As Europe Slowly Recovers, the US Heads off the Cliff
What at a year for the European Union. Europe has now fought its way through the worst of its fiscal crisis, and the year ahead will end up being more about recovery than austerity. It may seem strange to hoist…
Has Britain Recovered or Simply Faked a Recovery?
Two recession strategies are competing ever more openly in Europe—two growth models and two economic philosophies that Americans should watch carefully. Just as the choice ahead could change the map of the European Union so could the election on November…
Europe Got the Buyout but Will It Get the Buy In?
The best that could be hoped for: That is the obvious way to look at the European Central Bank’s new plans to buy up the bonds of troubled members of the European Union. The markets loved the announcement last Thursday:…
Will Europe Lose the War Between the States?
The Greeks did something interesting Tuesday morning. In a highly controversial decision, Athens announced that it would pay those bondholders who refused to participate in last March’s debt swap. Just 3 percent of Greece’s private creditors hold $552 million in bonds…
Will the End of Austerity Break Up the Eurozone?
With the elections in France and Greece Sunday, both supercharged by debt, deficits, and economic desperation, Europe is about to take a dramatic new direction. The eurozone is turning away from stringent austerity policies and toward those that stimulate demand….
What a Socialist France Would Mean for America
Should the U.S. be (a) frightened, (b) neutral or (c) exuberant that a very moderate Socialist looks set to win the presidency in France when the second round of voting takes place May 6? If Francoise Hollande wins, Americans should…
The Socialist Who Can Rattle the Global Economy
At the end of a week of bad news across Europe, the French have handed the Continent another cliffhanger: In the first round of polling for the presidency on Sunday, incumbent Nicholas Sarkozy trailed his Socialist Party challenger, François Hollande….
How a European Recession Can Infect U.S. Markets
Europe is starting to look slightly schizophrenic, and we had all better pay attention. The stock slide last week — the worst of the year — was the direct result of wobbly conditions among the European economies, notably a growing…
Spain, on the Brink, Could Derail the U.S. Economy
Greece’s austerity plan, complete with debt swap, is now in place. Spain has announced its most rigorous budget since the post–Franco restoration of democracy in the 1970s. Italy has passed economic reforms worth more than $130 billion, 7 percent of…
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…
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