Margareta Drzeniek-Hanouz, head of global competitiveness & risks at World Economic Forum, says productivity-enhancing reforms will resolve the new normal that's characterized by a shortfall in productivity.» Read More
It has been referred to as “the bazooka” — the 500 billion euro European bailout fund that after much dispute will have its first board meeting on Monday, the New York Times reports.
The differences in approach could not be more distinct — or telling. Fresh austerity measures were announced last week by Prime Minister Mariano Rajoy of Spain. Two of the most economically distraught countries in the euro zone, Greece and Spain, mapped out additional budget cuts last week, the New York Times reports.
The London real estate market was abuzz. A wealthy Greek banker wanted to spend up to £60 million (nearly $100 million) for a home, and was in a hurry to make a deal. Evangelos Meimarakis, the president of the Greek Parliament, is among the more than 30 Greek politicians under investigation for possible tax evasion and the illegal accumulation of wealth, the New York Times reports.
More than a quarter of the work force in Spain or Greece is without jobs, but there is a city on the Danube north of Munich that has the opposite problem: not enough workers, the New York Times reports.
It may be the age of austerity for many in Britain. For a former doctor, Geoffrey Lipman, it is anything but. Dr. Geoffrey Lipman, who is retired, gets about $78,000 a year in his government pension.
Spain's economic crisis has prompted a movement within Spain dubbed it “rurbanismo,” a term invented to describe the reverse migration from city to country that has stemmed a generations-old trend that has long been the usual pattern in most advanced industrial economies, the New York Times reports.
In September 1992, the Federal Reserve culminated a long-running effort to stimulate the sluggish economy by cutting its benchmark interest rate to 3 percent, the lowest level it had reached in almost three decades.
When fear gripped the European markets in April, the money manager Robert Tipp decided to buy more Portuguese government bonds. He figured that European officials wouldn’t let the country turn into another Greece.
Anastasia Kastaniotou, a struggling mother of three, stood near the Greek Parliament building on Wednesday and threw up her hands as she contemplated an €11.5 billion austerity package that her country’s government was trying to tie up this week to keep Greece in the euro, the New York Times reports.
A top German official at the European Central Bank on Monday defended the bank’s plans to intervene in bond markets to push down borrowing costs for businesses and encourage economic growth. The position puts him at odds with the president of Germany's central bank and highlights a growing split in the country’s policy-making elite.
Greece's official lenders are signaling a growing reluctance to keep paying the bills of the nearly bankrupt nation, even as the government seeks leniency on its bailout terms.
For years, law enforcement officers and smugglers have played cat and mouse in Europe, where contraband cigarettes are stashed in everything from furniture shipments to loads of Christmas trees, the New York Times reports.
As big banks face the fallout from a global investigation into interest rate manipulation, American and British lawmakers are scrutinizing regulators who failed to take action that might have prevented years of illegal activity, the New York Times reports.
While it was big news when the Barclays chairman, Marcus Agius, resigned Monday over his bank’s role in the Libor rate-fixing scandal. Less noticed was his other resignation that same day, the New York Times reports.
The spotlight in the European debt crisis has now shifted decisively toward the influential leader of the European Central Bank, Mario Draghi, who emerged from the recent summit meeting in Brussels with new powers and stronger backing to address the Continent’s financial woes. The New York Times reports.
It's hard to know what to expect from these things. On the one hand, there's an impressive roster of speakers tackling a very broad range of topics. On the other hand, there are strong hints that this thing is going bubble over with Very Smart People Agreeing With Each Other.
The French President is determined to show the French that he is willing to stand up to Berlin, to push the German Chancellor to contribute even more than before toward a lasting solution of the euro mess. The New York Times reports.
The head of the European Central Bank and other euro zone leaders worked on Saturday on a grand vision for the euro zone meant to reassure investors and allies that flaws in the currency union will be addressed quickly.
As Europe works to prop up Spain’s wobbling banks, its leaders still face a problem that plagues the Continent’s increasingly vulnerable financial institutions — a longstanding addiction to the borrowed money that provides the day-to-day financing they need to survive.
As European leaders grapple with how to preserve their monetary union, Greece is rapidly running out of money, the New York Times reports.