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…
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…
High Global Anxiety as Europe Still Has No Plan
Get ready for a tense week—yes, another one. If Europeans meet their own deadline, by the end of next weekend, when a summit of European Unionleaders is to convene in Brussels, we will see Europe’s proposed solution to its debt…
How the Debt Crisis Could Remake Europe
Maybe now we will all understand why the ancient adage “May you live in interesting times” was intended not as a blessing but as a curse. Last week wasmore than interesting in Europe: It was of historical importance—and bone-rattling in…
U.S. Budget Crisis: Lessons from the Brits
The government shutdown may have been averted, but the fiscal dispute confronting Washington is about to get even louder. Congress once again has to agree to raise the debt limit or default on our obligations which could have “catastrophic” consequences for…
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