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Europe’s Debt Crisis: Back from the Brink?
So it looks like Greece will dodge a default, at least for now. The Greek parliament passed a new $4.4 billion austerity package on Sunday, which includes a painful 22% cut in the minimum wage and...
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What Happens if Greece Doesn’t Get a Bailout?
After the Greek Parliament on Sunday passed yet another package of austerity measures demanded by its euro-zone neighbors — this one worth $4.4 billion — the path seemed clear to finalizing a...
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Can a Second Bailout Save Greece?
After months of delays, arguments and doubts, euro-zone finance ministers agreed on a second, $170 billion bailout of beleaguered Greece in the early hours of Tuesday morning. The agreement will not...
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Is America’s Economic Recovery Real?
That’s the $64,000 question, particularly for the U.S. presidential elections – if things keep improving, it’s only good news for Obama. The economy has been on a roll this year, with unemployment...
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Why Portugal May Be the Next Greece
The most recent Greek bailout appears to be successful. As a result, worries about the European financial crisis have diminished somewhat. Indeed, European Central Bank president Mario Draghi has said...
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Europe’s Economic Woes: That Sound You Hear Is the Euro Cracking
A break-up in the Eurozone just got more real with the announcement of the short-list for the Wolfson Economics Prize. This years challenge question was: “If member states leave the Economic and...
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European Voters Have Rejected Austerity—So What Happens Next?
So voters in France and Greece sent an inescapable signal to the euro zone: No more austerity. In doing so, they showed that the average guy on the street understands economics better than the people...
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Is a Greek Exit from the Euro Inevitable?
For 2½ years, the world has been watching and waiting to see if debt-laden Greece can remain in the euro zone. Many have been doubtful since the beginning of the debt crisis. Greece’s government debt...
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Euro Crisis: Why a Greek Exit Could Be Much Worse than Expected
At the G-8 meeting at Camp David last weekend, lip service was paid to keeping Greece in the euro zone. But economists who are watching the continuing financial crisis in Europe are increasingly coming...
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Which Advanced Economy Has the Most Debt?
The global economy is straining under the weight of more than just public sector debt. In the developed world, consumers, financial institutions, and other corporations have each accumulated...
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Euro Crisis: Is the Currency (Finally) Doomed?
Since the start of Europe’s debt crisis in 2009, there has been a steady drumbeat of predictions that the euro is doomed. The problems were too intractable, the debts too large, the political will too...
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Europe Crisis: “Bad Romance” on a Global Scale
If there were an official anthem for the European debt crisis, it would be Lady Gaga’s “Bad Romance,” and not just because the pop star croons a few lines in French and chants the name of a continental...
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Why Spain’s Big Bank Bailout Is Really a Big Bust
Every time the leaders of the beleaguered euro zone come together to make a decision aimed at quelling its debt crisis, the boost in confidence for the common currency’s future becomes shorter-lived....
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Greek Voters Provide a Respite for the Euro, but for How Long?
The outcome of Sunday’s parliamentary elections in Greece eliminates for the time being the worst-case scenario of a Greek debt default or a disorderly withdrawal from the euro, but the respite for...
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The Euro Crisis: Why Greece’s Election Doesn’t Matter
Sunday’s national election was supposed to be a major turning point for the future of the euro. The fear in financial markets was that a government led by a party with a radical approach to the...
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Why Thursday’s Euro Summit Really Is a Make-or-Break Moment. Really.
Once again, leaders of the 27 European Union nations are holding a crisis summit meeting to tackle a spreading economic crisis and shore up the floundering euro. Once again there are ambitious...
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Why a Euro-Zone Crisis Can’t Be Avoided Very Much Longer
Stocks rallied last week after European Central Bank President Mario Draghi declared that the ECB stands ready to do whatever it takes to preserve the euro. Nevertheless, most forecasters believe that...
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In Depressed Athens, a Money Museum Tries to Turn the Tide
ATHENS — It doesn’t take long to get the pulse of this country’s economic problems. After my arrival, the taxi ride to the hotel was delayed an hour by street demonstrations. “We have big problems,”...
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Strapped Europeans Swap Cars For Bikes
Italy is home to Ferrari and Lamborghini, two of the world’s most legendary automakers. But the country’s troubled economy has forced an increasing number of Italians to downside the number of wheels...
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On Europe’s Thanksgiving Menu: Stiffing Greece
The lull is over. After enjoying a long period of relative calm, the euro zone is heading into new turbulence this week as E.U. leaders meet in Brussels for a scheduled two-day summit. While Americans...
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