With commercial banks gradually pulling their interbank and short-term credit lines from Soviet institutions and completely cutting off medium-term lending, the Kremlin's authorities are tempted, if not compelled, to take on higher pay-off banking transactions internationally.

CENTERFORSECURITYPOLICY: Center For Security Policy

And to the disappointment of the greens such as the UN's secretary-general Ban Ki-moon, the rich states' undertaking did not specify any short- or medium-term goals on cutting emissions, over which their leaders could have more control.

ECONOMIST: The G8 and climate change

Under intense pressure from the EU and international market participants, the government adopted a medium-term austerity program that includes cutting government spending, decreasing tax evasion, reworking the health-care and pension systems, and reforming the labor and product markets.

FORBES: Greece

The government has also promised to continue with its supply-side reforms, such as cutting red tape for small and medium-sized firms.

ECONOMIST: Chasing the rainbow | The

America's government, for instance, needs a medium-term plan for deficit reduction, but cutting back spending viciously in the short term at a time of private-sector retrenchment would be a mistake.

ECONOMIST: Debt reduction