By Nick Beams, 7 January 2016
The fall in oil prices to their lowest level in 11 years points to deepening recessionary trends that increase the risk of defaults in high-risk, high-yield bonds.
By Kumaran Ira, 7 January 2016
Based on Syriza’s record in government, workers must assume that its assurances that it is seeking to protect pensions as much as possible are outright lies.
By Barry Grey, 31 December 2015
IMF Managing Director Christine Lagarde wrote that global economic growth next year would be “disappointing” and the outlook for the medium term had also deteriorated.
By Nick Beams, 30 December 2015
Economic developments in 2015 were dominated by intensifying recessionary trends throughout the world economy.
By Nick Beams, 22 December 2015
The decision to end the Doha Round signifies the end of the multilateralism that formed a crucial foundation of post-World War II economic expansion.
By Nick Beams, 10 December 2015
Corporate defaults are on the rise, not only in the energy sector hit by falling prices, but across the board.
By Clara Weiss, 9 December 2015
At the end of November, several Eastern European members of the EU urged the European Commission to stop the Nord Stream 2 pipeline project.
By Nick Beams, 8 December 2015
Junk bonds are heading for their first losses since the global financial crisis, indicating the present stock market boom may be living on borrowed time.
By Julie Hyland, 26 November 2015
In just 10 years, from 2010 through 2020, government spending as a percentage of GDP is projected to fall by 10 percent, with disastrous consequences for millions of people.
By Andre Damon, 3 November 2015
Global stock markets are surging as negative economic news makes interest rate cuts by central banks more likely.
By Marianne Arens, 2 November 2015
The Ver.di trade union is cooperating with the Deutsche Bank management to lay off tens of thousands of workers.
By Markus Salzmann, 2 November 2015
Nearly 21 months after the coup that overthrew President Viktor Yanukovych the country is in social and economic free-fall.
By Nick Beams, 12 October 2015
A report issued on the eve of the IMF-World Bank meeting said that emerging market economies had over-borrowed by $3 trillion over the past decade.
Organizers promote economic nationalism at Berlin demonstration against transatlantic trade agreement
By our reporters, 12 October 2015
While many demonstrators sought to express opposition to inequality and war, the demonstration's organizers advanced a right-wing agenda of economic nationalism.
By Christoph Dreier, 6 October 2015
Greek Prime Minister Alexis Tsipras said that austerity was the “only way” out of the country’s crisis, declaring, “we have to tighten our belts.”
By Nick Beams, 1 October 2015
The crisis of mining giant Glencore, whose shares plunged by 30 percent this week, is only one expression of the slump gripping the global economy.
By Margot Miller, 19 September 2015
Local authorities in the UK face more devastating cuts, after already having their budgets slashed to pay for the bailout of the super-rich following the 2008 economic crisis.
By Nick Beams, 15 September 2015
Seven years after the eruption of the crisis, financial parasitism has reached unprecedented heights while the global economy stagnates.
By Andre Damon, 24 August 2015
The global stock market selloff reflects the inability of governments and central banks to address the fundamental contradictions of the capitalist system that led to the Wall Street crash of 2008–2009.
By Andre Damon, 21 August 2015
US stocks fell by the largest amount since February 2014, as fears of a world economic slowdown mixed with concerns over global exchange rate instability and geopolitical conflict.
By Barry Grey, 19 August 2015
Seven years after the Wall Street crash, fears are growing within ruling circles internationally that the world capitalist economy is descending into depression.
By Sven Heymanns, 28 July 2015
Anshu Jain, who recently resigned as co-chair of Deutsche Bank, was involved much more deeply in the manipulation of Libor than previously known.
By Alex Lantier, 6 July 2015
Yesterday’s “no” vote in Greece is a massive popular repudiation of the EU and the austerity agenda it has pursued across Europe since the 2008 economic crisis.
“Syriza disregarded the wishes of the Greek population”
By Robert Stevens and Christoph Dreier, 1 July 2015
Workers interviewed by a WSWS reporting team in Athens, Greece, spoke out against austerity and attacks on democratic rights.
As global markets plummet
By Alex Lantier, 30 June 2015
Retirees were unable to obtain their pension benefits as a weeklong bank holiday began amid warnings of fuel and medicine shortages.
By Nick Beams, 30 June 2015
Billions of euros have been taken out of Greece by wealthy individuals and corporations in order to make a financial killing if the country goes back to the drachma.
By Robert Stevens, 29 June 2015
The decision followed Sunday’s announcement by the European Central Bank that it would not increase its emergency funding for Greek banks.
By Alex Lantier, 29 June 2015
The decision of European financial authorities to terminate the bailout of Greece and limit the flow of credit to banks has brought the country to the brink of an economic and financial meltdown.
By Nick Beams, 29 June 2015
Financial parasitism is leading to the destruction of the productive forces upon which the livelihoods of the world working class depend.
By Margot Miller, 27 June 2015
Following the loss of 90,000 public-sector jobs in the last parliament, a further 100,000 jobs are set to go over the next five years.
By Alex Lantier, 26 June 2015
Having built its entire policy around denying the possibility of socialist revolution, Syriza is proposing ever deeper attacks on the working class under the EU’s direction.
By Alex Lantier, 23 June 2015
While approving Syriza’s capitulation to its demands for deep cuts in pensions and health care, the EU called for further austerity measures as a precondition for a deal on Greek debt.
By Robert Stevens, 22 June 2015
Greek Prime Minister Tsipras heads to the summit under the threat of a deliberately imposed economic catastrophe and expulsion from the eurozone.
By Alex Lantier, 17 June 2015
Even as he denounced the EU, Greek Prime Minister Tsipras signaled that he is still seeking a deal on the basis of imposing more austerity on the Greek population.
By Robert Stevens, 13 June 2015
The talks centre on new austerity measures to be carried out by Syriza.
By Anthony Torres, 10 June 2015
Electricité de France, which is acquiring nuclear energy firm Areva and threatening mass layoffs, is sitting on cash reserves of tens of billions of euros.
By Nick Beams, 5 June 2015
The downgrade follows what the OECD called the worst quarter for global economic growth since the 2008 financial crash.
By Robert Stevens and Alex Lantier, 4 June 2015
The Syriza-led government is trying to work out the details of its capitulation to the austerity program demanded by the European Union and the banks.
By Nick Beams, 20 May 2015
The accelerated ECB purchase of sovereign debt is another indication of increasing nervousness in global financial markets.
By Dietmar Henning, 12 May 2015
The new job cuts were agreed upon between the trade union, works council and management.
By Nick Beams, 8 May 2015
In the last two weeks an estimated $2 trillion has been wiped off share and bond markets.
By James Lerner, 5 May 2015
More than 3.5 million jobs had been eliminated in Spain between 2008 and 2013.
24 April 2015
The World Socialist Web Site invites workers and other readers to contribute to this regular feature.
By Richard Tyler, 20 April 2015
Warnings by the IMF undermine claims by the Labour Party that it would achieve a balanced budget by 2020, should it win power on May 7.
By Markus Salzmann, 18 April 2015
The decision of the Austrian government to no longer pay the debts of banking group HGAA has provoked conflicts in Bavaria.
By Alex Lantier, 13 March 2015
The International Monetary Fund formally signed off yesterday on a $17.5 billion, four-year loan to the far-right regime in Kiev.
13 March 2015
The World Socialist Web Site invites workers and other readers to contribute to this regular feature.
By Jordan Shilton, 3 March 2015
Plans were already well advanced prior to the Copenhagen shootings to further undermine democratic rights, with only the appropriate pretext being required.
By Robert Stevens, 24 February 2015
The financial aristocracy celebrated the Syriza government’s abject capitulation to the European Union’s demands for renewed austerity.
By Chris Marsden, 21 February 2015
Varoufakis’ essay on becoming an “erratic Marxist” is a damning exposure of the political role of the new Syriza-led government in Greece and the social layer that it represents.
21 February 2015
The World Socialist Web Site received this comment from a reader in Greece on the nature of the new Syriza-led government.
By Peter Schwarz, 21 February 2015
Schäuble's arrogant attack on Greece is primarily directed at opposition to austerity in the working class in Germany and across Europe.
By Elisabeth Zimmermann, 14 February 2015
The German electronics firm is cutting 7,800 jobs globally, 3,300 of them in Germany, with the collaboration of the IG Metall trade union.
By Christoph Dreier, 13 February 2015
In the talks with the EU, the Syriza government is preparing to implement new austerity measures and "respect the European rules."
By Niles Williamson, 13 February 2015
The latest multi-billion dollar loan agreement is a prelude to further attacks on the living standards of the working class throughout Ukraine.
By Peter Schwarz, 7 February 2015
Syriza leaders are traveling across Europe to assure governments they can rely on the party to push through “deep reforms."
By Robert Stevens, 6 February 2015
At a press conference with his German counterpart, Greece’s new finance minister pleaded with the European powers to “use us to implement the European programme.”
By Johannes Stern, 30 January 2015
In the first foreign policy action of the new Syriza government, Greece agreed to new measures to step up the US-EU economic war against Moscow.
By Nick Beams, 30 January 2015
The potential consequences of falling consumer prices and money flooding into bond markets threaten to outweigh even those of the 2008 financial crisis.
By Peter Schwarz, 24 January 2015
Despite its left-wing facade, Syriza is a bourgeois party that rests on affluent layers of the middle class.
By Nick Beams, 23 January 2015
The measure will have little or no impact on the real economy. Rather, it is aimed at making available further supplies of ultra-cheap cash for financial speculation.
By our reporters, 22 January 2015
Tens of thousands of Greeks now rely on food handouts and soup kitchens as a consequence of devastating austerity measures.
By Nick Beams, 21 January 2015
European stock markets rose to seven-year highs this week in anticipation that the ECB will decide tomorrow to start purchasing sovereign bonds.
By Markus Salzmann, 17 January 2015
Miners are resisting the Polish government’s plans to restructure the coal industry and lay off thousands of workers.
By Nick Beams, 16 January 2015
The decision by Swiss authorities to end the franc’s fixed relationship to the euro has led to one of the most rapid currency appreciations in history.
By Nick Beams, 14 January 2015
Oil prices on Tuesday sank further toward their levels of 2009, while bond yields hit zero in Japan.
By Nick Beams, 10 January 2015
The announcement that Europe has gone into deflation underscores the deepening breakdown of the global capitalist economy.
By Stefan Steinberg, 9 January 2015
More than six years since the 2008 financial crash, Europe is beset by economic stagnation.
By Joe Mount, 9 January 2015
A significant number of young apprentices receive below the minimum wage, work unpaid overtime and have no written contract of employment.
By Nick Beams, 6 January 2015
The main factor in the fall in US markets appears to have been the further sharp decline in oil prices.
By Markus Salzmann, 5 January 2015
Lithuania is the third and last Baltic state to introduce the euro.
By Nick Beams, 3 January 2015
ECB President Mario Draghi has taken another step to full quantitative easing amid increasing deflationary pressures.
By Julie Hyland, 3 January 2015
City Link is the latest in a number of private equity-backed companies that have gone bankrupt over the last few years.
By Kumaran Ira, 29 December 2014
The New Anti-capitalist Party and the Left Party are insisting that all opposition be controlled by France’s union bureaucracy.
By Jordan Shilton, 27 December 2014
Even at this early stage, it is clear that nothing will be done to uncover the criminal practices of those who crashed the economy through financial speculation.
By Jean Shaoul, 22 December 2014
The tax deals deprived tax revenue to governments around the world, all of which now claim that public services are unaffordable.
By Alex Lantier, 18 December 2014
As imperialism encircles and financially strangles Russia, the catastrophic consequences of the dissolution of the USSR are being made all too clear.
By Alex Lantier, 16 December 2014
The strike brought the country to a standstill amid mass opposition in the working class to the reactionary Michel government's austerity agenda.
By Marianne Arens, 15 December 2014
Renzi has the backing of an all-party political alliance and can also rely on the support of the union leadership in enforcing his anti-labour reform plans.
By Dietmar Henning, 12 December 2014
Thirty years ago, the richest 10 percent in OECD countries earned seven times more than the poorest 10 percent. Today, the ratio is 9.5 to 1.
By Marc Wells, 5 December 2014
Protests broke out in Rome against the Renzi government’s Jobs Act, a labor reform that removes basic workers’ rights and guarantees.
By Ulrich Rippert, 1 December 2014
Finance Minister Schäuble’s austerity diktats and the Left Party’s call for investment programmes are only the right and left boot of capitalist exploitation.
By Dietmar Henning, 1 December 2014
The Hartz welfare and labour “reforms” and the enlargement of the EU have created conditions in which hundreds of thousands of workers are exploited as virtual slaves.
By Robert Stevens, 29 November 2014
Young workers have borne the brunt of the post-2008 assault on pay, with the real wages level of those under 25 falling back to below levels last seen in 1988.
By Stéphane Hugues, 29 November 2014
The Peugeot-Citroën group has laid out plans for a new wave of mass sackings accompanied, as in previous years, by public denials that these are being prepared.
By Kumaran Ira, 26 November 2014
France and Germany are proposing a joint economic reform plan with deep social cuts and flexible labour rules in favour of big business.
By Jean Shaoul, 14 November 2014
Leaked documents show how 340 multinational groups set up corporate structures to avoid taxes.
By Nick Beams, 7 November 2014
ECB president Mario Draghi insisted that the bank stands ready to inject up to one trillion euros into the financial system.
By Jan Peters, 7 November 2014
Thousands of job cuts are taking place at major assembly plants and in the parts industry.
By Anthony Torres, 3 November 2014
In the negotiations, the French and Italian governments agreed to impose deep attacks on the social rights of the working class.
By Robert Stevens, 1 November 2014
The restructuring is part of a three-year strategy, with Lloyds planning to make a further £1 billion a year in cost savings by 2017.
By Kumaran Ira, 28 October 2014
Valls is proposing to eliminate long-term job contracts in order to boost French competitiveness by allowing businesses to hire and fire at will.
By John Vassilopoulos, 13 October 2014
The vote of confidence was taken after an opinion poll put pseudo-left opposition party SYRIZA ahead of the ruling New Democracy.
By Stéphane Hugues, 25 September 2014
The meeting of French Prime Minister Valls with German Chancellor Merkel cannot hide the growing Franco-German tensions in Europe.
By Gustav Kemper, 15 September 2014
Berger’s book reveals startling facts about the redistribution of wealth from the bottom to the top of German society.
By Nick Beams, 6 September 2014
Just as in the period prior to 1914, a deepening breakdown of the global capitalist system is fuelling the drive to a new world war.
By Nick Beams, 5 September 2014
The European Central Bank has launched a new round of financial stimulus in the face of worsening economic conditions in Europe.
By Gustav Kemper, 20 August 2014
The trade unions are playing a key role in imposing more redundancies at Germany’s biggest print machine manufacturer.
By Denis Krassnin, 19 August 2014
An EU think tank has advised governments to protect the rich from the poor by suppressing social protests.
By John Farmer, 19 August 2014
The rise in self-employment is driven not by an “entrepreneurial spirit,” but the lack of full-time employment offering an adequate income and pension.