As the Syrian government continues its crackdown, both the EU and the US finally urged Assad to resign. The MAKS-2011 international air show in Russia sees a convention of the latest accomplishments in international civil and military aviation. Germany and France are working closely on economic coordination through several new measures to prevent the European debt crisis from escalating further. One of the new measures is the new economic government of the eurozone which is to hold twice-yearly meetings of the leaders of the 17 single currency states. However, the effectiveness of these new measures aimed at containing the euro crisis remains uncertain. 

As the US debt crisis is temporarily resolved by a deal between the Democrats and Republicans, the spotlight is back on the European financial crisis as it spreads to the larger economies of Italy and Spain. The head of the European Central Bank (ECB) announced today the decision to maintain the current interest rates whereas the director of the IMF is investigated for her role in settling a financial dispute when she was the French finance minister. Norway continues to deal with the Utøya massacre and come to terms with its liberal values and the desire to exert a harsh punishment on Anders Behring Breivik. 

Europe continues to battle its euro crisis as Italy becomes the next country to be potentially threatened by a financial crisis. An emergency euro summit is planned for Friday to deal with the escalating eurozone debt crisis. Also, eurozone finance ministers are considering a possible Greek default.  A recent German secret arms deal with Saudi Arabia is met with criticism, and Chancellor Merkel faces mounting pressure to cancel this deal. 

After the approval of the third austerity package, Greece still faces tough times ahead with its massive debt and people's dissatisfaction. The July 4th Russia-NATO meeting in Sochi shows no progress on Libya and missile defense issues. IMF's new managing director, Christine Lagarde has many challenging issues to tackle, but what should be the most important issue for her to address? On the other hand, is Russia going to continue its distrust towards the U.S. in the future? 

The IMF announced Christine Lagarde as its next managing director, becoming the first female to lead one of the world's largest lending organization. Strikes in Greece turn into violent clashes as Greece continues to deal with its financial crisis. Greece also faces a parliamentary vote on Wednesday to approve a third austerity package in order to avoid a default. On the other hand, Iceland started EU accession negotiations on Monday. 

European leaders react positively towards President Obama's declaration to withdraw troops from Afghanistan. The EU extended its sanctions against the Syrian regime. In the European missile defense arena, Aselsan won a $1B contract with the Turkish Air Defense. The Greek financial crisis is the top priority of the EU summit in Brussels this week. Is the EU's new financial bailout package and stricter austerity measures for Greece going to work?

The Czech Republic announced a surprise exit from the U.S.-backed European missile shield proposal last week. Greece fights to handle its internal chaos as its people are protesting against stricter austerity measures whereas the Eurozone financial ministers are pressuring Greece to approve these measures before they decide on the second Greek loan. In order to prevent Greece from a default, the Eurozone is also urged by the IMF to respond more urgently to this grave financial issue that could potentially escalate into a global problem. Is Greece going to avoid defaulting and should it approve of more severe austerity measures against the demands of its people? 

Is Erdogan's win in Turkey good for its future? NATO is in a dilemma about its future after the critical speech by U.S. Secretary of Defense Robert Gates. Private creditors in Europe are assuming some burden to the Greek financial crisis whereas Germany seeks to attach strings to bailout packages.