Greek Bailout Deal Agreed ‘in Principle’
- As per the European Commission, Greece has agreed a bailout deal ‘in principle’ with its creditors on August 11, 2015. A technical agreement had been reached with Greece, which awaits political approval from the debt ridden country.
- The bailout deal comprises a package of € 85 billion (£ 60 billion) over next three years. This agreement is needed to keep Greece in the eurozone and avert bankruptcy. The country heeds the deal by August 20, 2015 when it has a debt repayment of about € 3 billion to make to the European Central Bank.
- The government did not consent to the sale of non-performing loans to private companies. The agreement provides for a € 35 billion development package, known as the ‘Juncker package’.
Egypt Hailed $ 8 Billion Suez Canal Expansion as Gift to World
- Egypt’s government has inaugurated an $ 8 billion expansion of the Suez canal on August 6, 2015. It is a moment of national pride for Ezypt following years of political unrest. It was inaugurated by Egyptian President Abdel Fattah al-Sisi in a lavish ceremony held at port city of Ismailiya.
- The project, dubbed as the New Suez Canal, was started in August, 2014 for the expansion Of the Ballah Bypass from 61m to 312 m. Its aim is to increase the traffic handled by the canal in order to boost Egypt’s economy and global standing.
- Suez canal links the Red Sea to the Mediterranean Sea. Around 10% of the world’s trade flows through the waterway. It allows vessels to avoid sailing around Africa. The canal is one of Egypt’s top foreign currency earners and is seen as a symbol of its modern State.
Read Also – Economy and Banking Current Affairs September 2015.
Russia Renewed Bid for Contentious Arctic Regions
- Russia has renewed its efforts to get the United Nations (UN) to recognize for 1.2 million sq km of the Arctic shelf region which it claims to be its own territory.
- For this reason, Russia has forwarded its fresh bid to UN Commission on the Limits of the Continental Shelf backed by scientific data. But, other 4 countries bordering the Arctic shelg region i.e., Norway, Denmark, Canada and the USA have rejected Russia’s claim. The UN had also rejected Russia’s similar claim earlier in 2001, over the resource rich territory on the Northern tip of Earth because of insufficient evidence.
Pakistan became Member of CERN
- The European Organization for Nuclear Research (CERN) has formally conferred its associate membership on Pakistan on August 1, 2015, following completion of required internal ratification process by it.
- The CERN task force approved that Pakistan fulfils the criteria and on September 18, 2014, CERN Council unanimously approved Pakistan’s membership application. Pakistan can now participate in the governance of CERN, by attending meetings of its council. It will also allow the Pakistani industry to bid for CERN contracts.
- The cooperation between Pakistan and CERN started back in signing of a cooperation agreement in 1 Pakistan sought for membership in 2013, CERN sent its task force to evaluate the country’s science and technology base and industrial capabilities in early 2014.
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