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, [...]

Spain Unveils Austerity Budget

By: Thursday September 27, 2012 10:59 am

Spain released its austerity budget today, and it focuses on cuts to social spending much more than any tax increases. Government ministries saw their budgets slashed by 8.9 percent for next year, as Prime Minister Mariano Rajoy’s battle to reduce one of the euro zone’s biggest deficits was made harder by weak tax revenues in [...]

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 [...]

Germany Both Demanding and Delaying Eurozone Bailouts

By: Tuesday September 25, 2012 8:17 am

We have a little schizophrenia happening in Germany. On the one hand, they lead Europe in demanding that Spain ask for their bailout already. Michael Meister, a top aide to Angela Merkel and her Christian Democratic Union party, said that Spanish Prime Minister Mariano Rajoy “must spell out what the situation is,” and he warned [...]

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 [...]

Update on Europe: ECB Only Trying to Fix One of Several Crises

By: Tuesday September 11, 2012 7:39 am

Mario Draghi has boosted global stock markets and sent many commentators cheering for his elimination of tail risk from Europe. However, he also subverted the democracies of multiple countries in Europe, according to those wild-eyed liberals at CNBC. With its OMTs the ECB is setting politicial pre-conditions (the often-used buzz word “conditionality”) for executing monetary [...]

Mario Draghi’s Cunning Strategy to Subjugate Weak European Nations

By: Wednesday September 5, 2012 8:57 am

The details of the European Central Bank bond purchase plan have been leaked to Bloomberg, and they confirm perhaps the worst fears of how this program would be managed. As I’ve been saying all along, Mario Draghi was faced with a dilemma. He needed to act to save troubled sovereigns in Europe like Spain and [...]

ECB Bond-Buying Program a Balancing Act Between Leverage and Rescue

By: Monday August 27, 2012 8:55 am

The Wall Street Journal has more confirmation that the European Central Bank will consider rate targets to keep the spreads on bond yields manageable for its member states. The central bank wants to help bring down government financing costs through targeted purchases of government bonds, while preserving their flexibility to change course when needed and [...]

Greece No Longer the Problem for Europe; It’s Recession and Capital Flight

By: Friday August 24, 2012 8:15 am

Greek Prime Minister Antonis Samaras begged his minders in the Eurozone for more time to institute austerity policies, asking German Chancellor Angela Merkel for “time to breathe.” That may not be forthcoming. The troika (the EU, IMF and European Central Bank) will write a report in the coming month that will determine whether they continue [...]

ECB Bond-Buying Confirmed By Second Media Outlet

By: Tuesday August 21, 2012 6:55 am

The European Central Bank spent most of yesterday rejecting any hope of an imminent intervention in the European bond markets, to put a cap on the spread between the yields of the cheapest and most expensive sovereign bonds. But Ambrose Evans-Pritchard of the Telegraph (UK) not only confirmed the existence of the program, but said [...]

support firedoglake
Follow FDL News Desk