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Chatter: More austerity for Spain

Spain gets a steaming second helping of austerity, Japan and China squabble over islands, and Hamas loosens up in the Gaza Strip.
Graphic. (Antler Agency/GlobalPost)
Spain gets a steaming second helping of austerity, Japan and China squabble over islands, and Hamas loosens up in the Gaza Strip.

Cyprus requests euro zone bailout

The news came hours after Fitch downgraded Cyprus’ credit rating to junk status, warning that the country would require 4 billion euros ($5 billion) to shore up its financial sector.

The new third world: Is Europe old and in the way?

Remember Jacques Chirac? Back in the early 2000s, France’s president liked to taunt the US with his vision of a "multi-polar" world where a cluster of emerging powers would team up with a strong, united Europe to challenge American hegemony. This week’s G20 summit underscored that Chirac should have been careful what he had wished for. 

Spain’s economic pain, explained

BRUSSELS — Spain's budget minister was adamant: "The Men in Black will not be coming!" Madrid's sci-fi fans can relax however. The radio announcement on Tuesday was not directed at Will Smith and Tommy Lee Jones. Los hombres de negro that Spain is trying to keep out, are the dreaded international finance officials who have imposed economic misery on Greece, Ireland and Portugal, in return for bailout billions.

Spanish economy minister denies bailout request rumors

Luis de Guindos’ comments follow reports circulating in recent days that Spain was seeking euro zone funds to recapitalize its banking sector.

Eurozone jobless rate hits record high, 11 percent

European unemployment has reached a record high of 11 percent, according to Eurostat.

ECB President Mario Draghi says current euro setup unsustainable

Speaking to the European Parliament in Brussels Thursday, Draghi said the ECB could not “fill the vacuum of lack of action by national governments” on either “fiscal growth” or “the structural problem.”

ECB says no countries on euro waiting list ready to join bloc

Regarding Latvia and Lithuania – the countries most likely to join the euro next – the ECB said that both Baltic states face a “challenging” inflation outlook that could hamper their convergence with the euro.

Doomsday scenario for the euro zone?

Brussels – In the corridors of EU headquarters, the fear is not only that Greece could be forced out, but that the resultant chaos would spread quickly to Portugal, Ireland, Spain and beyond, causing the euro's collapse and a generalized economic meltdown across the world's second largest economy. Is this political brinksmanship at its most brazen? Or is it the future?

Greek voters vent rage on major parties

ATHENS – Furious over rising joblessness and harsh austerity, voters took out their anger on Greece's two major parties in Sunday's elections. Results indicated the first major shift in the country's political landscape in four decades, raising questions about the future of the highly-indebted country's reform program.
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