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By Kevin Sites
$15.95
By Richard Rhodes
$28.95
$20
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AP / Thanassis Stavrakis
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Angry Greeks tried to torch Athens after parliament passed an austerity package Sunday. While European leaders continue to press for additional cuts, the Greek minister for citizen protection says the Greek people “cannot take any more ... we have reached the limits of the social and economic system.”
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Manny Francisco, Cagle Cartoons, Manila, The Phillippines —
Posted on Jan 29, 2012
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Wikimedia Commons
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If only we could import a little bit of Germany right now—in a good way. Unlike many of its European neighbors, Germany is enjoying a bit of an economic boost in that its unemployment rate dropped to a record low for the month of December.
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Christo Komarnitski, Cagle Cartoons, Bulgaria —
Posted on Dec 20, 2011
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Luojie, Cagle Cartoons, China Daily, China —
Posted on Dec 15, 2011
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Martin Sutovec, Cagle Cartoons, Slovakia —
Posted on Dec 11, 2011
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Tom Janssen, Cagle Cartoons, The Netherlands —
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Dennis Skley (CC-BY-ND)
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By William Pfaff — The extent to which the economic policy of nations is made on the basis of misinformation or wishful thinking is not generally recognized.
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AP / Alex Brandon
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November’s dip in the official unemployment rate is nothing to clap about. Scrutiny of the details reveals that the new figure of 8.6 percent is due mostly to 315,000 Americans dropping out of the search for work, and most of the newly created positions were low-paying ones. That includes temporary jobs created to support the spike in commerce that comes with the holiday season. (more)
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AP / Michael Probst
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In a speech Thursday, French President Nicolas Sarkozy confronted the economic quagmire otherwise known as the eurozone and declared that France and Germany would be the key players in Europe’s rehabilitation. Also important in Sarkozy’s scheme was the idea that stricter regulations would help ward off further catastrophe.
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World Economic Forum / Michael Wuertenberg (CC-BY-SA)
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By E.J. Dionne, Jr. — Two politicians from different countries and with very different political pedigrees made news this week. Both spoke difficult truths and reminded us that we shouldn’t use the word “politician” with routine contempt.
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The violent police assaults in response to the Occupy movement are proof that Occupy has hit a political nerve; Britain is preparing for the demise of the euro; meanwhile, the student wing of Occupy tries to encourage higher education. These discoveries and more after the jump.
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Flickr / SimplySchmoopie (CC-BY-SA)
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Traditionally, the holiday season brings good tidings for the stock market, too. There’s even something called “the Santa rally,” we learned from this Wall Street Journal article. Neat! But this year, with trouble on the European front and the ongoing recession (yes, that reads “recession”) at home, there may be less to look forward to, or so market forecasters fear.
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Tom Janssen, Cagle Cartoons, The Netherlands —
Posted on Nov 17, 2011
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Olle Johansson, Cagle Cartoons, Sweden —
Posted on Nov 8, 2011
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Osama Hajjaj, Cagle Cartoons, Abu Mahjoob Creative Productions —
Posted on Nov 2, 2011
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Rick McKee, Cagle Cartoons, The Augusta Chronicle —
Posted on Nov 2, 2011
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bbc.co.uk
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Greece is hanging by a thread, and its European neighbors scrambled to avoid a similar fate, and stave off even harder times for the Greeks, by holding a summit in Brussels on Wednesday. Here’s a look at a couple of action items on the busy agenda for German Chancellor Angela Merkel, French Prime Minister Francois Fillon … (more)
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Adam Zyglis, Cagle Cartoons, The Buffalo News —
Posted on Oct 2, 2011
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Flickr / Images_of_Money
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In the discussion over how to solve Europe’s financial crisis, opponents of the euro argue “that it is a monetary straitjacket and that the best reform now would be its breakup.” Not so, says Will Hutton, author, columnist and former editor-in-chief of The Observer. (more)
Posted on Sep 21, 2011
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Christo Komarnitski, Cagle Cartoons, Bulgaria —
Posted on Sep 20, 2011
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Hajo de Reijger —
Posted on Sep 15, 2011
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Luojie, Cagle Cartoons, China Daily, China —
Posted on Aug 22, 2011
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Flickr / World Economic Forum
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George Soros issued a dire warning to the European Union recently, stating that fundamental flaws in the design of the euro are preventing economically distressed nations like Greece from getting back on their feet and threatening the very existence of the EU. (more)
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The impact of the Greek debt crisis is being felt across the European Union—could it affect economic growth in the U.S.? This week also brought even more strain in U.S.-Pakistani relations, if things weren’t bad enough already. Listen in as Robert Scheer ... (more)
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AP / Daniel Roland
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European Union financial officials meeting in Brussels have agreed on the setting up of a permanent bailout fund, even as Portugal reportedly teeters on the precipice of financial collapse.
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AP / Daniel Roland
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Despite sounding more like an arcade than a currency oversight organization, European Union leaders have agreed to set up an official bailout fund for eurozone members as soon as 2013, doing “whatever is required” to defend the beleaguered currency.
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AP / Daniel Roland
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In a fascinating tale of international financial intrigue, the Wall Street Journal reveals how a secret task force of European leaders—dubbed “the group that doesn’t exist”—was formed in 2008 to prevent the collapse of the eurozone, which could have triggered another global economic tsunami.
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flickr/~Prescott
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The U.S. economy is still an unholy mess, but someone is doing something right over in Germany, which reported record growth over the three-month period from April through June—the biggest such spike since the once-split nation reunified.
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Illustration based on an image by Bearas (CC-BY-SA)
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By William Pfaff — The excellent second quarter export and growth results reported by Germany have set that country at an increasing, and increasingly dangerous, distance from the other members of the European Union.
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AP / Alik Keplicz
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Poland’s presidential election is finally under way following the death of the country’s last president, Lech Kaczynski, in a plane crash two months ago. Acting President Bronislaw Komorowski was the favorite going in, expected to defeat the late president’s twin brother, Jaroslaw Kaczynski.
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Flickr / World Economic Forum
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In a metaphorical walk around the debt crisis block, Greece’s prime minister has said he believes his country is “turning the corner” as economic recovery efforts by the ransacked country may have started to pay off.
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Wikimedia Commons
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A new kind of specter is haunting Europe: debt. Hungary’s new prime minister is reported to have said that there is only a slim chance that his country will evade a Greek-style debt crisis, a comment that sent domestic markets into a tizzy and saw the Hungarian currency drop more than 2 percent.
Posted on Jun 4, 2010
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Flickr / Partido Socialist
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As the euro continues to tank and European countries scramble to deal with shrinking economic forecasts, Spain has proposed slashing its spending plans by nearly 8 percent next year as it struggles to deal with financial turbulence.
Posted on May 28, 2010
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AP / Petros Giannakouris
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By Chris Hedges — Here’s to the Greeks. They know what to do when corporations pillage and loot their country. Call a general strike. Riot. Shut down the city centers. Toss the bastards out.
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Flickr / Council of Europe
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The German Parliament has approved a series of measures allowing the country to provide up to $184 billion in loan guarantees in a package aimed at stabilizing the euro and helping support those European nations that are mired in debt.
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AP / Daniel Roland
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The Icelandic volcano isn’t the only problem blowing over from Europe, judging by Thursday’s dismal stock market dive, touched off in part by problems in the euro zone as well as homegrown concerns about the American government’s plans for financial regulation.
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Flickr / U-g-g-B-o-y-(-Photograph-World-Sense-)
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The answer to the headline question, at least on Monday, would be $1.2234, as the euro dropped to its lowest point in four years. As this CNN report puts it in somewhat startling terms, ” ... Ongoing debt concerns prompted a flight to the safety of the U.S. dollar.”
Posted on May 17, 2010
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Petar Pismestrovic, Kleine Zeitung, Austria —
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By William Pfaff — Self-admittedly profligate Greece did not invent the world crisis, nor did Portugal, Spain or Italy. The guilt lies with the United States.
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Flickr / Nikolas Giakoumidis
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While the genesis of Greece’s financial crisis may come straight out of economic textbooks, the recent intervention of the EU and now the IMF into Greek affairs has guaranteed popular resistance to the bailout—which many see as foreign subjugation of their country.
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By William Pfaff — The present crisis of the European Union was inherent in the creation of the institution itself.
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Flickr
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Greek Prime Minister George Papandreou, declaring that the “moment has come,” formally requested the activation of a $60 billion financial aid package from the European Union and the International Monetary Fund.
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Flickr / U-g-g-B-o-y-(-Photograph-World-Sense-)
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The 16 nations that use the euro have just revealed an aid package of up to $40 billion in an effort to stem the Greek financial crisis. Finance ministers see the offer as a “step of clarification” for markets and a boost for the faltering euro.
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By William Pfaff — Today’s European crisis was precipitated by Greece acting with possibly reckless honesty, and Germany behaving badly.
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AP / Petros Giannakouris
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In an effort to save the Greek economy, and by extension the euro itself, eurozone countries—the 16 European Union states that use the common currency—have agreed on a multibillion-euro bailout that also will impose financial austerity measures on Greece.
Posted on Mar 12, 2010
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Sure, Goldman Sachs CEO Lloyd Blankfein once crowed that his firm was “doing God’s work,” but, as Stephen Colbert points out here, Blankfein never actually specified which God he was talking about. Perhaps it was Hades, Greek god of the underworld. Given the state of the Greek economy, that may not be too much of a stretch.
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