Greece will make an early repayment of €5.29 billion on loans from the Greek Loan Facility (GLF), as approved by the European Stability Mechanism (ESM) and the European Financial Stability Fund (EFSF). This move is part of the country’s effort to reduce its substantial public debt, estimated to be around €403.2 billion, or 145.9% of GDP, by 2025. The repayment is seen as a positive signal, improving Greece’s debt structure and reflecting its improved fiscal position. The funds for the early repayment will come from a special cash reserve account created at the end of Greece’s adjustment program.
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In response to a rise in hybrid threats, Germany has established a new federal police unit specializing in drone detection and neutralization. This unit, comprising over 130 officers, will be deployed nationwide and is authorized to detect, intercept, and potentially disable drones. The German government has allocated over €100 million for counter-drone technology, including sensors and jammers, with equipment sourced from both German and Israeli manufacturers. This initiative follows increased reports of suspicious drone activity near critical infrastructure and a recent expansion of police authority to address these threats.
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The Russian Finance Ministry announced a significant decrease in oil and gas revenues for November, marking a 34% drop year-over-year. This decline, attributed to sanctions, weak crude prices, and a strong ruble, resulted in 530.9 billion rubles collected in oil and gas taxes. Mineral extraction tax revenue decreased by 36% and export duties by nearly 40%, further contributing to the revenue shortfall. The Urals crude average price also fell to its lowest point since March 2023 at $44.87 per barrel in November, which added to the economic pressures.
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In Brussels on December 3rd, five NATO allies announced new purchases of U.S. defense materiel for Kyiv under the Prioritized Ukraine Requirements List (PURL), including two joint packages totaling $1 billion, co-financed by Germany, Norway, and Poland, as well as Germany, Norway, and the Netherlands. Canada and the U.K. also pledged financial support. These commitments were made as discussions with Russia regarding a U.S.-Ukraine peace plan yielded no breakthrough and as Putin has demonstrated unwillingness to negotiate, prompting the allied nations to increase pressure on Russia. The meeting will also include talks with Ukrainian officials, who are expected to brief European national security advisors on the status of peace talks.
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Following the failure of U.S.-Russia talks, NATO foreign ministers convened in Brussels to strategize support for Ukraine. Prime Minister Boris Johnson stated that NATO members must pressure Russia through various means, including providing Ukraine with resources. Though Kremlin aide Yuri Ushakov described the Moscow-Washington talks as constructive, he admitted that they did not yield any significant progress. This follows the U.K. Prime Minister’s assertion that Russia is the aggressor and is avoiding a resolution.
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Canada has become the first non-European country to join the European Union’s Security Action for Europe (SAFE) initiative, gaining access to a $170 billion rearmament fund. Prime Minister Mark Carney emphasized the opportunities for Canadian defence companies and the expansion of market access, driven by a desire to diversify military spending and strengthen ties with the EU. This strategic move aims to address capability gaps and attract European investment, aligning with the EU’s goal of enhancing its defense readiness by 2030, particularly in light of global security concerns and the reliability of US military protection. Although the UK also sought to join SAFE, negotiations stalled over financial disagreements.
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According to sources in Ukraine’s Military Intelligence (HUR), the Druzhba oil pipeline, which transports Russian crude to several EU countries, was hit again on Monday near Kazynskiye Vyselki. The blast was caused by a remotely detonated explosive, intensifying the fire. This attack is part of Kyiv’s escalating campaign against Russia’s oil infrastructure, intended to disrupt the flow of revenue funding Moscow’s war effort. Previous strikes on the pipeline’s Unecha pumping station, a key hub in the Druzhba system, had already drawn condemnation from Hungary, which relies on the pipeline for oil imports.
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A formal complaint has been filed with the Inter-American Commission on Human Rights (IACHR) against the United States, marking the first of its kind concerning attacks against alleged drug-running boats. The complaint, filed by the family of Colombian fisherman Alejandro Carranza, who was identified by President Petro as a civilian killed in a U.S. strike, accuses Secretary of Defense Pete Hegseth of ordering the attack. The petition alleges the U.S. violated human rights by carrying out an extrajudicial killing and violating the American Declaration of the Rights and Duties of Man. With over 80 casualties from the military campaign, the IACHR will now review the case and make recommendations.
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A widespread malfunction of Porsche’s Vehicle Tracking System (VTS) has caused hundreds of vehicles in Russia to unexpectedly shut down, leaving owners stranded and dealerships overwhelmed. This anti-theft module, designed to prevent theft, is now triggering fuel cutoffs, engine shutdowns, and complete immobilization across multiple Porsche models. The issue stems from a loss of satellite connection, potentially related to Porsche’s 2022 suspension of operations in Russia, leaving owners without official support. Dealerships are struggling to diagnose the problem, leaving owners to attempt temporary fixes while facing the risk of their vehicles shutting down at any moment.
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Japan’s catchphrase of the year is “work, work, work, work, and work,” a statement made by Prime Minister Sanae Takaichi shortly before taking office, which has garnered significant attention and criticism. Takaichi’s remarks sparked debate due to Japan’s existing work culture, including its long working hours and the issue of “karoshi” or death from overwork. Despite the controversy, Takaichi defended her comment, clarifying her intent was to demonstrate her dedication as a leader. While receiving the award, Takaichi used a famous line from the manga “Attack on Titan” at an economic forum in Saudi Arabia as a way to encourage investment in Japan’s economy.
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John Q. Hosedrinker