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Archives by Tag 'European Central Bank'
Past the Point of No Return
MIKE WHITNEY
“Eurozone banks’ demand for European Central Bank funding surged to a two-year high on Tuesday, as fast spreading sovereign debt worries left lending markets virtually frozen and  the ECB the only available funding option for many institutions....
Powergrab at the ECB
MIKE WHITNEY
“Time is running out fast. I think we have maybe a few months — it could be weeks, it could be days — before there is a material risk of a fundamentally unnecessary default by a country like Spain or Italy which would be a financial catastrop...
Will the Euro be Destroyed?
DEAN BAKER
We could be living through the last days of the euro. That is not a happy thought. While there were many negative aspects to the rules governing the European Central Bank and the eurozone economies, no one can want to see the economic chaos that will almost certainly foll...
Credit Storm Batters Europe
MIKE WHITNEY
Credit conditions in the eurozone continue to deteriorate while yields on French, Spanish, Belgian and Italian bonds move higher. Italy’s 10-year yield increased 19 basis points to 6.89 percent on Tuesday, just a stone’s throw from the “unsustainable” ...
Vulture Funds Gorge on Stricken Economies
OLAFUR ARNARSON, MICHAEL HUDSON and GUNNAR TOMASSON
The problem of bank loans gone bad, especially those with government-guarantees such as U.S. student loans and Fannie Mae mortgages, has thrown into question just what should be a “fair value” for these debt obligations. Should “fair value” reflect what debtors ca...
Big Finance Moves In
MIKE WHITNEY
Greek Prime Minister Georgios Papandreou and Italian Prime Minister Silvio Berlusconi have both been forced from office and replaced by representatives of big finance. Mario Monti, who will replace Berlusconi, was formerly the European Chairman of the Trilateral Commissio...
Europe’s Crash Landing
MIKE WHITNEY
“Italy is now mathematically beyond the point of no return.” –Barclays Capital  The situation in Europe gets more depressing by the day. Policymakers have waited too long and now events are beyond their co...
Economic Mismanagement in Europe
MARK WEISBROT
Some of us have been warning for months about the cri...
Bankers Crush Greek Democracy
DEAN BAKER
Greek Prime Minister George Papandreou touched off a firestorm last week when he proposed putting the austerity package designed by the “troika” (the I.M.F, the European Central Bank and the European Union) up for a popular vote. The idea that the Greek people might d...
Is Super Mario Printing Already?
MIKE WHITNEY
“Italy’s borrowing costs have spiked higher towards levels that forced Greece, Ireland and Portugal to be bailed out. The yield on Italy’s ten-year bond is up another 0.32 percentage point at 6.43 percent, a new euro-era high. A yield above 7...
Occupy the European Central Bank
DEAN BAKER
In the last month, people from around the country and around the world have picked up on the Occupy Wall Street theme of retaking the country from the wealthy. Insofar as this sentiment gathers force in Europe, there is probably no place better for people to plant themsel...
Is Goldman Sachs Poised to Takeover Europe?
MIKE WHITNEY
Goldman Sachs is about to take over Europe, but you wouldn’t know it by reading the papers. On Tuesday, G-Sax alum, Mario Draghi, will take the helm at the European Central Bank replacing retiring ECB president Jean-Claude Trichet. The appointment has slipped...
The Never-Ending Eurofiasco
MIKE WHITNEY
Imagine if the local fire chief, in the spirit of conservation, decided he’d use no more than 1,000 gallons of water to put out any given house fire. Do you think the citizens would support that policy if their town was burned to the ground? And, yet, this is the sa...
No Party For Europe
DEAN BAKER
Jean Claude Trichet will be retiring as head of the European Central Bank at the end of the month. He will step into retirement having wreaked the sort of destruction on the European economy that hostile powers can only dream about. Tens of millions of people across the e...
Fury Mounts Among Greek People
PATRICK COCKBURN
Athens Greece last week  was paralysed by a 48-hour general strike that began Wednesday and cast doubt on the unpopular government’s ability to implement reforms demanded by the European Union in return for further bailout money. Black-maske...
Is Merkel Right on Greece?
MARSHALL AUERBACK
The doom mongers are out in force.  The British Prime Minister, David Cameron, has dramatically stated that European authorities have “just a matter of weeks” to avert economic disaster.  Likewise, the mouthpiece of conventional financial “wisdom”, the Financial...
Europe Blinking Red
MIKE WHITNEY
German parliamentarians reaffirmed their commitment to the Euro-project on Thursday by approving an expansion of the European Financial Stability Facility (EFSF). The balloting provided the landslide victory (523 to 85) that German Chancellor Angela Merkel needed to reest...
The Real Crisis in the Eurozone
MARK WEISBROT
Three months ago I wrote ...
The Great Greek Bond Bazaar
Éric Toussaint
In July-September 2011 the stock markets were again shaken at international level. The crisis has become deeper in the EU, particularly with respect to debts. The CADTM  interviewed Eric Toussaint about various facets of this new ...
A Short Fable From the Eurozone
MIKE WHITNEY
Let’s say you wanted to start a new country, but you knew nothing about civil institutions, bureaucracy or history. All you cared about was creating an environment that was good for business, where budget discipline and trade agreements were the law of the land....
Geithner’s European Junket
MIKE WHITNEY
 On Thursday–exactly 3 years after Lehman Brothers defaulted igniting the greatest financial crisis in 70 years–the world’s most powerful central banks launched a massive intervention to staunch a liquidity squeeze in the...
The Irish Debt Crisis Story
LIAM LEONARD
Sligo, Ireland. By the mid-1990s, the historically troubled Irish economy began to move into a phase of rapid growth. Of course, the Irish economy could only improve from lows of the 1980s, but this economic success was measured against the collapse of eco...
Greece and the Debt Crisis in Europe
ERIC TOUSSAINT
In July-September 2011 the stock markets were again shaken at international level. The crisis has become deeper in the EU, particularly with respect to debts. The CADTM interviewed Eric Toussaint about various facets of this new stage in the crisis.   ...
Eurozone At Death’s Door
MIKE WHITNEY
“After almost two years of fighting to contain the region’s debt crisis and providing the biggest share of three European bailouts, Chancellor Angela Merkel is laying the ground for what markets say is almost a sure thing: a Greek default.” ...
EuroZone Deathwatch
MIKE WHITNEY
There’s no way to overstate the calamity that’s unfolding across the Atlantic. The eurozone is imploding. The smart money has already fled EU banks for safe quarters in the US while political leaders frantically look for a way to prevent a seemingly-unavoidabl...