle East and Europe.

Indian Prime Minister Narendra Modi described the project as a “beacon of cooperation, innovation and shared progress,” while President of the European Commission Ursula von der Leyen called it a “green and digital bridge across continents and civilizations."

The corridor will consist of improved railway networks, shipping ports and submarine cables. It is not only India, the U.S. and Europe that are investing in it – they are also working together on the project with Saudi Arabia, Israel and the United Arab Emirates.

Saudi Arabia is planning to provide $20 billion in funding for the corridor, but aside from that, the sums involved are as yet unclear. The details will be hashed out over the next two months. But if the West and its allies truly want to compete with China's so-called New Silk Road, they will need a lot of money.

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