Sanity prevails in Eurozone, with Greece-EU bailout deal

The last few days have been very difficult for Greece with uncertainty looming over its future. But that changed on July 13 with some respite for Greece, as the leaders of Eurozone and Greece came to an agreement on the three-year 86 billion euros ($129 billion) bailout required to salvage the tottering Greek economy. Most of the terms and conditions require the Greece government’s near total surrender to the creditors. However, it also provides Greece a chance to hold on to the euro as its currency and stay in the Eurozone, preventing a “Grexit.”
Speaking to India Writes Network, K.P Fabian, a former Indian ambassador who has served in many capitals in Europe, said: “Sanity has prevailed.” He added that if Greece were shown the door, the consequences would have been devastating for the euro.
While the bailout has given temporary relief, there is a long way to go away before Greece, the cradle of Western civilization, can recover from the festering crisis and take charge of its destiny.

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Iran, P5+1 clinch historic deal

A defining moment in contemporary geopolitics was made on July 14, with the P5+1 countries and Iran reaching the much-awaited deal to constrain Iran’s nuclear programme, in return for lifting sanctions on Tehran. Hailing the deal, Iran’s Foreign Minister Javad Zarif described the deal as a ‘win-win’ solution but not perfect. “I believe this is a historic moment. We are reaching an agreement that is not perfect for anybody but is what we could accomplish. Today could have been the end of hope, but now we are starting a new chapter of hope,” he underlined.
The deal is expected to finally end Iran’s isolation in the world and could mark the return of a normal Tehran in the global arena. This would not only improve Iran’s relations with the West, but would also set the stage for acceleration of Iran’s relations with BRICS countries, including Brazil, Russia, India and China.
The watershed moment would also ensure a place in history for both President Obama and Iranian President Hassan Rouhani for making this historic deal. The deal is expected to remap contours of the Middle East geopolitics and remove an ever-present danger to world security.

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India-US defence ties flying high: Maritime patrol aircraft on way

In an increasingly fragile and volatile neighbourhood, India is all set to upgrade its arsenal with a host of new high-tech acquisitions. This also comes at a time when the United States is all set to overtake Russia, Israel and France as India’s largest arms supplier with deals worth $10 billion inked since 2007. With Pakistan and China inking some major deals in the recent past, this acceleration in defence relationship with the US is set to boost the modernization of India’s armed forces. It would also help India strengthen its position with volatility increasing in the neighbourhood.
China Factor
One of the major acquisitions is going to be the deal of $1 billion for four P 8I planes that would be used for maritime patrol. This comes in the backdrop of China strengthening its presence in the Indian Ocean Region (IOR) as a part of its Maritime Silk Road strategy. With recent reports of Chinese submarines docking in Karachi lurking past Indian waters, it has raised alarm bells in the security establishment at New Delhi.
Pentagon and South Block are also set to begin negotiations in the next few days over the proposed $770 million deal for M-777 ultra-light howitzers under which the bulk of 145 artillery guns to be acquired in a government to government deal, will be made in India. This is also in sync with Prime Minister Narendra Modi’s ‘Make in India’ initiative, which is expected to spur indigenization of the country’s defence sector.

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India’s ties with its ‘far off’ neighbour, Myanmar

Last month, reports on cross-border operation against Northeast insurgents by Indian armed forces flooded TV screens and newspaper headlines. This again reminded of the presence of a neighbour that is often missing in our public discourse. The debate that followed in media on whether the government’s ‘political messaging’ was right or wrong kept the issue alive and provided more coverage on Myanmar’s importance to India.

Whatever that means in terms of sustaining our interest on Myanmar, there is no denying that Myanmar’s presence in our public imagination has been sporadic. The country emerges as a neighbour only when a big event related to the country takes place –– a high-level visit, a natural calamity, a major uprising, and the latest to be added to such rarities is cross-border operation.

As before, this time too, Myanmar soon dissipated into the air after a couple of weeks of intense focus. We are back to the reality of having a ‘far off’ neighbour. Be that as it may, the India-Myanmar bilateral relations at the governmental level have expanded over the years and there has been deepening of mutual trust between political and defence establishments of the two countries.

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