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July 6, 2015
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Tag: Eurozone


Greek Finance Minister Yanis Varoufakis Resigns

Despite his country’s decisive rejection of the European Union’s terms for remaining in the eurozone, the Greek finance minister has quit his post, citing an unwillingness on the part of some EU ministers to negotiate with him.

Posted on Jul 6, 2015 READ MORE



Economists Krugman and Stiglitz on Why Greeks Should Vote ‘No’ on the Referendum

Nobel Prize-winning economists Joseph Stiglitz and Paul Krugman maintain that Greece must keep going it alone and vote “no” on the upcoming referendum on the bailout.

Posted on Jun 30, 2015 READ MORE



Greek Banks Close Indefinitely After Weekend That Shook the Euro

Greeks found their savings blocked and banks closed Monday morning after a standoff between the country and its bailout creditors that cast doubt on the future of Europe’s single-currency zone.

Posted on Jun 29, 2015 READ MORE



Through Feints and Provocations, the Greek Debt Drama Will Continue

“There has been nothing but bad news,” writes The Guardian’s economics editor Larry Elliott of the Greek debt crisis. “Yet, through it all, the relative calm in the financial markets has reflected a belief that, despite everything, the drama Tsipras of Athens will have a happy ending.”

Posted on Jun 22, 2015 READ MORE



VIDEO: The IMF Walks Out of Greece Bailout Talks

The U.S.-led global debt brokerage pulled out of negotiations with Greece on Thursday after it accused Athens of refusing to compromise over labor market and pension reforms.

Posted on Jun 11, 2015 READ MORE


Greek Finance Minister Says Austerity Is Bad Medicine

Greece’s new left-wing, anti-austerity Syriza Party raises concerns over international creditors’ demands to restructure the country’s labor market and curtail its pension system in exchange for a new package of bailout funds scheduled for release Friday. Greek Finance Minister Yanis Varoufakis speaks with “Democracy Now!”

Posted on Apr 22, 2015 READ MORE



Greece Submits Reform Proposals and Warnings to Eurozone Creditors

Their country would stop cooperating with creditors if negotiations failed and aid was not forthcoming, government leaders said as they submitted a long-awaited list of 18 policy reforms to eurozone administrators.

Posted on Mar 28, 2015 READ MORE



Greece Can’t Do It Alone: Austerity Victims of the World, Unite!

For the anti-austerity struggle in Greece and elsewhere to become effective and sustainable, it must be raised from the national level to the international level.

Posted on Mar 6, 2015 READ MORE


Greek Finance Minister Varoufakis Wants Austerity ... for the Rich

“The finance ministers of Europe are not all in favor of balancing the budget if it has to be balanced by taxing the rich,” says economist Michael Hudson (not pictured) of the ongoing confrontation over the Greek debt crisis.

Posted on Feb 25, 2015 READ MORE



Scourge of the Greeks: German Finance Minister Wolfgang Schauble

After the financial troika triumphed over the Greek government in debt negotiations last week, Germany’s veteran minister “indulged himself with some patronizing comments,” observed economics correspondent Phillip Inman at The Guardian.

Posted on Feb 22, 2015 READ MORE



Troika Deal Drives Greece Back Toward Austerity

“The rightwing orthodoxy that dominates thinking in Brussels has asserted itself over the hapless Greeks,” writes economics correspondent Phillip Inman at The Guardian.

Posted on Feb 21, 2015 READ MORE



Germany and Greece Are Going Head to Head in Bailout Negotiations

In what The Guardian’s economics editor Larry Elliott is calling a “white flag [being] raised over Athens,” Greece has requested a six-month extension to its bailout plan, essentially giving in to the eurozone finance ministers’ demands for austerity. Germany, however, refused the country’s proposal Thursday.

Posted on Feb 19, 2015 READ MORE



From ‘Demos’ to ‘Podemos’: Popular Uprisings in Greece and Spain

Like Greece, Spain has been wracked by the global recession and could soon elect an anti-austerity government.

Posted on Feb 18, 2015 READ MORE



Kostas Koutsaftikis / Shutterstock.com

The Pro-Workers, Pro-Growth Experiment in Greece Is Under Threat

While the wealthiest 85 individuals on the planet own more wealth than the bottom half of the world’s population—and when the top 1 percent will soon own more wealth than the bottom 99 percent—the people of Greece and the anti-austerity party, Syriza, they elected to lead them are struggling to rebuild their economy so that ordinary people there can live with a shred of dignity and security.

Posted on Feb 18, 2015 READ MORE



How Germany and the U.K. Benefited From Greece and Spain’s Brain Drain

As Greece tries to come to an “honorable agreement” with austerity-loving eurozone finance ministers, let’s not forget who stood to gain the most from the financial crises in southern Europe.

Posted on Feb 17, 2015 READ MORE


With Greece and Eurozone Creditors Far Apart, Bailout Talks Collapse

Eurozone finance ministers have designated Friday as the deadline for the country to accept yet another austerity-filled deal, but Greek Finance Minister Yanis Varoufakis has made it clear he will not rest until an “honorable agreement” is negotiated. 

Posted on Feb 17, 2015 READ MORE



Greece’s Economy Looks Like Germany’s After World War I

“Austerity”—the redirection of funds away from government and public services and toward a country’s creditors—“has devastated Greece just about as much as defeat in total war devastated imperial Germany,” economist Paul Krugman writes in The New York Times.

Posted on Feb 16, 2015 READ MORE



NYT Criticizes Syriza Finance Minister, Gets It Wrong

The New York Times fell on its face when it suggested that Greek Finance Minister Yanis Varoufakis (pictured here) did not understand the basic debt dynamics of his country, writes Andy Robinson at Fairness & Accuracy in Reporting.

Posted on Feb 14, 2015 READ MORE



Truthdigger of the Week: Yanis Varoufakis

The Syriza finance minister confirmed his party’s intentions to fight EU oppression by refusing to negotiate with representatives of Greece’s “hated troika of lenders.”

Posted on Jan 31, 2015 READ MORE



Trojan Hearse: Greek Elections and the Euro Leper Colony

Alexis Tsipras, the leader of Syriza, would like to pretend that austerity and the euro are two different things. Apparently, he’s blissfully ignorant of the history of the euro. The horror of austerity is not the consequence of Greek profligacy: It was designed into the euro’s plan from the beginning.

Posted on Jan 29, 2015 READ MORE



The Collapse of Europe?

The European project is teetering on the edge of failure. Growth is anemic at best and socio-economic inequality is on the rise. The countries of Eastern and Central Europe, even relatively successful Poland, have failed to bridge the income gap with the richer half of the continent. And the highly indebted periphery is in revolt.

Posted on Jan 29, 2015 READ MORE



‘The Most Powerful Woman in the World’

A New Yorker profile of German Chancellor Angela Merkel depicts a shrewd politician cut to the shape of leadership in our age: bland, personally reserved and entirely uninterested in challenging the prevailing neoliberal order.

Posted on Nov 27, 2014 READ MORE



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


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