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 Mariano Rajoy of Spain addresses a European People's Party summit in Marseilles, France, December 8, 2011

    Spain’s Deficit Higher Than Expected, Taxes Hiked

    Spain’s new conservative government embarks on an austerity agenda with budget cuts and tax increases.

  1. International Monetary Fund building in Washington DC, February 4, 2005

    IMF to Save Italy, Spain From Default?

    Northern resistance to fiscal union may necessitate a bigger role for the International Monetary Fund in the euro crisis.

  1. Spain's conservative leader Mariano Rajoy in Lugo, October 28, 2011

    Spain’s Conservatives Claim Historic Election Win

    The opposition People’s Party will replace the socialist administration of Prime Minister Zapatero with an absolute majority.

  1. European Central Bank President Jean-Claude Trichet at the World Economic Forum in Davos, Switzerland, January 29, 2010

    European Central Bank to the Rescue

    Frankfurt moves to purchase Italian and Spanish sovereign bonds in an attempt to defuse the European debt crisis.