May 2 — Europe/International Organizations: GREECE/ROMANIA/ITALY/PORTUGAL/SPAIN/EUROPEAN UNION/IMF

The European Union’s Eurozone members and the International Monetary Fund (IMF) approve a $146 billion three-year bailout package for Greece to rescue its economy and prevent it from defaulting on its huge debt. It is feared that if Greece is allowed to default, other countries with troubled economies, such as Portugal and Spain, would follow. For its part, Greece agrees to pass major budget cuts and tax rises. (May 5): Three people die during violent protests in the Greek capital of Athens over planned austerity measures. (May 19): Tens of thousands of people gather in Romania’s capital, Bucharest, to protests the government’s plans to implement austerity measures. The government has to reduce its budget deficit in order to receive another loan installment from the IMF. (May 25): The Italian government approves austerity measures of $29 billion to deal with its budget deficit. Spain and Portugal announce similar plans.

May 4 — Latin America/International Organizations: ARGENTINE/UNASUR

The Union of South American Nations, UNASUR, unanimously elects former Argentine President Néstor Kirchner to be its first Secretary-General for a two-year term. UNASUR is an intergovernmental organization, which was formed two years ago, combining MERCORUS and the Andean Community of Nations as part of next step in South American integration.

May 6 — Europe: UNITED KINGDOM

In the United Kingdom’s general election, the Conservative Party wins most seats, ending the 13-year rule of the center-left Labour Party; it fails, however, to obtain an outright majority. Its leader, David Cameron, becomes new prime minister after forming a coalition with the Liberal Democrats. This will be the first coalition government in the last 70 years.

May 8 — Middle East: ISRAEL/PALESTINIAN TERRITORIES

The Palestinian Liberation Organization (PLO) agrees to indirect peace talks with Israel, called proximity talks, which will be mediated by U.S. Middle East envoy George Mitchell. The last direct talks took place in 2008 and were broken off by the Palestinians after Israel’s military offensive on the Gaza Strip. The PLO says it will not agree to hold direct talks until Israel halts building all settlements in the occupied West Bank.

May 10 — East Asia: PHILIPPINES

Philippine voters elect Benigno Aquino, the son of former President Corazon “Cory” Acquino, the country’s new president. Despite some violent attacks in the south of the country, the election has gone smoothly, with 75 percent of voter participation. Aquino promises that as president he will fight corruption, tackle poverty, and continue peace talks with the Moro Islamic Liberation Front (MILF) in the south.

May 14 — East Asia: THAILAND

Thai military storms anti-government protesters’ fortified camps and barricades in the center of the country’s capital, Bangkok, ending the demonstrations of the “red shirts” that have lasted since March. Several dozen people are killed and many injured in these clashes.

May 18 — North America: CANADA

Nine leading Canadian environmental organizations and 21 timber companies, which are members of the Forest Products Association of Canada, come to an agreement on sustainable logging, highest standards of forest management, and protecting endangered caribou habitat. Called the Canadian Boreal Forest Agreement (CBFA), this historic deal is the largest commercial forest conservation plan ever that covers more than 76 million hectares of public forests.

May 24 — East Asia: SOUTH KOREA/NORTH KOREA

South Korea suspends trade with North Korea and demands an apology after North Korean torpedo attack sunk a South Korean ship, killing 46 sailors. North Korea denies the accusation. Eighty percent of North Korean trade depends on South Korea and China.

May 31 — Middle East/Europe: ISRAEL/TURKEY

Israeli troops raid a Turkish ship on the Mediterranean Sea, killing nine activists. The ship carried humanitarian goods for the Palestinians in the Gaza Strip, trying to break an Israeli and Egyptian blockade of the territory. Israel blocked Gaza to put pressure on the Hamas government. In protest of the incident, Turkey withdraws its ambassador from Israel and cancels joint military exercises.