€urosclerosis: Two elections

From Socialists Secure Majority in France By DAVID GAUTHIER-VILLARS And GABRIELE PARUSSINI PARIS—President François Hollande secured the parliamentary majority he says he needs to revive France’s economy and help repair the euro zone, after voters gave his Socialist Party a commanding lead in Sunday’s legislative elections. Because a Socialist-led coalition already controls the Senate, the …

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€urosclerosis: The Greek bailout

From Europe Reaches a Greek Deal By Geoffrey T. Smith, Ainsley Thomson and Costas Paris BRUSSELS—Euro-zone finance ministers early Tuesday agreed to an ambitious €130 billion ($172.1 billion) rescue deal that will see Greece’s private creditors take an even larger loss in order to put the debt-laden country on a sustainable footing and avert a …

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€urosclerosis: The Greeks are revolting

From Greece Nears Wage Cut Agreement as Strike Looms By ALKMAN GRANITSAS, STELIOS BOURAS and COSTAS PARIS ATHENS—The three party leaders backing the interim government of Greek Prime Minister Lucas Papademos were close to an agreement to cut the private-sector minimum wage by an average of around 20%, two senior government officials said Monday, as …

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€urosclerosis: not taking the easy way out

From Draghi Plays Down Hopes for Quantitative Easing By TOM FAIRLESS And MARGIT FEHER FRANKFURT—European Central Bank President Mario Draghi Thursday rejected suggestions that the ECB should embark on quantitative easing as a means to boost the euro zone’s economic performance, which has been dragged down by the region’s sovereign debt crisis. “I don’t think …

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€urosclerosis: The structural realities have caught up

From The New York Times: In Rejecting Treaty, Cameron Is Isolated By Sarah Lyall and Julia Werdigier Published: December 9, 2011 LONDON — When he rejected a new European accord on Friday that would bind the continent ever closer, Prime Minister David Cameron seemingly sacrificed Britain’s place in Europe to preserve the pre-eminence of the …

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€urosclerosis: Timothy Geithner praises the Europeans for taking action, and urges them to do even more, while supporting exactly the opposite policies in the United States

From Geithner Presses Europe for Solution Treasury Secretary Meets With Germany’s Finance Minister, Central Bank Officials as EU Leaders’ Summit Approaches By SUDEEP REDDY BERLIN—Treasury Secretary Timothy Geithner, boosting pressure on European nations ahead of a critical summit, appealed to euro-zone officials on Tuesday for stronger action to calm the Continent’s deepening debt turmoil. Mr. …

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€urosclerosis: Italy’s austerity plan

From Monti Unveils Austerity Plans By Stacy Meichtry and Marcus Walker ROME—Italy’s new government unveiled austerity measures that this week could form the first part of a wider European deal leaders and markets hope could be a turning point in the battle to save the euro. Italian Prime Minister Mario Monti, in his first test …

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When real money is short, why not just use funny money?

From The New York Times: Stocks Surge After Central Banks’ Action on Debt Crisis DOW S & P 500 NASDAQ GERMANY BRITAIN FRANCE EURO By CHRISTINE HAUSER Published: November 30, 2011 A move announced by central bankers on Wednesday to contain the European debt crisis resulted in euphoria in global stock markets, but it also …

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€urosclerosis: Ist Deutschland weiter?

From Reuters: “Disastrous” bond sale shakes confidence in Germany By Stephen Brown and Noah Barkin Wed Nov 23, 2011 10:52 AM EST BERLIN (Reuters) – A “disastrous” German bond sale on Wednesday sparked fears that Europe’s debt crisis was even starting to threaten Berlin, with the leaders of the euro zone’s two biggest economies still …

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€urosclerosis, part 6: What it means for the United States

From : Signs of Market Stress Emerge in Europe, U.S. By MATT PHILLIPS And MIN ZENG Global markets are showing some signs of stress not seen since the 2008 financial crisis amid alarm at the expansion of Europe’s debt troubles. Strains appeared on both sides of the Atlantic. The cost for European banks to swap …

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