Russia called for an emergency conference next month on the Conventional Forces in Europe arms-control treaty. Russian President Vladimir Putin warned that Russia could dump the treaty if Western nations continue to refuse to ratify a version amended in 1999 to reflect changes since the Soviet breakup. The U.S. and other North Atlantic Treaty Organization members have refused to do so until Moscow withdraws troops from the former Soviet republics of Moldova and Georgia. Meanwhile, Russia opposes U.S. plans to deploy elements of a missile defense system in Poland and the Czech Republic.
Indian Banker Sees Low Inflation
India's central-bank chief said he expected inflation to come down closer to 3% "well before the medium term," sending a positive signal about India's economic growth. "Our level of inflation cannot be too much out of alignment with the global inflation" rate, Reserve Bank of India Gov. Y.V. Reddy said in a speech in Tokyo. He said India's inflation rate for mid-May was 5.27% and that the central bank wants to "contain inflation close to 5%" in the current fiscal year.
Spanish Vote Ends in Stalemate
Spain's ruling Socialists and opposition conservatives both claimed victory in weekend local elections that ended in a virtual stalemate, leaving the country's political scene wide open for next year's general election. With all votes counted, the governing Socialist Party of Prime Minister José Luis Rodríguez Zapatero had 34.9%, compared with 35.6% for the conservative Popular Party led by Mariano Rajoy -- a difference of 155,991 votes out of more than 22 million votes cast, election officials said.
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