BRUSSELS — Throughout Europe’s debt crisis, northern European leaders have often said they will not stand for taxpayers having to fork out for other countries’ problems, and the notion of “taxpayer-funded bailouts” has taken root.
Yet despite three-and-a-half years of debt and banking turmoil, with bailouts totalling more than 400 billion euros, northern eurozone taxpayers have not actually lost a cent.
Brussels (AFP) - Fears of a Greek euro exit have returned with a bang after Athens called early elections on Monday, but steps taken after the financial crisis should stop the rest of the currency zone imploding, analysts say.
Silvio Berlusconi may have the last laugh — at Europe’s expense.
Once the subject of German Chancellor Angela Merkel’s barely suppressed titters, the former Italian leader roared back from the political wasteland in yesterday’s election, blocking the formation of a new Italian government and fracturing the eurozone’s brittle newfound stability.
Financial markets have been flashing a lot of warning signs in the past month that have spooked investors and led to a flight from risk for much of this year, drawing parallels to the financial crisis of 2008.
Like that year, banks are the big focus, with investors this week selling off U.S. and European banks around credit fears.
But while there are shades of 2008 here, this is actually a repeat of what happened in 2011, say analysts.
It’s time for Greece to put itself out of its misery. It must stop hoping for a miracle, default on its debts and exit the euro. In the short term, this would probably precipitate another cataclysmic relapse into recession for Greece’s long-suffering people. But it is the only way out of the current logjam and has become a necessary, albeit not sufficient, condition for the country to make an eventual recovery.
The situation is significantly worse than the mood. But the eurozone crisis is far from over. It’s wishful thinking to expect otherwise
WIESBADEN, Germany — The German economy was hit hard by the eurozone crisis in the final quarter of last year, shrinking more than at any point in nearly three years as traditionally strong exports and investment slowed, the Statistics Office said on Tuesday.
Panic is spreading says Steen Jakobsen, chief economist at Saxo Bank. Steen eyes the perfect storm including a potential "Chapter 11" call for European banks.
This morning there is too much bad news.