World Economy
Greek government agrees to savage cuts, but troika demands more
By Robert Stevens, February 8, 2012
Talks held Tuesday night between the three parties making up the Greek government of Prime Minister Lucas Papademos failed to finalise the cuts demanded of it in return for a €130 billion rescue package.
The background to the euro crisis—Part 2
By Peter Schwarz, February 8, 2012
Over the last three years the world economy has experienced its deepest crisis since the 1930s. Europe has been especially hard hit. The survival of the euro and the European Union is now in question.
The background to the euro crisis—Part 1
By Peter Schwarz, February 7, 2012
For the last three years the world economy has undergone its deepest crisis since the 1930s. Europe has been especially hard hit. The survival of the euro and the European Union is now in question.
Regulators collude in lawbreaking by Wall Street banks
By Barry Grey, February 7, 2012
The US Securities and Exchange Commission (SEC), the main federal regulator of banks and financial firms, routinely grants major Wall Street banks waivers from legal penalties in fraud cases.
January employment report masks depth of US jobs crisis
By Barry Grey, February 4, 2012
President Barack Obama on Friday hailed the Labor Department’s January employment report, calling it “good news.”
EU summit agrees to German plan for austerity straitjacket
By Stefan Steinberg, February 1, 2012
The EU summit agreed to a plan drawn up by the German government for a series of measures forcing governments across the continent to implement harsh austerity measures.
As EU crisis summit opens: 23 million unemployed across continent
By Patrick Martin, January 31, 2012
The summit takes place with Europe falling back into economic slump.
European Central Bank averted global financial freefall
By Nick Beams, January 30, 2012
European markets could have frozen last month, setting off a global credit crisis, had it not been for a massive injection of ECB funds.
Canada’s Harper outlines class war agenda at Davos forum
By Keith Jones, January 28, 2012
In a speech to the Davos World Economic Forum, Canadian Prime Minister Stephen Harper vowed Thursday that his Conservative government will pursue a social policy counter-revolution—austerity and tax cuts, radical regressive restructuring of public health care and pensions, and deregulation.
Social and political crisis hangs over World Economic Forum in Davos
By Nick Beams, January 26, 2012
Twelve months ago, the mood at the World Economic Forum in Davos, Switzerland was somewhat upbeat.
Toyota Australia slashes 10 percent of workforce
By Will Marshall, January 25, 2012
The destruction of the car workers’ jobs has been orchestrated by the company with the Labor government and the trade unions.
IMF warning on global downturn
By Nick Beams, January 25, 2012
Revising down its forecast for global growth in 2012, the International Monetary Fund said world recovery was threatened by “intensifying strains in the euro area and fragilities elsewhere.”
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