Tag Archives: Greece

‘The euro is irreversible’

English: Various Euro bills.

Various Euro bills. (Photo credit: Wikipedia)

By Alexa van Sickle, Assistant Editor, International Institute for Strategic Studies, August 28, 2012

 ‘The euro is irreversible’ – Klaus Regling, head of the European Union’s bailout fund, says the EU is moving in the right direction after its debt crisis, but that Greece’s future in the eurozone depends on its progress in meeting the terms of its bailout… (more) http://ow.ly/1maM1P

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Filed under European Foreign Policy, European Union, Financial Crisis, International Institute for Strategic Studies (IISS), Think Tank

EU and NATO Look on at Greece’s ‘Pampered’ Armed Forces

English: (Green) Greece. (Light-green) The Eur...

(Green) Greece. (Light-green) The European Union (EU). (Grey) Europe. (Light-grey) The surrounding region. (Photo credit: Wikipedia)

By Judy DempseyCarnegie Europe, August 27, 2012

One would have imagined that the Greek government would have taken a sledgehammer to the defense budget back in 2009 when the debt crisis first took hold of this small country in the south east of Europe. http://ow.ly/1m9svB

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Filed under Defense and Military Engagement, European Foreign Policy, European Union, Financial Crisis, NATO, Think Tank

ProSyn: One Money, (Too) Many Markets

Hans-Helmut Kotz, Project Syndicate, Aug. 3, 2012

Europe’s monetary union is screeching toward the abyss, unintentionally, but apparently inexorably. Greece will most likely not meet the criteria to receive further financial assistance from its eurozone partners and the International Monetary Fund. Europeans will then need to decide whether to let Greece go. The exit option would not improve Greece’s chances of successful adjustment, and it would come at a steep price for the eurozone: it would be “in the money” – and priced accordingly. (more) http://ow.ly/1lOAR8


Filed under European Union, Financial Crisis, Project Syndicate (ProSyn), Think Tank

European Inst: Europe’s North-South Divide—A Stubborn Chasm

By Garret Martin, European Affairs Editor-at-Large, European Institute

Divisions are a reality of Europe’s DNA. For much of its history, the continent’s aspirations for peace and unity have fallen prey to disputes and wars over religion, politics, or ideology to name a few. The European Union’s current woes are the latest example, with the ongoing Eurozone crisis undermining the ideal of integration as ancient centrifugal forces emerge anew. On the surface, the current divide reflects contrasting economic fortunes, with the Southern European states (particularly Italy, Spain, Greece and Portugal) disproportionately impacted by the Eurozone debt crisis, and forced to rely on substantial economic relief from the wealthier Northern European states. According to Indermit Gill, lead author of the World Bank’s seminal study on the European economic model, the EU economy can be viewed as three lanes of traffic, a slow-speed lane in Western Europe, a high-speed lane in formerly Communist Eastern Europe and a third lane, the South – “where cars are going in reverse.” (more) http://ow.ly/1lNKqs

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Filed under European Foreign Policy, European Institute, European Union, Financial Crisis, Think Tank

ProSyn: Europe’s Ambitious Muddling Through

English: Various Euro bills.

English: Various Euro bills. (Photo credit: Wikipedia)

Janis A. Emmanouilidis, Project Syndicate, July 24, 2012

Following the escalation of the euro crisis and decisions taken at the European Union’s last summit, especially EU leaders’ commitment to embark on the road “Towards a Genuine Economic and Monetary Union,” it is high time to ask what comes next. Whatever the final outcome, the current crisis will fundamentally shape the future of European integration. (more) http://ow.ly/1lBsqa

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Filed under Financial Crisis, Project Syndicate (ProSyn), Think Tank

SWP: After the El Dorado Decade – Spain’s Troubled Path in Managing Its Crisis

by Heribert Dieter, SWP, July 23, 2012

 Since the spring of 2012, the crisis in Europe has been shifting from the former epicenters of Greece, Portugal, and Ireland to Spain and Italy. In particular, the high level of unemployment in Spain has resulted in a choir of demands for increased public spending and a departure from austerity programs. The German government, and especially Chancellor Angela Merkel, is accused of being too stubborn in its demands for more fiscal prudence. American economist Paul Krugman, speculator-turned-philanthropist George Soros, and many others suggest that credit-financed spending would help Spain. In addition, dispatching aid to ailing Spanish banks is considered essential. However, the potential benefits of these policies are not convincing. Credit-financed stimulus programs would weaken the Spanish economy in the long run. On the other hand, large-scale rescue operations for Spanish banks would result in so much collateral damage that continuing on the current austerity path also appears unwise. But before the therapy, the patient’s history ought to be examined: How did Spain – an economic poster child for over a decade – manage to slide into economic calamity? (more) http://ow.ly/1lzJhq

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Filed under European Union, Financial Crisis, German Institute for International and Security Affairs (Stiftung Wissenschaft und Politik SWP), Germany, Think Tank