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.
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.
Greece’s flirtation with an exit from the euro in 2011 and two cliffhanger elections in 2012 prompted the darkest days of the debt crisis, halted only by the European Central Bank’s pledge to save the currency come what may.
As we all know, the Groundhog Day tradition holds that when a groundhog emerges from its burrow on February 2, if the groundhog sees its shadow the cold winter weather will continue for six more weeks. If not, spring will come early. This Groundhog Day, when looking at the Dow Jones Industrial Average (Dow), we are seeing shadows of what took place in each of the past three years as a new milestone was reached. As a result, the current levels on the index may linger for six or more months.
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.