It didn’t work for Alexis Tsipras, and it hasn’t worked for the United Kingdom. Despite threats to walk away without a deal, Prime Minister Boris Johnson last year agreed to essentially the exit agreement the EU had proposed all along.
France has unveiled a $100 billion stimulus program, worth 4 percent of GDP over two years, to help its economy recover from the effects of COVID-19.
The money is split almost equally between support for businesses, investments in the green economy, and health and social programs. It comes on top of the €460 billion France has spent on exemptions from social charges, furlough subsidies and soft loans to keep businesses afloat.
Victor Davis Hanson writes in National Review that Germany “cuts deals with Russia, has never met its NATO commitment and is the most anti-American nation in Europe.” So why, he wonders, should the United States anchor its defense?
With the Brexit transition period ending in just four months, concern is rising that the United Kingdom might crash out of the EU’s common market and customs regime without a deal.
Not everyone is worried. Prime Minister Boris Johnson’s predecessor, Theresa May, argued it “wouldn’t be the end of the world” if Britain left without a deal. Right-wing economists are looking forward to setting “attractive tax rates” once the United Kingdom is free of the EU’s grasp. The UK, they believe, could become a “Singapore-on-Thames”, gain a “competitive advantage” over the EU and draw businesses and investment away from continental Europe.
During the 1960s and 70s, Britain, economically stagnant and losing its empire, was known as the sick man of Europe. With COVID-19, the sickness has returned — and this time it may be even harder to heal.
More than 300,000 cases of coronavirus have been confirmed in the United Kingdom. 41,000 Britons have died of the disease, giving the country the second-highest per capita death rate among major countries. British economic output fell 20 percent in April, the worst rate by far among industrial nations.
This comes after a decade of austerity and on top of the economic fallout of Brexit.
It was the tough medicine of Thatcherism that allowed the United Kingdom to recover from its previous bout of ill health and find a new faith in itself — “Cool Britannia” — under New Labour.
Donald Trump has done his Russian counterpart, Vladimir Putin, another favor by withdrawing almost 12,000 American troops from Germany, a third of the current deployment.
Fewer than half — 5,600 — are sent to other NATO countries, including Poland. Most will be pulled out of Europe altogether. An F-16 fighter squadron will be rebased in Italy.
Defense Secretary Mark Esper claims the decision is the outcome of long-term strategic planning and will somehow enhance “deterrence of Russia”.
President Trump revealed the real reason on Twitter:
Germany pays Russia billions of dollars a year for Energy, and we are supposed to protect Germany from Russia. What’s that all about? Also, Germany is very delinquent in their 2% fee to NATO. We are therefore moving some troops out of Germany!
This is nonsense. There is no NATO “fee”. Germany has for decades underinvested in its defense, relying on American protection, but until recently neither the United States nor Germany’s neighbors objected to the lack of German remilitarization. In 1990, the Western Allies and Russia conditioned their support for German reunification on the country keeping its defense force under 370,000 men. That ceiling remains in place. Read more “Pulling American Troops Out of Germany Is Another Gift to Putin”