In reaction to an adverse Supreme Court ruling against Argentina, President Cristina Fernández de Kirchner announced that Argentina would offer new bonds to its creditors governed under Argentine law. The proposed debt swap would involve the 92% of the country's creditors that agreed to restructure in the wake of the country's 2001 default. While the debt swap proposes an alternative for the South American country to avoid paying hold-outs, it fails to reverse the global implications on debt markets, debt restructuring and financial stability.
Russia's patriotism is surging, from Cape Dezhnev to the Baltic sea, and Vladimir Putin is starting to answer calls to raise the stature of his nation to that of a former glory. After two decades of hibernation, it has become apparent that the Russian bear is beginning to stir once more.
Large parts of the US midwest are experiencing heavy rainfall and flooding, not unlike what Queenslanders saw in December and January this year when Brisbane was inundated. A major problem with urban infrastructure on flood plains is the risk of innundation during flood events, flood events likely to become more frequent with climate change. In Nebraska two nuclear power Stations are threatened by floodwaters.