What is a state?
“It is possible to say that there are three different concepts of statehood in this story:
Syria: UN member with defined borders, partial control of land, a government disliked by the West, apparently no right to protect its territory
Iraq: UN member with defined borders, partial control of land, a government favoured by the West, able to garner help to protect its territory
Islamic State: Unilaterally declared caliphate, no UN membership, no defined borders, partial control of land, a government with no international recognition, no right to protect its territory”
Note the interconnection of oil prices, the US dollar and political instability in Greece.
“Global oil prices on Monday collapsed under $50 for the first time in more than five years on the strong dollar, plunging equities, demand worries and plentiful crude supplies.
The renewed slump came as the Dow index stood down more than 200 points and European equity markets lost more than two percent on fears of a Greek exit, or so-called Grexit, from the eurozone.”