Germany Seeks to Strip National Sovereignty from Eurozone Members

By: Wednesday October 17, 2012 1:27 pm

The EU will hold one of its regular summits, and the participants are all patting themselves on the back because they don’t believe they have an immediate near-term crisis to deal with. Except they do. That crisis isn’t about whether or not Spain will accept a bailout (the Spanish government is reluctant, because they would [...]

Spain Could Agree to a “Credit Line” Rather Than A Bailout

By: Tuesday October 16, 2012 10:45 am

Markets in the US and Europe rose today on this Financial Times story, suggesting that Spain would submit to a bailout request. The stabilization of sovereign debt yields in Spain as well as the anti-austerity forces threatening the political class raised hopes that Spain would not take this step. And it’s still a very dicey [...]

Why Europe’s Hopes for Austerity May Be Slipping Away

By: Monday October 15, 2012 10:00 am

Joe Weisenthal points out something I’ve been noticing ever since the European Central Bank announced its bond-buying program. It turns out this worked far too well for the ECB’s taste. They wanted to use the prospect of bond-buying as a spur to get Spain and perhaps Italy to agree to a strings-attached bailout, so they [...]

European Union Wins Nobel Peace Prize

By: Friday October 12, 2012 7:01 am

The Nobel Peace Prize for 2012 has been awarded to the European Union, in what the Nobel Committee describes as a kind of lifetime achievement award for keeping Europe mostly out of war with one another since 1945. The Norwegian Nobel Committee has decided that the Nobel Peace Prize for 2012 is to be awarded [...]

IMF Chief Lagarde to Europe: Lighten Up on the Austerity

By: Thursday October 11, 2012 6:19 am

IMF managing director Christine Lagarde has been in the “stop the austerity” camp for a little while now, but this was perhaps her most explicit statement yet on the policy that’s gradually killing off Europe’s economy. Ms Lagarde, IMF managing director, cautioned against countries front-loading spending cuts and tax increases. “It’s sometimes better to have [...]

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 [...]

Spain Doesn’t Need a Bailout, But ECB Wants to Give Them One

By: Friday October 5, 2012 8:55 am

The Spanish economic minister said at the London School of Economics yesterday that his country did not need a bailout, and the conditions attached to it. Given that they have already produced austerity measures for the latest budget, I’m not sure that this totally matters. They are effectively agreeing to the conditions without agreeing to [...]

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, [...]

Spain, Greece Erupt, As Protests Threaten Effort to Consolidate Budget Decisions in Central Authority

By: Wednesday September 26, 2012 7:35 am

Yesterday, protests in Spain led to clashes with police. Today, a general strike in Greece also led to clashes with police. Greek police have fired tear gas to disperse anarchists throwing petrol bombs near Athens’ parliament on a day-long strike against austerity measures. Clashes erupted during the first trade union-led action since a conservative-led coalition [...]

Spain Will Set Conditions for an Imminent Bailout Request

By: Monday September 24, 2012 6:55 am

Spain has thus far resisted a formal request for a bailout, and the conditions that the European Union would surely impose. But they may not be able to wait much longer. Now it looks as if their spending program unveiled this week will serve as a prelude to the bailout, with more austerity in the [...]

Obama Administration Works to Delay Greek “October Surprise”

By: Friday September 21, 2012 8:59 am

Rumors are rampant today that Spain will accept a rescue program from the EU, which would pave the way for a bond-buying program from the European Central Bank to commence. This could merely be part of the pressure campaign on the Spanish government to request the bailout and submit to the conditions. Spanish bond yields [...]

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