International community considers fate of Libya

Libyan girls hold their country's old flag which has been adopted by the rebels as they cross a street with their father during the Eid al-Fitr holiday in Tripoli.

Steve Chiotakis: Russia said today it's going to officially recognize Libya's interim government. All the while a conference is going on in Paris is going on to bolster political and financial support for the emerging government there.

Marketplace's Stephen Beard reports.


Stephen Beard: The rebels will spell out what they need to restore basic services in Libya like food and water supplies, fuel and power. They'll call for UN sanctions to be lifted and more of Libya's frozen assets to be released. But among the other nations at the summit there seems likely to be lots of jockeying for commercial advantage. A new Libyan government may soon be handing out multi-billion dollar reconstruction contracts and oil deals.

Those countries that helped the rebels militarily expect to profit, says Karin Maree of the Economist Intelligence Unit.

Karin Maree: I think it would be naive to think that the countries that participated in this campaign did so for purely altruistic reasons. I think everyone involved will be hoping to reap some benefits.

Those countries that opposed or did not fully support NATO's help for the rebels -- countries like China, Russia and Germany -- may need to build bridges at today's summit if they want to build anything in the new Libya.

In London I'm Stephen Beard for Marketplace.

About the author

Stephen Beard is the European bureau chief and provides daily coverage of Europe’s business and economic developments for the entire Marketplace portfolio.

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