iOS app Android app

Greece Debt Crisis

Austerity: 2011's Darling Becomes 2012's Pariah

Arianna Huffington | Posted 07.29.2012 | Business
Arianna Huffington

There's a new scarlet letter in town. Actually, it's the same letter -- "A" -- but it stands for a different word that's increasingly regarded as shameful: Austerity. The darling idea of 2010 and 2011 has become the pariah concept of 2012. And the evidence of profound change is all around, from France and Greece to Germany and -- gasp -- the Republican Party. The change, when it comes to the conventional wisdom on austerity, has come from a combination of public pressure and leadership: one pushing up from below, the other pressing down from above. None of this means that we should break out the Keynesian champagne any time soon. But it's clear the forces of austerity are in retreat. And that's a very good thing.

Report: Greeks Could Lose Half Their Income With Euro Exit

AP | DEREK GATOPOULOS and NICHOLAS PAPHITIS | Posted 07.29.2012 | Business

ATHENS, Greece — An exit from the euro would see Greeks lose more than half their annual income and prompt a dramatic rise in unemployment and i...

Greece and the Eurozone: Weakness Brings Power

Rajan Menon | Posted 07.28.2012 | Politics
Rajan Menon

These issues doubtlessly need to be addressed, but what's notable is the sea change in the conversation. Ideas that were once off the table are now being taken up by EU governments and organizations and Euro pundits. The austerity discourse no longer dominates. Why?

As Goes Greece

Robert Kuttner | Posted 07.28.2012 | World
Robert Kuttner

Historians will look back on the spring of 2012 as moment when Europe's institutions and leaders either failed to contain a deepening crisis -- or as a time when leadership grasped the common stakes and rose to the occasion.

'It's Better To Be Safe Than Sorry'

Reuters | Posted 07.27.2012 | Business

By Chris Vellacott and George Georgiopoulos LONDON/ATHENS, May 28 (Reuters) - After Greece's inconclusive elections on May 6 led to po...

The End Of The Euro: A Survivor's Guide

Simon Johnson | Posted 07.27.2012 | Business
Simon Johnson

In every economic crisis there comes a moment of clarity. In Europe soon, millions of people will wake up to realize that the euro-as-we-know-it is gone. Economic chaos awaits them -- and the world.

Greeks 'Just Don't Feel LIke Having Sex' Amid Economic Downturn

Reuters | Posted 07.27.2012 | Business

* Sex shops say business has plummeted * Greece imports its erotic toys * Return to drachma could spell death of industr...

Lagarde Has Little Sympathy For Greeks

AP | MEERA SELVA | Posted 05.26.2012 | Business

LONDON -- International Monetary Fund chief Christine Lagarde says she has more sympathy for poor African children than Greeks suffering under the cou...

Greece and the Beanstalk

Amalia Negreponti | Posted 07.23.2012 | World
Amalia Negreponti

"Jack and the Beanstalk" is a story about how Jack and a terrible ogre finally compromise, learning to live together because they fear one another too much to risk doing otherwise. A similar hope of compromise is what lies at the heart of Greek voters.

Eurozone Preparing For Greece Exit Scenario

Reuters | Posted 07.23.2012 | Business

* Euro zone states urged to draft plans for Greek euro exit * Instruction given in euro working group call on Monday * G...

"No Sweet Fruit Comes From a Bitter Seed"

Anthony Strano | Posted 07.23.2012 | World
Anthony Strano

In Greece, the supposed home of democracy, there is an exclusive approach in their political, religious and societal systems that actively combats the idea of equality and inclusivity.

Which Way for Europe?

Robert Kuttner | Posted 05.20.2012 | World
Robert Kuttner

While Greece is right on the razor's edge of default, and may yet be granted some overdue relief, the prospects for broader European recovery are still very bleak until the politics get a lot more radical.

'I Am Ashamed To Be Here'

AP | DEREK GATOPOULOS | Posted 05.20.2012 | Business

ATHENS, Greece -- Like many Greeks left unemployed by their country's economic tailspin, Dimitris Spachos finds it easier to talk about his nation's p...

Let Greece Do Debt Cold Turkey

Eric Margolis | Posted 07.18.2012 | World
Eric Margolis

What would happen to Greece if it quit the euro? Financial chaos, capital flight, riots and bank failures... maybe. But after the apocalypse, Greece would eventually revert to its 1960's status: a poor but proud nation living off tourism, shipping, agriculture and fishing.

Germany's Merkel Pushes Greece To Hold Vote On Staying In Eurozone

Reuters | Posted 07.18.2012 | Business

* Greece says Merkel, Papoulias discussed referendum * German spokesman denies Merkel proposed idea * Greek parties angr...

Causes Of Greek Economic Crisis Not As Simple As You Might Think

Posted 05.17.2012 | World

The causes of the economic crisis in Greece may not be as simple as you think. In a new video from the Harvard Kennedy School, lecturer Richard Par...

Voting for the Extremes

Melina Xaritatou | Posted 07.17.2012 | World
Melina Xaritatou

It is insane to ask from people whose lives have been crashed to choose between the euro and the drachma. They can't answer to that.

Whither Eurozone Austerity?

Rajan Menon | Posted 07.15.2012 | World
Rajan Menon

Europe's political winds have shifted over the past month. The first sign of this preceded the event now being hailed as the catalyst, Sarkozy's loss in France's presidential election, and it occurred in an unlikely place: the Netherlands.

Negotiations To Form Greek Government Continue

AP | NICHOLAS PAPHITIS | Posted 07.14.2012 | Business

ATHENS, Greece — Marathon efforts to break Greece's post-electoral paralysis are lurching into a ninth day amid the country's worst crisis in de...

Euro Ministers Plead With Greece To Stick With Austerity Program

AP | RAF CASERT | Posted 07.14.2012 | Business

BRUSSELS — Leading European Union finance officials promised to stand by Greece as a member of the eurozone provided it sticks to its bailout te...

Greece Nears 'Moment Of Truth' As Coalition Talks Fall Apart

Reuters | Posted 07.13.2012 | Business

* President to meet smaller parties from 1630 GMT * Talks with big parties hit impasse * Radical left seen gaining if ne...

Arianna On The Crisis In Greece

New York Times | Posted 05.12.2012 | Business

AS I follow the modern Greek tragedy unfolding in Europe, I flash back to the 18 years I spent in Athens, walking to school in Plaka (the old part of ...

German Official: Without Austerity, Greece 'Financial Aid Falls Away'

AP | Posted 05.12.2012 | Business

BERLIN -- The head of Germany's central bank is warning that there would be no basis for further financial aid to keep Greece afloat if the country ba...

Greece Election Results 2012: Crisis, Confusion, Protest

Elena Panaritis | Posted 07.11.2012 | World
Elena Panaritis

The results are a death blow to the country's decades-long two-party system, leaving both Pasok and New Democracy in a lurch. But this should not come as a surprise considering the widespread popular discontent largely due to how the Greek crisis and how has been handled.

Without Growth, There's Only One Ending to Euro Debt Crisis

Jeffrey Rubin | Posted 07.09.2012 | World
Jeffrey Rubin

What Europe's voters and its central bank are coming to recognize is that unremitting fiscal austerity measures are the wrong prescription for what ails the European economy -- they're actually exacerbating the continent's economic problems.