The incident on the Afghan-Pakistani border yesterday in which NATO forces killed at least 24 Pakistani troops has caused civil unrest in Pakistan. Mobs took to the streets and burned President Obama in effigy, as well as American flags. Sources in NATO say that its troops were acting in self-defense, that the Pakistanis opened fire first.
In other news, Moody’s has raised an eyebrow at Austria’s bonds, causing the Austrian government to take action to save its AAA bond rating. The issue is Austria’s questionable loans to its Eastern neighbors. Much of its investments in Eastern European debt consists of “toxic” assets, so Austria is pulling back its lending to Hungary, Romania, Slovakia, and other countries in the former Soviet Bloc. Economists in the affected countries fear a credit crunch as a result.
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