Debt default averted, NATO mulls Ukraine’s future: Weekend Reads

The US deb-ceiling drama is over, for now [View in browser]( [Bloomberg]( The US Congress approved legislation to [suspend the debt limit]( and impose restraints on government spending through the 2024 election, ending a drama that threatened a global financial crisis. NATO leaders are discussing possible security guarantees for Ukraine, even if full-fledged membership in the alliance looks like it’s [off the cards]( for now. Emerging market economies, meanwhile, are looking to [flex their muscles]( by expanding the so-called BRICS group in a way to counterbalance the dominance off the world’s richest nations. Violence also [reignited in the Balkans]( in a threat to a years-long process to normalize ties between Serbia and Kosovo as the European Union and NATO are occupied with the war in Ukraine. Delve into these and other top stories in this edition of Weekend Reads. — [Michael Winfrey]( US President Joe Biden in Washington on Sunday. Photographer: Yuri Gripas/Abaca Biden Lauds Debt Deal With GOP: ‘We Averted an Economic Crisis’ President Joe Biden hailed this week’s budget agreement as proof of his ability to secure hard-won bipartisan victories. Jordan Fabian and Josh Wingrove report how working across the aisle during a hyperpolarized age is expected to be a central theme of his [reelection pitch](. - Read [more]( about how the two sides overcame differences that could have triggered a global financial meltdown. France and Germany Are Split Over Ukraine’s Appeal to Join NATO France is pushing for a concrete path for Ukraine to join NATO, but Germany is urging more caution about discussing membership in light of Russia’s ongoing war. Natalia Drozdiak reports that the alliance is mulling how to [deepen ties with Kyiv]( without fully bringing Ukraine into the fold. BRICS Seize Chance to Counter US With Expansion, Common Currency The BRICS emerging market economies are pushing for [greater global influence]( to capitalize on the splintering world order and expand beyond Brazil, Russia, India, China and South Africa. Mike Cohen and S'thembile Cele explain how the group is considering as many as 19 countries that want to join and potentially establishing a common currency. - South Africa is considering switching the venue of an upcoming BRICS summit to another country, sources say, to resolve its dilemma over whether to [execute an international arrest warrant]( for Russian President Vladimir Putin. Erdogan Overcomes Economic Woes to Extend Record Turkey Rule Turkish President Recep Tayyip Erdogan sealed an election victory, raising the [prospect of more friction]( with Western governments and foreign investors. The country’s longest-serving leader prevailed in a runoff vote to take his 20-year rule well into a third decade. Little-Known Animal Tranquilizer Accelerates US Opioid Epidemic A little-known animal tranquilizer is accelerating the deadly US opioid epidemic, [frustrating health officials and lawmakers]( who can’t keep the drug out of people’s hands. Ilena Peng looks into the sedative called xylazine, which was implicated in more than 3,000 — likely undercounted — overdose-related deaths in the US in 2021. Protests worldwide over retirement rules and benefits have [more than tripled]( this year as countries from France to Iran to India grapple with the strains demographic changes are putting on finances. France has taken center-stage with a series of nationwide strikes and demonstrations that began in January against President Emmanuel Macron’s plan to raise the minimum retirement age by two years to 64. Macron Handed Marine Le Pen Her Big Chance and She’s Struggling Macron has given far-right rival Marine Le Pen her best shot yet to cement a position in French politics. As Ania Nussbaum reports, though, Le Pen is [struggling to take advantage]( of public anger, and the old problems that have dogged her career won’t go away. Sunak Finds Himself Drawn Into the One Feud He Hoped to Avoid UK Prime Minister Rishi Sunak decided to take a Covid-19 inquiry to court rather than release Boris Johnson’s WhatsApp messages and personal diaries. That has raised questions about what Sunak — who was Chancellor of the Exchequer during the pandemic — [is trying to hide](, Alex Wickham reports. With a UK Water Crisis Looming, London’s Leak Hunters Suit Up Famous for its constant rain, the UK is now pressuring its water industry to reduce waste as lack of supply threatens security. As Olivia Rudgard reports, many pipes are over a century old, and the system will be [increasingly tested]( by extreme weather and a warmer climate. Engineer Ciprian Daraban sets up a device to trace an underground pipe in London. Photographer: Jose Sarmento Matos/Bloomberg Best of Bloomberg Opinion - [Hey, Stupid. For Turks, It Wasn’t Just the Economy: John Authers]( - [Want Lower Food Prices? Make Immigration Easier: Amanda Little]( - [Ukraine’s Russia Attacks Are Gamble on Odds: Leonid Bershidsky]( - [The Question of Putin’s Evil Mercenary Boss: Andreas Kluth]( - [Democrats, Don’t Repeat This Debt Debacle: Jonathan Bernstein]( Violence in Kosovo Exposes Dangerous Limbo in Europe’s Tinderbox The worst violence in a decade in Kosovo exposed the [political intransigence]( of a region still in limbo 15 years after the nation declared independence from Serbia. Dozens of NATO peacekeepers and Serb protesters were injured in unrest, drawing condemnation from the EU and US, Andrea Dudik and Jasmina Kuzmanovic report. Spain’s Embattled Prime Minister Gambles Again on Snap Election After a crushing defeat for his Socialist party in regional voting Sunday, Spanish Prime Minister Pedro Sanchez unexpectedly called a snap general election. As Alonso Soto writes, Sanchez is betting that he can exploit the country’s [fractured political landscape]( to hold on to power. Explainers You Can Use - [Seize, Not Just Freeze, Russian Assets? Why It’s Hard]( - [How BRICS Became a Real Club and Why Others Want In]( - [Taiwan Rushes to Prevent China From Cutting Internet, Phones]( - [Europe Is Committed to Rearming. Why It’s Not Simple]( - [EU in Deadlock Over Renewables as France and Germany Lock Horns]( Lula’s Support of Maduro Clouds Summit of South American Leaders Brazilian President Luiz Inacio Lula da Silva defended Venezuelan leader Nicolas Maduro and his predecessor Hugo Chavez, saying they’d been wrongly called authoritarian. The comments [drew rebuke]( from Chile and Uruguay, and called into question his efforts to portray himself as a potential mediator in global affairs. How Covert Ties With the Taliban Backfired for US Ally Pakistan After the Taliban retook Afghanistan in 2021, the then head of Pakistan’s spy agency visited Kabul, appearing at ease with the militants’ return to power. Now, as Eltaf Najafizada and Ismail Dilawar report, [relations have soured]( and terrorist attacks in Pakistan have jumped. Damage after Taliban forces fired mortars at Pakistan’s border town of Chaman in December. Photographer: Abvdul Basit/AFP/Getty Images LGBTQ Pride Planners: How We’ll Celebrate Despite Anti-Drag Laws In state legislatures across the US, lawmakers have introduced a record number of anti-LGBTQ bills this year, including anti-transgender and anti-drag laws. As Ella Ceron reports, for organizations that produce Pride celebrations, the show will go on because Pride [has always been protest](. And finally … China’s Shenzhou 16 mission blasted off from deep in the Gobi Desert to send three astronauts to the Chinese space station. The launch marked the 11th crewed mission for China as it narrows the gap in a space race with the US, showcasing the program’s progress as Washington is trying to thwart Beijing’s development of sophisticated industries. China plans to send astronauts to the moon by 2030. The Shenzhou-16 spacecraft onboard the Long March-2F rocket launches on May 30. Photographer: Kevin Frayer/Getty Images AsiaPac Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Bloomberg Politics newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. 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