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Greek politics, Spain banks test eurozone survival
18 May 2012 at 1:07pm

Chaos in Greek politics and Spanish banking combined this week to underscore just how fragile Europe's economy remains after an eviscerating austerity regime that has spawned unemployment, desperation and misery. And there is no respite in sight, as Germany's finance minister predicted Friday that the crisis could last up to another two years.

WASHINGTON (Reuters) - The Pentagon said on Friday it believes China spent up to $180 billion on its military buildup last year, a far higher figure than acknowledged by Beijing, and it accused "Chinese actors" of being the world's biggest perpetrators of economic espionage. The Pentagon, in its annual report to Congress on China's military, flagged sustained investment last year in advanced missile technologies and cyber warfare capabilities and warned that Chinese spying threatened America's economic security. ...

MOSCOW (Reuters) - President Vladimir Putin will likely name allies to key economic posts when he unveils his new cabinet on Monday, asserting control over the government in a move that could hamstring reforms backed by his more liberal premier. At stake is the future of Russia's privatization program and the drive to diversify a $1.7 trillion Russian economy still heavily dependent on oil and gas exports, which yield half of all state revenues. "It will be Putin's cabinet," said Lilia Shevtsova, a senior associate at the Carnegie Moscow Center think-tank who is an author and expert on Putin. ...

TENSIONS EASED: Taiwan President Ma Ying-jeou has leveraged growing economic ties with China to reduce tensions to their lowest level since the two sides split in 1949.

KHARTOUM (Reuters) - Sudan, hit by an economic crisis since losing crucial oil revenues, will effectively devalue the pound by allowing foreign exchange bureaux to trade dollars at a level away from the official rate, a banking source and Sudanese media said on Friday. Sudan's economy has been battered since the country lost three-quarters of its oil production to South Sudan when the latter became independent in July. Even though the pipelines are in Sudan, the two have been unable to agree on how much the South should pay to transport its oil. ...

World stock markets fell in nervous trade on Friday and the euro hit a new four-month low against the dollar as a downgrade hit 16 Spanish banks ahead of a key G8 meeting, rattling investors.

NAIROBI (Reuters) - Kenyan electricity generating company KenGen plans to raise funds from private investors for a $686 million gas-fired power plant to run on imported liquefied natural gas (LNG), Managing Director Eddy Njoroge said on Friday. KenGen, which relies largely on hydro power, said the plant would help meet growing demand for electricity and help prevent frequent blackouts in east Africa's biggest economy caused by generation shortfalls and an ageing grid. ...