Ten Technologies That Will Rock 2011

Now that the aughts are behind us, we can start the new decade with a bang. So many new technologies are ready to make a big impact this year. Some of them will be brand new, but many have been gestating and are now ready to hatch. If there is any theme here it is the mobile Web. As I think through the top ten technologies that will rock 2010, more than half of them are mobile. But those technologies are tied to advances in the overall Web as well.

Below is my list of the ten technologies that will leave the biggest marks on 2010:
The Tablet: It’s the most anticipated product of the year. The mythical tablet computer (which everyone seems to be working on). There are beautiful Android tablets, concept tablets, and, of course, the one tablet which could define the category, the Apple Tablet. Or iSlate or whatever it’s called. If Steve Jobs is not working on a tablet, he’d better come up with one because anything else will be a huge disappointment.Why do we need yet another computer in between a laptop and an iPhone? We won’t really know until we have it. But the answer lies in the fact that increasingly the Web is all you need. As all of our apps and data and social lives move to the Web, the Tablet is the incarnation of the Web in device form, stripped down to its essentials. It will also be a superior e-reader for digital books, newspapers, and magazines, and a portable Web TV.
Geo: The combination of GPS chips in mobile phones, social networks, and increasingly innovative mobile apps means that geolocation is increasingly becoming a necessary feature for any killer app. I’m not just talking about social broadcasting apps like Foursquare and Gowalla. The advent of Geo APIs from Twitter , SimpleGeo, and hopefully Facebook will change the game by adding rich layers of geo-related data to all sorts of apps. Twitter just recently launched its own Geo API for Twitter apps and acquired Mixer Labs, which created the GeoAPI.
Realtime Search: After licensing realtime data streams from Twitter, Facebook, MySpace, and others, Google and Bing are quickly ramping up their realtime search. But realtime search is still treated as a silo, and is not regularly surfaced in the main search results page. In 2010, I expect that to change as the search engines learn for what types of searches it makes sense to show Tweets and other realtime updates. In the meantime, a gaggle of realtime search startups such as Collecta, OneRiot, and Topsy will continue to push the ball forward on the realtime search experience. Realtime search will also become a form of navigation, especially on Twitter and Facebook. The key will be to combine realtime search with realtime filters so that people are delivered not only the most recent information but the most relevant and authoritative as well.
Chrome OS: In November, Google gave the world a sneak peek at its Chrome operating system, which is expected to be released later this year. The Chrome OS is Google’s most direct attack on Windows with an OS built from the ground up to run Web apps fast and furious. Already a Google is rumored to be working on a Chrome Netbook which will show the world what is possible with it a “Web OS.” It sounds like it would be perfect for Tablet computers also (see above). Chrome is a risky bet for Google, but it is also potentially disruptive.
HTML5: The Web is built on HTML (Hypertext Markup Language) and the next version which has been taking form for a while is HTML5. Already browsers such as Firefox and Google’s Chrome (the browser, not the OS) are HTML5-friendly. Once HTML5 becomes more widespread across the Web, it will reduce the need for Flash or Silverlight plug-ins to view videos, animations, or other rich applications. They will all just be Web-native. HTML5 also supports offline data storage, drag-and-drop, and other features which can make Web apps act more like desktop apps. A lot of Websites will be putting HTML5 under the hood in 2010.
Mobile Video: With video cameras integrated into the latest iPhone 3GS and other Web phones, live video streaming apps are becoming more commonplace—both streaming from phones and to them. As mobile data networks beef up their 3G bandwidth and even start to tiptoe into true broadband with 4G (which Verizon is heading towards with its next-gen LTE network), mobile video usage will take off.
Augmented Reality: One of the coolest ways to use the camera lens on a mobile phone is with the increasing array of augmented reality apps. They add a layer of data to reality by placing everything from photos to Tweets to business listings directly on top of the live live image captured by the camera. Tonchidot’s Sekai Camera, Layar, GraffitiGeo and even Yelp are examples of augmented reality apps.
Mobile Transactions: As mobile phones become full-fledged computers, they can be used for mobile commerce also. One area poised to take off in 2010 are mobile payments and transactions. Twitter founder Jack Dorsey’s latest startup Square turns the iPhone into a credit card reader. Verifone has its competing product, as does Mophie. The idea is that any mobile phone can become a point of sale, and those mobile transactions can tie into back-end accounting, CRM, and other enterprise systems.
Android: Last year saw the launch of nearly two dozen Android-powered phones, including the Verizon Droid. In a few days, Google’s Nexus One will launch as the first Android phone which can be unlocked from any given carrier (it is launching with T-Mobile). Android is Google’s answer to the iPhone, and as it reaches critical mass across multiple carriers and handsets it is becoming increasingly attractive to developers. There are already more than 10,000 apps on Android, next year there will be even more. And other devices running on the mobile OS are launching as well.
Social CRM: We’ve seen the rise of Twitter and Facebook as social communication tools. This year, those modes of realtime communication will find their way deeper into the enterprise. Salesforce.com is set to launch Chatter, it’s realtime stream of enterprise data which interfaces with Twitter and Facebook and turn them into business tools. Startups like Yammer and Bantam Live are also making business more social.

wikileaks about Pakistan

The Wikileaks have made some startling disclosures. The aging monarch of SaudiArabia, King Abdullah is reported to have made scathing remarks about the leadership of Pakistan. He has called President Asif Ali Zardari as the greatest obstacle to Pakistan’s progress, saying, “When the head is rotten, it affects the whole body.”

Whatever be the case as a Pakistani I am hurt by the Saudi monarch’s such remarks. After all, unlike the King, AAZ is a duly elected President of the country. Casting aspersions on him is tantamount to insulting the people of Pakistan. He is our President and it is our right to question and criticise him which right we cannot pass on to others and outsiders. Anyone doing so, is clearly interfering in the internal affairs of another sovereign country.

It is, however, another matter that we in Pakistan have little to choose in electing our leaders as ALL of them seem to be the chips of the same block. They spend tens of millions to be ‘elected’ which proves of their definite interest in being elected. And once in power they make the most of the heyday. I strongly think that things cannot be put right until we act upon the saying of the great sage – Hazrat Ali (a.s), “Do not elect a person who offers himself for an office. He has an interest in it. Instead pick up the best amongst you and ask him to lead, if need be force him even at the point of the sword to do so”.

Poor Pakistan, Rich Politicians

Poverty in Pakistan is a growing concern.[citation needed] Although the middle-class has grown in Pakistan to 35 million,[1] nearly one-quarter of the population is classified poor as of October 2006.[2]. As of 2008, 17.2% of the total population lives below the poverty line, which is the lowest figure in the history of Pakistan.[3] The declining trend in poverty as seen in the country during the 1970s and 1980s was reversed in the 1990s by poor federal policies and rampant corruption.[4] This phenomenon has been referred to as the poverty bomb.[5] The government of Pakistan with help from the International Monetary Fund (IMF) has prepared an Interim Poverty Reduction Strategy Paper[6] that suggests guidelines to reduce poverty in the country.
Rich Politicians
ASIF ALI ZARDARI PROPERTIES AND ASSETS :-
THE LOCAL ASSETS [PAKISTAN] ARE:
· Plot no. 121, Phase VIII, DHA Karachi.
· Agricultural land situated in Deh Dali Wadi, Taluka, Tando Allah Yar.
· Agricultural property located in Deh Tahooki Taluka, District Hyderabad measuring 65.15 acres.
· Agricultural land falling in Deh 76-Nusrat, Taluka, District Nawabshah measuring 827.14 acres
· Agricultural land situated in Deh 76-Nusrat, Taluka, District Nawabshah measuring 293.18 acres
· Residential plot No 3 (Now House) Block No B-I, City Survey No 2268 Ward-A Nawabshah
· Huma Heights (Asif Apartments) 133, Depot Lines, Commissariat Road, Karachi
· Trade Tower Building 3/CL/V Abdullah Haroon Road, Karachi
· House No 8, St 19, F-8/2, Islamabad
· Agricultural land in Deh 42 Dad Taluka/ District Nawabshah
· Agricultural land in Deh 51 Dad Taluka Distt Nawabshah
· Plot No 3 & 4 Sikni (residential) Near Housing Society Ltd. Nawabshah
· CafT Sheraz (C.S No.. 2231/2 & 2231/3) Nawabshah
· Agricultural land in Deh 23-Deh Taluka & District Nawabshah
· Agricultural property in Deh 72-A, Nusrat Taluka, Nawabshah
· Agricultural land in Deh 76-Nusrat Taluka, Nawabshah
· Plot No. A/136 Survey No 2346 Ward A Government Employee's Coop Housing Society Ltd, Nawabshah
· Agricultural land in Deh Jaryoon Taluka Tando Allah Yar, Distt. Hyderabad
· Agricultural land in Deh Aroro Taluka Tando Allah Yar ' '
· Agricultural land in Deh Nondani Taluka Tando Allah Yar ' '
· Agricultural land in Deh Lotko Taluka Tando Allah Yar ' '
· Agricultural land in Deh Jhol Taluka Tando Allah Yar ' '
· Agricultural land in Deh Kandari Taluka Tando Allah Yar ' '
· Agricultural land in Deh Deghi Taluka Tando Mohammad Khan
· Agricultural land in Deh Rahooki Taluka, Hyderabad
· Property in Deh Charo Taluka, Badin
· Agricultural property in Deh Dali Wadi Taluka, Hyderabad
· Five acres prime land allotted by DG KDA in 1995/96
· 4,000 kanals on Simli Dam
· 80 acres of land at Hawkes Bay
· 13 acres of land at Maj Gulradi (KPT Land)
· One acre plot, GCI, Clifton
· One acre of land, State Life (International Center, Sadar)
· FEBCs worth Rs. 4 million

SHARES IN SUGAR MILLS INCLUDE:
. Sakrand Sugar Mills Nawabshah
· Ansari Sugar Mills Hyderabad
· Mirza Sugar Mills Badin
· Pangrio Sugar Mills Thatta
· Bachani Sugar Mills Sanghar

FRONT COMPANIES IN FOREIGN COUNTRIES:
· Bomer Fiannce Inc, British Virgin Islands
· Mariston Securities Inc, ' ' '
· Marleton Business S A, ' ' '
· Capricorn Trading S A, ' ' '
· Fagarita Consulting Inc, ' ' '
· Marvil Associated Inc, , ' ' '
· Pawnbury Finance Ltd, ' ' '
· Oxton Trading Limited, ' ' '
· Brinslen Invest S A, ' ' '
· Chimitex Holding S A, ' ' '
· Elkins Holding S A, ' ' '
· Minister Invest Ltd, ' ' '
· Silvernut Investment Inc, ' ' '
· Tacolen Investment Ltd, ' ' '
· Marlcrdon Invest S A, ' ' '
· Dustan Trading Inc, ' ' '
· Reconstruction and Dev Finance Inc, ' ' '
· Nassam Alexander Inc.
· Westminster Securities Inc.
· Laptworth Investment Inc 202, Saint Martin Drive, West Jacksonville
· Intra Foods Inc. 3376, Lomrel Grove, Jacksonville, Florida
· Dynatel Trading Co, Florida
· A..S Realty Inc. Palm Beach Gardens Florida
· Bon Voyage Travel Consultancy Inc, Florida

PROPERTIES IN UK ARE:
· 355 acre Rockwood Estate, Surrey (Now stands admitted)
· Flat 6, 11 Queensgate Terrace, London SW7
· 26 Palace Mansions, Hammersmith Road, London W14
· 27 Pont Street, London, SW1
· 20 Wilton Crescent, London SW1
· 23 Lord Chancellor Walk, Coombe Hill, Kingston, Surrey
· The Mansion, Warren Lane, West Hampstead, London
· A flat at Queensgate Terrace, London
· Houses at Hammersmith Road, Wilton Crescent, Kingston and in Hampstead.


PROPERTIES IN BELGIUM ARE:
· 12-3 Boulevard De-Nieuport, 1000, Brussels, (Building containing 4 shops and 2 large apartments)
· Chausee De-Mons, 1670, Brussels


PROPERTIES IN FRANCE ARE:
· La Manoir De La Reine Blanche and property in Cannes


PROPERTIES IN USA:
· Stud farm in Texas (Owned by Asif Zardari and managed by Shimmy Qureshi)
· Wellington Club East, West Palm Beach (Owned by Asif Zardari and managed by Shimmy Qureshi)
· 12165 West Forest Hills, Florida (Owned by Asif Zardari and managed by Shimmy Qureshi)
· Escue Farm 13,524 India Mound, West Palm Beach
· 3,220 Santa Barbara Drive, Wellington Florida
· 13,254 Polo Club Road, West Palm Beach Florida
· 3,000 North Ocean Drive, Singer Islands, Florida
· 525 South Flager Driver, West Palm Beach, Florida
· Holiday Inn Houston Owned by Asif Ali Zardari, Iqbal Memon and Sadar-ud-Din Hashwani


BANK ACCOUNTS IN FOREGN Countries ARE:
· Union Bank of Switzerland (Account No. 552.343, 257.556.60Q, 433.142.60V, 216.393.60T)
· Citibank Private Limited (SWZ) (Account No. 342034)
· Citibank N A Dubai (Account No. 818097)
· Barclays Bank (Suisse) (Account No. 62290209)
· Barclays Bank (Suisse) (Account No. 62274400)
· Banque Centrade Ormard Burrus S A
· Banque Pache S A
· Banque Pictet & Cie
· Banque La Henin, Paris (Account No. 00101953552)
· Bank Natinede Paris in Geneva (Account NO.. 563.726.9)
· Swiss Bank Corporation
· Chase Manhattan Bank Switzerland
· American Express Bank Switzerland
· Societe De Banque Swissee
· Barclays Bank (Knightsbridge Branch) (Account No. 90991473)
· Barclays Bank, Kingston and Chelsea Branch, (Sort Code 20-47-34135)
· National Westminster Bank, Alwych Branch (Account No. 9683230)
· Habib Bank (Pall Mall Branch).
· National Westminster Bank, Barking Branch, (Account No. 28558999).
· Habib Bank AG, Moorgate, London EC2
· National Westminster Bank, Edgware Road, London
· Banque Financiei E Dela Citee, Credit Suisse
· Habib Bank AG Zurich, Switzerland
· Pictet Et Cie, Geneva
· Credit Agricole, Paris
· Credit Agridolf, Branch 11, Place Brevier, 76440, Forges Les Faux
· Credit Agricole, Branch Haute â€" Normandie, 76230, Boise Chillaum

Sharif Family : -
assets of Rs 676.8 million of the Sharif family,

Richest parliamentarian has no business in Pakistan

ISLAMABAD: Like members of the National Assembly (MNAs), senators also have very rich spouses as they have declared a bigger chunk of movable and immovable property in the name of their spouses rather than in their own names.

Muhammad Azam Swati, a senator from NWFP, along with his spouse Tahira Swati retained his financial position as the richest parliamentarian of Pakistan with consolidated assets of Rs 1.6 billion in Pakistan and the United States. Mr Swati claims that all his assets in Pakistan other than inherited property are obtained with amounts remitted from overseas. “I do not have any income and business in Pakistan. All remittances have come from American banks to Pakistani banks.” Mr Swati has declared a number of residential and commercial properties in USA with a current market value of US$ 9.2 million. Besides, he has 10 plots in posh Bahria Town, eight plots in Top City and many other plots and houses.

Federal Minister for Information Muhammad Ali Khan Durrani’s spouse has three plots in posh areas having consolidated worth of Rs 51.4 million. She has two up-model cars besides holding Defence Saving Certificates worth Rs one million. Although Mr Durrani claims to be in possession of inherited agricultural land worth millions but the total worth of his assets is much less than that of his wife.

Pakistan Muslim League (PML) Secretary General Mushahid Hussain Sayed’s spouse Dushka Sayed is richer than him. She owns a plot in G-14 sector of Islamabad, shares in other property of in-laws, a car and jewellry. Senator Mushahid has no car, no business capital and no investment. He has only Rs 155,600 in cash and rest of the possessions are owned by his better half.

Senator Naeem Hussain Chattha has declared immovable assets worth Rs 21.5 million, including agricultural land, plots and commercial shops. But he claims that out of this, property worth Rs 14.8 million is in the name of his wife and landed property of only Rs 6.7 million is in his own name.

Senator Sardar Latif Khosa of Pakistan People’s Party has mentioned in his declared assets that most of his property was in the name of his spouses, sons and daughters. Even then he has declared that: “My spouses have independent sources of income. My sons Khurram Khosa, Shahbaz Khosa and Sardar Balakh Khosa are practicing advocates of superior courts whereas Sardar Faisal Khosa is a doctor in Ireland. Sardar Shahbaz Khosa also holds the seat of managing director of Al-Jehan Floor Mills. My daughter Huma Latif Khosa is a doctor and is married. All of them are independent and have their own sources of income.”

Minister of State for Information Tariq Azeem Khan has no house in Pakistan but he holds property in a foreign country worth Pounds 655,000 or roughly Rs 70 million. Dr Khalid Ranjha has assets worth Rs 49.2 million while his wife Farida Gul also holds property of Rs 15.9 million. Senator Abdur Razzak Thahim has movable and immovable assets worth Rs 2.1 million while his spouse Mrs Razzak has Rs 7.6 million assets. mohammad kamran
The study has declared PPP MNA Mehboobullah Jan Tarin the richest person with assets worth Rs. 3.28 billion.

According to PILDAT's report, average assets of MPs are at Rs. 20.70 million in 2002, which jumped to Rs. 80.10 million by 2008.

Members of the parliament belonging to Pakistan Muslim League-Functional (PML-F) is leading the list of the richest parliamentarians followed by National Peoples Party, which stands at number two.

PPP and PML-N rank 3 and 4, respectively.

Other parties are Pakistan Muslim League at 5, Awami National Party (ANP) at 6, Peoples Party Sherpao (PP-S) at 7, Muttahida Qaumi Movement at 8, Balochistan National Party at 9 and Muttahida Majlis-e-Amal at 10.

PML-N MNA Shahid Khaqan Abbasi is the second richest MP with assets worth Rs. 1.62 billion.

PML-N’s Nuzhat Sadiq is the richest female parliamentarian. She owns assets worth Rs. 910.28 million. The Prime Minister’s Advisor Asma Arbab Alamgir is the second richest woman

German Roll Top : The Laptop from the Future

The future of the laptop and the tablet PC has been rolled up into one.

German designer Evgeny Orkin has developed a concept design for The Rolltop. The Roll top computer is constructed of a flexible OLED display that wraps around the removable power supply stand. Tucked into the power stand is a webcam, speaker sound bar, USB ports, and the power supply and power cord.

German Roll Top 's screen can either be formed into a 13-inch conventional laptop (well sort of) or rolled flat for a 17-inch tablet with stylus. Another great feature is you can stand it upright with a fold out support leg and watch videos like a flat screen TV. And with multi-touch technology you don’t need a separate mouse and keyboard because everything is right on the screen. It might be hard to type on a digital QWERTY keyboard but it might be like a large iPhone.

I know its just in the concept Roll Top form but it would really be cool to see one in person and maybe use one some day. To really appreciate the capabilities and possibilities of The Rolltop check out this video from Orkin Design.

economic condition (Key messages)

Market nervousness concerning the fiscal positions of several European high-income countries poses a new challenge for the world economy. This arises as the recovery is transitioning toward a more mature phase during which the influence of rebound factors (such as fiscal stimulus) fades, and GDP gains will increasingly depend on private investment and consumption.

· So far evolving financial developments in Europe have had limited effects on financial conditions in developing countries. Although global equity markets dropped between 8 and 17 percent, there has been little fallout on most developing-country risk premia. And despite a sharp deceleration in bond flows in May, year-to-date capital flows to developing countries during the first 5 months of 2010 are up 90 percent from the same period in 2009.

· Little real-side data is available to evaluate the impact of the European fiscal/debt crisis on economic activity. Existing data suggests that through the end of March, the recovery remained robust in most developing and developed countries, with the exception of high-income Europe where it has stagnated.

· Assuming that measures in place prevent today’s market nervousness from slowing the normalization of bank-lending, and that a default or restructuring of European sovereign debt is avoided, global GDP is projected to increase by 3.3 percent in 2010 and 2011, and by 3.5 percent in 2012. Private capital flows to developing countries are projected to increase from 2.7 percent of their GDP in 2009 to 3.2 percent in 2012 (Table 1). Reflecting stronger productivity growth, and less-pronounced headwinds than in high-income countries, GDP in developing countries is expected to grow by 6.2, 6.0, and 6.0 percent in 2010, 2011 and 2012. This is more than twice as quickly as in high-income countries, where growth is projected to strengthen from 2.3 percent this year to 2.7 percent in 2012.

· However, should current uncertainty regarding developments in Europe persist, outturns could be weaker. A high probability alternative baseline, characterized by an accelerated tightening of fiscal policy across high-income countries, would see a more muted recovery, with global GDP expanding by 3.1 percent in 2010 and by 2.9 and 3.2 in 2011 and 2012. The easing of momentum would be concentrated in high-income countries, where GDP might rise 2.1, 1.9, and 2.2 percent during each of the three years. Under these conditions growth in developing countries could average 5.9 percent during the projection period.

· Deeper and more widespread effects might arise if the situation causes investors to become significantly more risk averse; or in a less likely scenario, if there is a major crisis of confidence, prompted by (or causing) a default or major restructuring of high-income sovereign European debt.

o Simulations suggest that an increase in risk aversion that caused long-term yields on U.S. government bonds to rise by 100 basis points could slow global growth by 0.5 percentage points.

o A serious loss of confidence in the debt of five EU countries combining high fiscal deficits and high government debts that led to a freezing-up of credit in those countries could cause GDP growth to slow by as much as 2.4 percent in 2011—pushing high-income countries into recession.

o A default or major restructuring among the EU-5 (Greece, Ireland, Italy, Portugal and Spain) could threaten the solvency of several banks outside the EU-5, with potentially far-reaching consequences for the global financial system.

o Because of significant presence of EU-5 banks, international capital flows to Europe and Central Asia and to a lesser extent to Latin America and the Caribbean might be seriously affected in the event of a default or restructuring of high-income sovereign debt.

· To ensure longer-term sustainability, fiscal policy in many high-income countries needs to be tightened sharply over the next several years. Although politically difficult, a policy that favors a more aggressive reining-in of deficits will, by reducing high-income country borrowing costs, favor medium-term growth in both developing and high-income countries.

· Limited fiscal space in low-income countries means that if official development assistance were to decline, policymakers in low-income countries could be forced to cut growth enhancing infrastructure and human capital investments. As a result, the number of people living on $2 or less per day in 2020 could be higher by as much as 79 million.Concerns about the sustainability of Greece’s fiscal position spilled over into global financial markets in early May 2010. Although there was a sharp increase in risk premia and a steep decline in stock markets worldwide, there are only limited indications of contagion – at least so far.1

Following the announcement of a €750 billion, or nearly $1 trillion aid package by the European Union, the International Monetary Fund, and the European Central Bank, the initial sharp uptick in the price of credit default swaps (CDSs) on the sovereign debt of select European countries receded before rebounding partially in the following weeks. LIBOR-OIS spreads have increased to 32 basis points, suggesting that commercial banks are concerned that the ability of counterparties to repay even short loans might be affected by a default or restructuring of high-income sovereign debt. Moreover, anecdotal evidence suggests that some European banks are having trouble getting funding. Nevertheless, LIBOR-OIS spreads remain well below the values observed during the initial phases of the sub-prime crisis, and suggest that for the moment, markets are not overly concerned.

The credit ratings of most developing country sovereigns have not been affected by the crisis. Since the end of April, though May 24, the credit ratings of 5 countries (Azerbaijan, Bolivia, Nicaragua, Panama and Ukraine) have been upgraded, and none have been downgraded. For the year to date, there have been 22 upgrades and only 4 downgrades. EMBI spreads for major developing countries, after rising much less than in September 2008, have declined again and are only a little higher than in January 2010 (less than 10 basis points in the case of Brazil and Russia, and 27 and 40 basis points in the case of South Africa and Turkey). Indeed, a recently developed index of the deterioration in financial conditions2 for a sample of 60 countries (31 high-income, 27 middle-income, and 2 low-income countries), shows that as of early June 2010, only 8 of the 23 countries displaying relative deterioration in market conditions since March 31st were developing counties. Four of the 8 countries where the deterioration in the aggregate index exceeded 0.5 were developing countries. However, in two cases, the deterioration reflected rising interest rates following a tightening of monetary policy in response to improving economic conditions, rather than a reaction to the situation in Greece.

While market conditions have improved―the size of the EU/IMF rescue package (close to $1 trillion); the magnitude of the initial market reaction to the possibility of a Greek default and eventual contagion; and continued volatility, are indications of the fragility of the financial situation. As discussed in the risks section below, a further episode of market uncertainty could entail serious consequences for growth in both high-income and developing countries.

Stock markets worldwide lost between 8 and 17 percent in May, with losses generally larger in high-income Europe and developing Europe than in markets further removed from Greece. Moreover, data for May indicate a significant decline in capital inflows toward developing countries, although year-to-date flows are 90 percent higher than in 2009. Most of the decline was concentrated in bond issuance by developing countries, with more modest declines in bank-lending and equity flows. Although it is difficult to determine with precision to what extent this reflects a normal seasonal decline in flows, or a temporary reduction in issuance prompted by elevated spreads at the beginning of the month,3 these developments could signal a further tightening of capital markets.