Has the Eurozone Crisis Become a New Global Financial Crisis?

As the Greek financial situation continues to deteriorate by the day, it is becoming increasingly likely that the threat is now posed not just to Greece but to the eurozone as a whole. By extension, there is now increased speculation that the United States and other global financial players may ultimately have to play a role in shaping a painful adjustment for the EU’s increasingly fragile financial credibility.


Greek Bail-Out – And Near-Bankruptcy – Dramatizes Need for EU Audits

Greece’s request for a bail-out – an historic first for any nation using the euro – was ultimately triggered by disclosure of unexpectedly bad new audit figures about Greece’s finances. Amid intense market pressure on Greek government borrowing, the revelations left a bail-out as the only alternative to a Greek default on its sovereign debt. The episode highlights the recent history of shoddy national accounting about government deficits by Greece (and some other EU member states). Certainly in the Greek case it strongly undermined the government’s financial credibility.


“Net Neutrality” Issue Comes To Fore With Broadband Gains in the U.S. and the EU

“Net neutrality” and governments’ authority to regulate the internet, including service providers who provide the “pipes” for web postings, has risen in acute fashion in the U.S. This month a federal court ruled that the FCC had overstepped the bound of its authority when it sought to order Comcast, one of two big cable/telephone/internet providers that dominate the U.S. market, to stop slowing the delivery speeds of some clients that consume a great deal of bandwidth.


An Uncertain Race: Why the UK General Election Matters to the EU and the U.S.

The 2010 British parliamentary election matters because:

  • Of its potential repercussions for Europe and for transatlantic relations, notably on Afghanistan;
  • The next government will face great challenges, not only to rebuild the economy but also trust in the political class after the shocking scandals that affected all parties.


Google Executives Criminally Liable for Privacy Invasion on Web? Only in Italy!

Privacy advocates have no friend in the Italian Judge Oscar Magi, author of a 111-page verdict upholding a criminal conviction three Google executives in connection with a video of an autistic boy being bullied by classmates.


Greek Economic Crisis Exposes Political Rift at EU Core Between Paris and Berlin

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.


Hungary's Conservative Sweep Restores Orbán - And Raises Some Old Fears

Orbán Is Moderate Nationalist, But Far-right Also Making Gains

Fidesz, the center-right party led by former Prime Minister Viktor Orbán, seems set to sweep Hungary’s elections, perhaps with a two-thirds majority in parliament, returning to power after nearly a decade. But the results of the first round of voting worries some people because of the winner in third place: Jobbik.  It is part of a troubling trend in Europe in recent elections amid the economic meltdown.


Moscow’s Subversive Hand to be Seen in Kyrgyzstan Overthrow?

Chilling Effect on Outlook for EU Energy Security in Caspian

The violent struggle for power in Kyrgyzstan is a reminder of Moscow’s self-avowed determination to use every means in its power to bring back its old satellites into the orbit of the new Russia. As yet, there is no evidence of Russian participation in what seems to have been a well-organized coup. But even the upheaval and apparent sudden regime change there will alarm several groups with key interests in the U.S. and Europe.


Get updates from EI@UMD