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By Gary J. Dorrien
$35.00
By Tom Hayden
$14.93
$22
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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 / 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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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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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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Petar Pismestrovic, Kleine Zeitung, Austria —
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Fake news by Andy Borowitz —
Finance ministers from 16 EU nations awoke in Brussels this morning to find that a huge wooden horse had been wheeled into the city center overnight.
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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 / Andres Rueda (CC-BY-ND)
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The once-mighty euro, a currency that humbled American tourists in its day, has sunk to a 13-month low against the dollar. Greece’s impending bailout apparently isn’t settling nerves in the eurozone, which includes other major economies that look a little wobbly as of late.
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youtube.com
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Thousands of angry Greeks took to the streets on May Day, protesting a wave of wage cuts, tax increases and pension reductions implemented to deal with the country’s growing debt crisis.
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Flickr / Hector Lopez-Berges
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With all the focus on job losses here at home, we sometimes forget how the economic crisis—which originated in the U.S.—has affected other countries. Official figures in Spain, for example, show that that country’s unemployment rate has hit 20 percent, highest in the eurozone.
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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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AP / Petros Giannakouris
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The origins of Greece’s economic crisis lie with the recklessness of the rich, but the consequences are directly affecting the poor: A new poll shows that three-quarters of the Greek population believe that the current plans to cut the country’s budget deficit are “socially unfair.”
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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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