The recent financial crises spreading throughout debt heavy European sovereigns has called into question the viability of the common currency and the whole European project. In its initial stages, the European Coal and Steel Community was proposed by French foreign minister Robert Schuman on May 9, 1950 as a way to prevent future war from […]
Read MoreRecently named Greek Prime Minister Lucas Papademos is said to be working around the clock to avert Greek default on their sovereign debt obligations. Like recently minted Italian Prime Minister Mario Monti, Lucas Papademos is a technocrat, heading Greece’s first coalition government in recent memory. Necessary austerity legislation is still wildly unpopular with the Greek […]
Read MoreTo avoid the spread of contagion as well as deflect any potential fallout from the bubbling kettle that is the Italian economy, France has taken moves to pass austerity measures which are some of the most stringent the country has seen since the end of World War II. The new package includes cuts of 112 […]
Read More“The system has lost its self evidence, its automatic legitimacy and now the field is open.” Slavoj Zizek Slavoj Zizek, popular and renowned Slovenian political philosopher often cited by the Occupy Wall Street movement, is an outspoken critic of both capitalism and communism. In an excellent interview with Al Jazeera, Slavoj Zizek describes how […]
Read MoreItalian bonds edged dangerously closer to the 7% threshold at which investors have determined Italy will have severe difficulties refinancing its debt or even paying it back in a timely fashion. The spread of panic from Greece to Italy seems to be controlled thus far but if Italian bond yields reach the 7% mark the […]
Read MoreEmbattled Greek Prime Minister George Papandreou has announced he will resign as soon as the composition of a unity government is decided according to multiple sources. To read more of Demagaga’s ongoing coverage of the Greek Bailout Crisis: Eurozone Leaders Prepare for Papandreou’s Departure. Papandreou Comes from Greek Political Dynasty. Greek […]
Read MoreThings are not getting easier for Papandreou as his crisis stricken government is said to be on the moves to oust him as prime minister and replace him with current finance minister, Evangelos Venizelos. Even though Papandreou survived the confidence vote at 153 to 145, he is a divisive figure incapable of uniting the nation […]
Read MoreGreece and its Prime Minister, George Papandreou, have been at the center of the debt crisis wracking the eurozone since its beginning. In many ways, Papandreou has become the target of scorn for both Europeans and frustrated Greeks and, after narrowly surviving a confidence vote this past Friday, it is any wonder he thinks himself […]
Read MoreIn a good sign for Greece’s continued membership in the eurozone currency bloc, besieged Prime Minister Papandreou has survived a confidence vote in the Greek parliament with promises to form a unity government. To quote: “I have been in contact with the president and I will visit him tomorrow (Saturday) to inform him of my intentions […]
Read MoreThe Chinese people are making it known to their government, online and elsewhere, that the PRC had best help its own people before even considering assistance for Europe. European leaders have asked China to contribute money to the European Financial Stability Facility to increase the fund’s capacity but the PRC has so far given this […]
Read More