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The Global Report: March 8, 2012
  • March 07, 2012 : 20:03
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Welcome to the Global Report: our weekly column of the most important issues happening across the planet. From politics to war, monarchies to dictatorships, and everything in-between, we’ve got it covered. It’s world news, style.

In the United States this week, Super Tuesday fueled the Republican race as the final four candidates struggled towards the 1144 delegate count needed to cinch the nomination. As we reported, it’s quite possible the GOP may end up without a firm nominee at August’s convention, leading the way for an open-floor showdown that could produce some interesting results (Read: Sarah Palin is paying attention).

In Brazilian news, President Dilma Rouseff announced on Tuesday that the South American country would take part in recapitalizing the International Monetary Fund (IMF)’s coffers, after the recent slew of European bailouts.

Venezuelan President Hugo Chavez announced Sunday that the recent operation he underwent in Cuba was to remove a malignant (cancerous) tumor and he will recover well in advance of his October re-election. Columbian President Juan Manuel Santos visited the country yesterday in order to strike a trade deal with Chavez and discuss Cuban President Raul Castro’s presence at the Summit of the Americas next month.

In Greece today, officials have been racing against the clock as they attempt one of the largest debt restructurings ever attempted. Though by the 8PM GMT deadline, it was apparent that the minimum threshold for the deal to pass had been met.  As part of the European bailout package from weeks ago, Athens was required to convince private holders of its debt to cut losses of up 107B euro ($140B USD), and swap their current Greek bonds for replacements, losing up to 74 percent of the value on their investments.  It’s a necessary step to be made, but at what cost?

The ongoing financial woes of Greece have also affected the EU’s anti-piracy task force off the coast of Africa as Greece slashes its military budget and is recalling its warship from surveillance in the region. Though the loss of one ship may cost the union up to 2.5M a month for a replacement frigate, the number of US warships traversing the area en-route to the Iranian border should be a logical repellant for pirates.

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