European Economy Perplexity and gloom dominate IMF-World Bank meeting 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. Mon, 12 Oct 2015 05:00:00 GMT 2015-10-12T05:00:00Z Organizers promote economic nationalism at Berlin demonstration against transatlantic trade agreement While many demonstrators sought to express opposition to inequality and war, the demonstration's organizers advanced a right-wing agenda of economic nationalism. Mon, 12 Oct 2015 05:00:00 GMT 2015-10-12T05:00:00Z Syriza budget implements dictates of European banks 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.” Tue, 06 Oct 2015 05:00:00 GMT 2015-10-06T05:00:00Z Global recessionary trends intensify 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. Thu, 01 Oct 2015 05:00:00 GMT 2015-10-01T05:00:00Z Thousands more jobs to go across all sectors in UK 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. Sat, 19 Sep 2015 05:00:00 GMT 2015-09-19T05:00:00Z Seven years since the Wall Street crash Seven years after the eruption of the crisis, financial parasitism has reached unprecedented heights while the global economy stagnates. Tue, 15 Sep 2015 05:00:00 GMT 2015-09-15T05:00:00Z Global Ponzi scheme threatens to implode 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. Mon, 24 Aug 2015 05:00:00 GMT 2015-08-24T05:00:00Z Global markets plunge amid signs of deepening slump 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. Fri, 21 Aug 2015 05:00:00 GMT 2015-08-21T05:00:00Z World capitalism “toboggans toward catastrophe” Seven years after the Wall Street crash, fears are growing within ruling circles internationally that the world capitalist economy is descending into depression. Wed, 19 Aug 2015 05:00:00 GMT 2015-08-19T05:00:00Z German financial supervisor implicates Deutsche Bank in Libor manipulation Anshu Jain, who recently resigned as co-chair of Deutsche Bank, was involved much more deeply in the manipulation of Libor than previously known. Tue, 28 Jul 2015 05:00:00 GMT 2015-07-28T05:00:00Z A landslide “no” to EU austerity in Greece 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. Mon, 06 Jul 2015 05:00:00 GMT 2015-07-06T05:00:00Z Workers speak out against austerity in Greece Workers interviewed by a WSWS reporting team in Athens, Greece, spoke out against austerity and attacks on democratic rights. Wed, 01 Jul 2015 05:00:00 GMT 2015-07-01T05:00:00Z Bank closures impose deepening misery on Greek people Retirees were unable to obtain their pension benefits as a weeklong bank holiday began amid warnings of fuel and medicine shortages. Tue, 30 Jun 2015 05:00:00 GMT 2015-06-30T05:00:00Z Syriza’s fraudulent capital controls 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. Tue, 30 Jun 2015 05:00:00 GMT 2015-06-30T05:00:00Z Greek collapse, global turbulence loom as Syriza imposes capital controls The decision followed Sunday’s announcement by the European Central Bank that it would not increase its emergency funding for Greek banks. Mon, 29 Jun 2015 05:00:00 GMT 2015-06-29T05:00:00Z Greek crisis comes to a head 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. Mon, 29 Jun 2015 05:00:00 GMT 2015-06-29T05:00:00Z OECD report documents growth of financial parasitism Financial parasitism is leading to the destruction of the productive forces upon which the livelihoods of the world working class depend. Mon, 29 Jun 2015 05:00:00 GMT 2015-06-29T05:00:00Z Thousands of jobs lost in UK 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. Sat, 27 Jun 2015 05:00:00 GMT 2015-06-27T05:00:00Z Political issues in the Greek debt crisis 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. Fri, 26 Jun 2015 05:00:00 GMT 2015-06-26T05:00:00Z After Syriza’s concessions, EU demands more austerity at Greek debt summit 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. Tue, 23 Jun 2015 05:00:00 GMT 2015-06-23T05:00:00Z Syriza offers last-ditch concessions prior to EU summit on Greek debt Greek Prime Minister Tsipras heads to the summit under the threat of a deliberately imposed economic catastrophe and expulsion from the eurozone. Mon, 22 Jun 2015 05:00:00 GMT 2015-06-22T05:00:00Z EU threatens to push Greece into bankruptcy after collapse of debt talks 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. Wed, 17 Jun 2015 05:00:00 GMT 2015-06-17T05:00:00Z IMF and ECB walk out of Greek debt talks with Syriza The talks centre on new austerity measures to be carried out by Syriza. Sat, 13 Jun 2015 05:00:00 GMT 2015-06-13T05:00:00Z Mass layoffs in French nuclear energy industry threaten 6,000 jobs worldwide 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. Wed, 10 Jun 2015 05:00:00 GMT 2015-06-10T05:00:00Z OECD cuts global growth forecast amid growing financial turbulence The downgrade follows what the OECD called the worst quarter for global economic growth since the 2008 financial crash. Fri, 05 Jun 2015 05:00:00 GMT 2015-06-05T05:00:00Z In Brussels talks, Greece moves closer to austerity deal with EU 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. Thu, 04 Jun 2015 05:00:00 GMT 2015-06-04T05:00:00Z Surprise move by European Central Bank to speed up debt purchases The accelerated ECB purchase of sovereign debt is another indication of increasing nervousness in global financial markets. Wed, 20 May 2015 05:00:00 GMT 2015-05-20T05:00:00Z Siemens announces massive job cuts worldwide The new job cuts were agreed upon between the trade union, works council and management. Tue, 12 May 2015 05:00:00 GMT 2015-05-12T05:00:00Z Bond market sell-off signals mounting financial crisis In the last two weeks an estimated $2 trillion has been wiped off share and bond markets. Fri, 08 May 2015 05:00:00 GMT 2015-05-08T05:00:00Z Spain: Rebound in employment based on wage cuts and increased job insecurity More than 3.5 million jobs had been eliminated in Spain between 2008 and 2013. Tue, 05 May 2015 05:00:00 GMT 2015-05-05T05:00:00Z Workers Struggles: Europe, Middle East &amp; Africa The <em>World Socialist Web Site</em> invites workers and other readers to contribute to this regular feature. Fri, 24 Apr 2015 05:00:00 GMT 2015-04-24T05:00:00Z IMF head Christine Lagarde praises UK for austerity measures 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. Mon, 20 Apr 2015 05:00:00 GMT 2015-04-20T05:00:00Z Banking group HGAA stokes conflict between Vienna and Munich The decision of the Austrian government to no longer pay the debts of banking group HGAA has provoked conflicts in Bavaria. Sat, 18 Apr 2015 05:00:00 GMT 2015-04-18T05:00:00Z IMF loans $17 billion to Ukraine to repay banks, loot economy The International Monetary Fund formally signed off yesterday on a $17.5 billion, four-year loan to the far-right regime in Kiev. Fri, 13 Mar 2015 05:00:00 GMT 2015-03-13T05:00:00Z Workers Struggles: Europe, Middle East & Africa The <em>World Socialist Web Site</em> invites workers and other readers to contribute to this regular feature. Fri, 13 Mar 2015 05:00:00 GMT 2015-03-13T05:00:00Z Danish government expands surveillance powers following Copenhagen shootings Plans were already well advanced prior to the Copenhagen shootings to further undermine democratic rights, with only the appropriate pretext being required. Tue, 03 Mar 2015 05:00:00 GMT 2015-03-03T05:00:00Z Stock markets rise after Greece signs new austerity agreement The financial aristocracy celebrated the Syriza government’s abject capitulation to the European Union’s demands for renewed austerity. Tue, 24 Feb 2015 05:00:00 GMT 2015-02-24T05:00:00Z Greek Finance Minister Yanis Varoufakis’ mission to save capitalism 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. Sat, 21 Feb 2015 05:00:00 GMT 2015-02-21T05:00:00Z A comment from a reader: The peculiar socialism of Syriza The <em>World Socialist Web Site</em> received this comment from a reader in Greece on the nature of the new Syriza-led government. Sat, 21 Feb 2015 05:00:00 GMT 2015-02-21T05:00:00Z Schäuble’s arrogance towards Greece and the class divide in Germany Schäuble's arrogant attack on Greece is primarily directed at opposition to austerity in the working class in Germany and across Europe. Sat, 21 Feb 2015 05:00:00 GMT 2015-02-21T05:00:00Z Siemens unveils another round of job cuts in Germany and worldwide 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. Sat, 14 Feb 2015 05:00:00 GMT 2015-02-14T05:00:00Z Greece’s Syriza government pledges to serve the EU In the talks with the EU, the Syriza government is preparing to implement new austerity measures and "respect the European rules." Fri, 13 Feb 2015 05:00:00 GMT 2015-02-13T05:00:00Z IMF announces new $17 billion loan agreement for Ukraine The latest multi-billion dollar loan agreement is a prelude to further attacks on the living standards of the working class throughout Ukraine. Fri, 13 Feb 2015 05:00:00 GMT 2015-02-13T05:00:00Z Syriza capitulates to the European Union Syriza leaders are traveling across Europe to assure governments they can rely on the party to push through “deep reforms." Sat, 07 Feb 2015 05:00:00 GMT 2015-02-07T05:00:00Z Germany demands Greek austerity as Syriza pledges “frenzy of reasonableness” 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.” Fri, 06 Feb 2015 05:00:00 GMT 2015-02-06T05:00:00Z EU foreign ministers toughen sanctions against Russia 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. Fri, 30 Jan 2015 05:00:00 GMT 2015-01-30T05:00:00Z Germany moves into deflation as global bond prices point to deepening slump The potential consequences of falling consumer prices and money flooding into bond markets threaten to outweigh even those of the 2008 financial crisis. Fri, 30 Jan 2015 05:00:00 GMT 2015-01-30T05:00:00Z The election in Greece and the political tasks of the working class Despite its left-wing facade, Syriza is a bourgeois party that rests on affluent layers of the middle class. Sat, 24 Jan 2015 05:00:00 GMT 2015-01-24T05:00:00Z Financial markets celebrate European Central Bank launch of €1 trillion quantitative easing program 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. Fri, 23 Jan 2015 05:00:00 GMT 2015-01-23T05:00:00Z Workers, youth in Athens discuss upcoming election Tens of thousands of Greeks now rely on food handouts and soup kitchens as a consequence of devastating austerity measures. Thu, 22 Jan 2015 05:00:00 GMT 2015-01-22T05:00:00Z European Central Bank appears set to introduce quantitative easing European stock markets rose to seven-year highs this week in anticipation that the ECB will decide tomorrow to start purchasing sovereign bonds. Wed, 21 Jan 2015 05:00:00 GMT 2015-01-21T05:00:00Z Closure of coal mines in Poland threatens 5,000 jobs Miners are resisting the Polish government’s plans to restructure the coal industry and lay off thousands of workers. Sat, 17 Jan 2015 05:00:00 GMT 2015-01-17T05:00:00Z Financial markets rocked by decision to abandon ceiling on Swiss franc 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. Fri, 16 Jan 2015 05:00:00 GMT 2015-01-16T05:00:00Z Oil prices and bond yields continue their decline Oil prices on Tuesday sank further toward their levels of 2009, while bond yields hit zero in Japan. Wed, 14 Jan 2015 05:00:00 GMT 2015-01-14T05:00:00Z The economic and political implications of deflation The announcement that Europe has gone into deflation underscores the deepening breakdown of the global capitalist economy. Sat, 10 Jan 2015 05:00:00 GMT 2015-01-10T05:00:00Z Euro zone officially tips into deflation More than six years since the 2008 financial crash, Europe is beset by economic stagnation. Fri, 09 Jan 2015 05:00:00 GMT 2015-01-09T05:00:00Z Thousands of UK apprentices paid below minimum wage A significant number of young apprentices receive below the minimum wage, work unpaid overtime and have no written contract of employment. Fri, 09 Jan 2015 05:00:00 GMT 2015-01-09T05:00:00Z Sharp market falls over euro and oil price slump The main factor in the fall in US markets appears to have been the further sharp decline in oil prices. Tue, 06 Jan 2015 05:00:00 GMT 2015-01-06T05:00:00Z Lithuania adopts the euro Lithuania is the third and last Baltic state to introduce the euro. Mon, 05 Jan 2015 05:00:00 GMT 2015-01-05T05:00:00Z European Central Bank president’s interview sends euro to four-year low ECB President Mario Draghi has taken another step to full quantitative easing amid increasing deflationary pressures. Sat, 03 Jan 2015 05:00:00 GMT 2015-01-03T05:00:00Z UK: Thousands of City Link delivery workers sacked on New Year’s Eve City Link is the latest in a number of private equity-backed companies that have gone bankrupt over the last few years. Sat, 03 Jan 2015 05:00:00 GMT 2015-01-03T05:00:00Z French pseudo-left seeks to block opposition to Socialist Party’s austerity agenda The New Anti-capitalist Party and the Left Party are insisting that all opposition be controlled by France’s union bureaucracy. Mon, 29 Dec 2014 05:00:00 GMT 2014-12-29T05:00:00Z Ireland opens parliamentary inquiry into banking crisis 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. Sat, 27 Dec 2014 05:00:00 GMT 2014-12-27T05:00:00Z Corporations reached secret deals with Luxembourg to avoid tax payments The tax deals deprived tax revenue to governments around the world, all of which now claim that public services are unaffordable. Mon, 22 Dec 2014 05:00:00 GMT 2014-12-22T05:00:00Z Imperialism and the ruble crisis As imperialism encircles and financially strangles Russia, the catastrophic consequences of the dissolution of the USSR are being made all too clear. Thu, 18 Dec 2014 05:00:00 GMT 2014-12-18T05:00:00Z General strike against austerity hits Belgian government The strike brought the country to a standstill amid mass opposition in the working class to the reactionary Michel government's austerity agenda. Tue, 16 Dec 2014 05:00:00 GMT 2014-12-16T05:00:00Z Italy: One-day general strike against Renzi’s Jobs Act 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. Mon, 15 Dec 2014 05:00:00 GMT 2014-12-15T05:00:00Z Report shows rising social inequality in major capitalist countries 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. Fri, 12 Dec 2014 05:00:00 GMT 2014-12-12T05:00:00Z Protests erupt in Rome against attack on job protection Protests broke out in Rome against the Renzi government’s Jobs Act, a labor reform that removes basic workers’ rights and guarantees. Fri, 05 Dec 2014 05:00:00 GMT 2014-12-05T05:00:00Z German parliament passes austerity budget 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. Mon, 01 Dec 2014 05:00:00 GMT 2014-12-01T05:00:00Z German welfare “reforms” promote virtual slave labour 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. Mon, 01 Dec 2014 05:00:00 GMT 2014-12-01T05:00:00Z UK workers see six years of falling wages 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. Sat, 29 Nov 2014 05:00:00 GMT 2014-11-29T05:00:00Z French automaker Peugeot-Citroën plans new mass layoffs 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. Sat, 29 Nov 2014 05:00:00 GMT 2014-11-29T05:00:00Z Franco-German reform plan calls for deep social cuts, wage freeze in France France and Germany are proposing a joint economic reform plan with deep social cuts and flexible labour rules in favour of big business. Wed, 26 Nov 2014 05:00:00 GMT 2014-11-26T05:00:00Z Luxembourg tax avoidance scandal rocks European Union Leaked documents show how 340 multinational groups set up corporate structures to avoid taxes. Fri, 14 Nov 2014 05:00:00 GMT 2014-11-14T05:00:00Z European Central Bank seeks to reassure financial markets ECB president Mario Draghi insisted that the bank stands ready to inject up to one trillion euros into the financial system. Fri, 07 Nov 2014 05:00:00 GMT 2014-11-07T05:00:00Z Further job cuts in European auto industry Thousands of job cuts are taking place at major assembly plants and in the parts industry. Fri, 07 Nov 2014 05:00:00 GMT 2014-11-07T05:00:00Z France, Italy vow more social cuts as EU approves their 2015 budgets In the negotiations, the French and Italian governments agreed to impose deep attacks on the social rights of the working class. Mon, 03 Nov 2014 05:00:00 GMT 2014-11-03T05:00:00Z UK Lloyds Banking Group to shed another 9,000 jobs and close 200 branches 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. Sat, 01 Nov 2014 05:00:00 GMT 2014-11-01T05:00:00Z French Socialist Party plans to scrap post-World War II job security rules Valls is proposing to eliminate long-term job contracts in order to boost French competitiveness by allowing businesses to hire and fire at will. Tue, 28 Oct 2014 05:00:00 GMT 2014-10-28T05:00:00Z Greece proceeds with further austerity after government survives confidence vote The vote of confidence was taken after an opinion poll put pseudo-left opposition party SYRIZA ahead of the ruling New Democracy. Mon, 13 Oct 2014 05:00:00 GMT 2014-10-13T05:00:00Z French Prime Minister Valls travels to Berlin The meeting of French Prime Minister Valls with German Chancellor Merkel cannot hide the growing Franco-German tensions in Europe. Thu, 25 Sep 2014 05:00:00 GMT 2014-09-25T05:00:00Z <em>Who Owns Germany?</em> Documenting the widening gulf between rich and poor Berger’s book reveals startling facts about the redistribution of wealth from the bottom to the top of German society. Mon, 15 Sep 2014 05:00:00 GMT 2014-09-15T05:00:00Z Capitalist breakdown and the drive to war 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. Sat, 06 Sep 2014 05:00:00 GMT 2014-09-06T05:00:00Z European Central Bank cuts rates and announces asset purchasing program The European Central Bank has launched a new round of financial stimulus in the face of worsening economic conditions in Europe. Fri, 05 Sep 2014 05:00:00 GMT 2014-09-05T05:00:00Z Further plant closures at Germany’s Heidelberg Press The trade unions are playing a key role in imposing more redundancies at Germany’s biggest print machine manufacturer. Wed, 20 Aug 2014 05:00:00 GMT 2014-08-20T05:00:00Z EU advisors advocate use of military against strikes and protests An EU think tank has advised governments to protect the rich from the poor by suppressing social protests. Tue, 19 Aug 2014 05:00:00 GMT 2014-08-19T05:00:00Z Rising British self-employment used to obscure worsening job situation 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. Tue, 19 Aug 2014 05:00:00 GMT 2014-08-19T05:00:00Z Germany: Osram cuts 7,800 jobs worldwide The German-based lighting manufacturer announced a new round of job cuts last week. Tue, 12 Aug 2014 05:00:00 GMT 2014-08-12T05:00:00Z London mayor threatens to dock pay of striking firefighters Mayor Boris Johnson has previously imposed cuts to fire services, including the closure of fire stations. Fri, 08 Aug 2014 05:00:00 GMT 2014-08-08T05:00:00Z Lloyds Bank admits fixing repo rate Lloyds, in which the British Treasury has a 24 percent stake following the bank’s collapse in 2008, admitted that four of its staff had defrauded the Treasury. Tue, 05 Aug 2014 05:00:00 GMT 2014-08-05T05:00:00Z British university system faces collapse Britain’s universities increasingly rely on private philanthropists for their funding. Tue, 29 Jul 2014 05:00:00 GMT 2014-07-29T05:00:00Z Serbian Parliament passes labour reforms Official unemployment has risen to nearly 25 percent and is above 50 percent for youth while the average monthly wage remains extremely low at about €380 (US$515). Mon, 28 Jul 2014 05:00:00 GMT 2014-07-28T05:00:00Z Contradictions of capitalism underlie monetary policy dispute A war of words over monetary policy has erupted between the Bank for International Settlements and major central banks. Thu, 24 Jul 2014 05:00:00 GMT 2014-07-24T05:00:00Z Spain: Pseudo-left Podemos party presents “a programme for the country’s salvation” Podemos aims to occupy the vacuum left by the collapse of the establishment parties to prevent growing social opposition from developing into a conscious political movement threatening capitalism. Mon, 21 Jul 2014 05:00:00 GMT 2014-07-21T05:00:00Z The acquittal of HSH Nordbank: Capitalist class justice in Germany The judgment in the HSH Nordbank trial shows how the capitalist judicial system serves the financial aristocracy. Mon, 14 Jul 2014 05:00:00 GMT 2014-07-14T05:00:00Z EU summit in Ypres: National conflicts and militarism The EU does not preserve European peace. It is a breeding ground for social inequality, nationalism and war. Mon, 30 Jun 2014 05:00:00 GMT 2014-06-30T05:00:00Z New reports confirm economic stagnation in Europe The economic crisis in Europe is increasingly shifting from the periphery to the core of the continent. Wed, 25 Jun 2014 05:00:00 GMT 2014-06-25T05:00:00Z Poll spotlights British economic insecurity Official statistics confirm that the UK’s economic “recovery” is benefiting only the super-rich, to the detriment of working people. Sat, 21 Jun 2014 05:00:00 GMT 2014-06-21T05:00:00Z Bank of England governor warns of threat to capitalism Coming in the context of a series of reports on the astronomical levels of social inequality in Britain and internationally, Carney’s comments are a warning to ruling circles over the instability of their social order and the inevitability of mass social opposition. Mon, 16 Jun 2014 05:00:00 GMT 2014-06-16T05:00:00Z