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 [...]

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 [...]

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 [...]

Spanish Bank Bailout Already Collapsing as Solution for Europe

By: Tuesday June 12, 2012 7:40 am

The pattern I’m seeing in Europe these days is that each “solution” is given less and less time to work before the markets go right back into crisis mode. And indeed, that’s where we are. The Spanish bank bailout lifted spirits on Friday, and by Monday everyone went back to the same worries. Global markets [...]

Some Eurozone Finance Ministers Call for Greek Exit From Monetary Union – Good Idea!

By: Wednesday February 15, 2012 7:34 am

New statistics out of Greece show that austerity shrunk the economy more than expected last year. GDP in Greece fell 6.8% in 2011, and a slightly faster 7% in the fourth quarter. The country is in a fifth straight year of recession, and the numbers are rapidly approaching a full-on depression. So of course, the [...]

European Leaders Begin to Get Religion on Effects of Austerity

By: Thursday February 2, 2012 7:35 am

David Ignatius offers two cheers for Mario Draghi, the head of the ECB, for giving away super-cheap money to bankers. These pundits love their banking daddies, don’t they? Ignatius does realize, however, that the real problems in Europe are beside the point of the banking debt crisis. The problem is he thinks the real problem [...]

S&P: Greek Debt Restructuring Would Be a Default

By: Tuesday January 24, 2012 8:55 am

Standard and Poor’s has become the second rating agency to say that, regardless of the conclusion of the Greek debt restructuring, they would judge the country as in “selective default”. With two rating agencies – Fitch is the other – now on the record about default, it’s almost certain that the announcement of the deal, [...]

Greek Debt Talks Still Without Resolution; Bondholders Make Final Offer

By: Monday January 23, 2012 6:20 am

The debt talks between Greece and their bondholders, thought to be a done deal late Friday, spilled into the weekend and still found no resolution as of today. The short version is that the creditors want a higher coupon, or interest rate on the new bonds they’ll accept in exchange for taking at huge hit [...]

Ireland’s Savage Austerity

By: Wednesday November 24, 2010 8:03 am

If you thought the Irish government couldn’t possibly close its budget deficit without raising its obscenely low 12.5% corporate tax rate, you were wrong. The austerity program leaves the corporate rate untouched, balancing the budget on the backs of the people instead. Ten billion in euros come from spending cuts, and five billion from tax [...]

European Financial Crisis Not Near Over

By: Wednesday September 29, 2010 9:45 am

Everybody decided to notice today that Europe’s debt-ridden economies did not solve their problems with austerity measures, they exacerbated them: Fears that Europe could see another Greek-like debt crisis unfold in Ireland or Portugal escalated Tuesday, with investors selling off their bonds and analysts warning that both nations might be heading into critical periods that [...]

Europe Inks Late-Night Economic Rescue Agreement

By: Sunday May 9, 2010 6:31 pm

After dithering for several hours, European leaders held a late-night press conference to announce a large deal that they hope will stabilize the economies of the euro zone. Bloomberg has the details and the numbers are eye-popping: European finance ministers put together an unprecedented loan package that may be worth 720 billion euros ($928 billion) [...]

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