Conflicting Reports On Who Knew About NSA Spying Program

By: Tuesday October 29, 2013 8:20 am

On the heels of protests in Washington over an out of control surveillance state came a batch of new stories on NSA spying abroad. Spain and now Italy have been added to the list of friendly nations and governments the NSA spied on. One aspect of the controversy that remains unresolved is whether President Obama [...]

NSA Spying Scandal Spreads To Spain

By: Monday October 28, 2013 5:56 am

As representatives of the European Union meet with American officials today to discuss reports of NSA spying in France and Germany, another country may want to shortly send a representative. According to Spanish newspaper El Mundo, the NSA spied on 60 million Spanish phone calls in one month. This could get awkward. The U.S. National [...]

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 [...]

The Struggle for Independence in Catalonia, Spain

By: Monday November 19, 2012 1:09 pm

Over 10% of all bank assets in Spain consist of bad loans, a major impediment to economic recovery. The total value of the bad loans, mostly mortgages gone sour, equals 182 billion euros, about 17.4% of total Spanish GDP. This causes banks to resist additional lending until they clean up their books. It’s not clear [...]

Spain’s Home Eviction Crisis

By: Monday November 12, 2012 11:29 am

The closest thing outside of the US to the housing bubble and collapse dynamic we’ve seen here since 2007 is in Spain. The bubble and the crash destroyed the Spanish economy and its financial system to a much greater degree in the US, mainly because the country does not control its own currency. So the [...]

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, [...]

Spanish Government: We Got Our Bailout, Thanks

By: Friday November 2, 2012 9:15 am

An anonymous Spanish government official announced what is obvious to anyone perusing bond yield statistics: they don’t need to request a formal bailout from European authorities. Spain is feeling less pressure to seek European financial aid in the short term because its state borrowing costs have dropped since the European Central Bank announced its offer [...]

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 [...]

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 [...]

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