By Michael Birnbaum and Howard Schneider
BERLIN — Fears of renewed economic crisis in Europe flared Monday as officials took the unprecedented step of targeting bank deposits in Cyprus to help rescue the country’s ailing financial system.
Tag Archives: Economic collapse
The Levy That Has Shocked Cyprus Deposit-Holders
Cyprus’ eurozone partners and the IMF agreed early Saturday to bail out Cyprus to the tune of 10billion euro ($13billion) – largely to prop up its flailing banking industry. But the deal, as usual, comes with strings attached. The one causing the most consternation is a levy on bank deposits held in Cypriot accounts. Here’s a look at how that will work – and the problems it may pose.
20 Facts About The Collapse Of Europe That Everyone Should Know
By Michael B.
The economic implosion of Europe is accelerating. Even while the mainstream media continues to proclaim that the financial crisis in Europe has been “averted”, the economic statistics that are coming out of Europe just continue to get worse.
U.K. Jobs Conundrum Continues
By: A. Thomson & I. Billington
LONDON—The U.K. labor market continued to display a puzzling resilience with the total number of unemployed people falling by the largest amount in more than 10 years, official data showed Wednesday, but weak wage growth means the rise in employment is unlikely to boost consumer spending.
EU President Calls for Central Fund to Wind Down Failing Banks
By Jim Brunsden
European leaders proposed an industry-financed fund to cover costs of winding down failing euro-area banks, seeking to deepen the bloc’s integration and limit fallout from future financial crises.
11 Facts That Show That Europe Is Heading Into An Economic Depression
By; Michael SnyderEurope is not just heading into another recession. The truth is that Europe is heading into a full-blown depression. The economy of the EU is actually larger than the U.S. economy, and we are watching it melt down right in front of our eyes.
Moody’s downgrades rescue funds, buggers go on
By Angela Monaghan
The eurozone was dealt a fresh blow as Moody’s downgraded the its rescue funds and unemployment hit a new record high.
The eurozone was dealt a fresh blow as Moody’s Investors Service downgraded the region’s rescue funds and unemployment hit a new record high.
Anti-austerity strikes sweep southern Europe
By Feliciano Tisera and Daniel Alvarenga
Police and protesters clashed in Spain and Italy on Wednesday as millions of workers went on strike in organized labor’s biggest Europe-wide challenge to austerity policies since the euro zone debt crisis erupted three years ago.
Greece goes deep in austerity measures
With 153 votes in favor of the greek parliament approved shortly after midnight local the expected package of austerity measures considered by the troika (EU, ECB and IMF) necessary to grant Greece another tranche of aid from 31.5 billion euro and “save the country from bankruptcy”
Greece turning to desperate measures as citizens face starvation due to economic collapse
by: Ethan A. Huff
The European nation of Greece appears to be sliding ever so progressively into the abyss of total collapse, as illustrated by a recent government measure aimed at feeding the growing hordes of hungry, unemployed Greeks across the nation.
Euro-Zone Activity Declines Further
By ALEX BRITTAIN
The euro-zone economy declined further at the start of the fourth quarter, business surveys suggest, with sentiment in Germany—the euro zone’s biggest economy and key source of financial support—worsening markedly.
The $1 billion presidential campaign
This year’s presidential campaigns are on pace to reach a $1 billion in spending, their latest reports to the Federal Election Commission reveal.
Moody’s downgrades world’s oldest bank to ‘junk’
Moody’s credit rating agency on Thursday downgraded the world’s oldest bank, Italy’s Banca Monte dei Paschi di Siena, to “junk” status on worries government recapitalisation plans will prove insufficient.
Debt Slavery – Why It Destroyed Rome, and the tale of economic growth
by MICHAEL HUDSON
Book V of Aristotle’s Politics describes the eternal transition of oligarchies making themselves into hereditary aristocracies – which end up being overthrown by tyrants or develop internal rivalries as some families decide to “take the multitude into their camp” and usher in democracy, within which an oligarchy emerges once again, followed by aristocracy, democracy, and so on throughout history.
Bernanke defends Fed stimulus as China, Brazil raise concerns
By Timothy Ahmann
Federal Reserve Chairman Ben Bernanke said on Sunday it was far from clear that the U.S. central bank’s highly stimulative monetary policy hurts emerging economies, defending a policy raising concerns in China, Russia and Brazil.
Criminal Bankers Should Be Jailed, According To Survey
Nearly nine out of 10 Britons want bankers put in jail if found guilty of fraud or manipulating financial markets, a survey shows today.
Rising feed cost seen driving milk production down
By Elizabeth Campbell
CHICAGO — U.S. milk production is headed for the biggest contraction in 12 years as a drought-fueled surge in feed costs drives more cows to slaughter.
Greece says; RAUS Merkel!
About 8,000 demonstrators chanted anti-austerity slogans and hoisted banners warning Angela Merkel she was not welcome in Greece at a protest on Monday, the eve of a visit by the German chancellor.
Why Spain is a riot
By:J. Luis Martin
The reason why Spain is a riot both financially and socially goes beyond matters of economic policy. Spain faces a graver problem, its political institutions.
Over the past few weeks, Spain has received worldwide attention due to its deteriorating economy and growing outbursts of massive social protests.
Scarce Jobs, Slashed Salaries, and Schools Without Books: The Ugly Consequences of Austerity in Athens
By Pepe Egger
A woman holds a Greek flag as she takes part in a demonstration against new austerity measures recently approved by the government, in front of the Parliament in Athens.Central Bankers Inflate Fiat While Plans for One World Currency Are Finalized
By: Susanne Posel
According to Deutsche Bank analysts Daniel Brebner and Xiao Fu, gold is “not really a commodity at all.” Berbner and Fu explain: “While it is included in the commodities basket it is in fact a medium of exchange and one that is officially recognized (if not publically used as such). We see gold as an officially recognized form of money for one primary reason: it is widely held by most of the world’s larger central banks as a component of reserves.”
Tens of thousands protest austerity policies in Portugal, Spain
Tens of thousands of workers, young people, unemployed and retirees took part in demonstrations in major cities of Portugal and Spain Saturday, in a mounting confrontation between the European working class and the savage austerity policies demanded by the bankers, big business and the European Union.
