1. German chancellor Angela Merkel in Laatzen, Lower Saxony, March 4, 2008 (Sebastian Gerhard)

    Europe “Essentially Makes Keynesianism Illegal”

    Britain stands on the sidelines as the rest of Europe moves toward closer economic and fiscal integration.

  1. Prime Minister Lucas Papademos of Greece addresses parliament, November 14, 2011

    Greece’s Problems Are Only Getting Worse

    The Greek economy is shrinking and its debt burden growing at a faster pace than was previously anticipated.

  1. Prime Ministers Silvio Berlusconi of Italy and George Papandreou of Greece during a European Council meeting in Brussels, June 17, 2010

    Greek, Italian Leaders Under Pressure to Go

    Prime Ministers George Papandreou and Silvio Berlusconi were urged to resign by parliamentarians ahead of a G20 summit.

  1. Prime Minister George Papandreou of Greece, August 31, 2011

    Greece Calls Referendum on Bailout Plan

    “We trust citizens, we believe in their judgment,” said Prime Minister Papandreou. Many of his countrymen oppose the bailout though.

  1. Christine Lagarde, managing director of the International Monetary Fund, talks with Wolfgang Schäuble, the German finance minister, in Washington DC, April 15, 2011

    European Leaders Plan for Partial Greek Default

    As Greece struggles to mend its deficit, eurozone countries debate whether to help banks in the event of a default.