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Nakednews.com- Tuesday February 21, 2012





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RW) Hello I_m RW, welcome to Naked News Here are the stories we_ve been following today.RW) European finance ministers have finally approved another bailout for Greece_s struggling economy. The 173-billion dollar package will help the troubled country avoid defaulting on their debts next month. This comes after the Greek government had to agree to some strict austerity measures, including huge cuts to spending, pensions, and wages.But they_re not out of the woods yet. They have to try and trim their debt to 121% of their gross domestic product by 2020. Right now, it_s at an alarming 160-percent of their GDP. RW) Elsewhere in the world, China is blaming Western countries for the bloody unrest that continues in Syria. They say that Western support of the Syrian opposition could lead to a full-scale civil war. Eila Adams has been following this story and joins us now with the latest. It_s a pretty startling accusation Eila.EA) To say the LEAST Rachelle. China went on to say that if a full-scale civil war breaks out, the west will be to blame for the inevitable intervention by foreign forces. A Chinese envoy met with Syrian leader Bashar al-Assad (bah-SHAHR ahl-ah-SAHD) and backed his plan to hold a referendum on a new constitution this weekend, which would lead to multi-party elections. Meanwhile, Western countries and the Syrian opposition say a referendum would be meaningless, as there would be no way to have a corruption-free election given the state of the country.And if the rising price of gas has you concerned then you better brace yourself, because Oil has spiked to a nine-month high. The main reason is that Iran has halted all oil exports to France and the UK. There are further rumors that Iran_s oil embargo could spread to other European countries. Prices rose to over a 105-dollars a barrel, and if the embargo extends to the rest of the EU, analysts say prices could skyrocket to 150-dollars a barrel. Iran_s Oil Minister says this is a response to sanctions imposed against hostile nations that oppose their nuclear program. The 27 countries in the EU account for nearly one-fifth of Iran_s oil exports. Back to you Rachelle.RW) So that_s the long term effect of an embargo. But how bad will this first step affect the UK and France, Eila?EA) It should be negligible, Rachelle. France gets just 3 percent of their oil from Iran - and the UK hasn_t accepted any in six months.RW) So, it_s like a shop-owner banning a customer who never shops there in the first place.EA) (chuckles) Pretty much. But a more sweeping embargo will have serious affects. RW) Thank you very much Eila, we_ll check back with you again shortly. RW) Here_s what else we have planned for you today.
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