Debt Crisis

How Did Israel Avoid A Greek-Style Bankruptcy?

Once mired in debt itself, as Greece is, Israel managed to pull itself up by its bootstraps, Prof. Eugene Kandel told the cabinet Sunday.

Spanish Pain Is Hardly Plain

Spain Gallops Headlong Into Austerity As Riots And Strikes Mount

Despite massive demonstrations and some violence, the Spanish government says there is no choice but severe belt tightening.

Recall Race Grabs Wisconsin

Attempt To Recall Scott Walker Gets More Attention Than Primary

Wisconsin voters are more enraptured by the attempt to recall Scott Walker than by the presidential race.

Despite Austerity Vote, Expectations Rise For Greek Exit

Greece voted for more austerity, but the bad blood accumulated makes this the last go around for both Greece and lenders.

EU To Greece: No Deal No Money

Sarkozy And Merkel Apply Pressure To Clinch Greek Deal

Angela Merkel and Nicolas Sarkozy applied pressure on Greece to reach a final agreement with her creditors.

German Leak Gets Results

Leaked Document: Germany Plans EU "Nanny" for Greek Budget

A call by Germany to install a budgetary baby sitter in Athens has accelerated progress toward a centralized European budgetary oversight.

Lagarde Reminds Germans Of War

IMF Chairman To Germans: Save Europe Or We All Go Down

Calling upon Germany to drop objections to bigger bailout fund and easier credit, Lagarde invokes memories of 1930.

Unions Labour At Odds On Cuts

Ed Miliband Warned By Unions That Blairites Could Return

The need for Labour to back the austerity policy, if not its pace, has opened a rift between the party and the unions.

The Greek Crisis Act VI

The Greek Crisis Resurfaces

Stunned by the downgrades, Europe had no time for recriminations as the Greek crisis struck again.

Spain's Regions Ooze Red Ink

New Government Raises Taxes as It Discovers Unreported Arrears

The new Popular Party government of Spain is slashing expenses and raising taxes as it discovers a mountain of undisclosed debt.

Economy Forces UK Army Rethink

Balance of Power Change: UK to Downsize Army, Rely on Others

Britain's top army officer warned that Britain will have to rely more on local allies as necessary economies on spending will cut manpower.

Cameron Faces Party Backlash

Cameron Facing Party Revolt on EU

David Cameron tried to channel Tony Blair but the growing opposition to his European policy within his party may make this impossible

Back to the 1980's in UK?

Euro Woes? Public Service Strike in UK Biggest in Decades

Britain's austerity measures are fostering union militancy and governmental anit-union rhetoric.

Analysis: The Euro Isn't Dead Yet

Fiscal pundits say the Eurozone is dead and will be buried by years end, but banking officials haven't given up. Why?

'Game Over' – Italian Prime Minister Resigns

Italian Prime Minister Silvio Berlusconi officially resigned Saturday, ending the longest-running terms of office in his country.

Did Italy Weather the Crisis?

Subsiding of Italian Interest Rates A Leap of Economic Faith

Italy has its first unity government since the end of the Second World War but its economic options are more constricted.

France Tries to Save AAA Grade

In Possible Electoral Suicide France Gets More Austerity

The French government is going all out to preserve France's AAA bond rating. It might ensure its electoral defeat.

Silvio Berlusconi on the Ropes

Bond Yields, Coalition Cracks May Finally Undo Silvio Berlusconi

Faced with defections within his own party, cracks in his coalition, and a dangerous spike in bond yields, Berlusconi is in trouble.

Italy in the Hot Seat

Opposition Wants Berlusconi to Go in Return for Backing Reforms

As feared, the Greek decision to hold a referendum brought immediate pressure on Italy.

EU Hat in Hand to China

China Can Bolster EU Finances but Wants Reciprocity

If China decides to help stabilize the EU's finances it will expect something in return.

Did EU Turn Corner or Kick Can

EU Agreement Yields Temporary Confidence Boost; Problems Remain

The disparity between the stock and bond markets demonstrates that the jury is still out on the latest EU agreement.

EU Debt Clock Keeps Ticking

Italian Debt Downgrade and Dexia Bank Bailout Highlight Crisis

The downgrading of Italian debt by three notches and the stock panic over the Dexia Bank are symptomatic of the continuing debt crisis.

Stocks Plummet on Default Fear

Debt Restructure Is Replacing Greek Bailout as Plan A

The Greek debt crisis is reaching its climax as Greek economy worsens and creditors lose patience.

Spanish Parties Embrace Cuts

Spain Overlooks Electoral Considerations to Reassure Investors

Spain passes a balanced budget amendment to reassure investors, dooming anti-Israel Socialist party's chances. Popular Party is pro Israel.

Flashing Yellow for Merkel

European Bailout Passes Court Test - Just Barely

The German Constitutional Court issued a warning to the government but let the bailout decisions stand.

German Vote Nixes Euro Rescue

Merkel Loses Sixth Straight State; Euro Crisis Blamed

Another Christian-Democratic defeat coupled with news of Greek footdragging on austerity complicate rescue plans.

Most Powerful Woman Feels Weak

Angela Merkel Under Conflicting Pressures in the Euro Crisis

Angela Merkel, voted the world's most powerful woman, is reeling under the pressures of the Euro crisis.

French Banks in La Chute

French Banks Suffering From Hellenic Overexposure

France's slumping growth has caused a balooning deficit. The French banking sector is overexposed to Greek debt.

Japan Parties Reach a Deal

With Ratings Companies Circling, Japan Parties Reach Compromise

Japan's government and the main Liberal Democratic Party opposition in control of the upper house have agreed to a compromise.

China Scolds US for Downgrade

Chinese Commentator Threatens Pulling Plug on US Debt

China is debating the US downgrade, with Prime Minister Wen Jiabao calling for coordination; others want to use US weakness for leverage.

Markets in State of Panic

Successive Market Losses Trigger Stampede to Safe Havens

Financial Markets are in rapid and disorderly retreat as pessimism grows about global recession.

Europe's Debt Crisis Lingers

Bankers Cut Short Vacations to Address Spanish, Italian Crises

Soaring bond yields and bearing predictions hit Spain and Italy causing European central bankers to scramble.

Analysis: Obama Took a Hit

Obama Sustained More Severe Damage in Deficit Debate

While the public was critical of both sides in the deficit ceiling debate, Barack Obama was the bigger loser.

Cypriot Straw on EU Camel?

Cyprus Manifesting Familiar and Distressing Economic Symptoms

Another EU crisis? Cyprus is manifesting the same symptoms that preceded the previous EU bailouts.

Confidence Builder or Trick?

EU Admits Earlier Bailout Terms Untenable

The EU reworked its bailout terms with Greece, Ireland and Portugal. Confidence builder or confidence trick?

Jittery Investors Push Up Interest Rates on Spanish Bonds

Spain is facing the threat of being sucked in to the maelstrom of the debt crisis as interest rates soar.

Summers Warning to EU Aimed at Germany

Lawrence Summers has warned the EU that it is running out of time and Germany, in particular, must step up to solve the crisis.

Sovereign Debt Crisis Menaces Italy As Securities Tumble

Europe's failure to convincingly tackle the problems in the smaller states has now created doubts about the major economies.

EU Learns to Beware of Bearing Gifts to Greeks

Having nudged Portugal into a bailout, the EU expected a respite, but the worsening of the Greek crisis has awakened nightmare scenarios.

Portugal's Political Crisis Makes a Bailout Inevitable

Prime Minster Jose Socrates' expected resignation means that there will be no government with power to impose austerity measures in the near term.