Polls show Socialist Party candidate Francois Hollande far ahead of Nicolas Sarkozy [GALLO/GETTY] It would be at least interesting to see Emperor Sarkozy and Fourth Reich Disciplinarian together with Lagarde depart for other pastures. All three see the European solution as one of strangling the working person, raiding their general fund and then the final [...]
Germany at odds with Dutch and IMF boss over eurozone bailout fund You could be excused for thinking that there is a very short story to the Greek bailout. Apparently Greece is less than 2% of the Eurozone capability. Letting it sink, if that is the correct term, may very well mean nothing [...]
In a touching few moments in the economic lunacy charade why not as, isn’t this the same credit agency that rated subprime and get rich quick tricks AAA? Seems all is forgiven and apparently now their assessment has somehow come good. This is a real tribute to the power of propaganda as so many swallow [...]
Countries in Europe have suffered at the hands of the European Central Bank‘s gross mismanagement [EPA] Washington, DC - The people who gave us the eurozone crisis are working around the clock to redefine it in order to profit politically. Their editorials – run as news stories in media outlets everywhere – claim that the euro [...]
REUTERS A ceremony to mark the launch of the euro coins in Frankfurt in December 2001: The euro was always built on delusions. Since its inception, the euro zone has been built on lies, the most grievous of which is the idea that the common currency could work without political union. [...]
Wrecking the World Economy by DEAN BAKER The world is eagerly waiting to see if the European Central Bank (ECB) will take the steps needed to save the euro. Specifically, is the ECB prepared to act as a central bank and guarantee the sovereign debt of the countries in the eurozone as the [...]
AFP German Chancellor Merkel and French President Sarkozy have agreed a fiscal union plan. But will it be enough? The pressure on the euro zone is so great that the German-French plan for treaty changes to punish budget rule-breakers is likely to be approved at a make-or-break EU summit starting Thursday. But it could still be thwarted [...]
Dennis Skley (CC-BY-ND) By William Pfaff The American rating firm Standard & Poor’s warned 15 European nations on Monday, including Germany and France, that unless they solve their currency problems this week, to the satisfaction of S&P, a business corporation, this company will “downgrade” them, with the effect of increasing the interest they must pay on their [...]
DPA Europe Shudders at Germany‘s New-Found Power Many across Europe resent Germany’s influence in the current euro crisis. Germany, admired and envied for its economic success, has become a model for Europe in the debt crisis. The Continent is becoming more German as countries get serious about fiscal discipline. But the nation’s new dominance is [...]
A euro sculpture in front of the European Central Bank building in Frankfurt. Photograph: Michael Probst/AP Eurozone ministers hit back at S&P downgrade threat: live • S&P threatens mass downgrade of eurozone states • Greek parliament to vote on 2012 budget • British Retail Consortium reports biggest sales fall for six months 2.41pm: If you’ve been [...]
Merkel has cautioned against meddling with the European Central Bank’s strict inflation-fighting mandate [Reuters] A disappointing bond sale by Germany has raised fears that Europe’s debt crisis is beginning to threaten the eurozone’s strongest economy. Financial markets were also unnerved on Wednesday by newspaper reports that Belgium may be pressing France for an expansion of a $120bn bailout of the [...]
Is Europe Over? Europe has always been a rather tenuous concept. A rump continent, Europe represented the barbarous hinterlands for the Greeks and Romans. The first use of the term “European” occurred in a chronicle describing the forces of Charles the Hammer that turned back the northward advance of Islam at the [...]
A young Belgian prepares for the euro in 2002 – but now the single currency isn’t quite so trendy. Photograph: EPA The euro used to be trendy, but now we know it was just a fashion faux pas The eurozone crisis was wholly predictable and the attempts to save the single currency will [...]
Mario Monti is among the possible candidates to succeed Silvio Berlusconi when he steps down [REUTERS] A former European Union bureaucrat and respected economist has emerged as the frontrunner to become Italy’s next prime minister, as Italy’s cost of borrowing fell back on hopes that a new government to tackle the country’s debt crisis could soon be in place. Mario Monti, who [...]
Debt crisis sets markets in turmoil amid reports of talks about the break up of the eurozone. Photograph: Jeff Spielman/Getty Images European debt crisis spiralling out of control Reports that Germany and France have begun talks to break up the eurozone amid fears that Italy will be too big to rescue reddit this Comments (406) [...]
A close-up view of a Greek one euro coin. Europe‘s leaders are still at loggerheads over a plan to save the single currency. Photograph: Jens Buettner/EPA It seems that the casino logic of what is called economics is not able to deliver the many millions of financially dead required by the capital project for [...]
Spain and Portugal: ‘the worst will be next year. Then it will really hit’ A protester holds a banner that reads ‘No to job insecurity‘ in front of the finance ministry in Lisbon. Photograph: Rafael Marchante/Reuters Jon Henley is travelling through Portugal, Spain, Italy and Greece to hear the human stories behind the European [...]
Slovakia approves EU rescue plan – Thursday 13 October 2011 Slovakia’s Prime Minister Iveta Radicova lost a vote of confidence over the EFSF expansion on Tuesday, leaving her as caretaker PM. Photograph: Petr David Josek/AP • Slovakia votes in favour of EFSF expansion • €440bn still won’t be enough, warns analyst • US and European stock markets [...]
Troubled Eurozone Finance Capital By Stephen Lendman - Posted on 12 October 2011 Troubled Eurozone Finance Capital – by Stephen Lendman For years, Progressive Radio News Hour contributor Bob Chapman warned about troubled Eurozone financial institutions and possible sovereign defaults. Greece died months ago. Default is certain. Only its obituary hasn’t appeared. Germany prepared contingency plans [...]
France’s president Nicolas Sarkozy, right, and German chancellor Angela Merkel meet to discuss the debt crisis. Photograph: Philippe Wojazer/AFP/Getty Images Watching the still-unfolding eurozone crisis is like watching Europe sleepwalk into an entirely preventable disaster. The latest figures have shown that even the German economy is now experiencing almost zero growth, following other countries, such as [...]
Nicolas Sarkozy and Angela Merkel want to synchronise nations’ tax policies as part of their attempt to save the eurozone. Photograph: Philippe Wojazer/AFP France and Germany have set out plans to create the first “true European economic government” headed by a single appointed leader, as part of major moves to synchronise tax and spending [...]
Italian Prime Minister Silvio Berlusconi said that the measures were necessary to balance the budget by 2013 [Reuters] Italy’s government has approved austerity measures to balance the budget by 2013 and meet demands made by European Central Bank (ECB). The measures were approved during an emergency cabinet meeting held late on Friday. Despite denunciations by [...]
A cyclist rides past the European Central Bank headquarters in Frankfurt. The ECB is to buy government bonds from Italy and Spain. Photograph: Ralph Orlowski/Reuters The European Central Bank has moved to halt Europe’s runaway debt crisis by pledging to buy government bonds from Italy and Spain. The move to prop up Europe’s struggling nations [...]
Markets are anxiously looking for ECB to start buying Italian and Spanish debt to stabilise prices [AFP] The European Central Bank (ECB) has decided to intervene decisively on markets to respond to the escalating debt crisis, a eurozone monetary source said after a conference call between ECB and G7 finance ministers. Officials on the conference call [...]
A Wall Street sign in front of the New York stock exchange. Recent events have changed the US as an unassailable economic superpower. Photograph: Lucas Jackson/Reuters When India joined China in criticising America’s chaotic handling of its hefty debts this weekend, describing the challenges facing the White House as “grave”, it was the clearest indicator yet [...]
Traders at the New York Mercantile Exchange in New York on Monday. Three of Britain’s biggest banks took a £5bn over the eurozone crisis as stocks fell heavily in Europe and North America. Photograph: Justin Lane/EPA More than £5bn was wiped off the value of three of Britain’s biggest banks on Monday as global [...]
European debt crisis: On Monday, Italian finance minister Giulio Tremonti pledged an unprecedented package of austerity measures to reassure the markets. Photograph: Georges Gobet/AFP/Getty Images World stock markets accelerated their falls on Tuesday as Italy struggled to avoid being sucked into the escalating European debt crisis, andGreece moved closer to a default. Bank shares were in retreat [...]
