Super Mario: unemployment the unavoidable price
Is unemployment a price worth paying for keeping the euro on the road? I put the question to ECB President Mario Draghi.
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Is unemployment a price worth paying for keeping the euro on the road? I put the question to ECB President Mario Draghi.
If Spain accepts the humiliation of some outside oversight, ECB President Mario Draghi may have come up with an offer that allows the Eurozone to stagger through the all-important German elections next year.
Whilst the world’s attention has been focused understandably on a supposed “deal” emerging at the European Council summit in Brussels, I have just witnessed an extraordinary press conference from the President of the European Central Bank in Frankfurt.
Stock markets plunged and the cost of borrowing in Spain and Italy went up as the European Central Bank President Mario Draghi disappointed markets with a non-committal press conference.
Mario Draghi, president of the European Central Bank, criticises Spain for underestimating the problems faced by Bankia, the troubled nationalised bank.
As Russia toys with Europe over gas supplies, the last thing the EU wants at this time is instability within its own ranks.
Matteo Renzi hasn’t been prime minister of Italy for more than four years, but he still has the power to bring his successors down.
The no vote in Greece may be causing political shock and awe but stock markets in Europe reacted with relative calm this morning. The same, however, can’t be said for what has been happening in China.
The IMF’s report yesterday got swamped amid the gloom, despondency and fractiousness of the Greek crisis. It said, in short, Greece’s debt has become unsustainable.
Greece may only represent a fraction of Europe’s economy. But in everything else that can’t be easily measured by the IMF or ECB, it represents to much more.
As the midnight deadline for Greece to repay ¬1.6bn fast approaches, last-minute efforts are underway to avert a chain of events that could lead to Grexit.
Ahead of a crucial meeting on the Greece debt crisis on Monday, Paul Mason presents a special long-read, offering five pictures of the country.
The country will divide: right versus left – as it has been divided since British tanks rolled into Syntagma Square in 1944 to install former Nazi collaborators into office.
Today is the Greek equivalent of Gettysburg. After the ECB agreed to extend emergency lending for Greek banks for only a few days, the Greeks have until tonight to reach a compromise deal.
The battle over Greek debt comes down to politicians versus central bankers – and who is willing to call Syriza’s bluff.