International Current Affairs -August 2011

International Current Affairs -August 2011

Zardari nods to cooperate with China

• Pakistan will cooperate with China to overcome terrorism and secessionism, cited Asif Ali Zardari, the Pakistani President. Zardari repeated Pakistan’s pledge to get rid of extremism and he promised China of his nation’s full cooperation in overcoming terrorism and secessionism, reported Associated Press of Pakistan. The Pakistani president landed in China in late August to be present at the first China-Eurasia Expo to be hosted by Urumqi, the capital of Xinjiang, in the first week of September. He alleged Pakistan denounces terrorism in all its types and appearances and will not relax on any attempt to get rid of it. Zardari also talked about his daughters were on board with him on the trip, which is a testimony of the relationships between the two nations existing since generations. He further talked about the upcoming trip of Pakistan Peoples Party chairman Bilawal Bhutto Zardari to China later on this week to be present at the International Political Conference and assumed it demonstrates Pakistan and China were making efforts to fortify relations and ultimately deep-rooting their international polity.

United States downgraded to AA+

• The United States parted company with its respected AAA credit rating for the first time in seven decades after being downgraded by Standard & Poor's. The country's credit rating was cut to AA+ following S&P alleged the conciliation made by Congress and President Obama in early August to slash expenditure and enhance the liability upper limit "doesn’t meet the level, in our view, would be essential to even out the government's standard-term debt dynamics." The agency was frank in its evaluation. Its statement read: "We downgraded the 70-year long AAA rating of the United States since we think that the protracted storm over increasing the constitutional liability upper limit and the associated monetary policy debate point out that additional upcoming development surrounding the increase in public expenditure, particularly on privileges, or coming to an agreement on generating income is less probable than we formerly understood and will stay put to a arguable and intermittent procedure," the ratings firm believed.