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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 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)
20:53 // 1 year ago
September 17, 2011
Papandreou’s office says "next week is particularly crucial" to the country’s next bailout. The debt crisis is also so bad that a guy lit himself on fire yesterday because he couldn’t renegotiate his loan.
11:45 // 2 years ago