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The ongoing eurozone crisis is often projected in the media, somewhat superficially, as wholly the product of Greece's financial profligacy. There are, however, more fundamental reasons for this turmoil. The causes are to found, as the following analysis shows, in the...
The Greek prime minister George Papandreou’s call for a referendum on the bailout package agreed with the EU leaders and the IMF sounds like a move towards democracy. The Greek people are apparently going to be asked whether they want to accept or reject massive cuts...
Have so many ever been so enthusiastic over a plan to beg, borrow, and steal $1.5 trillion? •Beg - Weaker European banks will have to raise over $100 billion in capital. •Borrow - Eurozone will borrow $1.4 trillion to bailout future sovereign and bank defaults. •Steal...
As it has remorselessly unwound, the global economic and financial crisis has passed through a succession of turning points. The first came when the credit crunch began in August 2007. Then there was the collapse of Lehman Brothers in September 2008, precipitating the...
What if debt deflation strikes, will the Eurozone’s financial elite still bay for sound finance? Finance capital’s imposition of fiscal austerity on both sides of the Atlantic – and this at a time when private consumption and investment are stagnating – is pushing the...
Greece is facing an economic and social disaster, the result of its so-called rescue by the "troika" of the EU, the International Monetary Fund and the European Central Bank. Greece must change course to avoid a grim future for its people: it must default on its debt...
In the early days of October 2011 the virtual bankruptcy of the Franco-Belgian bank Dexia is yet another sign of how deep is this crisis that brings governments to serve public money to private interests. Dexia’s krach shows that it is the private banks that are the...
EU ministers have delayed payment of an €8bn loan disbursal to Greece after the PASOK government admitted it would not meet deficit targets. Without the money, the Greek state may not be able to pay its workers over the next month. These targets were set as part of...
This Thursday, in Washington, finance ministers and central bank governors of the BRICS group of emerging powers - Brazil, Russia, India, China and South Africa - will get together and, in the words of Brazilian Finance Minister Guido Mantega, "Talk about what to do...