Socialist Worker

Economic crisis


Euro bailout fund loses credit rating

17 January 2012
The institution set up to bail out failing European economies has become the latest casualty of the crisis.

Economic crisis is sparking radical resistance

10 January 2012
2011 was the year when what often seemed like Marxist abstractions—crisis, revolution and mass strikes—became living realities.

Italy’s Monti faces strike wave

13 December 2011
A huge strike wave involving thousands of workers kicked off in Italy this week. The country’s three main union federations—the CGIL, CISL and UIL—joined together for their first united strikes for six years.

The rich get richer

13 December 2011
<a href="graphics/2011/keep/2283_08_09.pdf">Download full spread as pdf</a>

Italy: unelected leader imposes new austerity measures

06 December 2011
Unelected leader Mario Monti has forced through 30 billion euros of austerity cuts by parliamentary decree. These new cuts will be implemented before Italy’s parliament can discuss them.

Eurozone teeters on a knife edge

06 December 2011
The Eurozone’s political leaders are battling to prevent the collapse of their economies. This week Standard and Poor’s, the US credit rating agency, warned that all eurozone countries—­including France and Germany—could lose their credit ratings.

Northern Rock: Richard Branson bags millions

22 November 2011
The government will hand over part of the Northern Rock bank to Richard Branson’s Virgin firm.

Crisis is at the heart of capitalism, as any ‘expert’ should know

15 November 2011
Europe’s leaders breathed a sigh of relief when prime ministers George Papandreou in Greece and Silvio Berlusconi in Italy stepped down.

French debt rating threat

15 November 2011
France’s rulers have a new headache on top of their economic woes. Agencies are threatening to lower the country’s "triple A" rating.

Portugal sinks into the red

15 November 2011
The recession is getting worse in Portugal, one of the most vulnerable countries in the eurozone.

Merkel ups the Europe stakes

15 November 2011
Germany’s chancellor Angela Merkel has responded to the latest eurozone crisis by calling for closer European integration at a political level.

Rulers are creating a crisis of democracy

15 November 2011
I read recently a book by the economist Barry Eichengreen called Golden Fetters. This is about the collapse of the gold standard during the Great Depression of 1929-39.

Deficits, debt and default—a basic guide to the jargon

27 September 2011
EUROZONE

Banks demand more austerity for Greece

27 September 2011
The Greek economy is sliding deeper into recession. Its deficit is getting worse. So why are Western powers insisting on making Greece honour debts that it has no chance of repaying?

A crisis at the top opens spaces below

27 September 2011
An air of unreality accompanied coverage of the International Monetary Fund/World Bank meeting in Washington DC last weekend.

How long before Greece defaults?

13 September 2011
World stock markets tumbled on Monday as the rich feared that Greece would default on its debt.

General strike brings Italy to a halt

06 September 2011
Millions of workers in Italy took part in a general strike today (Tuesday) against the government’s austerity plans.

Rulers’ medicine is killing the patient

30 August 2011
It’s official—austerity isn’t working. When the banks first went into crisis, politicians rushed to pour public money in to keep them afloat.

Cuts have just made crisis worse

16 August 2011
The economic crisis wracking many countries is deepening. New figures show that austerity measures are making things worse.

System failure: Why a global storm has battered the economy

09 August 2011
The world economy appears once again to be on the brink of disaster. The volatility that swept through markets in recent days is reminiscent of the panic of autumn 2008, when the Wall Street bank Lehman Brothers collapsed.

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