Monti Calls for EU Summit to Confront Populism

Italian Premier Mario Monti on Saturday proposed a special European summit to confront growing populism in the face of the continent’s financial crisis. “We are in a dangerous phase,” Monti said on the sidelines of the Ambrosetti Forum on Lake Como after meeting with European Union Council President Herman van Rompuy. He said a divisive … Continue reading

The extremism of Greece’s centre ground

Golden Dawn has become a useful tool in the hands of those who try to equate neo-Nazism with the anti-bailout movement. by Aris Chatzistefanou Walter Benjamin once said that “every fascism is an index of a failed revolution”. In that sense, the election of 21 members of the neo-Nazi party Golden Dawn to the Greek parliament could … Continue reading

Michael Noonan: I’m willing to overrule Finance officials and release ECB letter on bailout

FINANCE Minister Michael Noonan says he is willing to overrule civil servants in his department and release a letter from the ECB which forced Ireland into a bailout. Mr Noonan was speaking in Limerick this morning, and said it “would be appropriate” for him to publish the letter, despite his department previously refusing to release it under … Continue reading

The Greek patient returns for more help

by BEN CHU The Greek begging bowl is being brandished, once again, in European capitals. The leader of the country’s coalition government, Antonis Samaras, wants Athens to be given more time to fulfil the conditions of its IMF/EU bailout. Under the agreement’s present terms, Athens is required to reduce its budget deficit, which stood at 9.3 … Continue reading

ECB Plans to Set Yield Targets for Bond Purchases

Interest rates on Spanish sovereign bonds have been rising to dangerous levels in recent weeks. Now, SPIEGEL has learned that the European Central Bank plans to use a new instrument to stop the trend: The bank is considering setting yield targets on the bonds of euro-zone countries. Should interest rates exceed those levels, the ECB … Continue reading

Euro’s Medicine May Be Making Greece’s Symptoms Worse

By RACHEL DONADIO and SUZANNE DALEY ATHENS — Only a month after Greece installed a new government, the country is facing renewed peril. Its official lenders are signaling a growing reluctance to keep paying the bills of the nearly bankrupt nation, even as the government is seeking more leniency on the terms of its multibillion-euro bailout.

‘Reckless’ And ‘Unprofessional’: German Minister Criticized for Greece Comments

German Economy Minister Philipp Rösler has been accused of being reckless and unprofessional after saying he is skeptical that Greece’s reform efforts will succeed and that a Greek exit from the euro had “lost its horrors.” But some senior members in Germany’s ruling coalition agree with him. German Economics Minister Philipp Rösler, the leader of … Continue reading

Crisis Batters Global Faith in Capitalism

The global economic crisis has hit millions where it hurts the most: in the pocketbook. But a study released Thursday by the US-based Pew Research Center also finds that the crisis has damaged their faith in political leaders and the free market economy in general. People around the world are worried about the state of … Continue reading

Most Greeks think new government cannot solve woes: poll

(Reuters) – Most Greeks believe their new government is unable to resolve their near-bankrupt country’s problems, a poll found on Thursday. Greece depends on a second 130 billion-euro bailout from the International Monetary Fund and European Union, who demand spending cuts that have helped push it into its worst recession since World War Two and put … Continue reading

Eurozone crisis will last for 20 years

By Wolfgang Münchau I always wondered who buys risky assets after one of these “historic” statements from the European Council. Sometimes the rally lasts for hours. Other times it lasts for days. The last one ended after less than a week; Italian and Spanish spreads are now above pre-summit levels. The consensus among observers had … Continue reading