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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 // 2 years 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 // 2 years ago
May 7, 2012