News Timeline: October 2008

 

October 1 — Europe/Former Soviet Republics: EUROPEAN UNION/RUSSIA/GEORGIA

More than 200 European Union observers arrive in Georgia to monitor the pullout of Russian troops from the buffer zones surrounding Georgia’s breakaway regions of South Ossetia and Abkhazia. The EU Monitoring Mission (EUMM) is deployed under a French-brokered ceasefire deal between Russia and Georgia. However, Russia, which has recognized the independence of the two breakaway regions, plans to keep 8,000 troops there. (October 22): The United States, the European Union, and international organizations pledge $4.55 billion for Georgia to resettle refugees and rebuild infrastructure after the country’s brief conflict with Russia.

October 1 — North America/South Asia: UNITED STATES/INDIA

The U.S. Congress approves a nuclear deal with India, ending the ban on nuclear trade with this country. The agreement gives India access to U.S. civilian nuclear technology and the international nuclear market as long as India uses the fuel for non-military purposes. In return, India agrees to allow inspections of its civilian facilities. Military facilities, however, will remain outside inspectors’ scrutiny. India plans for 25 percent of its electricity to come from nuclear power by 2050.

October 3 — North America: UNITED STATES

After an arduous debate, the U.S. Congress passes the previously rejected $700 billion Emergency Stabilization Act of 2008, commonly referred to as the bailout of U.S. financial institutions. This emergency rescue plan is designed to purchase the bad debt of financial institutions in order to prevent them from collapsing. It is also supposed to stabilize financial markets by injecting capital into banks. The package includes provisions such as tax breaks for small businesses and higher protection for savings deposits.

October 7 — East Asia: THAILAND

Demonstrations in Thailand turn violent when anti-government protesters try to disrupt the inauguration of new Prime Minister Somchai Wongsawat. They block the parliament building for several hours, forcing the prime minister to escape over a fence. Two people die and 400 are wounded in clashes with security forces. (October 21): The Thai Supreme Court finds former Prime Minister Thaksin Shinawatra guilty of corruption and sentences him in absentia to two years in prison. Thaksin, who held the post from 2001 to 2006, is in exile in Great Britain.

October 8 — Europe/Former Soviet Republics/Europe: UKRAINE

Ukrainian President Viktor Yushchenko dissolves parliament and announces general elections to take place in December. This will be the third parliamentary election in less than three years.

October 8 — South Asia: MALDIVES

The Maldives holds its first democratic presidential elections. President Maumoon Abdul Gayoom, who has been in power for 30 years, fails to secure enough votes for an outright victory, and a run-off election is scheduled. Gayoom is considered one of the world’s most repressive rulers, but growing dissent and international pressure have forced him to implement some democratic reforms. (October 28): Opposition leader Mohamed Nasheed defeats President Maumoon Gayoom in the second round of voting, winning 54 percent of the votes. Nasheed is a former political prisoner and a leader of the Maldivian Democratic Party (MDP). (October 29): President Gayoom concedes defeat. The new president faces many challenges, such as corruption, a widespread drug problem, and threats posed by rising sea levels.

October 9 — Africa: DEMOCRATIC REPUBLIC OF CONGO

General Laurent Nkunda’s rebel forces capture the major army base of Rumangabo, a strategically located village in eastern Democratic Republic of Congo near the border with Rwanda. The rebels seize weapons and supplies. The Congolese government accuses Rwanda of supporting the rebels, but Rwanda denies the claim. (October 27): UN peacekeeping forces join the Congolese army in fighting the rebels advancing towards the provincial capital of Goma. In Goma, civilians attack the UN base because they are angry that peacekeepers have failed to protect them. Tens of thousands of people flee the area amid the upsurge in fighting.

October 11 — Europe: AUSTRIA

Jörg Haider, the controversial leader of the Austrian far-right party the Alliance for Austria’s Future, dies in a car accident. Haider was known for his anti-immigration and anti-EU policies. The Alliance and another far-right party, Freedom Party, won 29 percent of the vote in the most recent general elections.

October 11 — International Organizations: G7

Finance ministers from the Group of 7 (G7) industrialized countries meet in Washington, DC to discuss a coordinated plan to fight the escalating global financial crisis. The G7, comprised of the United States, Canada, Great Britain, Japan, Germany, France, and Italy, issues a five-point action plan to stabilize the world’s financial markets. The plan includes pledges to support major banks and financial institutions and protect them from failure, as well as steps to unfreeze the flow of credit, ensure that banks can raise capital for public and private sources, and guarantee national deposit insurance programs.

October 11 — North America/East Asia: UNITED STATES/NORTH KOREA

The United States removes North Korea from its list of state sponsors of terrorism. In return, North Korea agrees to disable its Yongbyon nuclear facility and allow international inspectors access to its nuclear sites. This is an important step for North Korea, and one that is necessary for it to get access to international aid and loans.

October 12 — Europe: GERMANY/FRANCE/SPAIN/AUSTRIA/ITALY

Several of Europe’s major countries announce multi-billion dollar rescue plans to prop up their troubled banks. Germany approves $680 billion, France $530 billion, and Spain $150 billion to buy stakes in their ailing financial institutions, guarantee lending between banks, and lift investor confidence. Austria and Italy also pledge to follow with similar plans.

October 15 — Former Soviet Republics: AZERBAIJAN

Azerbaijan’s President, Ilham Aliyev, wins a second term in office after the main opposition parties boycott the election, denouncing it as a farce.

October 27 — International Organizations/Europe/Former Soviet Republics: INTERNATIONAL MONETARY FUND/WORLD BANK/EU/HUNGARY/UKRAINE

The International Monetary Fund (IMF) offers Ukraine a loan of $16.5 billion to help it maintain economic and financial stability. The global demand for steel, Ukraine’s main export commodity, falls, causing Ukrainian currency to plummet. Also, the country’s banks and stocks are badly hit by the global financial crisis. (October 29): The IMF, the European Union, and the World Bank grant Hungary a rescue package of $25 billion to offset the devastating results of the global economic crisis on the country’s economy and restore investor confidence. Hungary’s economy depends on overseas loans, but, as global credit has tightened, investors have pulled out.