More and more analysts are beginning to predict that Greece will leave the eurozone, as EU leaders continue to demand more austerity and support for anti-bailout parties mounts.
One of the effects of a Grexit: A major whooshing sound, as cash rushes out of Spanish and Italian banks, as nervous nationals fear a return to pre-euro currencies in their countries.
Former ECB member Lorenzo Bini Smaghi has a sharply worded op-ed in the FT that basically says: Greece's demand to renegotiate its bailout while staying in the Eurozone is ridiculous, but that if Greece is forced out, the devastation will be bigger t
Money is being pulled out of Greek banks at an alarming rate, and if something dramatic is not done quickly Greek banks are going to start dropping like flies.
The bank runs that we are watching right now in Greece are shocking, but they are only just the beginning. Since May 6th, nearly one billion dollars has been withdrawn from Greek banks.
Stocks faded in the final hour of trading Tuesday to finish lower following news that Greek depositors withdrew 700 million euros from the nation’s banking system and after Greece’s leaders failed to agree on a coalition government.
Europe’s financial crisis lurched into a perilous new phase as dire predictions emerged of a collapse in Greece’s economy, with a run on its banks bringing an inevitable end to its membership of the euro.
As Greece erupts, Italy is moving into the eye of the storm. Its economy is contracting at speeds not seen since the depths of the slump in 2009 as draconian austerity bites, greatly increasing the risk of social revolt and a banking crisis.
• http://www.globalresearch.ca, by Thomas Sablowski
The crisis is not relinquishing its grip on Europe. From autumn 2008 to early 2009 the world market experienced the deepest slump in economic output since the Second World War.
Germany’s infamous Pirate Party took 8 per cent of the vote in the country’s biggest state, making it the fourth region where they have parliamentary seats.
It took months for international finance officials to piece together a bailout that was acceptable to Greek leaders. But it took voters just 12 hours at the polls to deal it a hard blow, leaving Greece on Monday at renewed risk of being pushed off th
The new bureaucrat, who would not be directly elected by voters, is set to get sweeping control over the entire EU and force member countries into ever-greater political and economic union.
In the latest edition of On the Economists’ Minds, SocGen's Michala Marcussen reveals that the #1 client question right now is: Will the euro area switch to a new diet?
Tens of thousands of Spaniards streamed into the streets nationwide Sunday to slam Madrid’s austerity program, which will take a $13 billion bite out of the country's education and healthcare budgets.
Quarterly reports from some of Europe's top banks showed the scars of the euro zone crisis on Thursday, with big losses on Spanish property, and fragile markets casting a shadow over the rest of the year despite an early investment banking rebound.
Ecuador is ready for any possible fallout from the European debt crisis and a slowdown in global growth, and if necessary can access a contingency line of credit valued at $1 billion.
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