The economic crisis in China is rapidly worsening. Real estate prices are down, and a collapse of the property bubble seems imminent. The banking sector is holding a lot of bad debt, and as a result a credit crunch has begun. The unavailability of credit has forced a number of small- and medium-sized businesses into bankruptcy, and more failures are expected.
In other news, several Palestinian leaders say that they want former prime minister Tony Blair dismissed as the envoy of the Quartet in the peace process with Israel. They say he has lost the confidence of the Palestinians, due to his obvious pro-Israel bias.
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