Cyprus Bank Holiday Is Extended Again As Unrest Continues

By: Friday March 22, 2013 8:33 am

The bank holiday in Cyprus that was supposed to end Thursday has been extended again which has done little to ease the anxiety of Cypriots desperate to withdraw their savings for fear of having them taxed. Unrest has been breaking out around banks with people protesting for “dignity” and voicing opposition against any plans to [...]

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 [...]

No, Mario Draghi Should Not Be Person of the Year, Because He Failed in His Effort to Break European Sovereignty

By: Monday November 26, 2012 12:30 pm

European finance ministers have yet to make any decisions on the Greek bailouts. In general they have to choose whether or not to continue funding the country’s borrowing and on what terms. Will they forgive another portion of Greek debt (this is unlikely)? Will they allow the country a reprieve from meeting EU budget targets [...]

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 [...]

The Grand Confusion: The “Fiscal Cliff” Is an Austerity Program

By: Monday November 12, 2012 7:05 am

Paul Krugman explains the problem for all of the deficit scolds trying to use the fiscal it’s-not-a-cliff cliff as a forcing mechanism to cut the social safety net. The fiscal cliff poses an interesting problem for self-styled deficit hawks. They’ve been going on and on about how the deficit is a terrible thing; now they’re [...]

Greece Passes Yet Another Round of Austerity

By: Thursday November 8, 2012 10:00 am

With all the talk of elections and realignments and the like, it’s good to know that there’s still some things out there you can depend on. Like Greek politicians ignoring the people as well as economic reality and cutting their budget once again. Lawmakers in Greece have narrowly backed a fresh round of austerity measures, [...]

The Frightening Rise of Golden Dawn in Greece

By: Monday October 29, 2012 10:00 am

116 million Europeans could face poverty conditions as a result of the drive toward austerity in most of the region. 40 million are already suffering from “severe material deprivation.” This depression invariably breeds calls for radical change, as the status quo social order is increasingly viewed as a failure. Therefore, it’s no surprise that nationalism, [...]

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 [...]

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 [...]

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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