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May 2010
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In an emergency weekend ministerial meeting, the EU launched “the mother of all rescue” plans in an effort to save itself from global lenders’ doubts about the unity and financial credibility of the eurozone. A package worth nearly a trillion dollars was announced as markets opened Monday in Asia. Unprecedented in its scale and scope, the EU action impressed analysts as a response to the international dimensions of the crisis, providing a sweeping solution of the sort that has eluded the EU leaders at every previous stage in the crisis. Announced after 11 hours of negotiations Sunday, the rescue seemed to rise to the challenge explained in this blog last Friday: “Euro’s Fate at Stake in Emergency Talks This Weekend.” By Friday, the market onslaught seemed almost overwhelming: market players said that the number and amounts of sums invested to “short” the euro had reached new records.
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May 2010
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The European Central Bank (ECB) has put itself at the center of the Greek rescue attempt by promising to “buy” Greek government bonds and thus help fund Athens reshape its economy at a discount.
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May 2010
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Written by Sarah Geraghty
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Assuming the International Monetary Fund (IMF) actually lends Greece 30 billion euro (roughly $35 billion) as its share of the Greek bailout, “Business Insider” reporter Greg White has calculated the cost per family per country for the IMF credit:
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Roundtables
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04/22/10 |
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 On April 22, 2010 The European Institute's Transatlantic Roundtable on Financial and Economic Affairs held a special luncheon meeting with The Honorable Olli Rehn, European Commissioner for Economic and Monetary Affairs. In his first official visit to the United States since assuming this critical portfolio, Commissioner Rehn addressed the European Union’s efforts to restore financial stability and stimulate economic growth in the face of an unprecedented sovereign debt crisis. Speaking with Chrystia Freeland, Global Editor-at-large at Thomson Reuters, he outlined the actions taken to address Greece’s looming insolvency: fiscal consolidation and agreement on a euro area mechanism of coordinated conditional financial assistance for Greece. Commissioner Rehn emphasized his confidence in the cooperation between the European Commission, the European Central Bank and the IMF. He downplayed concerns about debt crisis contagion in Spain, Portugal, and Italy, reminding participants that rising debt levels were in part the natural consequence of the stimulus packages enacted in response to the financial crisis, and that Greece is a special case. Commissioner Rehn reiterated his call to grant audit powers to Eurostat, the EU’s statistical agency. He urged strengthening of the economic governance of the euro area through reinforcement of the Stability and Growth pact; broadening economic and fiscal surveillance to help rectify macroeconomic imbalances; and the establishment of a permanent crisis resolution mechanism. Commissioner Rehn also addressed financial sector reform proposals on both sides of the Atlantic, stressing the importance of coordinating such policies not only within the transatlantic context, but also within the G-20 framework.
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April 2010
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Ugly Language Aggravates Tensions
In the corridors outside President Obama’s nuclear summit, much of the talk was not about nuclear matters but instead about how the Greek economic crisis has metastasized into a quarrel between Germany and France and now jeopardizes the prospects for more effective European unity. So a crisis that began in Greece has mutated to be about Germany and its commitment to Europe, as described in this New York Times article that has attracted attention and discussion in Washington.
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