Tis the season—for painful downgrades by credit agencies that is, as Thursday’s move by Fitch targeting six of the world’s largest banks again shows. And indeed, because such action is now so common, the big question …
euro zone
Whither the European (Dis)Union?
Is significantly greater integration the surest way to prevent both the euro and even the entire European Union from blowing apart? Or is EU federation–and the basic powers national governments now wield being weakened in the process–exactly the kind of radical fusion certain to send countries jealous of their sovereignty fleeing …
Europe’s Debt Tragicomedy: Horror Show Turns Into Shambolic Farce
There are occasions when even the scariest of movies will push the atmosphere of dread, danger, and doom a bit too far, and leave the scenario of improbable horror and panic feeling just stupid. That moment has arrived in Nightmare On Euro Street, as people who watched Europe’s escalating crisis through their fingers in terror begin …
At Cannes G20 Summit, Europe’s Currency and Leadership Pushed to the Brink
They may be clichés, but the phrases “life isn’t always fair”, and “things don’t necessarily work out the way you’d like” are cruel realities that French President Nicolas Sarkozy has to be ruefully mulling over just now. Rather than basking in the sunlight of a France-presided G20 summit meant to usher in major …
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 …
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 …