Draghi's Resignation Offer Rejected, Government Stability in Question
Photo Credit: https://www.npr.org/2022/07/14/1111541333/italy-mario-draghi-resignation
Italian Premier Mario Draghi offered to resign after the populist 5-Star Movement, part of his coalition, refused to vote for a key economic bill.
President Sergio Mattarella rejected Draghi's resignation and asked him to seek further support in Parliament.
Despite the 5-Star Movement's abstention, Draghi's government won a confidence vote in the Senate with a 172-39 majority.
Draghi will seek a confidence vote on the government's overall viability on July 20.
The political crisis has alarmed EU officials and caused a significant drop in the Milan stock exchange.
If Draghi fails to secure a stable coalition, early elections might be called, with current parliamentary terms set to end in spring 2023.
The 5-Star Movement's internal issues and opposition to specific bill provisions have contributed to the coalition's instability, with broader implications for Italy's governance during crises like the pandemic, war in Ukraine, and economic inflation.
G7 Summit in Italy: Key Points to Watch
Photo Credit: https://www.swissinfo.ch/eng/what%27s-on-the-agenda-at-italy%27s-g7-summit%3F/80354795
Leaders from G7 countries (US, Canada, Germany, France, Italy, Japan, UK), European Council, European Commission, and guests including Pope Francis, King Abdullah II, and leaders from Ukraine, India, Brazil, and other nations will attend. Also present are heads of the UN, World Bank, IMF, African Development Bank, and OECD.
Discussions from June 13-15 will cover Africa, climate change, development, the Middle East (focusing on Gaza), Ukraine, migration, Asia Pacific, economic security, AI, energy, and the Mediterranean.
Key issues at the G7 Summit include a potential $50 billion loan for Ukraine using profits from frozen Russian assets, support for President Biden’s Gaza ceasefire proposal and return of captives, and the expansion of Italy’s Mattei Plan to boost growth in Africa and curb migration by positioning Italy as a major energy hub.
Discussions on China's industrial overcapacity and its economic influence.
The G7 aims to show unity against geopolitical threats from Russia and China, and to demonstrate commitment to broader global engagement beyond just Western interests.
The G7’s relevance has shifted from the dominant global economic club to a group of like-minded industrialized nations, especially significant after the rise of groups like BRICS.
While the G7 Summit doesn’t result in formal agreements, it produces a joint statement indicating future policy directions and priorities of the member nations. The summit’s significance lies in the diplomatic messages and unity it projects.
Read Ahead At: https://www.aljazeera.com/news/2024/6/12/g7-meets-in-italy-whats-on-the-table
G7 Summit: US Pushes for Support Plan for Ukraine Amid Ongoing Discussions
Photo Credit: https://www.theguardian.com/world/2023/may/21/g7-summit-zelenskiy-meets-world-leaders-in-japan-as-ukraine-war-dominates-talks
The US is advocating for a $50 billion loan to Ukraine, to be repaid using interest from $260 billion in frozen Russian assets.
Some European countries, notably Germany and France, remain skeptical of the proposal, with concerns about financial and logistical challenges.
The interest from frozen Russian assets, generating up to $3.7 billion annually, is contingent on unanimous renewal by EU states, adding risk to the US plan.
If Russia and Ukraine reach a peace deal, the fate of the frozen assets and the loan repayment becomes uncertain, raising questions about long-term financial guarantees.
Despite technical issues, there is a political drive to reach an agreement or at least continue negotiations, demonstrating G7 unity against Russia.
The G7 summit will emphasize political solidarity and strategic support for Ukraine, diverging from its traditional focus on global economic governance.
A finalized loan agreement would ensure Ukraine's financial stability through 2025, regardless of the outcome of the upcoming US election.
Read Ahead At: https://www.aljazeera.com/news/2024/6/12/us-and-ukraines-eu-allies-rush-to-agree-deal-on-russian-assets-ahead-of-g7
Russian Naval Drills in the Atlantic En Route to Cuba
Photo Credit: https://caribbean.loopnews.com/content/russian-warships-conduct-atlantic-drills-en-route-cuba
The Russian frigate Admiral Gorshkov and nuclear submarine Kazan carried out missile drills in the Atlantic, targeting mock enemies over 600km away.
These exercises are part of a four-vessel group headed to Cuba, expected to arrive Wednesday. Cuba emphasized the standard nature of such visits by friendly nations, asserting no nuclear weapons are on board.
Amid high tensions over the Ukraine war, the US Navy is closely monitoring these drills but does not perceive them as a direct threat.
The presence of Admiral Gorshkov, armed with Zircon hypersonic missiles, underscores Russia's capability for global power projection.
Zircon missiles can travel nine times the speed of sound, with a range of over 1,000km, making them a significant addition to Russia's naval arsenal.
This naval visit highlights the strong bilateral relations between Russia and Cuba, reinforcing their "historically friendly relations."
The visit follows Putin’s indication that Russia might equip adversaries of the West with similar weapons, reflecting ongoing global strategic maneuvering.
Read Ahead At: https://www.aljazeera.com/news/2024/6/12/russian-warships-conduct-missile-drills-in-atlantic-on-way-to-cuba
US Lifts Ban on Providing Weapons and Training to Ukraine's Azov Brigade
Photo Credit: https://edition.cnn.com/2024/06/12/europe/us-weapons-azov-brigade-ukraine-intl/index.html
The US has lifted its ban on providing weapons and training to the Azov brigade, citing a thorough review and finding no evidence of human rights violations in the current unit.
The original Azov militia, formed in 2014 with far-right connections, was absorbed into Ukraine’s National Guard as the 12th Special Forces Brigade. The US had previously banned it due to its neo-Nazi affiliations.
The current Azov brigade rejects past extremist ties and has undergone significant reforms, including "cleansing" undesirable elements since 2015.
Azov played a crucial role in the 2022 defense of Mariupol, earning a reputation as one of Ukraine’s most effective fighting units. US support is expected to enhance its combat capabilities amid the ongoing war with Russia.
Azov soldiers' heroic defense of Mariupol's steelworks, despite severe shortages, has made them symbols of Ukrainian resistance. Weekly rallies call for the release of Azov POWs held by Russia.
Moscow continues to label Azov a Nazi group and a terrorist organization, accusing it of atrocities without substantial evidence. The Kremlin criticizes the US decision as a move to suppress Russia by "flirting with neo-Nazis."
Azov has been working to rebrand itself as a skilled and effective military unit, distancing from controversial figures and focusing on professional military conduct.
Read Ahead At: https://www.aljazeera.com/news/2024/6/12/us-lifts-ban-on-sending-weapons-to-ukraines-controversial-azov-brigade
Deadly Journey: Migrants Killed by Train in Serbia
Photo Credit:https://images.app.goo.gl/dEcJVrJMgaXj7KxZ6
Two migrants were struck and killed by a train in eastern Serbia, near the border with Bulgaria.
The accident happened on Thursday night on a railway between Pirot and Dimitrovgrad.
Authorities are working to identify the victims and determine if they were traveling alone.
Migrants often use train tracks to navigate on their journeys towards Western Europe, facing dangers throughout their travels.
Storm Fury in Europe: Deadly Winds, Drought and Devastation
Photo Credit: https://images.app.goo.gl/HG281JaEHhRgkhJv6
Storms and hurricane-force winds batter France and Italy: At least 8 dead, widespread damage.
France: Corsica hardest hit, with 6 deaths including a young girl. Trees uprooted, power outages, and injuries.
Italy: Tuscany and Veneto declare emergencies. Tourist hotspot Venice experiences damage to St. Mark's Square and bell tower. Heavy rains cause flash floods and devastate crops.
Europe's weather extremes: While Western Europe battles storms, Central and Eastern Europe grapple with exceptional heat waves and drought.
Read Ahead At: https://apnews.com/article/storms-france-weather-thunderstorms-beeee9728504213cf7c3b63c7dabb417?utm_source=copy&utm_medium=share
Bulgarian Customs Bust Major Heroin Haul on Turkish Border
Photo Credit: https://images.app.goo.gl/rnBRCP1Txb9UyMpQ8
Bulgarian customs officials seized 233 pounds of heroin.
The drugs, worth nearly $5 million, were found hidden in a car with a dual French-Turkish citizen.
The driver faces up to 20 years in prison if convicted on drug trafficking charges.
Bulgaria has seen an increase in drug trafficking in recent years, acting as a route for Mideastern heroin into Western Europe.
Read Ahead At: https://apnews.com/article/middle-east-turkey-bulgaria-western-europe-4a3313ecaa64ab59e0a2e0cf3d1acf35?utm_source=copy&utm_medium=share
Rhine River Runs Dry, Threatening German Industry
Photo Credit: https://images.app.goo.gl/vDzYTw1EBExYXDDj9
Weeks of drought cause critically low water levels in the Rhine River.
Important for transporting goods, low water levels could stall industry as large ships struggle to navigate.
Shortage adds to existing problems caused by natural gas shortage.
Shipping companies are preparing for a "new normal" of lower water levels due to climate change.
Read Ahead At: https://apnews.com/article/germany-cologne-climate-and-environment-4942881f674d4e79bc06f9ea1514414b?utm_source=copy&utm_medium=share
Clock Ticking: Western Powers Urge Iran to Accept Nuclear Deal
Photo Credit: https://images.app.goo.gl/i7jhmjN2jUzde99t6
Western Europe is pressuring Iran to revive the 2015 nuclear deal, fearing time is running out.
The deal limited Iran's uranium enrichment for sanctions relief, but the US withdrew in 2018.
Talks to restore the deal are stalled, with the EU proposing a final text and warning of the consequences of rejection.
Both Iran and the US have reservations, but the EU argues it's the best option to prevent a nuclear crisis.
Read Ahead At: https://apnews.com/article/middle-east-iran-united-states-nuclear-07f1819d2fa03ca00e1fa3aa5b412a2b?utm_source=copy&utm_medium=share
News bits collected and drafted by:
Deepanshi Pathak (BA IR, 2nd year) (Region Head)
Uttam Roy (BA IR 2nd year)
