August 10, 2011

Spain Waves Goodbye to Prosperity

Peter Jones, The Scotsman

AP Photo

YOU HAVE to feel sorry for the Spanish. Since casting off decades of Franco's dictatorship in 1975, they have democratised, modernised, and generally worked extremely hard to create what looked until recently an enviable country. But what to many in Scotland looked highly desirable - the decentralised political system and especially the tax autonomy enjoyed by the Basque country - now looks a severe handicap to Spanish attempts to right its struggling economy.

Over the weekend, the European Central Bank's decision to buy the bonds of the Spanish and Italian governments brought those countries back from the brink of having to default on their debts. It remains to be seen whether the move is enough to prevent the need to extend the bail-out loans given to Greece, Ireland, and...

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TAGGED: Eurozone, Greece, Portugal, Spain


May 18, 2012
Are Germans Destined to Save the Euro?
Jeremy Warner, Daily Telegraph
To make it work, the euro will have to become a very different kind of monetary union. Whatever the historic mission, it's not clear that Germans are yet ready - politically, culturally, constitutionally or economically... more ››
May 18, 2012
Apocalypse Fairly Soon in Europe
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For the past two-and-a-half years, European leaders have responded to crisis with half-measures that buy time, yet they have made no use of that time. Now time has run out. more ››
The Spanish snub to the Queen smacks of a government that is anxious to distract public attention from its domestic woes. more ››
May 14, 2012
Greece's Default Is Coming
Wolfgang Munchau, Financial Times
What would constitute an economically rational choice for Greece, given the economic and political situation? I see four options, each of which is fraught with uncertainty. The first would be the status quo: more austerity and... more ››
May 14, 2012
Everyone's Bluffing, Including the Greeks
Matthew Yglesias, Moneybox
Is a Greek departure from the Eurozone imminent? The smart set in the world media seems to have decided overnight that it is, but I'm not so sure. more ››