debating progressive politics in Europe and beyond
Instead of writing about needing a plan C (where C = catastrophe), I am going on holiday until the third week of September, but this excellent piece by Wolfgang Münchau (FT 28 Aug 2011, ‘Even a joint bond might not save the euro’; http://on.ft.com/q5W1dH) admirably sums up the situation in the Euro Area. I would [...]
Italy is threatened; 10-year bond yields briefly moved above 6% as Giulio Tremonti, the Finance Minister, is seeking to relieve the pressure by imposing a €40bn austerity package.[1] Greece totters on the verge of default, Portuguese and Irish bonds have already been downgraded to ‘junk’ status and the spread between French and German bonds is [...]
The ONS figures were dreadful: it’s not just that the UK’s growth performance in Q4/2010 was seriously negative and this is bound to have a spill-over effect in 2011. Add the January rise in VAT and mounting pressure on the Bank of England to raise interest rates, and things on this side of the Channel [...]
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