Greek Reaches Yet Another Debt Deal With Europe

By: Tuesday November 27, 2012 10:00 am

European Union finance ministers and the IMF reached another in a series of deals with Greece on long-term debt. The deal will lead to the release of another tranche of around 44 billion euros in bailout funds for the country to pay its debts to creditors, including government payroll and pensions. The deal aims to [...]

The Struggle for Independence in Catalonia, Spain

By: Monday November 19, 2012 1:09 pm

Over 10% of all bank assets in Spain consist of bad loans, a major impediment to economic recovery. The total value of the bad loans, mostly mortgages gone sour, equals 182 billion euros, about 17.4% of total Spanish GDP. This causes banks to resist additional lending until they clean up their books. It’s not clear [...]

Greece Gets Extension on Meeting Budget Targets

By: Tuesday November 13, 2012 9:15 am

Greece’s international creditors have delivered a minor lifeline to the ruined country, extending the deadline for when they must meet EU budget targets by two years. However, at the same time, the Eurozone finance ministers delayed the releast of a new tranche of bailout funds from Greece, worth 31.5 billion euro. Greek PM Antonis Samaras [...]

Eurozone Leaders Float Extension of Deficit Reduction for Greece

By: Tuesday October 9, 2012 10:00 am

German Chancellor Angela Merkel visited Athens today, facing some, shall we say, determined protests. Apparently seven thousand riot police protected Merkel on this trip, and for good reason. I think “image problem” is a bit of an understatement. Merkel, for her part, said she sympathized with Greek suffering, which for some reason failed to mollify [...]

Greece Proposes Another Austerity Budget, Its Lenders Decide It’s Not Cruel Enough

By: Tuesday October 2, 2012 8:46 am

The Greek government submitted a draft budget for next year that would only further increase the pain and suffering directed at the population, despite depression conditions. But the European leaders determining whether the fresh austerity plan is good enough to meet their conditions want even more pain, in the form of deeper wage cuts. First, [...]

Economists Abandon George Osborne As UK Continues Austerity Policies

By: Thursday August 16, 2012 12:19 pm

Before long, we’ll have Europe in the news again, as soon as everyone comes back from vacation (Hey America, remember vacation?). Greece, which is destined to be the first member state to exit the euro, requested a two-year extension of their austerity program, which would allow the government to temper it somewhat and get in [...]

Europe Agrees to Accelerate Spanish Bank Bailout, Decelerate Austerity

By: Tuesday July 10, 2012 7:35 am

Finance Ministers meeting in Europe agreed on a series of measures for Spain. First, they authorized a first installment of 30 billion euros for lending to Spanish banks, subject to approval from Eurozone governments. The money will be distributed by the end of the month, a faster schedule than previously considered. The real question is [...]

Early Exits in Greek Elections Show Tight Race

By: Sunday June 17, 2012 10:45 am

Early exit polling from Greece, in the second election to try to form a government in as many months, shows an incredibly narrow race between the center-right New Democracy party and the far-left Syriza party. It raises the possibility that no single party could form a government again, which would mean yet another potential round [...]

Greek Center-Right Leader Wants to Delay Austerity

By: Thursday June 14, 2012 8:15 am

Regardless of whether Germany bends on the euro crisis, we will still have a fairly desperate situation in Greece. New unemployment figures show an all-time high in the country, and economic activity is practically non-existent. Many workers are staying on their jobs without pay, in contrast to the stereotype of the lazy Mediterrenean workforce. And [...]

Greek Polling Shows Syriza Slipping, Result of Outside Whisper Campaign

By: Monday May 28, 2012 8:21 am

In the US, Republicans like to call accurate descriptions of their plans to destroy our old-age health care system the “Mediscare.” Putting aside the accuracy part, I guess we can call EU leaders’ apparently somewhat successful effort to influence the Greek elections the “Euroscare.” EU leaders, and primarily Germany, have been doing everything they can [...]

Europe on the Brink, as Warnings and Counter-Warnings Fly

By: Friday May 18, 2012 9:35 am

Alexis Tsipras of the front-running far-left Syriza party in Greece said that continuing on the current path of EU-enforced austerity would send the country to hell. His top rival, Antonis Samaras of the center-right New Democracy party, said that Greece risked a “nightmare” if they didn’t adhere to the agreed-upon reforms and found themselves outside [...]

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