€urosclerosis: Guess what? Austerity works!

It has been a while since we have addressed the crisis in Greece, the last article, €urosclerosis: Things are going to get better for Greece, coming last August, and now we see this from The Wall Street Journal: Greek Budget Surplus Beats Target Prime Minister Antonis Samaras Says 2013 Surplus Will Be Nearly Double Its …

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€urosclerosis: It looks like that Socialist government didn’t help France too much

From The Wall Street Journal: France Says It Will Miss Budget Deficit Targets Government Eyes More Savings, Fewer Tax Increases By William Horobin | September 11, 2013, 9:53 a.m. ET PARIS—France’s government said Wednesday it will miss its deficit targets this year and next due to a weaker-than-expected economic recovery. Finance Minister Pierre Moscovici said …

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€urosclerosis: Things are going to get better for Greece

From The Wall Street Journal: Greek Budget Shows Surplus Spending Cuts in Line With Commitments to Creditors By Stelios Bouras ATHENS—Greece’s central government, or “state”, budget showed a primary surplus for the first seven months of the year, turning around a steep deficit seen the previous year, the country’s finance ministry said Monday. The data …

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€urosclerosis: International Monetary Fund admits Greece was not qualified for bailout

From THE WALL STREET JOURNAL: IMF Concedes It Made Mistakes on Greece Fund Says It Bent Rules on Debt Relief, but Argues That Bought Time for Europe to Limit the Fallout By Matina Stevis in Brussels and Ian Talley in Washington | Updated June 5, 2013, 3:46 p.m. ET BRUSSELS—The International Monetary Fund has admitted …

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€urosclerosis: Cyprus, and Spain

Two related stories from THE WALL STREET JOURNAL: Cyprus Gets New Bailout Deal Bid to Remain in Euro Imposes Bank Controls, Steep Losses on Large Depositors By Matthew Dalton and Gabrielle Steinhauser in Brussels and Alkman Granitsas in Athens Cyprus secured a bailout from its international creditors early Monday, ending a week of financial panic …

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€urosclerosis: Cyprus, again

From THE WALL STREET JOURNAL: Clock Ticks on Cyprus Nation Aims to Restructure Bank to Secure Aid, Stay in Euro By CHARLES FORELLE, MATINA STEVIS and DAVID ENRICH | Updated March 21, 2013, 8:02 p.m. ET Cyprus, in an 11th-hour bid to unlock international aid, reopen the nation’s banking system and preserve membership in the …

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An interesting juxtaposition Updated! Cyprus Parliament saves lawmakers’ lives rejects bank account levy

From First was a link to an article in Bloomberg: Europe’s Reckless Raid on Cyprus’s Savings By the Editors Mar 18, 2013 3:44 PM ET Of all the many steps that the euro area has taken to contain its debt crisis, the decision to force ordinary savers in Cyprus to contribute to their country’s bailout …

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€urosclerosis: The bank account levy in Cyprus

When I first saw this story, I questioned its veracity, because it came from a source not always reliable, and it seemed just plain crazy. But this time, it’s from THE WALL STREET JOURNAL: Cyprus Races to Prevent Bank Crisis By ALKMAN GRANITSAS And MICHALIS PERSIANIS NICOSIA, Cyprus—Cypriot leaders on Sunday raced to prevent a …

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€urosclerosis: Of what country is François Hollande president?

From The New York Times: Hollande Visits Greece to Show Support for Recovery Efforts By NIKI KITSANTONIS Published: February 19, 2013 ATHENS — During a quick visit to the Greek capital on Tuesday, President François Hollande of France expressed support for Greece’s efforts to revive its economy and called on French companies to invest in …

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€urosclerosis: Paying for past follies

From Euro-Zone Economy Plunges By Brian Blackstone FRANKFURT—The euro-zone economy plunged last quarter at its fastest pace in nearly four years, as weakening global activity and deep recessions along the currency zone’s southern border gripped powerhouses such as Germany and France. The report on gross domestic product from the European Union’s statistics office highlights a …

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