The world's attention is focused on developments in Majorca this weekend.
Jerusalem-based correspondents for all of Europe's top newspapers have started arriving in Palma with many saying yesterday that this weekend could prove “significant” for the peace process, especially as the Israeli Foreign Minister Shimon Peres has a new peace initiative. Peres will be using the Formentor meeting to see how the President of Palestine Yasser Arafat reacts to the new peace plan. There were also rumours yesterday that Peres is tired of the Israeli Prime Minister, Ariel Sharon's constant opposition to his peace plans and could be set to resign from the Israeli coalition government. However, the stage is set for Peres and Arafat to take the Middle East peace process forward.

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