Causes of the European debt crisis Total gross government debt around the world as a percent of GDP by IMF The eurozone crisis resulted from the structural problem of the eurozone and a combination of complex factors, including the globalisation of finance ; easy credit conditions during the — period that encouraged high-risk lending and borrowing practices; the financial crisis of —08 ; international trade imbalances; real estate bubbles that have since burst; the Great Recession of —; fiscal policy choices related to government revenues and expenses; and approaches used by states to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses. Inmembers of the European Union signed the Maastricht Treatyunder which they pledged to limit their deficit spending and debt levels.
He and a friend snuck up to a flag pole on the Acropolis in Athens on which a gigantic swastika flag was flying.
The Germans had raised the banner four weeks earlier when they occupied the country, but Glezos took down the hated flag and ripped it up. The deed turned both him and his friend into heroes.
Back then, Glezos was a resistance fighter. Today, the soon-to-be year-old is a member of the European Parliament for the Greek governing party Syriza.
Sitting in his Brussels office on the third floor of the Willy Brandt Building, he is telling the story of his fight against the Nazis of old and about his current fight against the Germans of today.
He then did battle against the Greek military dictatorship. He was sent to prison frequently, spending a total of almost 12 years behind bars, time he spent writing poetry.
When he was let out, he would rejoin the fight. Germany for him is once again an aggressor today: Chancellor Angela Merkel with a Hitler moustache, German tanks heading south: There has been a flood of such caricatures in Greece, Spain, Britain, Poland, Italy and Portugal in recent weeks and years.
And Nazi symbols have become de rigueur at anti-austerity demonstrations. But further reflection on the word "Reich," or empire, may not be entirely out of place.
The term refers to a dominion, with a central power exerting control over many different peoples. According to this definition, would it be wrong to speak of a German Reich in the economic realm? Those demands, of course, have much to do with the desperation now being felt by a government that has thus far acted with a significant degree of amateurism.
But it would be a mistake to believe that the German past is no longer relevant. Again and again, it casts its shadow over the present day. A heavy accusation has been levelled at Germany -- by some in Greece, in Spain and in France but also by some in Great Britain and in the United States.
The euro crisis, a certain breed of politicians, journalists and economists argue, has allowed Germany to dominate Southern Europe and to suffocate it in order to impose its principles even as its export policy has meant that the country has profited from that same currency crisis more than any other country.
And it is hardly surprising that those now suffering humiliation would demand payment of past debts. Surveys abroad, to be sure, have found that Germans are widely respected overseas. But in Europe today, people are nevertheless quick to cry Nazi when German policy becomes uncomfortable. The accusations against the German government have a strange dialectic: It is a hegemon, but a weak one.
That, too, leads us to history. In his book "From Bismarck to Hitler," historian Sebastian Haffner wrote that turn-of-the-century Germany had an "unwieldy size. That may be true once again. There, in exactly the same office once used by renowned Italian journalist and author Indro Montanelli, Vittorio Feltri is now sitting.
Seventy-one years old, Feltri has been a journalist for more than half a century with Corriere della Sera and other papers. Last year, he published a remarkable book together with another well respected journalist named Gennaro Sangiuliano, deputy head of news for the national broadcaster Rai 1.
How Germany Subdued Europe. Often, respected intellectuals and citizens who are free of financial concerns, like Feltri and Sangiuliano, do the same.
The two authors see the euro as a means to a German end, writing that the common currency is reminiscent "rightly or wrongly " of the "tank divisions of yore.War is a resultant, failed politics coupled to greed and avarice.
The innocent suffer death and total destruction of their way of life and the result is refugees and poverty migrating to escape it. Digital Impact LLC produces large format, high-resolution, semi-permanent corrugated/mixed material POP & POS displays, product packaging and specialized permanent displays for companies of all backgrounds.
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Utilizing state of the art digital printing, we produce product packaging. Following World War II, a German return to dominance in Europe seemed an impossibility.
But the euro crisis has transformed the country into a reluctant hegemon and comparisons with the Nazis have. The Euro: How a Common Currency Threatens the Future of Europe [Joseph E. Stiglitz] on schwenkreis.com *FREE* shipping on qualifying offers.
Can Europe prosper without the euro?
In , the global financial crisis morphed into the “eurocrisis.” It has not abated. The 19 countries of Europe that share the euro currency―the eurozone―have been rocked by economic stagnation and debt crises.
The Euro-zone Crisis Essay Words 6 Pages In the past decade the world has witnessed a collapse of the world financial system, the Euro-zone crisis, an imploding Middle East, conflicts in Ukraine and natural disasters that have rocked global stock markets and investor confidence.
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