Articles on Eurozone

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Spanish Prime Minister Mariano Rajoy: banks are bailed, but just a brief respite? AAP

Spanish bailout buys time for eurozone - but only a little

The positivity off the weekend’s news that Spain’s banks will receive rescue loans of up to 100 billion euros from eurozone finance ministers appears short-lived. Despite it being well-received in Asian…
Following the EU summit in Brussels this week, it seems eurobonds are back on the agenda. But will it be what it needed to save the Eurozone? AAP

Will (Euro)bonding help solve the euro crisis?

The special EU summit held in Brussels on Wednesday revamped the discussion on Eurobonds (i.e. the issuance of common government bonds to pool the Eurozone debt liability) as a possible option to address…
Austerity’s political cheer squad: but is the game over? G8 countries have committed to growth by setting sights on employment.

Why do our world leaders cling to the dismal politics of economic austerity?

The lingering commitment to austerity of leading Western politicians in the face of impending economic tragedy is beyond belief. The dismal science is a sobriquet often wrongly applied to economics, but…
During the Great Depression, policymakers had an irrational - and detrimental - attachment to the gold standard. Should we be worried about the similar fervour for a strong euro? BullionVault

When it comes to solving the euro’s woes, it’s the same gold story

Are the tragedies of the 1920s repeating themselves in the twenty-first century? In the 1920s, an irrational attachment to the gold standard helped cause the Great Depression, as European fears of inflation…
German chancellor Angela Merkel and France’s new President Francois Hollande meet to discuss Europe’s economic woes. EPA/Rainer Jensen

Hollande and Merkel: breaking up is hard to do

Europe is in economic dire straits and the two most powerful economies on the continent are, at least on paper, led by individuals with considerable differences. The previous French President Nicolas Sarkozy…
Greek citizens took their frustration out on the ballot box this weekend. EPA/Orestis Panagiotou

Elections in Europe an assault on the austerity doctrine

The answer, even though they see over and over again that austerity leads to collapse of the economy, the answer over and over [from politicians] is more austerity. – Joseph Stiglitz, Asian Financial Forum…
The European Central Bank’s long-term refinancing operations have reduced acute liquidity problems in the banking sector, but the situation in the Eurozone remains fragile. AAP

The ECB’s long-term refinancing operations: a solution to the debt crisis, or doomed to fail?

In November 2011, the Eurozone crisis reached a climax with interest rates on sovereign debt of Eurozone problem debtors soaring. Fear of sovereign defaults spilled over into the interbank markets as Eurozone…
Plans by Spain’s new conservative government to push through deep labour reform has provoked protests, as it struggles to tackle its soaring unemployment rate. AAP

Spain strikes against TINA, as the Eurozone watches on

Spain’s general strike last week has sent a clear message to other Eurozone countries about how challenging it may be to implement labour market reform. The strike was mostly peaceful, with the exception…
Not so funny…. Portugal is the next vulnerable Euro nation, but it doesn’t fit the German-favoured critique of a profligate country unwilling to undertake reforms. AAP

After the Greek rescue package: will Portugal be the next to fall?

Greece is rescued, for now…maybe. Perhaps it’s time to move on to the next basket case. So, which of the PIIGS is the next Greece? For the moment, Portugal looks to be the front-runner. The country’s public-debt-to-GDP…
Protests rocked Athens as Greek legislators voted to accept a tough austerity package. So what now for the Greek people? AAP

Austerity in, Euro out – is this Greece’s future?

As Greek politicians approved a tough austerity package amid fierce protests, one question dominates: is an orderly exit from the Eurozone available for Greece? And just what might be the consequences…
French leftists protest after Standard & Poor’s downgraded the country’s debt on Friday. AAP

After France’s downgrade, Europe’s debt cycle looks hard to break

Standard & Poor’s decision to downgrade the credit ratings of nine Eurozone countries, including Austria, France, Italy, Spain, and Portugal, is another symptom of the contagious and vicious debt cycle…
British Prime Minister David Cameron had no choice but to reject the EU plan and was right to do so. AAP

Why Cameron can’t afford to get fiscal with the EU

Last week’s EU Brussels summit produced a tentative fiscal compact, a mild boost of the European Financial Stability Facility’s (EFSF) reserves to €500 billion, and an acrimonious split between Britain…
Despite happy appearances, the two leaders disagree the way out of the Eurozone crisis. AAP

A make-or-break week: Can Sarkozy and Merkel save the euro?

What could be a decisive week for Europe and its common currency has begun, with the announcement of a package of fiscal austerity measures in Italy. Markets, European partners, and – perhaps above all…
The European Central Bank needs to start buying more bonds from Eurozone countries. Images_of_Money

With Italy stagnant, it’s time for drastic Euro intervention

The departure of Silvio Berlusconi does not seem to have eased the pressure on Italy, with reports suggesting the International Monetary Fund is reading a 600 billion euro emergency bailout for the Eurozone’s…

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