Prostitutes have been rounded up and jailed as new cases soar by CHARLOTTE MCDONALD-GIBSON The women glare into the camera, their humiliated, pale faces smeared with make-up and tears. Glazed eyes stare out under lurid headlines warning of “the nightmare of Aids” with “infected prostitutes” posing a “death trap for hundreds of people”.
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
(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
by Charles Wyplosz The EU summit produced a vaguely worded agreement that can and has been read in different ways in different nations. This column provides a quick reaction to what was and was not decided. It concludes that useful progress was made, but this was far from the decisive turn-around that many had hoped … Continue reading
WHEN warnings sound that the end of the euro is nigh, all eyes turn to Angela Merkel, the German chancellor. Germany must “assume its part” in saving the currency, says Spain’s economy minister, Luis de Guindos. If there is rescuing to be done, Germany is the obvious rescuer. Yet rather than toss out the lifebelt, … Continue reading
On Sunday, Greek citizens voted for the euro. On Monday, investors voted against it. And so, an election that we expected to avert an international financial meltdown ultimately corresponded with one.
(Reuters) – Like many Greek tycoons these days, Andreas Vgenopoulos is in trouble. By Stephen Grey, Michele Kambas and Nikolas Leontopoulos The self-made businessman built one of Greece’s leading corporate empires over the past two decades. Among its jewels was a major bank in the nearby Mediterranean island nation of Cyprus. Then it all started to unravel. … Continue reading
“PIIGS” we are informed in the current Wikipedia entry “is a pejorative acronym used to refer to the economies of Portugal, Italy, Greece and Spain. Since 2008, the term has included Ireland, either in place of Italy or with an additional I.” With apologies, I am joining the ranks of contributors to such august publications as the New York … Continue reading
(Reuters) – Greek savers may be gripped by a “great fear that could develop into panic” in the words of President Karolos Papoulias, but many Greeks shifted their money to safer havens in Britain, Switzerland, Germany and Nordic countries long ago. Worries about a run on Greek banks has rattled Athens this week, after savers withdrew at … Continue reading
The leader of Greece’s left-wing Syriza bloc has said he will try to form a coalition based on tearing up the terms of the EU/IMF bailout deal. Alexis Tsipras, whose bloc came second in Sunday’s vote, said Greek voters had “clearly nullified the loan agreement”. He has three days to reach a coalition deal and … Continue reading