Writing Worth Reading
Writing Worth Reading
Just a matter of time. Painful, but no politically workable alternative. "The country has already started on the self-reinforcing downward spiral that leads to a crisis, and there is no one big enough to reverse the spiral"
Spain is in crisis. One the young are ill-prepared for. Why? "There was a narrative that no adult challenged and which we therefore took for granted: That every generation has a better life than the previous one." Time for a rethink
Helpful backgrounder to eurozone's current economic and political turmoil. Holiday from the crisis is ending; ECB's actions averted a "heart attack", but left them nursing an "economic cancer". What will the politicians do next?
In three decades the Almeria region of south-east Spain has been transformed from one of the country's poorest regions to one of the richest. Wealth has been driven by the horticulture industry. And very cheap illegal African labour
Draghi defends Greek bailout, austerity measures. "Before we move to a fiscal union we have to have in place a system where countries can show they can stand on their own. This is the prerequisite for countries to trust each other"
What next? "Rather than taking effective action, everyone may keep on doing as little as possible while austerity turns recession into depression. And even if things work out in the short term, there are big problems down the track"
It began in Tunisia in December 2010. "My son set himself on fire for dignity," says Mannoubia Bouazizi. If only that frustrated and despairing young man, Mohamed Bouazizi, knew what his action had helped inspire
The markets have sent Germany a message. It's no longer a safe haven, and there is no painless solution to euro troubles. This is the beginning of the end for the currency zone. Here's why, and how it's likely to play out
"There is a very high probability that within weeks, or months at most, Greece will be forced to freeze bank deposits as a prelude to leaving the euro." Which could cause a dangerous cascade of deposit withdrawals in other countries
Fine analysis (PDF) of euro woes, how to resolve current turmoil. The eurozone crisis is as much a tale of excess bank leverage and poor risk management in the core as of excess consumption and wasteful investment in the periphery
"If your choice is global calamity or the printing of money, which would you choose?" Presumably the latter, though it's no long-term solution. The alternative, a European sovereign debt crisis, would be disastrous. Even for Germany
Sharp insights on euro debacle. "You need policies designed to promote job growth, higher incomes and a corresponding ability to service debt before you can expect a borrower to take on a loan or a banker to extend one"
