Syriza and Podemos: From austerity to equality. Will they make it?
What really happened in Greece and Spain? Will Syriza and Podemos be able to bring economic and social stability to their countries? Listen to our editor Emine’s interview with Progressive News Network to learn more about the Eurozone crisis and the new emerging parties of the EU.
Unemployment Decreased Slightly, Fewer New Jobs Created than Forecasted: Is the Worst Still to Come?
The U.S. Department of Labor reported on Friday April 5th that the unemployment percentage was down to 7.6 percent. Only 88,000 jobs were added to the economy in March. Economists had predicted close to 200,000 new jobs would be created for the month. This is before the effects of the Federal Budget cuts, also known as austerity measures, go into place. These budget cuts will have extreme negative effects in US economy as witnessed in Europe, country after country. The first wave of budget cuts will put many Federal employees out of work; it will also cause a decrease in…
What Does the Future Hold for Syria?
The civil war in Syria continues to drag on tragically, nearing its third year. With thousands of lives lost and at least one million refugees fleeing to neighboring countries, Syria is no longer a viable country. There are common electricity outages, food shortages, half of the buildings destroyed, including many hospitals, massive dislocation of its population-internally and externally, and a civilian death toll of over 70,000, which continues to increase. One of the hardest hit cities has been Aleppo, the largest in Syria. Being a major battleground for both sides since the outset of the war, it continues to struggle…
Cypriot ‘Haircut’ Rattles International Community
Cypriots with €100,000 euros or more in their accounts, will soon start feeling the pinch from coming bank levies, required under Cyprus’ new bailout restructuring plans. Once finalized, all depositors with accounts containing over €100,000 euros will find themselves subject to the “haircut,” with 22.5% of their account holdings being “taxed” to make up the down payment on the bailout. An additional 37.5% will be frozen for what E.U. and Cypriot officials are calling “liquidity reasons,” however unlike the previous “taxed” amount, these frozen assets will earn interest to the tune of ten percent, so long as the banks in question…
China’s Takeover of South America
According to China Times Magazine, China will replace the European Union as South America’s most important trading partner by 2015. Currently, Asia accounts for more than 25% of South America’s total trade. With poverty levels dropping to their lowest in 20 years in the region, Latin America is fast becoming an open market for both investors and consumers. As Europe and USA battle with political and economic turmoil, they are falling behind in taking advantage of South America’s ongoing development. In addition, China’s swift industrial growth is causing the country to be in a perpetual quest for natural resources such…
Cyprus Reaches Last-Minute Bailout Deal With EU
Struggling European Union member country Cyprus reached a last-minute deal on Monday morning with the international lenders, to shut down its second-largest bank in return for a €10 billion ($13 billion) bailout. Critics say the deal would inflict heavy losses on uninsured depositors that include a large number of wealthy Russians. After charged negotiations between the Cyprus President Nicos Anastasiades and the heads of the European Union, the International Monetary Fund (IMF) and the European Central Bank, an agreement emerged to avert a collapse of the banking system – hours before the deadline. This agreement is aimed at preventing the…
Cyprus Crisis Deepens as the Country Rejects Bailout
The Cypriot Parliament has voted unanimously to reject the negotiated E.U. bailout package, offered last week. The vote, cast yesterday at 4 p.m. GMT (11 a.m EST,) was taken by hand, with 36 voting against the measure, 19 abstaining and none voting in favor. The widely unpopular bailout proposal, which included a 10% levy or “haircut,” on deposits nationwide, led to long lines at ATMs nationwide, while also inspiring protests throughout the country.. News of the decision has sent shock waves through the already troubled European Union as worries over a possible collapse of the Cypriot financial sector troubled their…
Cyprus Bailout: Banks Relieved, Cypriots Squeezed
In the latest of the E.U. financial crises, the island nation of Cyprus has had a EuroZone bailout “successfully negotiated” on its behalf. However Cypriots themselves, as well as the members of the Parliament are less than pleased. The Eurozone bailout package, agreed upon today in Brussels between Eurogroup ministers and IMF officials, has in addition to the typical austerity measures demanded of nations accepting bailout money, such as deficit reduction and higher taxes, comes with another condition. Requiring a 9.9% deposit levy on all Cypriot bank accounts to stave off outright national bankruptcy, the deal is a first of…
US Fiscal Debate Could Learn From Norway
Written by Mark Provost Guest Author If Washington sincerely wants to reduce the budget deficit and national debt while protecting the broader economy, it should learn from other nations which have succeeded. One country stands out: Norway. Norway has the largest budget surpluses in the developed world, no net national debt, citizens enjoy a robust safety net, and unemployment is below 3%. (1) (2) What is Norway’s secret, other than refusing to join the European Union? Before the discovery of off-shore oil in the late 60s, Norway’s lackluster economy earned the nickname ‘Europe’s ugly duckling’. But Norway’s subsequent success has…
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