July 20 is the big symbolic day
for a globalized world.
Three big international events
had their formal start today, on this Monday.
The events that were in making
for a long time and finally saw the final bottlenecks overcame in recent days,
had their functional beginning today.
After 54 years, the United States
of America and Cuba opened their embassies in each other's territories. After
decades of mistrust, they upgraded their diplomatic missions in their respective
countries to the status of full-fledged functional embassies.
Today, on July 20, the United
Nations endorsed the historical nuclear deal between Iran and six major powers
of the world (America, Britain, Russia, France, Germany, China). The deal
prevents Iran from occupying nuclear weapons for at least 10 next years, thus
keeping in check the nuclear race in the Middle-East where oil money of
dictators flows freely to keep many monarchies safe and running at any cost.
The UN endorsement paves the way
for a sanction-free world for Iran where it can engage in economic activities
to work on national finances. Lifting of sanctions will also results in
hundreds of billions on dollars in frozen assets now available to the Iranian
policymakers. Being a major oil producer, lifting of sanctions will also mean
cheaper oil for countries that largely depend on oil imports to meet their
demands.
Today, on a July Monday, banks in
Greece were reopened again, after three weeks. The European nation reached at a
bailout deal after defaulting on June 30 on International Monetary Fund loan. Greece
has seen intense protests over the terms on this deal that many says are
humiliating. The IMF says Greece needs
much more than the deal proposes.
But, ultimately, for the time being,
the deal is in. IMF said today the country is 'no longer in arrears to the
IMF'. With borrowed money, Greece started paying loans of the European Central
Bank (ECB) and the IMF. With borrowed
lease of life to stay in the Eurozone, Greece again started on the process to
save its economy from a complete breakdown.
So, Greece is no longer a defaulter
country - for the time being. But the deal has come with many austerity
measures for the country that are binding and Greece has to meet the terms (as
dictated).
These three events have global
ramifications for international economy and associated global politics -
irrespective of the way they go.
It will take time to assess the
impact of the measures taken.
It will be years before the
US-Cuba ties can reach to a normal bilateral level.
Iran and the world community have
to progress patiently for years to realize the objectives of the nuclear deal.
And no one can say anything about
Greece as of now. Every analysis points towards negative indicators on the
future outcome of the deal. But, as of now, we can say a start to an effort
(yet another effort) has been made.
©/IPR: Santosh Chaubey - http://severallyalone.blogspot.com/
