European Debt Crisis
Friday, June 22, 2012
In the Euro Cup soccer tournament today, Greece plays Germany in a big quarterfinal matchup. The game takes place in the context of tensions between the two countries over the European debt crisis. Martin Rauchbauer, Director of Deutsches Haus at NYU and Dimitris Filippidis, program director at Hellas FM discuss what's at stake in the game, what's at stake in their economies, and the ties between the two countries.
Greek-Americans, German-Americans -- are you watching today's match? What do you make of the state of relations between the two countries, and will the game help or hurt? The phones are open! 212-433-9692 or comment below.
Thursday, June 07, 2012
Luigi Zingales, University of Chicago economist and the author of A Capitalism for the People: Recapturing the Lost Genius of American Prosperity, argues the U.S. economy is in danger of falling prey to the problems he hoped to leave behind in Europe.
Thursday, January 19, 2012
Earlier this week, Standard & Poor’s downgraded the credit of nine European countries. In Greece, the government and private creditors continue to meet to renegotiate the debt there. On today’s first Backstory, Stuart Kirk, the head of the Lex column in The Financial Times, discusses this week’s negotiations, why many in Europe are now bracing for a Greek default, and how Europe is trying to cope with its continuing debt crisis in the new year.
Wednesday, November 23, 2011
Elaine Sciolino, Paris correspondent and former Paris bureau chief for The New York Times, discusses how President Sarkozy is faring politically, as he contends with the Eurozone crisis and is also trying not to get a downgraded credit rating. Sciolino is the author of La Seduction: How the French Play the Game of Life.
Friday, November 11, 2011
Europe's deepening financial crisis has the White House apprehensive over the potential economic and political ramifications in the United States. "The crisis in Europe remains the central challenge to global growth," Treasury Secretary Timothy Geithner said Thursday. Under pressure from the Frankfurt Group — eight European leaders including German Chancellor Angela Merkel, French President Nicholas Sarkozy, and IMF head Christine Legarde — Greece and Italy are looking to unelected technocrats to guide their nations away from fiscal catastrophe.
Wednesday, November 02, 2011
World markets plunged Tuesday after Greek Prime Minister George Papandreou announced a surprise plan to hold a national referendum on the proposed European bailout package, bringing the Greek government to the brink of collapse. Several members of Parliament's governing Socialist Party have called on Papandreou to resign, and some members of his own party have called for new elections immediately. A no-confidence vote is scheduled for Friday. Early Wednesday, the Greek cabinet backed Papandreou's referendum plan. Some analysts worry the referendum will bring Greece dangerously close to defaulting on its debt.
Monday, October 24, 2011
European officials were meeting all weekend long to discuss bailout plans — not only for debt-ridden nations in the euro zone but also for specific banks affected by the debt crisis. The European taxpayers paying for these bailouts are concerned about how this money will be used. Perhaps American tax payers should be too.
Monday, October 10, 2011
The Occupy Wall Street protest is still growing, and it's caught on in other cities across the country. Meanwhile, last week in Alabama the strictest anti-immigration bill in the country was again challenged by the Department of Justice. California passed a state Dream Act — the most lenient immigration bill legislation in the country. And, corporations will begin announcing their quarterly earnings results this week, which may briefly distract investors from the still-faltering European economy. Plus, The Washington Post and Bloomberg News are sponsoring a Republican debate on Tuesday night.
Thursday, September 29, 2011
German Chancellor Angela Merkel scored a major political victory on Thursday as the Parliament voted to expand the European Union's bailout fund. While the measure passed, the divisive vote had threatened Merkel's control over her own governing collation. The legislation increases Germany's share of guarantees from €123 billion to €211 billion. Six out of 17 euro zone nations still need to pass the agreement. Analysts are skeptical, saying the fund is too small to help seriously indebted European countries.
Wednesday, September 21, 2011
The Greek Finance Ministry said talks resumed last night between the country and international leaders, on a way to loan cash to Greece by mid-October and save it from defaulting. U.S. and European markets have fallen as Greece's fate hangs in the balance, and many are wondering how a Greek default would impact the rest of the world. Yesterday, the IMF cut its projections for economic growth in America and Europe, largely because of uncertainty over the European debt crisis.
Thursday, September 15, 2011
French President Nicolas Sarkozy and German Chancellor Angela Merkel reassured Greek Prime Minister George Papandreou that Greece is an "integral" part of the euro zone during a telephone conversation on Wednesday. As concerns over whether Greece will default on its debt, the Greek government has restated its commitment to meet deficit reductions required by the two bailouts it received from the European Union. The BBC's Steve Evans reports from Berlin, where German citizens are skeptical of bailing out another country.