EU http://www.globalpost.com/taxonomy/term/20633/all en A view from the right on the trouble's of the European left http://www.globalpost.com/dispatches/globalpost-blogs/europa/view-the-right-the-troubles-the-european-left Why has the old left been so silent as euro zone nations are forced to swallow the right-wing doctor's prescription of austerity medicine?<p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/view-the-right-the-troubles-the-european-left" target="_blank">read more</a></p> Ambrose Evans-Pritchard austerity Brussels Charter 77 EU Frankfurt Home Left Right technocrats Vaclav Havel Europe Europa GlobalPost Blogs Mon, 19 Dec 2011 08:47:37 +0000 Michael Goldfarb 5684558 at http://www.globalpost.com Euro and "morbid speculation" http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-and-morbid-speculation Christmas spirit distinctly absent as first step in euro zone rescue fails to unite EU members<p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-and-morbid-speculation" target="_blank">read more</a></p> Christmas Daily Telegraph ECB EU euro zone debt crisis Home IMF Mario Draghi The Guardian Europe United Kingdom Europa GlobalPost Blogs Tue, 20 Dec 2011 09:22:30 +0000 Michael Goldfarb 5684649 at http://www.globalpost.com Hungarian government back tracks: a little http://www.globalpost.com/dispatches/globalpost-blogs/europa/hungarian-government-back-tracks-little <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Foreign minister Janos Martonyi indicates controversial constitutional changes may be rescinded </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> Debtors can&#39;t be choosers is the lesson for Hungary&#39;s extreme right-wing government. The government of Viktor Orban has brought in major constitutional changes in recent weeks The Hungarian opposition say these undermine democracy via rigid gerrymandering of electoral districts and restrictions on freedom of the press among other things.</p> <p> The IMF, from whom Hungary wants more money, is exercised by constitutional changes that undermine the central bank&#39;s independence. So is the EU which must give its bona fides for Hungary to get the loan. No more money until that problem is fixed.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/hungarian-government-back-tracks-little" target="_blank">read more</a></p> Christine Lagarde CNN EU Home Hungary IMF Janos Martonyi Regions Viktor Orban Business Debt Crisis Europe Europa GlobalPost Blogs Tue, 10 Jan 2012 16:38:40 +0000 Michael Goldfarb 5686691 at http://www.globalpost.com Euro zone debt crisis: focus returns to Greece http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-zone-debt-crisis-focus-returns-greece <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Negotiators head to Athens to try and nail down agreement on bail-out </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> You may have thought the Greek crisis was pretty much over. After all the headlines from last November were: Greek bondholders agree to take a haircut and the country&#39;s Prime Minister George Papandreou resigns to be replaced by a technocrat named Lucas Papademos, who is more congenial to the needs of the EU&#39;s leadership in Brussels, and more important, to German Chancellor Angela Merkel.</p> <p> But as focus shifted to Italy and now to France, the Greek situation has remained bogged down in details. This week Greece&#39;s creditors in banks and hedge funds (not necessarily interested in the same outcome) plus representatives of the &quot;Troika&quot; (EU, IMF and European Central Bank) descend on Athens for an intensive round of negotiations with the Greek government.</p> <p> <a href="http://www.guardian.co.uk/business/economics-blog/2012/jan/15/greece-troika-debt-eurozone-crisis">Larry Elliott</a> at The Guardian has the best line of the day on the event. &quot;It is international finance&#39;s version of Sartre&#39;s Huis Clos, a vision of hell where three people who loathe each other are stuck in a room for eternity.&quot;</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-zone-debt-crisis-focus-returns-greece" target="_blank">read more</a></p> athens ECB EU euro zone debt crisis France George Papandreou Germany Greece Home Huis Clos IMF Italy Jean-Paul Sartre Lucas Papademos Regions Troika Business Debt Crisis France Europe Germany Italy Europa GlobalPost Blogs Mon, 16 Jan 2012 09:54:32 +0000 Michael Goldfarb 5687512 at http://www.globalpost.com Greece: Pimco calls for bigger bondholder "haircuts" http://www.globalpost.com/dispatches/globalpost-blogs/europa/greece-pimco-calls-bigger-bondholder-haircuts <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> Pimco is the world&#39;s largest bondholder and when its CEO Mohamed El-Erian speaks people tend to listen. Today the Greek newspaper eKathimerini has an <a href="http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_16/01/2012_422997">interview</a> with El-Erian in which he says the famous 50 percent haircut for Greece&#39;s bond holders is not enough.</p> <p> &quot;According to our analysis, 50 percent is not enough for Greece to restore credibly the conditions for medium-term debt sustainability and economic growth. A 50 percent haircut would still leave open way too many questions about Greece&rsquo;s economic and financial outlook,&quot; the CEO told the paper.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/greece-pimco-calls-bigger-bondholder-haircuts" target="_blank">read more</a></p> ECB EU euro zone debt crisis Greece Home IMF Mohamed El-Erian PIMCO Regions Business Debt Crisis Europe Europa GlobalPost Blogs Tue, 17 Jan 2012 15:48:00 +0000 Michael Goldfarb 5687711 at http://www.globalpost.com Tobin Tax for Europe, Merkel climbs aboard http://www.globalpost.com/dispatches/globalpost-blogs/europa/tobin-tax-europe-merkel-climbs-aboard <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Controversial Tobin Tax or Financial Transaction Tax has a new adherent according to a leading German newspaper </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> The Tobin Tax, or Financial Transaction Tax, is controversial within the EU - Britain says it won&#39;t sign up for an EU wide levy - and within German Chancellor Angela Merkel&#39;s right-wing coalition government where the minority partners, the FDP, are against the idea.</p> <p> But according to an article in today&#39;s Suddeutsche Zeitung, Merkel is now throwing her weight behind a Tobin Tax.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/tobin-tax-europe-merkel-climbs-aboard" target="_blank">read more</a></p> Angela Merkel EU euro zone debt crisis Financial Transaction Tax FTT Home Regions Suddeutsche Zeitung Tobin tax Business Debt Crisis Europe Germany Global Economy Europa GlobalPost Blogs Thu, 19 Jan 2012 11:57:50 +0000 Michael Goldfarb 5688058 at http://www.globalpost.com Croatia votes yes to EU membership http://www.globalpost.com/dispatches/globalpost-blogs/europa/croatia-votes-yes-eu-membership <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Nation at the heart of Balkan wars will become 28th member of EU this year </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> Croatia is a nation born in blood. 20 years ago, as former Yugoslavia broke up it was the site of the first modern Balkan war. Later it was a key player in the second Balkan war, the one in Bosnia-Herzegovina.</p> <p> Croatia had for years made no secret of wanting to join the EU but the union&#39;s recent troubles, particularly in the euro zone core, was expected to make yesterday&#39;s referendum a close-run thing.</p> <p> It wasn&#39;t.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/croatia-votes-yes-eu-membership" target="_blank">read more</a></p> Balkan Wars Croatia Duetsche Welle EU Hans Dietrich Genscher Home Regions Zagreb Europe Germany Europa GlobalPost Blogs Mon, 23 Jan 2012 08:51:17 +0000 Michael Goldfarb 5688436 at http://www.globalpost.com Greece: Debt deal done? Falling apart? http://www.globalpost.com/dispatches/globalpost-blogs/europa/greece-debt-deal-done-or-falling-apart <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Greece and its creditors were close to deal on Friday but have hit a snag </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> Today was supposed to be the day Greece and its private bondholders reached a deal on how big a write down, or &quot;haircut,&quot; the creditors would take.</p> <p> But talks broke-up over the weekend and the outcome is not clear, as Greek newspaper eKathimerini <a href="http:// http://ekathimerini.com/4dcgi/_w_articles_wsite1_21348_23/01/2012_423628">reports</a>.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/greece-debt-deal-done-or-falling-apart" target="_blank">read more</a></p> Brussels EU Greece Greek bond haircuts Home Iran Law & Order oil embargo Regions Business Debt Crisis Europe Global Economy Europa Mon, 23 Jan 2012 09:34:00 +0000 Michael Goldfarb 5688438 at http://www.globalpost.com EU privacy law would force Facebook to delete data on request http://www.globalpost.com/dispatch/news/regions/europe/120123/eu-privacy-law-would-force-facebook-delete-data-request MALMO, Sweden — The EU will propose tough new privacy legislation, letting internet users demand that companies like Facebook, Google and LinkedIn provide details of any data they hold on them, and then delete it if requested<p><a href="http://www.globalpost.com/dispatch/news/regions/europe/120123/eu-privacy-law-would-force-facebook-delete-data-request" target="_blank">read more</a></p> EU Europe Germany Mon, 23 Jan 2012 22:55:49 +0000 Richard Orange 5688590 at http://www.globalpost.com Davos takes on euro zone crisis http://www.globalpost.com/dispatches/globalpost-blogs/europa/davos-takes-euro-zone-crisis <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Old arguments about how to solve the euro zone crisis are re-hashed at World Economic Forum annual meeting </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> Davos. The name, the place, what it stands for is a challenge to an ideal of journalism. It seems to be one of those events that become a story not because of any intrinsic news value but because a bunch of famous people get together and allow journalists to mingle among them.</p> <p> There are many national leaders at the World Economic Forum&#39;s annual meeting in Davos but no treaties are signed, nor are there joint declarations of policy made. That would be news and worth reporting. There are titans of industry in Davos, but no products are launched or companies acquired. That, too, would be news etc.</p> <p> It can&#39;t be news because the comments about the year to come actually shape events. I came across this <a href="http://www.washingtonpost.com/wp-dyn/content/article/2010/01/24/AR2010012403399.html">article</a> from The Washington Post a couple of years ago on Google about some famously wrong predictions made by the rulers of the planet at the World Economic Forum. It&#39;s pretty amusing. (For that matter, did anyone at Davos in 1996 or 97 predict there would be something like Google (founded in 1998) and that a search engine would upend all previously known models of information aggregation and dissemination?</p> <p> Anyway, the leaders are at Davos, journalists are tweeting like fan-boys and girls about rubbing shoulders with them.&nbsp;</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/davos-takes-euro-zone-crisis" target="_blank">read more</a></p> Angela Merkel austerity Britain David Cameron Davos Denmark Enda Kenny EU euro zone crisis euro zone debt crisis Europe Germany Helle Thorning Schmidt Home Ireland Regions World Economic Forum Business Debt Crisis Europe Germany Global Economy Ireland Italy United Kingdom Europa GlobalPost Blogs Thu, 26 Jan 2012 18:19:10 +0000 Michael Goldfarb 5689083 at http://www.globalpost.com Portugal: the new Greece http://www.globalpost.com/dispatches/globalpost-blogs/europa/portugal-the-new-greece <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Unsustainable bond yields being used to finance unpayable debts. </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> In Portugal the numbers are all bad:</p> <p> The deficit is 9.1 percent of GDP. The economy is expected to contract by anywhere between 3.1 and 5 percent this year. It took a bailout from the EU, ECB, IMF &quot;troika&quot; of 78 billion euros ($102.6 billion) and will have a hard time paying it back because its credit rating is now <a href="http://www.bbc.co.uk/news/business-15873435">&quot;junk.&quot;</a> Five year bond yields yesterday broke a record: 18.9 percent. Three year bond yields hit 21 percent.</p> <p> Oh, and unemployment stands at a record 13.2 percent.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/portugal-the-new-greece" target="_blank">read more</a></p> Ambrose Evans-Pritchard ECB EU euro zone debt crisis Greece Home IMF junk Portugal ratings agencies Regions Simone Foxman Troika Business Debt Crisis Europe Global Economy Europa Fri, 27 Jan 2012 12:16:29 +0000 Michael Goldfarb 5689161 at http://www.globalpost.com Belgium hit by massive strike as leaders fly in for crisis summit http://www.globalpost.com/dispatch/news/regions/europe/120130/belgium-hit-general-strike-leaders-euro-zone-crisis-summit Brussels — Belgium's first general strike in almost 20 years brought the country to a near standstill Monday as European Union leaders were gathering in Brussels for their latest summit on the euro zone crisis.<p><a href="http://www.globalpost.com/dispatch/news/regions/europe/120130/belgium-hit-general-strike-leaders-euro-zone-crisis-summit" target="_blank">read more</a></p> Belgium BeNeLux Brussels EU Europe Mon, 30 Jan 2012 18:38:00 +0000 Paul Ames 5689460 at http://www.globalpost.com It's Europe, they do summits differently here http://www.globalpost.com/dispatches/globalpost-blogs/europe/its-europe-they-do-summits-differently-here <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Leaders agree fiscal compact - details left for later </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> EU leaders met in Brussels yesterday. By their standards things went well. Contentious pre-summit issues were kicked aside - in this case, Germany did not push for the right to install a budget czar in Greece. Agreement was reached on a new fiscal compact for the euro zone, although the details of what was agreed were left for later. A lot of money was pledged, enough to make a person wonder where it will come from given how indebted many European governments are.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europe/its-europe-they-do-summits-differently-here" target="_blank">read more</a></p> EU EU summit European Stability Mechanism fiscal compact Germany Greece Home Italy Regions unemployment Business Czech Republic Debt Crisis Europe Germany Italy United Kingdom On Europe Europa GlobalPost Blogs Tue, 31 Jan 2012 11:48:47 +0000 Michael Goldfarb 5689614 at http://www.globalpost.com Nearly half of under-25s are unemployed in Spain and Greece http://www.globalpost.com/dispatch/news/regions/europe/120131/europe-unemployment-youth-lost-generation Brussels — They call them Europe's lost generation: nearly 5.5 million young people unemployed across the continent.<p><a href="http://www.globalpost.com/dispatch/news/regions/europe/120131/europe-unemployment-youth-lost-generation" target="_blank">read more</a></p> EU Europe Tue, 31 Jan 2012 17:55:00 +0000 Paul Ames 5689647 at http://www.globalpost.com Unemployment soars in euro zone, plummets in Germany http://www.globalpost.com/dispatch/news/regions/europe/120131/unemployment-soars-euro-zone-plummets-germany Berlin — Divergences between the European economies revealed by contrasting unemployment figures.<p><a href="http://www.globalpost.com/dispatch/news/regions/europe/120131/unemployment-soars-euro-zone-plummets-germany" target="_blank">read more</a></p> EU euro zone crisis unemployment Europe Germany Spain Tue, 31 Jan 2012 18:03:43 +0000 Siobhan Dowling 5689696 at http://www.globalpost.com