Tensions are extremely high ahead of a vote that could shape the future of a country and a currency. In an election with wide implications, the Greek people are holding parliamentary elections are really a proxy battle on the international austerity packages the country is being pushed to take by other international governments. This is actually the second round — a prior May 6 vote effectively created a stalemate due to the rise of the once-obscure Syriza party, which promises to cancel all austerity deals if elected. Above is a clip that explains exactly what’s at stake — the possible break-up of the Eurozone. And below, a couple of notable things that happened so far today:
“Nobody pressured me; I was the one who pressured to get credit.” Those are the words of Spanish Prime Minister Mariano Rajoy, regarding the $125 billion bailout his country asked for over the weekend. Rajoy initially denied such a bailout would be necessary during his first months in office, but the countries struggling banks forced his hand. Rajoy, who has had some success in sorting out the country’s labor system (which has extremely high unemployment partly due to extremely strict hiring rules), faces a very uncertain public who he may have trouble convincing that the country’s banks are safe. (photo by Dani Pozo/AFP/Getty Images)
The Greek government has a new problem: A potential martyr. A 77-year-old man who recently recently shot and killed himself in Athens’ Syntagma Square has become a symbol for anti-austerity activists, leading to heavy protests Wednesday, including chants like ”this was no suicide, it was a state-perpetrated murder.” Greece, rocked by a tough state of austerity, has unemployment at 21 percent — higher for young people — and tens of thousands of jobs have been lost. (Photo: People gather at the site of the man’s shooting. Thanassis Stavrakis/AP)
Sarkozy’s new Eurocentric stance: “Buy French,” close the borders: French President Nicolas Sarkozy, previously banking on saving the euro, now says that “I want a Europe that protects its citizens.” What you’re witnessing is the changing stance of a man who’s running behind in the polls. source
This week’s euro-meteor is just the latest of many Economist covers devoted to the impending European debt crisis. The first was in May last year—no few inventive depictions of doom and despair have followed. Browse more (and read the stories) at this link.
Today in reminding people that yes, The Economist actually does cover “boring” international news on its cover. A reminder that suddenly seems relevant because of this whole fracas.
Tomorrow’s cover today: our European cover suggests that the markets are not the euro’s only threat. Voters may be too.
Cover of the week. Brilliant execution.
Oh. Well this could be big. “Greek Prime Minister George Papandreou is expected to offer his resignation within the next half-hour, sources in Athens have told the BBC.”
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Germany and France feel absolutely determined to strengthen the Euro as our common currency and further develop it.Angela Merkel, the German Chancellor • Talking about Germany and France’s new plan of joint taxation. They’re drawing up plans to have a common corporate tax rate beginning in 2013. Both countries are having difficult economic issues, in fact Germany’s GDP only grew 0.1% from March to June, which means it’s basically at a standstill. Germany and France are hoping that joint taxation would strengthen confidence in the Euro, which would be great for both their economies. source (via • follow)
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