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7/13/06

Market Watch: St. Petersburg, Russia - Mideast war worries hang over G-8 summit - by William L.Watts

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Mideast war worries hang over G-8 summit-by William L.Watts

This weekend's Group of Eight summit in St. Petersburg was supposed to serve as a showcase for Russia and its growing role in the world economy. Instead, the threat of a widening Middle Eastern war is likely to overshadow the July 15-17 talks featuring the leaders of eight of the world's largest economies. Two days ahead of the meeting, the participants were showing divisions over Israel's decision to strike Lebanon in retaliation for guerrilla attacks on Israeli targets.

The European Union and Russia, condemned Israel's air and naval blockade of Lebanon. "Actions, which are contrary to international humanitarian law, can only aggravate the vicious circle of violence and retribution," the EU presidency said in a statement.

Russian Foreign Minister Sergei Lavrov condemned Israel's strikes against Lebanon as well as Gaza as a "disproportionate response," Reuters reported, citing Russia's Interfax news agency.

U.S. President George W. Bush and Canadian Prime Minister Stephen Harper on Thursday defended the moves as self-defense. "Israel has a right to defend herself. Every nation must defend herself against terrorist attacks and the killing of innocent life", Bush said.

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