Wednesday Headlines

China Nearing Completion Of Land Reclamation In Spratly’s
This week, China said some of the reclamation work in the disputed Spratly Islands will be completed soon, while Foreign Ministry also reiterated China’s stance on sovereignty of the islands.

The Spratly developments and recent cyber-attacks on U.S. government computers have increased tensions between the two superpowers ahead of next week’s U.S.-China Strategic and Economic Dialogue.

Mira Rapp Hooper, a South China Sea expert at Washington’s Center for Strategic and International Studies, told the Maritime Executive that the announcement may have been timed with the aim of reducing the diplomatic temperature ahead of that June 22-24 meeting.

World Bank Conference On Africa
Writing for the World Bank’s Development Impact blog, David Evans, Markus Goldstein, and Anna Popova list the key take-aways from the Bank’s annual conference on Africa.

In Search Of An International Plan On Sovereign Debt
Writing in Project Syndicate, economist Joseph Stieglitz and Martin Guzman,

who serves as co-chair of the Columbia Initiative for Policy Dialogue Taskforce on Debt Restructuring and Sovereign Bankruptcy, contend that in order to avoid economic and political instability, governments sometimes need to restructure their debts.
However, they note, in the absence of an international rule of law for doing so, the world will find itself confronting a poorly functioning debt market that is  marked by unnecessary strife and costly delays in addressing problems when they arise.
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