(Image Source: Marine Corps Times)

BY: ALEJANDRA QUINTELA

The U.S. has formally recognized the Libyan opposition as the country's legitimate government.
U.S. Secretary of State Hillary Clinton announced the decision on Friday. The BBC quotes Clinton as saying:

"The United States will recognise the TNC [Transitional National Council] as the legitimate governing authority for Libya… The TNC has offered important assurances today, including the promise to pursue a process of democratic reform that is inclusive both geographically and politically."

But what does this mean in practical terms? Aljazeera Enligish’s Rosiland Jordan breaks it down:

“There is going to be some of the logistical things that come with the diplomatic recognition of whether or not there is going to be some sort of embassy or a temporary council set up in Benghazi, which is where the TNC has been headquartered for the past three months or so... That sort of thing has to be dealt with. But the most important thing is the access of that 30 billion dollars in U.S. banks accounts.”

The New York Times reports -- Libyan funds frozen in foreign banks could help rebels oust Gaddafi. A rebel spokesman said:

“We have a lot of frozen funds around the world, and now it would be up the country to release a certain percent under certain conditions… We assured them in many ways that we are heading towards a democratic state and with the support of allies, friends we would make that happen.”

The Telegraph says – World leaders are now considering a new exit strategy that will allow Gaddafi to stay in Libya if he gives up power.

“[Gaddafi] will be only too aware that host countries can be unreliable, particularly if their own regimes change … Staying in Libya, therefore, seems his only option. But that, too, is fraught with difficulties, even if he agrees to stand down, and there is no certainty that this is what he means by his offers of democratic reform.”

According to the Associated Press, Gaddafi vows to fight on despite international recognition of rebel council.