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Tag: Eurozone


Bankers Win Both Ways: Now They Can Take Both Taxpayer and Depositor Money

On March 20, European Union officials reached a historic deal to save failing banks by tapping both taxpayer and depositor funds. It may be illegal under EU Parliament, but is being rushed through to lock taxpayer and depositor liability into place before the dire state of eurozone banks is exposed.

Posted on Mar 29, 2014 READ MORE



Shutterstock

Discredited Economic Theory Holds Europe in Deflationary Thrall

Why there is such iron fidelity to neoliberal austerity in the contemporary community of official, semiofficial and even academic economists? It can’t be that it works. It doesn’t work.

Posted on Nov 5, 2013 READ MORE



kevin dooley (CC BY 2.0)

The Bank Guarantee That Bankrupted Ireland

When the indomitable Irish spirit is awakened, organized and mobilized, the country could become the poster child not for austerity, but for economic prosperity through financial sovereignty.

Posted on Nov 2, 2013 READ MORE



Shutterstock photo of EU roundtable.

Can the EU Be Saved?

It is not simply the euro zone that is threatened by the dramatic economic discrepancies that now exist among its members. Now it is the European Union itself that is in danger.

Posted on May 14, 2013 READ MORE



AP/Alexander Zemlianichenko

Why Putin Let Russia’s Richies Take a Bath

The collapse of the Cypriot banking system reveals much about the complex relationship among ordinary Russians, “offshore oligarchs” and a political system that depends on both.

Posted on May 14, 2013 READ MORE



mcdett (CC BY-NC-ND 2.0)

Clouds of Recession Gather Over Northern Europe

A gloomy forecast for the sales of a German automaker portends the possible spread of Southern Europe’s economic crisis to other parts of the continent—and the world.

Posted on Apr 26, 2013 READ MORE



west.m (CC BY 2.0)

Will the Harvard Austerity Error End Economic Sadomasochism?

“It seems unlikely,” anthropologist and author David Graeber writes. “After all, as I and many others have long argued, austerity was never really an economic policy: ultimately, it was always about morality.”

Posted on Apr 22, 2013 READ MORE



Shutterstock photo of the euro.

A Right and Proper Death of the Euro

A new “Alternative for Germany” political movement has erupted as a backlash against the euro, and against Germany’s fellow members of the EU.

Posted on Apr 17, 2013 READ MORE



David Blackwell. (CC BY 2.0)

Austerity Inflicts Brain Drain on Greece

More than 100,000 unemployed professionals have left Greece amid a shrinking economy and a lack of jobs to seek better opportunities abroad in a trend that will dramatically impact the country for generations.

Posted on Apr 11, 2013 READ MORE



vicmontol (CC BY 2.0)

Truthdiggers of the Week: Iceland’s Leaders

One country refused to bail out its derelict banks and slash social spending amid the financial crisis. And guess what? Unlike the eurozone and the United States, it’s making a sturdy comeback.

Posted on Dec 1, 2012 READ MORE



Ondrej Kloucek (CC BY-SA 2.0)

Recession in the Eurozone: Round 2

Recession has returned to the eurozone for the second time since the financial crisis began in 2008. The region’s GDP fell by 0.1 percent in 2012’s third quarter, which followed a 0.2 percent contraction in the previous three months.

Posted on Nov 15, 2012 READ MORE



chrispyworld (CC BY-ND 2.0)

Eurozone Jobless Rate Hits New High

Unemployment in the eurozone has climbed to nearly 18.5 million people across 17 countries, with 146,000 people joining the ranks of the jobless just last month, The Guardian reports.

Posted on Oct 31, 2012 READ MORE


Eurozone Bank Supervision

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Posted on Oct 22, 2012 READ MORE



jmayrault (CC BY 2.0)

Hollande Urges Germany to Reconsider Crisis Response

On the eve of a eurozone summit that will consider a unified continental budget, French President Francois Hollande said that his half of the Paris-Berlin crisis team will insist on an easing of German leader Angela Merkel’s hard push for “austerity and the surrender of national powers to tighten fiscal discipline,” The Guardian reports.

Posted on Oct 17, 2012 READ MORE



AP/Nikolas Giakoumidis

Austerity Deal Sparks Massive Greek Anger

Up to 200,000 Greeks took to the streets Wednesday during a general strike that paralyzed the country, marking the public’s first major confrontation with Athens’ 3-month-old coalition government.

Posted on Sep 26, 2012 READ MORE



HaPe_Gera (CC BY 2.0)

Merkel Wins Ruling on Injecting German Money Into Eurozone

Germany’s Constitutional Court permitted Chancellor Angela Merkel to use German funds to buoy the economies of eurozone countries that have struggled in the continent’s nagging debt crisis.

Posted on Sep 12, 2012 READ MORE



SnowViolent (CC BY 2.0)

Creditors Demand Six-Day Workweek for Greece

A leaked letter from Greece’s lenders—the European Commission, the European Central Bank and the International Monetary Fund—orders the country to introduce a six-day workweek as part of a package of austerity demands for a second bailout.

Posted on Sep 5, 2012 READ MORE



Photo by TaxFix.co.uk (CC-BY)

The Root of Europe’s Problem

Most of the damage to the European economy was done by innocent submission of credulous policymakers to the conventional wisdom of the international marketplace.

Posted on Sep 4, 2012 READ MORE



Photo by UggBoy (CC-BY)

A Brief History of Contempt Between Germany and Greece

Greece has been the main target of German denigration, at great cost.

Posted on Aug 29, 2012 READ MORE



DonkeyHotey (CC BY 2.0)

Eurozone Headed for a New Recession

The eurozone is headed for another recession as its economic output shrinks again in 2012’s third quarter, economists say.

Posted on Aug 23, 2012 READ MORE


Stalemate in Siena

The European Union is at risk of being destroyed by the euro. The credit crisis founded upon the swindle by Wall Street that was retailed to Europe’s banks has created divisions in Europe which are undermining what was supposed to be mutual confidence and solidarity among the 17 members of the euro zone.

Posted on Jul 17, 2012 READ MORE



NASA GSFC/Jacques Descloitres and Ana Pinheiro

The Pain in Spain Falls Mainly on the Plain (Folk)

As Spain’s prime minister announced deep austerity cuts Wednesday in order to secure funds from the European Union to bail out Spain’s failing banks, the people of Spain have taken to the streets once again for what they call “Real Democracy Now.”

Posted on Jul 11, 2012 READ MORE



Photo by motiqua (CC-BY)

Europe Still Trying to Squeeze Into America’s Jeans

Nearly every step in the federalist direction has produced unnecessary complication and strain in the EU. Portugal is not Iowa. Italy cannot become California.

Posted on Jul 11, 2012 READ MORE



Skley (CC BY-ND 2.0)

Stimulus Package Ahead for the Eurozone

The leaders of France, Germany, Spain and Italy made a bid to save the euro Friday, pledging to push for a $163 billion program to stimulate growth in the depressed European economies.

Posted on Jun 22, 2012 READ MORE


Collapsing Eurozone

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Posted on Jun 16, 2012 READ MORE



nikoretro (CC BY-SA 2.0)

Rich Greeks Look the Other Way

Amid a festering economic crisis, Greek society’s super-rich have retreated to their private mansions and island resorts to sip cocktails, kick back on imported Asian sand and figure out new ways to slip their money out of the country.

Posted on Jun 14, 2012 READ MORE



Images_of_Money (CC BY-SA 2.0)

Saving the Euro Might Mean a United States of Europe

European leaders are drawing up a solution to the EU’s fiscal crisis that would hand sovereignty over the budgets and fiscal policies of eurozone states to Germany in return for the pooling of national debt and banking liabilities. Brussels, France, Spain and Germany all support a federalized eurozone.

Posted on Jun 5, 2012 READ MORE



Gabriela Camerotti (CC-BY)

In Europe, Crisis-Provoked Suicide on the Rise

Tally the fatal, unhappy costs of runaway capitalism. Across Europe, businessmen unable to cope with the world made by the 2008 economic crash are taking their lives.

Posted on Apr 14, 2012 READ MORE



Wikimedia Commons

Spanish Government Goes for Big Austerity Cuts

Remember when austerity sounded more like an obscure SAT word than cause for international economic panic? This time around, it’s the Spaniards who are feeling the pinch, as their government has announced major budget cuts for the year.

Posted on Mar 30, 2012 READ MORE



cobalt123 (CC-BY)

Ireland Is Pushed Back Into Recession

A 0.2 percent dip in GDP at the end of 2011, which followed a drastic decline in the third quarter, has thrown Ireland back into recession, alongside Belgium, the Netherlands, Italy, Portugal and Greece, and begs the question of whether austerity is the answer to Europe’s economic woes.

Posted on Mar 24, 2012 READ MORE



AP / Michael Probst

Greece Set for Second Bailout

Having pulled off the biggest debt restructuring deal ever, Greece is on track for yet another bailout. Meanwhile, the Greek government is also preparing to make yet another round of austerity cuts, which may involve lowering the nation’s minimum wage.

Posted on Mar 9, 2012 READ MORE



AP / Kostas Tsironis

All Hades Breaks Loose in Greece

On Sunday, after months of economic and political turmoil, Greek citizens fed up with paying for mistakes made by their country’s power elite took to the streets by the tens of thousands to signal their disapproval of the austerity measures the government pushed through late that night.

Posted on Feb 13, 2012 READ MORE



AP / Michael Probst

Is Europe Making a Comeback?

Once again, European leaders convened for a eurozone pep rally on Tuesday, meeting up in Brussels to see if their economic resuscitation efforts in recent months are paying off and if Greece will stop hogging all the attention anytime soon.

Posted on Jan 31, 2012 READ MORE



AP / Margarethe Wichert / dapd

S&P Downgrades and Banks: Threats to Global Stability

The markets weren’t shocked by last week’s wave of pre-broadcast S&P sovereign debt downgrades. For months, the question wasn’t “if” but “when.” And true to form, just as with the U.S. downgrade, S&P’s reasoning skated the surface of prevailing wisdom.

Posted on Jan 19, 2012 READ MORE



reuters.com

Germany and France to the Rescue, Again

Now that the holiday season is over, French President Nicolas Sarkozy and German Chancellor Angela Merkel are back in crisis management mode, huddling in Berlin on Monday before emerging to hold a joint news conference on the future of the eurozone.

Posted on Jan 9, 2012 READ MORE



Wikimedia Commons

Germany’s Jobless Rate Drops to 20-Year Low

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.

Posted on Jan 3, 2012 READ MORE



AP / Geert Vanden Wijngaert

Brussels Summit Will Not Avert Eurozone Crisis

At the close of an economic summit that appears to have failed to rescue Italy, Spain and more of Europe from sinking deeper into a mire of recession, Guardian economics editor Larry Elliott prefigures the collapse of the euro as a unifying currency of the European Union. (more)

Posted on Dec 10, 2011 READ MORE


‘Left, Right & Center’: Europe Kicks the Can

This week, at a Brussels economic summit described as “make or break,” European leaders came together but drew the line at uniting. Meanwhile, back on this side of the Atlantic, conservatives mull Newt Gingrich’s presidential prospects and President Obama speechifies.

Posted on Dec 9, 2011 READ MORE



Flickr / DFID - UK Department for International Development (CC-BY)

Britain Stands Alone After EU Veto

If pushing away from the European Union was British Prime Minister David Cameron’s goal in making the U.K. the only nation in the region to veto a proposal to renegotiate the EU treaty, he got what he wanted Friday.

Posted on Dec 9, 2011 READ MORE



bbc.co.uk

Sarkozy and Merkel: Never Again

As France and Germany have become the self-appointed leaders of the eurozone’s financial crisis recovery initiative, President Nicolas Sarkozy brought German Chancellor Angela Merkel in for a meeting in Paris, during which they decided, as Sarkozy said, “What has happened must never happen again.”

Posted on Dec 5, 2011 READ MORE



AP / Alex Brandon

Don’t Laud the Jobless Drop

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)

Posted on Dec 3, 2011 READ MORE



AP / Michael Probst

Sarkozy: It All Comes Down to France and Germany

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.

Posted on Dec 1, 2011 READ MORE


Euro symbol
AP / Daniel Roland

Eurozone Gets a Boost, Finally

This week’s European crisis summit in Brussels has produced an agreement in an effort to mitigate what was looking like an inevitable economic catastrophe, judging by the dire situation in Greece and elsewhere in the eurozone. By Thursday, international markets were registering the results.

Posted on Oct 27, 2011 READ MORE



bbc.co.uk

EU Leaders Hold Emergency Huddle

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)

Posted on Oct 26, 2011 READ MORE


Credit Crunch

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Posted on Aug 15, 2011 READ MORE


Greece and EU Attempt to Avoid Disastrous Default

Athens in recent days has experienced continuing popular protest, sporadically violent, against the economic austerity program demanded of Greece by the IMF.

Posted on Jun 29, 2011 READ MORE



AP / Thanassis Stavrakis

IMF Sounds Warning About Global Economy

Three years into the Great Recession, the outlook is wobbly in the eurozone, according to the IMF. France and Germany are doing well enough to offset some of the economic problems plaguing their neighbors, but in a networked world, nations’ fates are intertwined.

Posted on Jun 17, 2011 READ MORE



Wikimedia Commons

No Resolution Reached at Greek Austerity Summit

A group of Greek leaders fell short of reaching an agreement on Prime Minister George Papandreou’s austerity plan by week’s end, putting Greece on shaky ground in terms of the country’s chances of receiving more bailout funds from the IMF.

Posted on May 27, 2011 READ MORE


Euro symbol
AP / Daniel Roland

EU Moves to Shore Up Bailout Fund

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.

Posted on Mar 25, 2011 READ MORE


Euro symbol
AP / Daniel Roland

EU Moves to Defend the Euro

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.

Posted on Dec 17, 2010 READ MORE


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