Eurozone Posts Another Record High in Unemployment

By: Wednesday October 31, 2012 7:00 am

Unemployment in the Eurozone rose to a new high in September, with nearly 18 1/2 Europeans out of work, a rate of 11.6%. The austerity measures meant to stop a debt crisis caused an economic crisis, in other words. The jobless rate in the 17-nation currency union ticked up to 11.6 percent from the 11.5 [...]

Greece Attempts to Pass Another Round of Austerity

By: Thursday October 25, 2012 7:45 am

The Finance Minister for Greece, Yannis Stournaras, claims that the country will be given more time by its international creditors to reach deficit targets, smoothing out the level of austerity required in the near term. But he might want to tell his international creditors about it. Greece had been asking for two more years to [...]

Economies in Eurozone Remain Depressed, Regardless of Austerity and Deficit Reduction

By: Tuesday October 23, 2012 9:15 am

We had an entire “foreign policy” debate last night without one mention of the Eurozone, as if this has not been the main headwind for the global economy over the past year. There’s a fallacious belief that the crisis has eased, relating this to the reduction in budget deficits throughout the membership, as if reducing [...]

IMF Rejects Own Research, Backs Austerity in Portugal

By: Friday October 19, 2012 12:24 pm

The EU wrapped up its summit, and the major policy announcement was an agreement for a single Eurozone bank regulator, a step on the road to common depository insurance. This is a couple years off, and leaders announced that no country would be able to get bailout funds for its banks until the regulator was [...]

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 [...]

Spain Continues to Resist Pressure for Bailout

By: Friday October 12, 2012 10:45 am

This refusal on the part of Spain to request a bailout, and the nasty conditions that would follow, so the European Central Bank can put its bond-buying program into motion, has really frustrated those trying to stage-manage Europe. The credit rating agency Standard and Poor’s, in league with these forces, downgraded Spanish debt to increase [...]

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 [...]

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