As predicted, the relief and relative calm produced by the Oct. 27 agreement between European Union leaders battling the tightening euro zone debt crisis didn’t last long. Markets just aren’t ready to do with the fruits of optimism when there’s still so much to be made from low-hanging pessimism. Less expected, however, were …
Germany
Sarkozy Uses Europe’s Debt Crisis To Signal Re-Election Bid
Given the enormous stakes involved in it, one would have thought the big news Thursday was the accord hammered out earlier in the day by European Union leaders to deal with the euro zone’s monstrous debt crisis. One would have thought so, but one was wrong.
The real news Thursday was French President Nicolas Sarkozy revealing …
EU Debt Deal: Déjà Vu All Over Again?
Let’s be fair: the 4 AM announcement Thursday by European Union leaders of a new and urgently needed package of measures to confront the euro zone debt crisis is a significant break-through that may eventually represent the corner being turned in the seemingly endless drama. And because the accord pledges massive sums of money to …
Could an Ultimatum from Nicolas Sarkozy Resolve the European Debt Crisis?
The European debt crisis has reached its chiche moment—or what should be its chiche moment. That’s chiche, the French for “I dare you”, “I’m calling your bluff”, or even “make my day”—something often used in situations that somehow seem too formidable or fearsome to simply give in to without an audacious (albeit …
Who Gains, Who Loses in Israel-Hamas Prisoner Swap to Free Gilad Shalit?
Win-win outcomes are all too rare in the Middle East, but the agreement that will see Hamas free captive Israeli soldier Gilad Shalit in exchange for a reported 1,000 Palestinian prisoners will allow each of its stakeholders to claim victory.
Details of the deal concluded in Cairo under Egyptian mediation remain sketchy, but it is …
Euro-Rage: The President of the European Central Bank Loses His Cool and Parliamentarians Bicker
There are several reasons one might have chosen to attend the Sept. 8 press conference at the Frankfurt headquarters of the European Central Bank: to find out what the ECB had decided on interest rates (the bank held its benchmark interest rate at 1.5%) or how it had revised its growth forecasts (down to 1.6% from 1.9% in 2011 and …
Despite Rebel Surge, Gaddafi’s Vindictive Resolve Endures
No one thought Libyan leader Muammar Gaddafi and his hard-core supporters would go away easily, and more than 48 hours after rebel forces stormed the capital of Tripoli, that determination to dig in was still evident. But if few observers believe Gaddafi’s renewed efforts to prove his regime remains a force to reckon with can turn …
How European Leaders Are in the Same Boat as Obama When it Comes to Debt
A few of you, or at least your 401(k)s, may have noticed that financial markets plummeted again on Thursday. European markets closed at or near two-year lows across the board and the Dow closed down more than 400 points.
Asian markets Friday morning opened in the tank: the Nikkei index tumbling more than 2.5%, Sydney down 3.5%, …
The Merkel-Sarkozy Summit: Fiddling While Europe Burns
Politicians are notorious cynics, but French President Nicolas Sarkozy may be in a league of his own when it comes to exploiting collective crises in the hopes of creating personal gain. That is precisely what he was up to Tuesday during his joint press conference with German Chancellor Angela Merkel, where he sought extend a …
The Merkel-Sarkozy Summit: A Minimalist Affair
It says a lot about the dramatic crisis facing the euro zone when the leaders of its two biggest economies go into a highly scrutinized summit amid promises, assurances, and even a form of hype stressing that nothing much will come from it. But that’s precisely the buzz surrounding this afternoon’s Paris meeting between German …
London Rioters Vs. Stock Market Traders: Who’s More Destructive?
Spreading chaos stokes rising fear. People rush to secure or otherwise protect valuables suddenly exposed to threat. Every 24 hours or so, mobs of faceless people converge anew to form an unpredictable, menacingly amorphous force whose destructive power strikes terror throughout society. Distraught citizens look on at the frenzy with the …
Envious Of U.S. Debt Ceiling Conflict, France Considers One Of Its Own
Were Paul Krugman to be inhabited by the not-so-kindred soul of Ronald Reagan, the Nobel prize-winning economist and New York Times columnist might be looking towards Europe airing the disapproving lament, “Well, there you go again”. And just who would the culpable “you” up to something iffy again be? French President Nicolas …
French Military Admits Supplying Arms and Ammo To Libyan Rebels
U.S. President Barack Obama soon won’t be alone in taking flack about the legality of certain moves he’s made on Libya. On Wednesday, French military officials confirmed press reports that France has dropped arms and ammunition to Libyan rebels in what will doubtless spark protests that such action violates limitations the United …