The Greek Debt Deal: Austerity on Steroids
What a week to be Greek—or Spanish, or Portuguese. The debt-swap deal that most of Greece’s private creditors accepted last Thursday evening is of historic importance. Greeks now have at least a fighting chance of digging themselves out of debt…
6 Ways to Avoid an Economic Implosion in China
“What if China Fails?” This was the headline on an essay in the Wilson Quarterly in August 2010. It is now 2012, and we are still seeing strong economic growth, although Beijing just slashed the target to 7.5 percent–an 8-year…
EU Leaders ‘Occupy Greece’ to Oversee Bailout
The Greek financial rescue package, apart from its obvious necessity as a bailout mechanism, has always been about holding eurozone together, and living up to the legacies left by the European visionaries who started the continent on its way to…
Why the Greek Bailout Won’t Work in the Long Run
For the second time in a little over 3 years, Athens is burning. In December of 2008, police shot and killed a teenage student, igniting an explosive reaction by young people throughout the country and beyond. Back then, the riots…
Unthinkable: Conflict between Israel and Iran
The guessing game as to whether sanctions imposed last month against Iran for its nuclear program will work is over. They are already working. This past week the Iranian foreign minister, Ali Akbar Salehi, struck a notably conciliatory tone as…
Europe Faces a Two-headed Monster of Debt and Oil
It looks as though we have a deal between Greece and its private-sector creditors, and not a moment too soon. The announced agreement over the weekend ended months of handwringing and protracted talks between the government of Greek Prime Minister…
Eurozone to Greece: Cut a Deal or No Bailout
After the historic, defend-the-euro deal cut among European Union members last month, the question now seems to be who, if anyone, will blink first—political leaders in Greece as they impose more austerity, international lenders, or the bondholders now negotiating what…
Sanctions: Will Iran Redouble Its Nuclear Efforts?
Iranian oil, American diplomacy, and Asian economic power combined last week to yield a highly unstable, potentially combustible cocktail. The American economy and the financial markets have much to be thankful for so far in 2012, particularly as we look…
Reengineering Defense: Good, but Not Good Enough
At last, Americans can now say, we have broken the habit of preparing for the last war. The strategic defense initiative President Obama unveiled late last week is every bit the departure from previous practice that Obama and Defense Secretary…
Iran Sanctions: Another Cuban Missile Crisis?
And two more hotspots: Iraq and Egypt Is 2012 destined to be a year of Middle East challenges—not to say calamities—for the Obama administration? It has certainly started out ominously. The White House already has three fires to put out…
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