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"Colossal Defeat" For Obama As Australia Joins China's Regional Bank
03-17-2015, 06:52 AM,
#1
"Colossal Defeat" For Obama As Australia Joins China's Regional Bank
"Colossal Defeat" For Obama As Australia Joins China's Regional Bank

Having attacked its "closest ally" UK for "constant accomodation" with China, we suspect President Obama will be greatly displeased at yet another close-ally's decision to partner up with the Chinese-led Asian Infrastructure Investment Bank (AIIB). As The Australian reports, "make no mistake," the decision by Australia's Abbott government to sign on for negotiations to join China’s regional bank, foreshadowed by Tony Abbott at the weekend,  "represents a colossal defeat for the Obama administration’s incompetent, distracted, ham-fisted dip­lomacy in Asia."As The Australian's Greg Sheridan writes Op-Ed,The decision by the Abbott government to sign on for negotiations to join China’s regional bank, foreshadowed by Tony Abbott at the weekend, represents another defeat for Barack Obama’s diplomacy in Asia.The Abbott government is right to make this decision. It had well-founded concerns about the vague and unsatisfactory governance arrangements of the institution when Beijing first invited Canberra to join.Those arrangements have ­improved since then and Australia is only signing on to negotiate terms of accession.If the terms are no good, Australia will ultimately walk away.Canberra’s move follows similar decisions by Britain, Singapore, India and New Zealand.Make no mistake — all this represents a colossal defeat for the Obama administration’s incompetent, distracted, ham-fisted dip­lomacy in Asia.Read the entire article 
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