Articles on Eurozone
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Finally good news from the Eurozone! According to recent Eurostat estimates the combined economy of this troubled region grew by 0.3% in the second quarter of 2013 after shrinking for six subsequent quarters…
The IMF has conceded that mistakes were made in the way the first Greek bailout in May 2010 was handled. Its report suggests the need to refine the fund’s lending policies to accommodate for conditions…
The desperation the Cypriot government finds itself in cannot be exaggerated. In the scheme of things, it seems small, but the nature of each Eurozone crisis is that the small problems are often the largest…
Last week the German government’s economic forecasts for 2013 have made clear that the Euro crisis will have a serious economic impact on Germany, with the economic growth projection cut down to a mere…
Different year, same crisis. Around this time last year, the United States was looking down the barrel of economic disaster with the debt ceiling. As we approach 2013, it peers over the fiscal cliff. That…
Last week was one of mixed fortunes for the Eurozone. The week began badly with news that Italy’s Prime Minister Mario Monti was resigning due to Silvio Berlusconi’s withdrawal of parliamentary support…
In an attempt to bolster the economy, the Federal Reserve announced a fresh round of bond purchases to replace Operation Twist, the stimulus program that is set to expire this month. It will spend $US45…
Pressure is mounting for the recently elected French Socialist president, François Hollande and his government to address France’s sovereign debt, which is currently at a post-war record of 91%. France…
Yesterday, the European Central Bank’s president, Mario Draghi, unveiled the European Central Bank’s rescue plan for the Eurozone. Mr Draghi said that the ECB is now prepared to buy sovereign bonds of…
We all know the global economy is down the toilet. Even if we overlook the financial debacle in Greece, Spain, Iceland, Ireland – and that’s not easy – the big problem is Uncle Sam. Currently, the US Government…
Half of Spain’s youth (that is, those under the age of 25) are now officially unemployed, while overall unemployment in Spain stands at 24.4%, according to the latest figures released by the Spanish Institute…
Having read that the outcome of the Greek elections points to a continuation of the push for fiscal austerity in that country, my heart sunk. Then I see that our own Prime Minister has been quoted as telling…
When two sides bargain, their interaction reflects a potential mutual benefit but also a measure of conflict. For instance, when a firm and its supplier reach a deal, there is often more than one price…
All eyes are on Greece this weekend for the second legislative election in five weeks. This is no ordinary election: the global implications of the outcome might be significant. Griffith University lecturer…
To free the age from its captivity, To create a brand new world, The discordant, tangled days Must be linked, as with a flute. –Osip Mandelstam, The Age (1923) There is an air of impending disaster in…
Suppose that in 1901 Australia’s founding fathers had designed the Commonwealth differently. The states were to retain all powers to tax and had to finance themselves (including health, education and social…
The positivity off the weekend’s news that Spain’s banks will receive rescue loans of up to 100 billion euros from eurozone finance ministers appears short-lived. Despite it being well-received in Asian…
The special EU summit held in Brussels on Wednesday revamped the discussion on Eurobonds (i.e. the issuance of common government bonds to pool the Eurozone debt liability) as a possible option to address…
The lingering commitment to austerity of leading Western politicians in the face of impending economic tragedy is beyond belief. The dismal science is a sobriquet often wrongly applied to economics, but…
Are the tragedies of the 1920s repeating themselves in the twenty-first century? In the 1920s, an irrational attachment to the gold standard helped cause the Great Depression, as European fears of inflation…



















