Portugal Requests European Financial Support
Faced with mounting borrowing costs, the Portuguese request a bailout from their fellow European Union member states.
Southern Europe
Portuguese Opposition Rejects Austerity Plans
Political uncertainty and a lack of substantive public sector reforms may compel Portugal to seek an international bailout.
Spanish Debt Rating Downgraded
Confidence in the government’s ability to improve its finances is deteriorating.
Greece’s Credit Rating Downgraded
With Greek bonds in “junk” territory, confidence in the country’s ability to pay back has plummeted.
European Bank President Urges Budget Cuts
In the words of Jean-Claude Trichet, “monetary policy responsibility cannot substitute for government irresponsibility.” Europe has to cut spending.
Berlusconi Barely Survives Confidence Vote
The Italian prime minister lives to fight another day.
Italy, Netherlands Reconsider JSF Purchases
As the costs of the F-35 fighter aircraft continue to mount, both Italy and the Netherlands are reconsidering their purchases.
Conservatives Win in Spain’s Richest State
The outcome underscores the unpopularity of Spain’s socialist prime minister.
Specter of Spain’s Demise Worries Europe
The solvability of Europe’s fourth economy threatens the entire eurozone.
NATO Leaders Look Beyond Afghanistan
The North Atlantic allies meet in Lisbon this week to discuss their future role in Afghanistan.
Spain Suffering from Zapatero’s Mistakes
Even as Prime Minister Zapatero announces budget cuts and reform, Spain’s hopes for a quick recovery aren’t looking up.
Spain Remains Mired in Recession
Despite high unemployment, Spain’s government is delaying labor reforms.
Greece Should Get To Work
The meltdown in Greece of last April exposed not just the economic weakness of this particular South European state; uncertainty about public finances was suddenly abound throughout the European Union. A multibillion euro rescue plan necessitated unprecedented efforts to guarantee the stability of the common currency. German chancellor Angela Merkel even warned that the very […]
Europe Braces for Spending Cuts
While the Greek debt crisis and subsequent decline of the euro continue to worry investors around the world, the people of Europe are preparing for severe austerity measures, and not just in the troubled south. With hundreds of billions of euros pledged to stabilize the common currency, European leaders are forced to make major cutbacks […]
Saving the Euro
Bending the rules of euro management, European leaders and finance ministers agreed to an unprecedented effort to guarantee the stability of the eurozone with loans adding up to nearly $1 trillion (or €750 billion) this weekend. In spite of the multibillion euro rescue package previously pledged to Greece, investors continued to worry about the unsound […]