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G8 leaders end summit with pledge to keep Greece in eurozone

Sun, 20 May 2012 00:00:00 -0700

The Guardian - By Ewen MacAskill - May. 20 (News Report) - US and France succeed in putting promotion of growth at top of communique despite Germany's resistance to stimulus package Barack Obama and the other G8 leaders wrapped up their negotiations on the European crisis at Camp David on Saturday with a pledge to keep Greece in the eurozone and to promote growth. The communique, which had the growth promise at the top, represents a victory for Obama and the new French president, François Hollande, over German chancellor, Angela Merkel, who has resisted calls for a stimulus package. But it may be shortlived. The communique was short in detail and Merkel could re-establish her dominance next week at an informal European meeting. The eight leaders meeting at the US presidential retreat in Maryland issued a communique declaring in its opening paragraph: "Our imperative is to promote growth and jobs." It added: "The global economic recovery shows signs of promise, but significant headwinds persist. Against this background, we commit to take all ...

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What You've Heard About Greece Is Not True

Thu, 17 May 2012 00:00:00 -0700

Huffington Post - By Richard Parker: - May. 17 (Comment) - You've probably come across reports that the Greeks are feckless tax evading...

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Those Revolting Europeans

Sun, 06 May 2012 00:00:00 -0700

New York Times - By Paul Krugman - May. 06 (Opinion) - The French are revolting. The Greeks, too. And it's about time.

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What Greece Means

Mon, 12 Mar 2012 06:23:57 -0700

New York Times - Mar. 12 (Opinion) -

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Op-Ed Columnist: In Athens, Austerity’s Ugliness

Wed, 07 Mar 2012 00:00:00 -0800

New York Times - By Nicholas D. Kristof - Mar. 07 (Opinion) - The effects of slashed budgets in Greece, without much in the way other reforms, are leaving a sense of doom.

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Op-Ed Columnist: What Ails Europe?

Sun, 26 Feb 2012 00:00:00 -0800

New York Times - By Paul Krugman - Feb. 26 (Opinion) - The two common explanations — call it the Republican narrative and the German narrative — are just wrong.

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Greeks unsettled by demands of a frustrated Europe - The Washington Post

Wed, 01 Feb 2012 00:00:00 -0800

Washington Post - By Michael Birnbaum - Feb. 01 (News Report) - .. before Greece can get more money, Europe is asking it to take steps that threaten to aggravate an already biting recession.

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In Greece, fears that austerity is killing the economy - The Washington Post

Wed, 11 Jan 2012 00:00:00 -0800

Washington Post - By Anthony Faiola - Jan. 11 (News Report) - Unemployment has surged to 18.8 percent from 13.3 percent only a year ago.

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Keynes Was Right

Fri, 30 Dec 2011 00:00:00 -0800

New York Times - By Paul Krugman - Dec. 30 (Opinion) - Once again, when politicians and policy makers decided to focus on deficits, not jobs, they proved Keynes right about a slump being the wrong time for austerity.

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Greeks Reeling From Health Care Cutbacks - NY Times: World

Tue, 27 Dec 2011 03:54:40 -0800

New York Times - By By SUZANNE DALEY - Dec. 27 (Special Report) - A 13 percent cut in health care spending as part of widespread austerity measures has left public hospitals lacking personnel and supplies, and many Greeks without care.

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Ex-Greek PM George Papandreou on Greece's Fiscal Crisis and Why He Backs Occupy Movement

Fri, 09 Dec 2011 00:00:00 -0800

Democracy Now - By Amy Goodman - Dec. 09 (Interview) - In an exclusive interview, we speak with former Greek Prime Minister George Papandreou, who is attending the U.N. climate change summit in Durban, South Africa. Papandreou was forced to resign last month when he suggested holding a national referendum to allow the Greek people to have a say in whether they would accept the European Union’s bailout plan which would necessitate severe austerity cuts. We speak to Papandreou about the financial crisis, the role of banks and the importance of the growing Occupy Wall Street movement. "The Occupy Wall Street movements ... are saying something very, very specific. That inequality in the end is an inequality of power. And we need to redistribute power, not just money. Power –– and this is I think the Democratic challenge that we have today," Papandreou says. [Rush transcript to come. Check back soon.]

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Boring, Cruel Euro Romantics

Mon, 21 Nov 2011 00:00:00 -0800

New York Times - By Paul Krugman - Nov. 21 (Opinion) - There’s a word I keep hearing lately: “technocrat.” Sometimes it’s used as a term of scorn — the creators of the euro, we’re told, were technocrats who failed to take human and cultural factors into account. Sometimes it’s a term of praise: the newly installed prime ministers of Greece and Italy are described as technocrats who will rise above politics and do what needs to be done.

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Op-Ed Columnist: Legends of the Fail

Thu, 10 Nov 2011 00:00:00 -0800

New York Times - By Paul Krugman - Nov. 10 (Opinion) - With Italy following Greece off a cliff, it’s hard to see how the euro can survive. Now that the euro project is on the rocks, what lessons should we draw?

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Wall Street v. Greece: G20 Opens as Greek PM Pushes For Referendum on Bailout and Austerity Measures

Thu, 03 Nov 2011 00:00:00 -0700

Democracy Now - By Amy Goodman - Nov. 03 (News Report) - World leaders are gathering in Cannes for the opening of the Group of 20 summit today. On the top of the agenda is the Greece bailout and the European debt crisis. On Monday, Greek Prime Minister George Papandreou angered many European leaders by announcing his support for a popular referendum — allowing the Greek people to decide if they want to accept the conditions of the $179 billion European Union bailout. After days of increasing criticism from European leaders, Greek Prime Minister George Papandreou is now facing calls from within his party to resign. The Greek debt scandal has also pitted U.S. banking interests against France, Germany and other European powers. "The Americans are putting immense pressure on Europe saying, 'We will wreck your economy if you don’t wreck Greece's economy,'" says economic analyst Michael Hudson. President Obama is “basically telling Europe, ‘Don't go the democratic route, support Wall Street.’” [Transcript to come. Check back soon.]

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U.S. Stock Futures Drop as Europe Woos China for Bailout Fund

Mon, 31 Oct 2011 00:00:00 -0700

Bloomberg - By Adria Cimino - Oct. 31 (News) - U.S. stock futures fell, indicating the Standard & Poor's 500 Index may pare its biggest monthly rally since 1974, as investors awaited China's response to the European request for money to boost the bailout fund. Alcoa Inc., the largest U.S. aluminum producer, and General Electric Co. led declining shares in European trading. Futures on the S&P 500 expiring in December fell 0.9 percent to 1,269.4 at 8:50 a.m. in London. The S&P 500 advanced in the last four weeks and has climbed 14 percent this month. Futures on the Dow Jones Industrial Average retreated 89, or 0.7 percent, to 12,079

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Euro Zone Death Trip - New York Times

Sun, 25 Sep 2011 19:25:20 -0700

New York Times - Sep. 25 (Opinion) - Financial TimesEuro Zone Death TripNew York TimesIs it possible to be both terrified and bored? That's how I feel about the negotiations now under way over how to respond to Europe's economic crisis, and I suspect other observers share the sentiment. On one side, Europe's situation is ...Merkel Says Greece Needs 'Barrier' Erected to Stave Off DefaultBusinessWeekMerkel: Europe's rescue fund needs to be expandedThe Associated PressGreek default would destroy faith in Europe: MerkelReutersBoston Globeall 250 news articles »

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Editorial: Europe at the Brink

Tue, 19 Jul 2011 22:09:03 -0700

New York Times - Jul. 19 (Opinion) - Time is running out for Europe’s leaders to extricate Greece from its current unsustainable debt.

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Can Greeks Become Germans?

Tue, 19 Jul 2011 21:17:48 -0700

New York Times - Jul. 19 (Opinion) -

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Audacity of Hope: Inside Report Aboard U.S. Ship's Dramatic Challenge to Greek Ban on Gaza Flotilla

Wed, 06 Jul 2011 00:00:00 -0700

Democracy Now - By Amy Goodman - Jul. 06 (News Report) - A French boat carrying eight people as part of the 10-ship Freedom Flotilla to the Gaza Strip has left Greek waters, defying a ban imposed by Greece under heavy pressure from Israel and the United States. The small boat is the first to elude Greek authorities after two ships were stopped since Friday. Carrying humanitarian cargo, the ships are trying to reach Gaza just over a year after Israeli forces killed nine people aboard the first Freedom Flotilla. Democracy Now!'s Aaron Maté was on board the U.S.-flagged ship, The Audacity of Hope, when it became the first flotilla ship to defy the ban and make a break for Gaza, only to be intercepted by Greek authorities in a dramatic standoff at sea. He filed this report.

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Greece's finances: Out of the frying pan

Sat, 02 Jul 2011 00:00:00 -0700

Economist - Jul. 02 (News Analysis) - Greece has gained some breathing space in its struggle to avoid a messy default. If all goes according to plan during this weekend’s consultations by the eurogroup—a teleconference of finance ministers of countries that belong to the currency—Greece’s creditors will shortly agree on a fresh bail-out package to replace the €110 billion agreed a year ago. Athens now expects to receive a €12 billion loan tranche within a fortnight from its European Union partners and the International Monetary Fund, which should enable the government to meet debt redemptions and pay civil servants' salaries at the end of the month. But the domestic cost has been high. Almost 200 people received hospital treatment after anti-austerity riots outside parliament on the night of Wednesday’s vote, which the governing PanHellenic Socialist Movement (PaSok) party won by 155 votes to 138. Seventeen extremists face charges of inciting violence. Three days later, teargas fumes were still wafting through narrow streets and shops around central Syntagma square, scene of the worst clashes.

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Hundreds of Thousands of Greek and British Workers Stage Strikes As Governments Push Austerity Cuts

Fri, 01 Jul 2011 00:00:00 -0700

Democracy Now - By Amy Goodman - Jul. 01 (News Analysis) - More than 750,000 British public sector workers staged a 24-hour strike Thursday in a stand-off with the government’s plans to reform public sector pensions. The reforms come as the government tries to trim its deficit and would require public workers to work longer, pay more toward their pension and receive less upon retirement. Meanwhile in Greece, thousands of workers staged a 48-hour strike and many took to the streets after the Greek Parliament approved a raft of austerity measures that include spending cuts, tax increases and privatizations as a condition for a massive bailout to avert the Eurozone’s first default.

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Greek Parliament Approves $40B Bailout; Some Economists Predict Vote Will Worsen the Recession

Wed, 29 Jun 2011 00:00:00 -0700

Democracy Now - By Mark Weisbrot, Amy Goodman - Jun. 29 (News Report) - “There’s going to be a default right up the road, so they could default now and they could refuse to accept these conditions,” says Weisbrot. “They may be better off for that, especially, if the result of what is going to play out is years of recession and high unemployment.”

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Inside Greek’s General Strike: Video Report From Athens As Thousands Protest Sweeping Austerity Cuts

Wed, 29 Jun 2011 00:00:00 -0700

Democracy Now - By Amy Goodman - Jun. 29 (News Report) - Riot police have fired volleys of tear gas, smoke bombs and stun grenades in a bid to clear the masses of Greek protesters surrounding the parliament in Athens. The chaotic standoff began Tuesday when police stormed the adjacent Syntagma Square, where demonstrators have camped for over a month. Democracy Now! producers Aaron Maté and Hany Massoud were there just as the unrest broke out and spoke to many of the demonstrators who refused to leave the square. “They sell our country,” said one protester. “They sell our national dignity ... they have signed away … our constitution!” Another person said, “We need the solidarity of working class people and youth from around the globe. The only way to stop the cuts, the attacks and austerity packages is by struggling, this includes everything, strikes, demonstrations, occupations of squares and uniting the different movements from around the world.”

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Greek parliament passes austerity bill

Wed, 29 Jun 2011 00:00:00 -0700

Aljazeera - Jun. 29 (News) - The Greek parliament has passed an austerity package by a slim majority to slash $40bn off the national debt. The package of taxes, spending cuts and privatisations has angered many Greeks, with thousands taking to the streets as part of a 48-hour national strike protesting against the bill.

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China promises EU "helping hand" with debt crisis

Tue, 28 Jun 2011 00:00:00 -0700

Reuters - By James Pomfret, Stephen Brown - Jun. 28 (News) - Chinese Premier Wen Jiabao offered Europe a "helping hand" with its debt crisis during a visit to Germany on Tuesday and said his country could buy the sovereign debt of some troubled euro zone nations if needed.

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