Egypt’s military government has cancelled a contract with Israel to supply the Jewish state with natural gas. The deal was first signed in 2005, and the Israeli government referred to the cancellation as “unlawful”. The pipeline supplying the gas has become vulnerable to repeated acts of sabotage since the fall of the Mubarak regime.
In other news, the IMF has doubled the amount allocated to its bailout fund, while warning the EU to accelerate its efforts to stem the Eurozone debt crisis. Meanwhile, European stock markets fell on the news of the collapse of the Dutch government.
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