Muslim Brotherhood: An emerging threat to Egypt's military regime

After the second day of voting Muslim Brotherhood, once a political outcast, is emerging as a strong contender to be the new face of Egyptian democracy. Buoyant by high turnout in the first two days of the parliamentary elections, the Freedom and Justice Party (FJP) is hopeful that it has what it takes to overthrow the military government and fulfill the aspirations of Egypt.

The second day of the election has been much like the first day i.e. peaceful. It is estimated that between Monday and Tuesday, the participation from the nine provinces might have crossed 70 percent mark. This is a welcoming change from Hosni Mubarak’s rule when elections were marked by large-scale rigging and violence.

The Freedom and Justice Party, founded by Muslim Brotherhood on 30th April, 2011, is an organized political party in Egypt, better positioned than its liberal competitors. Muslim Brotherhood are confident that they could push out the present military government from the seat of power on the strength of seats that they would claim. They further kindled the conflict with the ruling party by claiming that the high turnout is an indication of people’s desire for a credible and powerful civilian government. Just last week, a prominent member of the current military authority had expressed hope that they would be seen to play a prominent role in selecting Egypt’s new Prime Minister after the formation of new parliament.

Currently, the political rivalry in Egypt is simmering, to say the least! It is worth watching how the situation unfolds for Egypt and for all of its stakeholders.

The day first of Egyptian poll day ended peacefully

Cairo’s Tahir square which has been the epicenter of mass protests and violence until a few days ago saw a remarkable change on Monday – voters heading for polling booths to cast their votes peacefully on the first day of the three-stage parliamentary elections. Such was the turnout for Monday’s election in Cairo and elsewhere that the military administration in Egypt had to extend the voting hour by two hours. The mood of the people was jubilant as they marked the historic moment by casting their ballots for democracy.

More than 50 registered parties and thousand independent candidates are contesting the Parliamentary elections. Voting on Monday and Tuesday are going to witness participation of nine major provinces out of a total of 27 provinces. The rest would get their chance in three separate stages until January next year. The next stage of elections will be on December 14th and the final stage is scheduled to be on January 3rd. Over the next few weeks, approximately 50 million Egyptians are going to elect 508 representatives for the lower house.

In some areas, complaints were reported of ballots arriving late, delay in opening of polling booths, some sporadic shooting and election-related violence as well as security shortage. Otherwise, the first day of voting has largely been successful.

How to revive passion in your bedroom?

A good sex life is essential to a happy marriage. You may say that more than sex, it’s love that counts. While there is no denying that, but sex can really add that extra zing to your love life and make your relationship all the more exciting and lasting. It doesn’t matter how old you are or how many years you have spent together, you can still enjoy a healthy sex life. You can still bring back sparks in your bedroom and enjoy your togetherness… Besides a healthy relationship, sex is good for your health too. Have you considered that? Let me tell you how…

Sex and health
Why is sex good for health?
Besides renewing your love life, sex is important for leading a healthy life together. Sex is as important as taking your medicine or, say, breathing, if not more.

• Want to freshen up? It is said that the release of orgasm during sex has a calming effect on our mind, helping you fall asleep. So next day when you wake up, you are ready to take on the world!
• How about burning some calories? Not just think sex. Do it! The little acrobatics which make sex so enjoyable also help you lose weight.
• Want to stay happy? A recent study has found that semen can act as an antidepressant. The study has further revealed that women having sex without condoms are less prone to depression than those who use condoms or stay away from sex.
• Orgasm is also a great pain-killer. The release of chemicals such as oxytocin and endorphins during the release of orgasm can increase your tolerance level for pain.

Tips to boost sexual relationship
Below are three important, yet simple tips to bring passion back into your bedroom and build a healthy relationship. As you go, you can invent your own tips and make your love life all the more special.

• How about opening up the floodgates by sharing your sexual fantasies with your partner? You will be surprised how romance and intimacy has come back in your life! Sex has the power to repair a relationship and help flourish again.
• You may like to set the mood by playing naughty, wearing just your sexiest best. To creat an intimate environment in your bedroom, think about lighting some colorful candles. And don’t forget your makeup. The night is about playing hottie!
• Be creative and try new positions. Share with your partner some interesting poses that you might have come across recently on TV. You don’t want to let shyness come in the way!

Leading a healthy sex life is all about reinventing yourself and your partner and taking a new pledge every time together. A good sex is also about meeting of two souls and becoming one. So why deny yourself such a beautiful, life-changing experience? My granny used to say that sex can bind two people in love so intimately that one can feel the presence of their partner without even looking! Isn’t that great? Isn’t this what we all want from our life – a real everlasting bond with our partner? Now you know how to make it a reality, your reality.

Egyptian military government selects Kamal Ganzouri as the interim Premier

It seems the more Egyptians ask for change in political power, the more situation remains the same for Egypt. In a desperate bid to cling to power, the military regime in Egypt has nominated Kamal Ganzouri to be the head of the new ‘national salvation’ government on Friday. In response to the new development, protestors in Cairo have threatened to tighten the screw further on the present military administration through renewed agitation across the country.

Interestingly, this is the second time Ganzouri would reclaim the post of Prime Minister. His previous tenure was under Hosni Mubarak, the former Egyptian President ousted in February this year. Kamal Ganzouri, the 78-year political veteran and economist in Egypt, had also held the post of minister of Planning and International cooperation.

Earlier this week, civilian cabinet headed by then Prime Minister Essam Sharaf has offered resignation amidst violent protest across the nation. As of now, Egyptian military government has refused to step down before the upcoming parliamentary elections starting on Monday. Elections are reported to be right on schedule despite the ongoing unrest.

Cairo caught in renewed violence as Egyptian military government dithers

Violence erupted again in areas surrounding Cairo’s Tahir Square on Tuesday as the civilian Cabinet in Egypt proposed to step down before the military government. This is for the fourth consecutive day Cairo has been paralyzed by fight between protesters and security forces. About 1700 activists is reported to have been injured as official death toll shoots up to around 30. On the other side, roughly 100 police officers have been left with minor to critical injuries.

As the proposal of mass resignation was being played out since Monday night, animosity brewed between the civilians and security forces, triggering more bloodshed on Tuesday early morning. The protestors were demanding the ouster of Premier Essam Sharaf’s military government and formation of a new interim government with full authority to run until the upcoming elections starting from November 28th.

It is claimed that the rising casualties and death tolls are due to the indiscriminate use of tear gases and live fire on unarmed protestors, though this has been denied by the Egyptian military and security forces. Ban Ki-Moon, secretary-general, United Nations has demanded protection of human rights in Egypt. But immediate concern before the Egyptians is that the fresh clash must not upset the elections coming up next week.

Interestingly, the person who is largely blamed for bloodbath in Tahir Square is Field Marshal Mohamed Hussein Tantawi. He is the one responsible for overseeing the transition of Egypt to peaceful democracy.

Violence erupts in Cairo as military government struggles with protestors

On Sunday, the city of Cairo saw fresh eruption of violence as thousands of demonstrators took to the street demanding the end of military government. They were demanding quick transfer of power from military to civilian rule.The protest took an ugly turn when Egyptian troops tried to evict the demonstrators from Tahir Square, the city’s landmark, using force. The unrest soon spread to other cities in Egypt, claiming not less than 10 lives and leaving hundreds injured.

The use of rubber bullets and tear gas on civilians worsened the situation on Sunday’s rally. It is reported that many of the protesters were beaten and taken into custody by security forces. The action of Egyptian troops and police were severely criticized all over.

The Sunday's protest rally was the continuation of a peaceful demonstration on Friday. Called “Friday of One Demand,” it saw the largest turnout since the 18-day revolt that resulted in the eviction of Hosni Mubarak, February this year. Demonstrators claimed that the protest is the result of growing discontent on present military government in Egypt, especially over their shameful attempt to grant Supreme Council of Armed Forces (SCAF) with special power. Egyptians are concerned that the strong hold that the present military government wants to enjoy through SCAF in future government could influence major policy decisions.

Right now, Cairo is looking forward to their upcoming elections starting from November 28th, 2011. Hopefully, things should work out well for Egypt under a civilian government.

Libya celebrates as son of Gaddafi is taken into custody

Gaddafi’s son Saif al-Islam, the onetime successor of Colonel Muammar Gaddafi, is reported to have been nailed on Saturday by the Libyan militia fighters. The 39-year-old Saif has been captured along with his three bodyguards early morning near Awbari while trying to join his brother in Niger. He has been on the wanted list by International Criminal Court for months.

Presently, Saif al-Islam is under arrest in Zintan. While it is most likely that Saif would be handed over to the International Criminal Court (ICC) on war crimes charges, but Zintan militia may want him to be brought to trial in his own country, Libya. This may take a few days to work out. But possibilities are that militia leaders in Zintan would like to cash on Saif’s capture and play hard for a big role in the new Libyan government.

Saif, the son of erstwhile leader Muammar Gaddafi of Libya, has been found slightly injured in the clashes, but otherwise he is in good health.

Libyans celebrated Saif al-Islam’s capture as thousands took to the streets and gun fires were shot to mark the occasion. Libyans were seen dancing and hugging each other, but, for once, nobody seemed to mind.

Europe braces against the prospect of credit crunch deepening

Prospect of credit crunch deepens in Europe as markets witnessed massive selling of European government bonds by financial institutions around the globe. Such was the fear that not only new bond issues were shown the doors, but short term loans to reputed European banks were also cancelled.

Low investors’ confidence on European government bonds is believed to be linked with little information about the actual credit status of European banks and the way they are handled. Already Asian investors have started pulling out from European markets. Even Rabobank with AAA-credit rating, considered among the best European banks, had his loan cancelled by American institution, Vanguard.

On Friday, Mario Draghi, the newly appointed president of European Central Bank, has urged the countries affected by debit crisis to come to their own rescue instead of depending on the central bank.

It is feared that if selling pressure continues, higher borrowing costs, more cost cutting and slower growth would plague wider Europe. Euro zone banks are already in deep crisis trying to meet the rising borrowing costs. This is despite half a trillion cash inflow (in Euro currency) in debt from the European Central Bank. But this has little effect on the negative growth story in Europe so far. Already German bonds and Swedish bonds have started showing weakness. They are not strong as they used to be. Though they still are a safer bet than other European bonds – French, Spanish or Italian bonds.

Italy’s Mario Monti proposes big plan for reform and growth

After coming to power on Wednesday, Mario Monti’s new government on Thursday made public its plan to bring in stringent reforms to turn around country’s economy. The highlights of the measures proposed by the new Italian PM are ¬– budget cut, revenue hike, change in labor law and pension system and bringing down tax evasion.

From what appears to be a major shift since ex Italian Premier Silvio Berlusconi’s departure, the present Italian government has made its priorities clear and its intention sincere. Italy is not afraid to take on the challenge posed by debt crisis. Mario Monti urged that how fast and successfully Italy can come out of debt crisis would also have a positive and significant bearing on ‘Euro’ and the Euro zone. For that Italy needs to act fast and push for sweeping changes. Monti, the ex- EU commissioner, said that he is counting on the European Union to lend support to Italy.

On Thursday's confidence vote, the Italian Prime Minister has got thumping victory from his Senate. He is set for another confidence vote on Friday.

Mario Monti on the hot seat as new Italian Premier

Only a day after the exit of Berlusconi, Giorgio Napolitano as the President of Italy gave his formal approval to Mario Monti to become the new Prime Minister on Sunday. In doing so, the cool and competent 68-year-old Monti has replaced the charismatic and flamboyant Silvio Berculoni to head Italy. Lovingly called ‘Super Monti’, the new Italian Premier has recently received the “senator for life” title from the Italian President for his distinguished role as an economist and as ex-European Commissioner.

It is said that Mario Monti had initially showed interest to form a coalition government, but after most of the major parties showed their reluctance, that idea was shelved. It is now expected that the new cabinet would consist largely of technocrats.

As the new Italian Premier, Mario’s priority will be to implement austerity measures, arrest Italy’s piling debt crisis and win back the confidence of financial markets. Not an easy task, considering that Monti will be closely watched not only by his own country, but also by the EU leaders and skeptical investors. It is indeed ‘the’ testing time for Italy’s Super Mario and also a nerve-racking moment for Europe who are desperate to cut back on Euro risk (currency).

Italy’s Silvio Berlusconi bows out of Prime Ministership

Silvio Berlusconi, the longest-serving Italian Premier since World War II, stepped down on Saturday. His exit marks an end to a political career spanning almost two decades. The resignation of the three-time elected Premier in Italy came immediately after the parliament gave sanction to austerity measures to address debt crisis.

With Berlusconi’s big exit, President Giorgio Napolitano is now expected to appoint a new government, probably headed by a technocrat. The name that is coming up as the most likely candidate for the prime ministerial’s post is that of Mario Monti. His role as a respected economist and also as former European Commissioner gives him an edge over others in leading Italy through the current debt crisis and stepping up economic reforms. Monti is also said to enjoy the support of financial and European institutions.

The priority of the new government would be to step up measures to reduce Italy’s huge public debt (amounting to 1.9 billion Euros), steer its economy on the path of growth and to get back investors’ confidence in Italian economy.

Though Silvio Berlusconi’s party, Pasok, has given its support to Mario Monti, they might want to have a say in the composition of new cabinet.

Greece chooses Lucas Papademos as the new Prime Minister

Finally after days of eager anticipation, Greece has found its new interim Premier in the form of Lucas Papademos on Friday. Papademos, a much respected economist and also an ex- European Central Bank vice president is the new head of the interim three-party coalition government, the national unity government. He has replaced George Papandreou, leader of the Socialist party, Pasok. The new government is expected to push through the long-awaited tough austerity measures and steer the country away from the massive debt crisis.

The swearing-in ceremony was graced by the President of Greece Karolos Papoulias and spiritual head of the Greek Orthodox Church, Archbishop leyronymos. In the new 48-member cabinet are Evangelos Venizelos, who retains his finance minister portfolio, and Stavros Dimas, as the new foreign minister. Dimitris Avramopoulos holds the post of both defence minister and New Democracy law maker.

To retain its Euro zone membership, Greece under the leadership of Lucas Papademos has some toughest measures to take to deal with the ongoing debt crisis. Foremost are; implementation of tougher austerity measures, securing the release of the next installment (8 billion Euros aid) as per 2010 agreement, getting the sanction of 130 billion Euros rescue package and the sanction of 2012 budget (considered to be the toughest one) by the parliament.

European debt crisis threat as Italian Bonds touches new high

The fear of European debt crisis became more pronouned on Wednesday as Italian government bond spiked to a new high of 7 percent plus. Italian market tumbled in the afternoon as bonds breached the important threshold of 7 percent, triggered by the fear that EU has no rescue plan for Italy. This had a spiraling effect on other world markets, including Asian markets on early Thursday.

Italy, a core Euro zone member and the 8th largest world economy, is the world’s third largest bond market. Its debt amounts to a huge 2.6 trillion Euros – considered too much to be absorbed by EU.

German chancellor, Angela Merkel, warned that unless concrete and quick structural reforms take place to cut cost, it could result in collapse of the Euro currency. Angela Merkel has also demanded changes in the EU treaties.

The European Central Bank has bought, until recently, large chunks of Italian bonds to cut back its borrowing cost. But it is unlikely that the bank will be willing to buy any more after the new high.

As the resignation of Italian Prime Minister, Silvio Berlusconi, is still a month away, investors confidence has gone southward. Experts feel that Wednesday’s market reaction is not because of its poor fundamentals but because of fear of instability triggered by lack of decisive action on the part of Italian Premier.

Italian Premier selected Angelino Alfano as the next party head

On Wednesday, the outgoing Prime Miniter of Italy, Silvio Berlusconi, pushed for early elections in 2012 . The Italian Premier claimed that he is not going to contest in the next election. But the longest-serving Italian Prime Minister named Angelino Alfano, as the head of People of Freedom party and likely candidate for the Prime ministerial’s post.

In the mean time, the fear of Italy’s debt crisis worsened on Tuesday as its financial market reacted adversely to the news. Its 10-year government bonds hit a shocking 6.95 percent, a jump of another 0.37 percent from Tuesday’s high. Experts have estimated that over the next few years, Italy would need 825 billion to 907 billion Euros in capital flow to tide through the debt crisis.

Silvio Berlusconi offered to vacate his chair on Tuesday after losing overall majority in Parliament. The announcement came after Berlusconi’s centre-right coalition managed 308 votes out of 316 votes, 8 votes short from absolute majority. The 70-year-old dominant Italian figure would, however, stay until budget reforms are passed by the Italian Parliament. As of yet, no date has been confirmed regarding vote on budget, but it is likely to be later this month.

Italy on jitters over the debt crisis

After Greece, it is Italy’s turn to be hit by the spiraling debt crisis. On Monday, Europe’s financial crisis worsened as Italian government bond almost touched 15-year high, aided by slow economic growth. Like Greek Prime Minister George Papandreou, pressure mounted on Italian Prime Minister, Silvio Berlusconi, to resign and allow a new government to exercise reforms to reduce debt. But unlike Papandreou, the Italian Prime Minister refused to step down from his chair.

Unlike Greece, Portugal and Ireland, Italy needs a huge rescue package. The Italian debt amounts to 1.9 trillion Euros. It is feared that arranging for such a massive bail-out package could bring down the European Union, if not the global economy.

Monday saw the 10-year government bond of Italy touch 6.6 percent, the highest since Euro was introduced in 1997. As interest rate rises, government has to pay out more from its budget to investors who own these government bonds, thereby getting into debt.
The austerity measures promised by Italy to the European Central Bank was supposed to be passed before November 15th, current year. But that is caught in the deadlock because of conflicting interest within the government.

In an effort to save Italy from going under further debt crisis, European Central Bank has been buying government bonds to check its borrowing costs. But to tackle debt crisis, the Italian government must be prepared to take tough stand.

Greek Premier to stand down to allow coalition government

Amidst intense pressure, the Prime Minister of Greece is going to step down on Monday to make way for a national unity government. The announcement was made on Sunday night by the Greece President Karolos Papoulias to assure EU leaders that Greece is serious about dealing with the debt crisis. Greece is currently on the verge of economic collapse and is desperate for the 130 billion Euros rescue package.

Before the announcement, Greek Premier, Papandreou, held talk with the head of the leading opposition, Antonis Samaras, and the President. It was agreed in the meeting that the interim coalition government, under a new Prime Minister, will work on the debt-relief agreement with the EU.

The Sunday's Presidential statement also stated that the two leaders, George Papandreou and Antonis Samaras, are going to meet on Monday. They will decide on the next Greece Prime Minister and the other ministers in the new ruling party. Both the leaders have agreed Feb 19, 2012 to be the suitable date for Greece Election.

In the new national unity government, both the Socialist party and the New Democracy party will have share. Both Greece and the EU leaders are expecting that the coalition government headed by a new Prime Minister will have backing of both the parties. He should be able to serve long enough to execute the new austerity measures needed for the fulfillment of the debt agreement and pass 2011 budget.

A Simple Guide for writing a Dissertation

Writing a dissertation could be tough without prior planning or the right approach. Yet, it is an integral part of your curriculum that you must undertake to complete your academic career – whether it is a graduation programme or a PhD. Much of the success depends on the amount of effort you put in and your unwavering attention.

To help you stay on the right track throughout the process of writing the Dissertation, here’s a simple guide:

Take time to consider your Dissertation topic:

• While selecting the topic of your Dissertation, make sure that you have enough confidence in it. You should also be passionate enough to do research on it and find a solution to the problem. Yes, passion is the key word here; but don’t go overboard!
• Stay clear of topics that are vague, too grand or too complicated to pull off. Time and resources could be your biggest constraints. Instead, narrow down on topics that are simple yet interesting, relevant and current.
• A good topic needs a title to go with it. An interesting title could fetch you some extra points from your reader (in this case your professor).
• Ensure that sufficient research material is available on the topic of your choice. This includes previous studies, observation instruments, tested survey, up-to-date theoretical data, etc.

Prepare and organize:

• Give careful thoughts to understand the requirements laid down by the Dissertation committee.
• Think about your research – the steps that you are going to take, the categories and sections that are to be added, the guiding questions for framing your research, etc.
• At this point, you may want to conduct a preliminary study to analyse some of your research ideas.
• You should also consider the help that you might need and where you are going to get them –faculty members, advisory committee, your research participants, etc.
• Take time to consider about the particular research methodology you may want to follow – whether the methodology is going to be qualitative or quantitative or both.
• Make a journal to jot down the ideas as they come up.
• Plan a schedule. Set a specific milestone for each phase and an achievable goal. Periodically update your milestones as you go along.

Writing the Dissertation:
Dissertation writing involves recognizing a gap or a problem in the existing knowledge or a system. For example, if you have identified low employee morale in a company or in an institution, this problem could be the possible fall out of some other problems, like multi tasking, prolonged work hours, intense work pressure, etc. If this has never been investigated before, this could be the ‘gap in the system’ you are looking for – the subject of your dissertation or the basis of your study.

Write the easiest sections first: Instead of starting with Chapter 1, it is advisable to begin writing those sections that you find most comfortable and finish them. Once you have completed all the sections, spread them out in front of you and sequence them as best as you can or in the manner you want them to be.

Structure of Dissertation

• Abstract: Since an abstract gives an overview or a general idea to the reader about what this dissertation is all about, it is written in the preliminary pages. It usually completes within 2-4 paragraphs, not exceeding 250-350 words, and sometimes even less. In an abstract, the first paragraph states the problem and the purpose of its study. The second paragraph highlights the method(s). The third paragraph deals with the findings, while the last one includes conclusions and recommendations.
• Table of contents: This is actually invaluable to you. It shows the main sections and sub sections along with their respective page numbers. Table of content allows you to sequence your sections in the most logical manner. If you have missed out any section inadvertantly, you can easily insert it in the table and improve your dissertation.

• Chapter 1: Contains the introduction. Explains in details about your research question and why it is so important. Here you also present your hypothesis and a brief account of the conclusion. You may also leave writing the first Chapter for the end after finishing all other chapters. This chapter comprises roughly 10% of your dissertation
• Chapter 2: This includes literature review. In this chapter, you compare other people’s theories and ideas with your own research. You should give comparisons from a minimum of 10 different sources. This chapter comprises approximately 20% of your dissertation.
• Chapter 3: This section comprises methodology. Here you present the method (s) you adopted in conducting your research. For instance, for data collection you might have prepared questionnaires or interviewed your research participants. The main objective of this chapter is to give an experienced investigator sufficient data to duplicate your study and test it.
• Chapter 4: This includes the findings on the basis of your detailed analysis of the empirical data and comprises about 30% of your project. Make sure that you do not draw conclusion over here.
• Chapter 5: This includes dissertation defense. This is the toughest part of the dissertation as you would find yourself defending your interpretations. This is also the time when there will be exchange of ideas and to show how well prepared you are.
• Chapter 6: This is the concluding part of your dissertation where you draw your conclusion (s) based on your research. Here you make sure that the questions that were raised in the earlier chapters have been addressed. You can also give your recommendations/ideas for future research.

Finally, do not forget to add Bibliography and appendices on separate pages. This completes your dissertation.

Papandreou secures the confidence vote

With the win of confidence vote on Saturday, the Prime Minister of Greece has tackled a crucial political crisis in the recent time. The victory stamps the official approval of the Greece parliament on the debt agreement reached with EU leaders last week. The win though came by a narrow margin, 153 to 145, is going to pave the way for the EU to sanction bail out package for Greece, needed to manage the current debt crisis. Saturday’s victory means, Greece is going to receive 8 billion Euros as relief installment from EU and IMF next month. This is expected to allow Greece to pay its next month’s bill and avoid immediate default.

As per the Greece bail out package, The EU along with IMF would finance a total of approximately 109 billion Euros in Greece debt. Major private sector banks in Europe has voluntarily agreed to contribute another 37 billion Euros. In exchange, Greece is expected to cut down on government jobs, reduce pensions and encourage privatization.

The vote ends a jittery week that started with Papandreou’s announcement of holding an election on Greece’s debt agreement. He was then forced into a humiliating climb-down not only by the EU leaders but also by the members of his own Socialist party, Pasok.

Also on Saturday, the Greece Prime Minister has called on the Greece President, Karolos Papoulias, to ask for his permission to help form a coalition government. He has expressed urgency to break through the controversial Greece rescue package. George Papandreou has also voiced his intention to step down to make way for the coalition government.

Greece Premier assures December ballot on debt crisis

With the fear of expulsion from the Eurozone looming large on Greece, Premier George Papandreou opts for early December vote. The referendrum is hoped to seal the deal for Greece’s chance to remain an Eurozone member. Though, in doing so, Greece will have to abide by severe austerity measures.

The assurance from George Papandreou came amidst veiled threat from European leaders, especially from France and Germany. The failure to get a clear mandate could mean Greece will cease to be a member of the Eurozone. Plus, it will stop receiving European aid. On the other hand, to remain an Eurozone member and in exchange of using the 12-year old currency, its banks will have to willingly absorb 50 percent loss in Greek bonds.

The threat is the outcome of Papandreou’s letter to Eurozone leaders on Monday. In the letter, Papandreou expressed his plan to hold an election on the second bail-out package details that was negotiated last week.

As of now, the European Union finance ministers are scheduled to meet next Monday to hasten the speed on decisions concerning the Eurozone relief package. But before this, Papandreou government is going to face confidence vote on Friday that will decide his own political career.

Palestine achieves UNESCO membership

Palestine has touched a major landmark on Monday as it won full membership in UNESCO – it has become the 195th member of the world body. In what appears to be a high-voltage dramatic moment, 93 delegates voted for Palestine out of the total 173 member delegates present. Only 14 votes went against inclusion of Palestine in the UN agency and 52 votes was reported abstentions.

The United Nations Educational, Scientific and Cultural Organization conducts and promotes various literacy and cultural events throughout the globe, apart from safeguarding the world heritage sites. It relies heavily on the American funding, which accounts for 22 percent of the total annual budget of UNESCO. The autonomous world body will also lose another 3 percent annual contribution from Israel. By defying the United States and granting full membership to Palestine, the UN agency has accepted significant financial loss. There is a growing concern that shortage of fund might send the Middle East peace efforts for a toss.

The United States has threatened to stop UNESCO funding and has cancelled $ 60 million planned for the month of November.

Monday’s vote signifies a symbolic victory for Palestine. As Palestine signs the founding charter of UNESCO, it will officially become the 195th member.