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Archives by Tag 'European Central Bank'
The US and the Euro Crisis
MARK WEISBROT
The eurozone recession is now the longest on record for the single currency area, according to official statistics released last week, as the economy shrank again in the first quarter of this year. A comparison with the U.S. economy may shed some light on how such a profo...
So Much for the Sanctity of Bank Deposits
SERGE HALIMI
Paris. Everything was becoming impossible. It was impossible to increase taxes because that would discourage “entrepreneurs”. It was impossible to protect a country against commercial dumping by low wage countries, as that would contravene free trade a...
The New Tyros of the Eurozone
DEAN BAKER
The eurozone crisis countries still have not developed a workable strategy for countering the policies being imposed by the troika — the European Central Bank (ECB), the IMF and the European Union. Their main problem is not profligate government spending, as fans of dat...
The Euro is Not in Trouble; the People Are
VINCENT NAVARRO
One of the phrases frequently written in economic circles in the United States (and to a lesser degree in Europe) is “the Euro is going to collapse.” Those who repeat that phrase over and over again do not seem to know how the Euro was established, by whom, and for wh...
The ECB’s Emergency Lending Authority is Keeping Greece Alive
MARSHALL AUERBACK
Greece has moved off center stage, as Spain has become the preoccupation de jour for Europe’s increasingly embattled authorities. But one has to wonder how the Greek banking system has managed to sustain itself over the past several months, given widespread deposit ...
How Far is the ECB Really Prepared to Go to Save the Euro?
MARSHALL AUERBACK
Re-reading Mr Draghi’s market-moving remarks earlier this week, one gains a sense that the European Central Bank chief recognizes that the ECB has a banking run on their hand. Most market participants have understandably focused on Mr Draghi’s pledge that the ...
Understanding Sarkozy
EVAN JONES
Dave Lindorff (‘Red-Baiting Hollande’, CounterPunch, 13 June) bemoans the difficulty of getting decent coverage of France in the US media. The problem is pervasive in the English-language media, for which Continental Europe is a foreign planet. France has long been a ...
The Spreading Crisis
MIKE WHITNEY
 ”The Greek economy is truly broken. The circuits of credit are so badly damaged that even efficient, profitable firms have been cut out of the capital markets …. Moreover, the new spending cuts… will give the forces of recession another boo...
Left Threat Terrifies Bankers: Out of the Eurozone, Into Bankruptcy?
PATRICK COCKBURN
Athens As Greeks prepare to vote in the most important election in their history on Sunday, people in Athens fear they are facing a future full of uncertainty, poverty and violence. Well-publicized crimes help create an atmosphere of violence as the wealth...
Greed and the Pain in Spain
CONN HALLINAN
Nobel Laureate economist Joseph Stiglitz characterizes the Spanish bank bailout as “voodoo economics” that is certain “to fail.” New York Times economic analyst Andrew Ross Sorkin agrees: “By now it should be apparent that the bailout has failed—or at le...
The Spanish Hurricane
ERIC TOUSSAINT
All eyes are turned toward Spain and its banking sector. After Greece, Ireland, and Portugal, we may ask ourselves if the bailout plans are behind us or whether we are simply in the eye of the cyclone? We must remain lucid and recognize that the financial and banking cris...
Economic Karma in Greece?
R. G. DAVIS
If the Greeks with some effort and success will say No to austerity then Syriza and Tsipras might have a good handle on the Banks and the EU. The Banks are necessarily caught in the grip of fright. and their own contradictions — they may have to bail out Greece. If ...
The Bailout of Spain
MIKE WHITNEY
“The burden of recapitalizing insolvent banks or loss-making acquisitions of solvent banks will fall on Spanish citizens.” – Karl Whelan, economist at University College, Dublin. Before EU finance ministers approve ...
Europe Moves Closer to Banktatorship
MIKE WHITNEY
Yields on 10-year Treasuries plunged to a record-low 1.56 percent on Thursday morning as panicky investors stormed out of European financial assets into German and U.S. government bonds.  Deteriorating credit conditions, a flurry of ratings downgrades, and bank runs ...
Another One Bites the Dust
MARSHALL AUERBACK
It might seem strange to invoke Freddie Mercury and Queen in the context of the eurozone, but it’s the first thought that springs to mind, as Brussels and the increasingly hapless ECB, continue to mismanage their way to financial and economic catastrophe. Yesterday, the...
The Age of Competing Nationalities
PATRICK COCKBURN
The crises in Europe and the Middle East are very different but they are beginning to cross-infect each other, creating a general mood of uncertainty and fear. In the Middle East, the Arab Spring was at first seen as wholly positive, as dictatorships and police states tum...
The Plan to Kick Greece Out of the Eurozone
MIKE WHITNEY
“Men and women of Greece, it is with a sense of dignity and patriotic duty, that we made the decision not to betray your hopes and aspirations…The pro-bailout parties did not simply want us to support a government that would impose more austerity, ...
The Meaning of “Austerity Measures”
MIKE WHITNEY
The eurozone is slipping into a recession that could have been avoided. Had policymakers provided fiscal support for stricken countries in the South and guarantees on their government bonds, (as the USG does for US Treasuries) then their economies could have continued t...
No Exit in EU
JEFFREY SOMMERS
Peter Praet, Chief Economist of the European Central Bank, defended the ECB’s policies at Levy Institute’s annual Minsky meeting at the Ford Foundation this past week in New York that. In his remarks, he retreaded the EU’s wheels with the same rhetoric of inflation ...
Spain Marches Toward a Depression
MIKE WHITNEY
“Other countries have gone through similar experiences. Latin American countries suffered a lost decade after 1982, and Japan has been stagnating for a quarter of a century; both have survived. But the European Union is not a country and it is unlikely to su...
Europe’s Economic Maginot Line
DEAN BAKER
In the build-up to World War II, the French military created the Maginot Line. This barrier, which utilized state of the art military defenses, was intended to defend France from a ferocious assault by Hitler’s armies. When the attack ultimately came, the Germans made q...
The Future of Greece May Not be as Bad as It Looks
PATRICK COCKBURN
Maria Svoronou has three jobs and was finishing a twelve hour day as euro zone leaders were finalizing Greece’s rescue package in Brussels. For all her hard work, she earns only Eur 870 a month and says that “if the situation gets any worse, I won’t be able to survi...
The Humiliation of Greece
MIKE WHITNEY
“How can one speak of default in the future tense when we’re already bankrupt… Don’t you see the people scouring through garbage and sleeping on sidewalks? Those who led us to bankruptcy – the troika and the government – now cla...
Greece and Those Wild & Crazy Guys at the ECB
DEAN BAKER
I have been following the European sovereign debt crisis since it first developed more than two years ago. It was evident from the beginning that the conditions on the debtor nations being demanded by the “troika” of the European Central Bank, the European Union, and ...
Greece Throws in the Towel, Bows to German Jackboot
PATRICK COCKBURN
Greeks expect to agree a deal with the Eurozone leaders today, Monday, that will cede much of their country’s independence. Greece will become an economic – and to a large extent a political – colony of Germany and its allies. Berlin will have a say in everythin...