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America’s Debt-Ceiling Debacle

America’s Debt-Ceiling Debacle

When Greece’s sovereign-debt crisis threatened the euro’s survival, U.S. officials called their European counterparts to express bewilderment at their inability to resolve the issue. Now, the tables have turned, with American leaders on the receiving end of such calls. The most recent threat of a U.S. debt default has been avoided, but only temporarily. Another […]

Merkel urges new EU treaty

Merkel urges new EU treaty

In order to combat Europe’s debt crisis, German Chancellor Angela Merkel has called for a new EU treaty. According to the German weekly magazine Der Spiegel, one of the proposed measures is increased responsibility for the European Court of Justice in monitoring budgets and punishing members states for running up deficits.

The EU’s Fiscal Mavericks

This month, 25 of the 27 EU member states are signing a new fiscal compact to place effective limits on budget deficits. The era of running huge debt against anticipated export returns will be over. The compact will be one of the EU’s more successful policies, but 25 out of 27 is not consensus. If […]

Austria: Island of Stability? – Part Three

Austria: Island of Stability? – Part Three

Thanks to the lively demand for Austrian goods and services from outside Europe, the real effects of the ongoing debt crisis in the euro area have been contained – at least so far. This year the Austrian economy will post a strong growth of around 3%. Certainly, the reason for this is that Greece, Portugal, Ireland […]

Austria: Island of Stability? – Part One

Austria: Island of Stability? – Part One

With Europe in crisis, Austria can count itself lucky. The country has outperformed the rest of the European Union in these economic hard times. The recession of 2009 was not as deep – Austria’s economy shrank by 3.9% of the Gross Domestic Product (GDP), compared to the EU average of -4.2%. And Austria’s return to […]

Austria: Island of Stability? – Part Two

Austria: Island of Stability? – Part Two

The worldwide failure of banks and financial markets in 2008 led to the deepest economic crisis since the 1930s. In 2009, EU GDP dropped by more than 4% in real terms. By 2011, it still stood about 1% below its pre-crisis level. Austria fared a little better during these years. By the end of 2011, […]

Greece: Returning to Ourselves

The origins of Greece’s current crisis go back to its entry into the EU in 1981. Having barely recovered from the raping by the Junta, it still had a flourishing agricultural sector and manufacturing industry. Gradually, we were obliged to reduce our agricultural production to qualify for EU subsidies and help drain the EU’s olive […]

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