published by Tom Sullivan on Mon, 2012-09-17 09:47
More than 150,000 people marched through the streets of Portugal to voice anger against a planned tax hike announced by the center-right government. Chanting, "Out of here! IMF is hunger and misery!", the mob called for the government to resign.
published by Tom Sullivan on Fri, 2011-12-09 22:14
Paul Murphy challenges ECB President Mario Graghi on his and the ECB's attempts to hold the working class of Europe hostage to austerity. In the case of Italy a detailed list of measures, all of which aiming at making working people pay for the crisis, was force-fed trough threats of not buying Italian bonds on the markets
published by Tom Sullivan on Sun, 2011-07-17 08:39
Eight out of 90 European banks have failed stress tests on whether they could withstand another financial crisis. None were in Italy - which it hopes might help the country fend off spiraling debt costs, along with the 70-billion-Euro cuts which parliament passed on Friday. But, as RT's Sara Firth reports, there's only so much that can be done before the people take power into their own hands.
published by Tom Sullivan on Tue, 2011-06-14 21:23
With Greece forced to seek a second bail-out to avoid bankruptcy, Open Europe has today published a briefing cataloguing how the eurozone crisis could drive the European Central Bank itself into insolvency, with taxpayers likely to pick up a big chunk of the bill.
The role of the ECB in the ongoing eurozone and banking crisis has been significantly understated. By propping up struggling eurozone governments and providing cheap credit to ailing banks, the ECB has put billions worth of risky assets on its books.
published by Tom Sullivan on Sat, 2011-04-16 09:08
This week has witnessed two very different reactions to European debt. At one end of Europe, Iceland's voters decided once again not to accept the payment terms of their 'creditors', the British and Dutch governments, following the collapse of Icelandic banks in 2008. At the other, Portugal is being pushed down the path of shock therapy by the European Union, with the people of that country cut out of a process which will change their lives dramatically.
published by Tom Sullivan on Sun, 2011-01-09 23:51
Pressure is growing on Portugal from Germany, France and other euro zone countries to seek financial help from the EU and IMF to stop the bloc's debt crisis from spreading, a senior euro zone source said on Sunday.
published by Tom Sullivan on Wed, 2010-12-22 00:11
Overdrawn American cities could face financial collapse in 2011, defaulting on hundreds of billions of dollars of borrowings and derailing the US economic recovery. Nor are European cities safe – Florence, Barcelona, Madrid, Venice: all are in trouble
published by Tom Sullivan on Sun, 2010-12-19 22:04
There are fresh demonstrations in Madrid against severe budget cuts as the country tries to reduce its massive debt. Spain has been tipped as the next Eurozone economy at risk of needing a bailout, but some say it could be too big to save. RT talks to Jim Corr, a political activist and musician from the Irish band the Corrs.
published by Tom Sullivan on Thu, 2010-05-20 19:49
Among the mega-forces moving the tectonic plates and imperiling the nation-states of the world from above and below are these:
First, ethno-nationalism, which threatens nations with secession and break-up. We see it in the Uighurs of China, the Naga of India, the Baluch of Iran and Pakistan, the Kurds of Iran, Syria, Iraq and Turkey, the Chechens of the Russian Caucasus and the Walloons of Belgium.
Second, transnationalism. This is the project of global elites who seek to reduce nations to ethno-cultural enclaves in a new world order run by these same bloodless bureaucrats whose loyalty is neither to the land nor people whence they came.
published by Tom Sullivan on Mon, 2010-05-03 10:42
It is fitting that Greece is at the heart of the eurozone sovereign debt crisis because the financial calamity which began three years ago is unfolding with all the grim predictability of a classical tragedy.
published by Tom Sullivan on Tue, 2010-04-27 07:54
April 27 (Bloomberg) -- Portugal risks becoming the new Greece.
With a higher debt burden and a slower 10-year growth rate than Greece, Western Europe’s poorest country is being punished by investors as the sovereign debt crisis spreads. The risk premium on Portuguese bonds rose to more than double the past year’s average this month. Portugal’s credit default swaps show investors rank its debt as the world’s eighth-riskiest, worse than for Lebanon and Guatemala.
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