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June 29, 2012

Europe apparently put in a good mood by soccer, so they created a banking union

  • cause In an effort to salvage the economies of many nations in the Eurozone, European leaders financially united their nations and created a banking union last night.
  • effect The union, which effectively makes the Euro’s banking system more like the United States’, gave investors faith — the Dow jumped by 200 points this morning. source
14:36 // 1 year ago
June 17, 2012

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:

  • one Pro-austerity and anti-austerity parties are running close, according to one early exit poll. The “pro-Europe” New Democracy party is ahead of Syriza, 29 percent to 27 percent.
  • two There have been reports of Golden Dawn party members standing outside polling stations, looking intimidating. The Neo-Nazi party had a relatively strong showing in the last election.
  • three Two hand grenades were thrown near the headquarters of a Greek television station, Skai. They did not explode. The media group has heavily favored tough austerity measures. source

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10:33 // 1 year ago
June 14, 2012

Bad news, explained: Spain touches not-so-magic Euro bailout number

  • 7% the level Spain’s 10-year bond yield recently hit; that’s bad

» To explain this in English, if you were to buy a government bond, this is how much the bond would pay out after ten years. The higher the rate, the riskier the investment. Spain, with its recent fiscal drama, is starting to look very risky (in fact, Moody’s cut their sovereign bond rating by three notches), so the payout is very high, but it also means Spain has to pay more to investors, which also means the investments don’t go as far. This is the first time it’s hit 7 percent in the Euro era, which is a mark previously used to trigger international bailouts — and one that calls into question the stability of the Euro system as a whole.

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10:16 // 1 year ago
June 10, 2012
"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)

"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)

20:53 // 1 year ago
April 5, 2012
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)

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)

10:26 // 2 years ago
March 12, 2012
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 Follow ShortFormBlog

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

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10:35 // 2 years ago
December 5, 2011

S&P could downgrade Euro countries’ credit ratings, because they’re no fun

  • 15 number of European countries S&P put on ”creditwatch negative,” meaning that there’s a 50/50 chance of an upcoming downgrade; all use the Euro as currency
  • two number of countries that didn’t get the Euro which didn’t receive the downgrade — Cyprus (which already is “creditwatch negative”) and Greece (which is Greece) source

» A serious dent in the stock market’s mood: Earlier in the day, things were looking up — France and Germany, the two responsible parents of the region, pushed a new treaty to convince the rest of the region to shape up, and Italy’s Mario Monti made a good impression on investors by introducing a sweeping austerity plan in the country over the weekend — but the S&P decision sucked the life out of the room. It’s not the first time S&P has played the heavy, either.

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19:58 // 2 years ago
November 29, 2011

theeconomist:

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.

16:51 // 2 years ago
November 3, 2011
theeconomist:

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.

theeconomist:

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.

15:29 // 2 years ago