European Economy

The Cypriot bailout marks a new stage in the euro crisis

By Christoph Dreier, 11 April 2013

Fifty-five years after the founding of the European Economic Community, the project of unifying Europe on a capitalist basis has been irrevocably shattered by the global economic crisis.

UK Council Tax changes spell deepening poverty for millions

By Dennis Moore, 10 April 2013

From this month, millions of the poorest people in the UK are being forced to pay Council Tax for the first time, plunging many into deeper poverty.

Germany’s Left Party defends the looting of Cyprus

By Christoph Dreier, 10 April 2013

With the escalation of the euro crisis, the Left Party is moving closer to the Merkel government and essentially supports its brutal course on Cyprus, which means the unprecedented looting of the country.

European Union demands cuts after Portuguese court rules bailout unconstitutional

By Paul Mitchell, 9 April 2013

The Portuguese Constitutional Court’s ruling against EU budget cuts reveals the politically criminal and illegal basis of the pan-European onslaught on the working class.

European Union imposes austerity bailout on Cyprus

By Robert Stevens, 9 April 2013

The terms dictated to Cyprus by the European Union in exchange for a bailout are predicated on the destruction of the pay and conditions of the working class.

Britain: South West NHS Pay Cartel publishes plans to cut wages and conditions

By Ajanta Silva, 9 April 2013

The final business plan of the National Health Service management in the south west of England serves as a blueprint for reducing the pay and conditions for workers throughout the NHS.

UK politicians, media exploit children’s deaths to demand further attack on welfare

By Julie Hyland, 8 April 2013

Politicians in the UK have responded to the tragic deaths of six children in a house fire to demand even further cuts in welfare spending.

Hundreds of workers at Goss International France lose their jobs

By Gustav Kemper, 8 April 2013

Web offset giant Goss International intensifies its redundancy program, laying off 430 workers.

Health study: Austerity is costing lives in Europe

By Dietmar Henning, 6 April 2013

Large sections of the European population are paying with their health, or even their lives, for EU-dictated austerity measures.

UK: The political fraud of the “anti-bedroom tax” campaign

By Steve James, 6 April 2013

The pseudo-left parties in the UK are using opposition to the introduction of the “bedroom tax” to help the trade unions, Labour Party and Scottish National Party posture as opponents of austerity.

Cahuzac tax scandal, neo-fascist ties stagger France’s ruling Socialist Party

By Alex Lantier, 5 April 2013

The scandal over tax evasion by former Budget Minister Jérôme Cahuzac on bank accounts tied to business activities with neo-fascist groups has shaken the Socialist Party.

Class war in Europe

By Julie Hyland, 4 April 2013

The punitive measures imposed on Cyprus mark a qualitative deepening of the European bourgeoisie’s class war offensive.

European unemployment rises for 22nd consecutive month

By Stefan Steinberg, 4 April 2013

The latest figures from the Eurostat statistics office confirm that the continent’s economic recession is taking a rising toll on jobs and living standards.

Greek parliament overturns right to free, universal education

By Robert Stevens, 2 April 2013

The cynically-named Athena Plan, calling for mass closures of universities and technical institutions, was passed in flagrant violation of the Greek constitution.

Reports reveal rapid pauperisation of the Spanish working class

By Alejandro López, 2 April 2013

Recent statistical surveys attest to the massive drop in working class living standards in Spain since the onset of the global financial crisis.

Banks threaten to increase repossessions as Irish mortgage crisis deepens

By Jordan Shilton, 1 April 2013

As the vast scale of the mortgage debt crisis emerges in Ireland, the government and the banks prepare to increase repossessions.

After Cyprus, more austerity in Greece

By Robert Stevens, 30 March 2013

Fresh from its financial looting of Cyprus, the European bourgeoisie is threatening to withhold funds from Greece unless it complies with mass sackings in the public sector.

The European Union’s looting of Cyprus

By Julie Hyland, 29 March 2013

The working class of Cyprus faces mass poverty and a doubling of unemployment as the result of the bailout imposed on the small Mediterranean island.

French President Hollande pledges austerity, war in prime time TV interview

By Alex Lantier, 29 March 2013

In an hour-long television interview last night, French President François Hollande sought to outline his policies amid rising popular anger against his government.

Spain: Sacked Delphi workers confront trade unions

By Vicky Short, 29 March 2013

Sacked Delphi workers in Cadiz clashed with trade union officials during an official celebration called by the Socialist Party-Communist Party regional government.

Scotland, Wales and Northern Ireland not exempt from threat of National Health Service destruction

By Steve James, 28 March 2013

All the regional devolved administrations in the UK are pushing ahead the assault on health care underway in England.

Cyprus faces deep recession, high unemployment after bank bailout

By Julie Hyland, 27 March 2013

The €10 billion loan agreed between the Cypriot government and the European Union will see the country lose 20 percent of its GDP in three years, with unemployment doubling.

Germany: leading Left Party official praises Agenda 2010 reforms

By Hendrik Paul, 27 March 2013

The deputy leader of the Left Party’s parliamentary group praised the Agenda 2010 social cuts made by the former Social Democratic Party-Green Party coalition government.

European Union imposes bank bailout on Cyprus

By Jordan Shilton and Chris Marsden, 26 March 2013

The statement by Euro Group head Jeroen Dijsselbloem that the Cyprus bailout is a model for the rest of the euro zone led to falls on Europe’s financial markets.

UK teaching unions signal no resistance to cuts

By Jo March, 26 March 2013

Unions announce a timetable of rolling regional strikes, not scheduled to begin for three months.

Cyprus to face savage cuts and economic dictatorship

By Jordan Shilton and Chris Marsden, 23 March 2013

The fate of Cyprus illustrates how the European Union imposes the dictatorship of the global speculators, banks and corporations on the working class.

Germany: IG Metall union stitches up the Opel Bochum workforce

By Dietmar Henning, 23 March 2013

At two staff meetings on Thursday, workers at the Opel plant in Bochum voted by a large majority (76.1 percent) against the so-called “master contract”.

SYRIZA leader Tsipras addresses the British pseudo-left

By Robert Stevens, 23 March 2013

Alexis Tsipras, the leader of Greece’s SYRIZA spoke in London at several events last week.

Europe threatens Cyprus with bankruptcy in power struggle with Russia

By Alex Lantier, 22 March 2013

Cyprus’ parliament passed legislation granting the state emergency powers, including capital controls to block sudden outflows of money from the country.

Europe in crisis as Cyprus faces national bankruptcy

By Jordan Shilton and Chris Marsden, 21 March 2013

The collapse of Cyprus’s financial system is being avoided only by the continued closure of the banks, which may be kept shut until next Tuesday.

Osborne’s “Aspiration Nation” budget signals more UK austerity

By Paul Bond, 21 March 2013

Chancellor George Osborne’s budget speech has set out more money for British banks, speculators and major corporations, while workers face a continued wage freeze and greater cuts in social provision.

Germany: Resignation of ThyssenKrupp boss heralds new attacks on workforce

By Elizabeth Zimmermann, 20 March 2013

Gerhard Cromme announced his resignation March 8 as chair of the Supervisory Board of ThyssenKrupp AG.

European trade unions oversee auto industry restructuring

By Ulrich Rippert, 20 March 2013

Across Europe, trade unions are playing a key role in imposing mass layoffs, wage cuts and the closure of auto plants.

Cyprus banks close as bailout terms spark Europe-wide crisis

By Jordan Shilton and Chris Marsden, 19 March 2013

Terms attached to the European Union bailout for Cypriot banks triggered heavy losses on financial markets.

EU summit sparks run on Cyprus banks

By Stefan Steinberg and Chris Marsden, 18 March 2013

The decision by the European Union summit to levy a tax on Cyprus bank deposits to pay for a rescue package resulted in a stampede to withdraw cash from the country’s banks.

Statement by the Socialist Equality Party of Germany (PSG) and the editorial board of the World Socialist Web Site

Opel workers: Vote no on the contract!

15 March 2013

The agreement reached between GM-Opel management, IG Metall and the joint works council is aimed at pitting workers at different plants against each other and carrying out the closure of the Bochum factory.

EU summit wants more austerity

By Peter Schwarz, 14 March 2013

The summit attended by 27 leaders of the European Union in Brussels tonight resembles a besieged fortress.

The right-wing threat in Greece

By Cristoph Dreier, 13 March 2013

Some 68 years after the end of Nazi rule in Europe, fascistic organizations are again part of official politics, and entire ethnic groups are deported and humiliated.

Mass opposition to austerity in Portugal

By Paul Mitchell, 13 March 2013

The announcement that Portugal may be given an additional year to pay back the €78 billion bailout comes amid fears of economic meltdown and growing concern at the depth of public opposition.

EU discusses restructuring of Irish and Portuguese bailouts to deepen austerity

By Jordan Shilton, 13 March 2013

The EU finance ministers have agreed in principle to examine ways to restructure the bailout programmes of Ireland and Portugal.

Greek government courts fascist Golden Dawn with anti-immigrant law

By Christoph Dreier, 11 March 2013

As the social crisis worsens in Greece, the ruling class is courting the fascist Golden Dawn group to help it suppress popular opposition.

Police clash with workers fighting closure of Goodyear Amiens-Nord plant

By Antoine Lerougetel, 9 March 2013

Riot police sprayed tear-gas and fired pepper spray at hundreds of workers from the Goodyear Tire Amiens-Nord site in northern France Thursday.

The political significance of Beppe Grillo’s Five-Star Movement

By Marc Wells and Peter Schwarz, 9 March 2013

To understand the rise of Beppo Grillo one must take account the deep crisis of European capitalism and the bankruptcy of the traditional parties of the “left”.

The political issues confronting the Bulgarian protests

By Christoph Dreier, 8 March 2013

Protesters in Bulgaria oppose the austerity measures dictated by the EU and the IMF and the bitter poverty they have produced, but the organisers are mainly petty-bourgeois forces seeking their own share of the spoils.

European economy contracts as stock markets soar

By Stefan Steinberg, 8 March 2013

On the same day that figures were released underlining that Europe is in deepening recession, European stock markets soared to their highest levels since August 2008.

Italian parties endeavor to form a government

By Marianne Arens and Peter Schwarz, 6 March 2013

Italian parties are trying to form a government to continue the austerity measures of ex-premier Mario Monti.

Austerity demands provoke Greek government crisis

By Robert Stevens, 6 March 2013

The primary demand of the troika is that there be no retreat on plans to slash the number of civil service employees.

Hypocrisy in European debate on bankers’ bonuses

By Stefan Steinberg, 6 March 2013

Those responsible for a redivision of social wealth for the benefit of the banks are seeking to portray themselves as advocates of ordinary Europeans.

UK: A quarter of Greater Manchester’s population living in “extreme poverty”

By Trevor Johnson, 5 March 2013

Six of the local wards in Greater Manchester are among the 60 most deprived wards in the UK.

Irish government and trade unions deepen austerity measures

By Jordan Shilton, 4 March 2013

The Fine Gael-Labour Party coalition in Ireland have agreed a new three-year plan with the trade unions, cutting another €1 billion from public spending.

Greek military prepares for mass repression

By Robert Stevens, 2 March 2013

Politicians have been in contact with military personnel over how to respond to an “explosion” of social unrest against government austerity measures.

Italian voters reject the European Union’s austerity measures

By Peter Schwarz, 27 February 2013

Italian voters have unambiguously rejected the policies of the Monti government and the European Union.

Moody’s credit downgrade heightens UK economic crisis

By Chris Marsden, 27 February 2013

The downgrade of the UK’s credit rating was a negative verdict on Britain’s economy that is well founded.

Strikes and demonstrations rock Spain

By Alejandro López, 27 February 2013

Mass protests and strikes continue in Spain against the austerity regime of Prime Minister Mariano Rajoy.

CEO of US tire firm denounces French Goodyear workers

By Pierre Mabut and Antoine Lerougetel, 27 February 2013

In a letter pledging to exploit underpaid Asian workers, the CEO of Titan denounced workers at Goodyear’s embattled plant in Amiens-Nord, France.

Cyprus poses danger for euro zone stability

By Jordan Shilton, 26 February 2013

As the new Cypriot government of Nikos Anastasiades pledges further austerity, the financial crisis gripping the island threatens the stability of the euro zone.

Social counterrevolution in Greece

By Robert Stevens, 25 February 2013

Mass unemployment exists in Greece, with many “working poor” unable to meet their basic needs.

German government report threatens cuts to welfare benefits

By Sybille Fuchs, 25 February 2013

Targeted are the child allowance, health insurance, parental benefits, pension benefits, and funding to help with housing and education.

Social cleansing of London

Camden Council plans to move out 761 families

By Paul Bond, 25 February 2013

Local councils—with Labour-run administrations in the lead—are implementing a policy of social cleansing by trying to relocate families up to 200 miles away.

Share sell-off points to further instability in global financial markets

By Nick Beams, 25 February 2013

The share sell-off in reaction to concerns over the Fed’s quantitative easing program shows that markets are floating on a sea of liquidity created by central banks.

Spain’s Popular Party makes U-turn on eviction petition

By Alejandro López, 22 February 2013

Last week, Spain’s ruling Popular Party executed an about-face over foreclosures and evictions.

Iberia airline strikers clash with Spanish police

By Alejandro López, 20 February 2013

On Monday, striking workers at the Spanish airline Iberia paralysed Barajas international airport in the capital Madrid.

Teachers demonstrate in Berlin

By our correspondent, 20 February 2013

German unions are seeking to defuse anger and prevent united action by teachers.

Spanish unions collude in mass unemployment and wage cuts

By Alejandro López, 18 February 2013

Spanish workers have suffered a steep rise in unemployment, lower wages and worsening labour conditions, while the employers have reaped the rewards.

Greek strikes continue as unemployment, poverty hit record levels

By Robert Stevens, 16 February 2013

In the face of a deepening slump and growing government repression, workers throughout Greece have continued strikes and protests ahead of a general strike February 20.

France: Unemployed worker sets himself on fire outside job centre

By Antoine Lerougetel, 16 February 2013

An unemployed Algerian worker died by self-immolation in front of the state employment agency in Nantes following cancellation of his unemployment benefits.

Romanian auto workers face wage cuts and layoffs

By Markus Salzmann, 16 February 2013

Major auto companies have moved their production to Eastern Europe in order to profit from low wages and poor working conditions.

Euro zone economy posts worst contraction since 2009

By Andre Damon, 15 February 2013

The economy of the 17-member euro zone contracted 0.6 percent in the last three months of the year, underscoring the depth of the economic slump gripping the world economy.

UK conservative think tank uses child poverty to further its agenda

By Joe Mount, 15 February 2013

The objective is to argue that child poverty should be redefined to blame “benefit entitlement” for “encouraging worklessness.”

ThyssenKrupp to cut 3,800 jobs in the steel sector

By Elizabeth Zimmermann, 15 February 2013

ThyssenKrupp can rely on the full support of the union IG Metall in its jobs massacre.

Irish debt deal means decades of austerity to cover bank bailout

By Jordan Shilton, 13 February 2013

Ireland’s Fine Gael-Labour coalition announced an agreement with the European Central Bank last week, ostensibly designed to remove the “promissory note” payments to bail out the failed Anglo Irish Bank.

Class tensions in Europe at the breaking point

By Peter Schwarz, 11 February 2013

European governments are responding to social opposition with strike bans and methods of state violence traditionally associated with dictatorships.

European Union summit agrees on austerity budget

By Peter Schwarz, 11 February 2013

With the first cut to its own budget, the EU has given a clear signal for the continuation of its austerity agenda.

Photographer Alessandro Penso, chronicler of “Fortress Europe,” speaks on the plight of migrant youth

By Paul Mitchell, 9 February 2013

Penso, winner of the Terry O’Neill award for his photographs of migrant youth in Greece, spoke to the WSWS on the European social crisis.

Former Italian Prime Minister Berlusconi praises Mussolini

By Marianne Arens, 8 February 2013

Italy’s former prime minister used the occasion of Holocaust Remembrance Day to praise the fascist “Duce” Benito Mussolini.

UK: Honda slashes nearly one third of jobs at Swindon

By Richard Duckworth, 8 February 2013

The announcement comes less than six months after British politicians, business circles and the media praised Honda to the skies and declared that Britain had “won the global car war”.

A reply to a defender of SYRIZA

By Robert Stevens, 8 February 2013

The WSWS replies to a criticism of “Pseudo-left conceals refusal of SYRIZA, PASOK and trade unions to oppose Golden Dawn.”

Kremlin responds to slowdown in economic growth with deeper social cuts

By Clara Weiss, 7 February 2013

The budget for 2013-2015 provides for massive cuts in the spheres of culture, education and health, while the share going to military spending will rise to 6.1 percent of GDP.

UK youth face bleak job prospects in 2013

By Joe Mount, 5 February 2013

Youth unemployment continues to rise in the UK, with a new study forecasting that 86,000 more workers under the age of 25 will be without jobs this year.

Record unemployment adds to Spain’s social crisis

By Michael Gardner and Paul Mitchell, 4 February 2013

Six million workers are now unemployed in Spain, a huge increase on the 1.7 million unemployed in 2007.

Increasing mental health problems among Britain’s young people

By Thomas Scripps, 2 February 2013

One in ten young people feel they cannot cope with day-to-day life.

Germany’s Commerzbank to cut up to 6,000 jobs

By Konrad Kreft, 2 February 2013

Germany’s second largest bank will achieve its billion-dollar “income and growth objectives” by laying off 10 percent of its workforce.

Greek workers strike against austerity measures

By Christoph Dreier, 1 February 2013

On Thursday Greece witnessed numerous protests and strikes against the government’s austerity measures and its brutal crackdown against strikers.

UK economy on edge of triple dip recession

By Peter Reydt, 1 February 2013

Official GDP figures show the UK economy contracted in the last quarter of 2012 by 0.3 percent and is on course for a “triple-dip” recession.

Youth poverty rises in Germany’s Ruhr region

By Elisabeth Zimmermann, 30 January 2013

Recent studies show that despite the relatively low unemployment rate in Germany, poverty rates have increased sharply.

The human cost of Italian austerity

By Paul Bond, 29 January 2013

As the social catastrophe deepens, all parties in Italy’s general election have agreed to impose further austerity measures.

Greek government extends strikebreaking against subway workers to rail and tram workers

By Christoph Dreier, 28 January 2013

The Greek government has turned to state repression to halt sympathy strikes after using emergency powers and police violence to break the Athens subway strike.

Greek government mobilizes riot police to break Athens subway strike

By Christoph Dreier, 26 January 2013

The use of dictatorial laws and state violence amounts to the criminalization of any form of collective resistance by workers.

Greek pseudo-left leader Tsipras auditions for State Department, IMF

By Bill Van Auken, 26 January 2013

With Greece’s government in deepening crisis, Alexis Tsipras, leader of the SYRIZA opposition party, came to the US to meet with State Department and IMF officials and make a series of public appearances.

Germany: Deutsche Telekom cuts a further 1,200 jobs

By Dietmar Henning, 26 January 2013

The firm aims to save €100 million annually through the destruction of jobs in marketing, management and administration.

UK Prime Minister Cameron commits to 2017 referendum on EU membership

By Julie Hyland, 25 January 2013

Cameron’s commitment to a referendum on EU membership was met with criticism from various European governments.

Italy plunges deeper into recession as general election approaches

By Paul Mitchell, 25 January 2013

Italy’s recession will be worse than previously expected this year, the Bank of Italy said last week as it cut its 2013 estimate for economic growth.

Germany: The role of the unions and Left Party in hospital privatisations

By Michael Regens and Marianne Arens, 23 January 2013

Health workers in Germany seeking to defend services confront a united front of hospital management, politicians of all parties and the trade unions.

Three UK retail chains collapse

By Julie Hyland, 22 January 2013

Three major UK retailers collapsed in the space of just one week, wiping out 10,000 jobs and up to 1,000 stores.

UK: Parents and staff demonstrate against closure of Sheffield children’s centres

By Liz Smith, 21 January 2013

Up to 19 of the city’s 36 Sure Start centres are to close, with the loss of up to 150 fully trained staff.

European Union demands further attacks on Ireland’s public sector

By Jordan Shilton, 21 January 2013

The European Commission has issued a stark warning to the government on its implementation of austerity measures.

Political issues in the fight against the fascist Golden Dawn

By Chris Marsden, 19 January 2013

Tens of thousands will rally today in Syntagma Square, Athens to voice their opposition to the fascist Golden Dawn.

Europe slides deeper into recession

By Stefan Steinberg, 17 January 2013

Industrial output across the 17 countries of the euro zone fell in November for the third successive month.

Renault announces 7,500 job cuts in France

By Antoine Lerougetel, 17 January 2013

On Tuesday French carmaker Renault announced large-scale job and pay cuts, as the auto industry slashes production.

Germany’s Left Party supports unconditional cooperation with the SPD and Greens

By Peter Schwarz, 17 January 2013

The Left Party has set its sights on an alliance with the Social Democratic Party and the Greens in the election in the German state of Lower Saxony on Sunday.