The fact that the voters in two states so overwhelmingly supported the change is making it much easier for politicians, government officials, and prominent public figures to speak out for the idea.
|By: Jon Walker Wednesday December 12, 2012 9:40 am|
|By: David Dayen Saturday October 20, 2012 12:00 pm|
The EU wrapped up its summit, and the major policy announcement was an agreement for a single Eurozone bank regulator, a step on the road to common depository insurance. This is a couple years off, and leaders announced that no country would be able to get bailout funds for its banks until the regulator was in place, which could pressure Spain into tapping that bailout fund for its government operations, if they’re on the hook for rescuing their own banks in the near term. In addition, Germany and France appear divided over the next steps on fiscal integration, with Germany emphasizing budget discipline and France warning against recession.
|By: David Dayen Tuesday June 12, 2012 10:00 am|
The pattern I’m seeing in Europe these days is that each “solution” is given less and less time to work before the markets go right back into crisis mode. And indeed, that’s where we are. The Spanish bank bailout lifted spirits on Friday, and by Monday everyone went back to the same worries. Global markets dipped. Spanish debt yields are soaring, approaching the 7% danger zone seen as impossible for sustained financial management of a sovereign. And now people are worried about Italy too.
|By: David Dayen Tuesday March 13, 2012 6:19 am|
Dayen’s news roundup from Monday evening, March 12, including stories from Krugman on Yurp, Mitt on minimum wages, Rush on advertisers, Doonebury on ultrasound, Kucinish on killings, everyone on Obama, church foreclosuress, Syria, Pakistan, UN on Bradley Manning, and much more.
|By: David Dayen Wednesday February 15, 2012 9:00 am|
New statistics out of Greece show that austerity shrunk the economy more than expected last year. GDP in Greece fell 6.8% in 2011, and a slightly faster 7% in the fourth quarter. The country is in a fifth straight year of recession, approaching a full-on depression.
European leaders are still trying to impose more austerity, but some Eurozone finance ministers may be trying to force a default and exit from the euro.
|By: David Dayen Thursday February 2, 2012 10:59 am|
David Ignatius offers two cheers for Mario Draghi, the head of the ECB, for giving away super-cheap money to bankers. These pundits love their banking daddies, don’t they? Ignatius does realize, however, that the real problems in Europe are beside the point of the banking debt crisis. The problem is he thinks the real problem is the lack of an enforceable fiscal union.
|By: David Dayen Monday January 23, 2012 7:41 am|
The debt talks between Greece and their bondholders, thought to be a done deal late Friday, spilled into the weekend and still found no resolution as of today. The short version is that the creditors want a higher coupon, or interest rate on the new bonds they’ll accept in exchange for taking at huge hit on the bonds they currently hold.
|By: Richard Lyon Saturday November 27, 2010 11:30 am|
The Portuguese government isn’t as deeply committed to keeping the banking system afloat as the Irish government, but the banks are experiencing significant liquidity problems as a result of the contracting economy and the increasing pressure from international bond markets. So once again we have the government of an EU member state willing to adopt draconian austerity measures on a more or less voluntary basis and it isn’t making the problems go away.