At Last, a Smart Life-Saving Plan for Europe
Whatever it takes” seems to have acquired a totemic meaning among the world’s central bankers. It has long been among the favored market-calming phrases uttered by Ben Bernanke, chairman of the U.S. Federal Reserve. Now Mario Draghi, head of the…
Europe’s Juggling Act: Cuts, Tax Hikes, Bailouts
On the face of it, last week did not look like a very good one for Europe—not if you think it is time to push growth as well as fiscal discipline. Just days after Spain announced a $79 billion package…
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…
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…
The War in Europe Escalates—No Guns, Just Butter
It took exactly two days for European markets to cast a negative vote on the agreement eurozone countries reached in Brussels last week. It took a couple more for the eurozone countries to begin bickering with Britain, that is isolated…
Save the Euro! The Risky Option that Could Work
Last week was miserable for those hoping the eurozone holds together and its 17 members remain part of the world’s first common-currency union. The bad news kept coming straight through Thanksgiving. But does it all add up to the collapse…
Euro Crisis: How to Stop the Contagion
Even a couple of months ago, the idea that Greece would be forced to default on its debt and exit the eurozone seemed some kind of distant horror. Now both seem all too near as possibilities. What was a short…
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