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Barack Obama will become the first US president to be chief guest at India's Republic Day parade on Monday, a day after hailing a new era of friendship between the world's biggest democracies. The invitation to the annual celebration of the birth of modern India is one of the biggest honours the country can bestow on a foreign leader and underscores the growing closeness between Obama and India's Prime Minister Narendra Modi. Security will be tight for the parade, a colourful display of India's military might and cultural diversity showcasing everything from tanks and state-of-the-art weaponry to camels and traditional dancers. The parade celebrates the adoption in 1950 of the Indian Constitution -– the day that India became a republic -- three years after gaining independence from Britain.
The euro briefly sank to a new 11-year low against the dollar in early Asian trade Monday after anti-austerity party Syriza swept to victory in Greece's general elections. The dip comes after the euro fell to a fresh 11-year low of $1.1115 in New York on Friday, after the European Central Bank unveiled a vast bond-buying programme in a bid to kickstart the eurozone economy.
Athens (AFP) - 00:39 GMT - Closing summary - The anti-austerity Syriza party led by Alexis Tsipras is on course to be the largest party in the new Greek parliament, setting up a potential confrontation with EU leaders over his demand for a 50 percent cut in Greece's debts, that have spiralled to 318 billion euros.