Socialist Worker

Economic crisis

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.

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.

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.

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.

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.

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.

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.

Portugal sinks into the red

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

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.

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?

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

27 September 2011

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.

Global elite united in making us pay

02 August 2011
The agreement to push through trillions of dollars in cuts in the US saw a shocking level of vitriol—if not downright pleasure—from right wing politicians.

Paralysis in EU as Greek crisis grows

12 July 2011
The old ones are sometimes the best. "Denial is not a river in Africa, but it is a state occupied by many eurozone politicians."

Masters of world have lots of worries

31 May 2011
THE G8 summit gathered last week in the French resort of Deauville. Apart from endorsing Barack Obama’s attempt to co-opt the Arab revolutions, it’s not clear what it did.

Solidarity with Spanish protests across Britain

24 May 2011
Solidarity protests have sprung up in towns and cities across Britain.

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