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The Financial, Economic and Greek Crisis

In this special feature European Business Review shines a spotlight on the financial, economic and Greek crisis. It is time to be courageous and draw conclusions, it is five to midnight! If the EU doesn’t act now we will end up playing second league and no longer with big boys like the US and Asia.

Europe has to evolve: learning the lessons of the Greek crisis and looking for a better way to run itself by reconsidering the eurozone rules. Not simply to punish the overindebted but also to encourage nations that run large current account surpluses to spend more.

Sooner or later, the creditors will have to exchange their existing bonds for new ones worth at most 50 cents on the euro. This will leave Greece with more public money for basic social services. That in turn will make it a tiny bit easier to achieve social consensus on the needed austerity measures.

It is not too late for Europe

EU and IMF efforts to rescue Greece have failed to stabilise Europe's financial markets. Now there are significant concerns about Spain and Portugal's financial circumstances. This column says Europe needs to wake up, face the facts, and take action.

Many Greeks never miss an occasion to mention the importance of the solidarity between member states , in the hope that the country will not find itself standing all alone.

Greece crisis: how your average Greek yacht-owner is clamping down

Greece’s ‘creative accounting’ has wreaked havoc. Whilst the EU examines ways in which to help the Greek economy, are the Greeks ready to overturn their state of mind in order to exit the crisis? Judith Sinnige from Cafebabel.com expresses her views.

The founding fathers of the European Union were motivated by a most noble goal: to create the institutions needed to secure lasting peace on the continent.

Strauss - Kahn: The Road Ahead for Europe

The integration of Europe’s goods, capital, and labor markets has brought tremendous benefits to all its members—with the economies of the new member states in particular enjoying a rapid catch-up.

The financial issue has taken enormous dimensions and has already hit the real economy and the society. The insufficient financing of the social state, the lack of resources for policies promoting active employment and the booming of unemployment will be only some of the repercussions expected to provoke deterioration of the public finances.

Rodi Kratsa (EP Vice President): Greece in need of a ‘development shock’ for the strengthening of the economy

Europe was self-conscious and weak when facing the Greek problem, using ambiguous or vague statements regarding solidarity. From the beginning I put forward this issue to all European bodies and asked for a strong European response through imaginative solutions in the frame of the European Treaties

Markets would remain severely dysfunctional, and regulators would see banks as utilities, not independent agents, and accordingly attempt to limit their returns and to suppress volatility. Strict regulation would be applied not only to systemically important banks but to smaller entities as well. In this scenario, banks would face much tighter capital requirements.

What’s next for global banks

Banking giants in emerging markets will probably do well in any likely economic scenario. Other banks face a more challenging future. In 2008, as the credit crisis broke, banks underwent near-death experiences on a massive scale. Last year, many enjoyed a recovery that was nearly as abrupt.


The sudden collapses of Bear Stearns, Lehman Brothers, and AIG demonstrated that our framework for supervision and regulation of large, highly leveraged and substantially interconnected financial firms--and the government's toolkit for managing their failure--is profoundly inadequate.

The Meaning of the Lehman Bankruptcy

By: EBR | Monday, March 22, 2010

We all know what happened after Lehman Brothers collapsed. There was a period during which the financial markets simply stopped functioning. No one had ever seen anything quite like this before.Banks and other financial institutions almost completely stopped lending to one another or to anyone else

EU Actually

‘Free debate and exchange of views is vital. Even when you disagree’.

N. Peter KramerBy: N. Peter Kramer

Hungarian Prime Minister Viktor Orban will speak today at the National Conservatism Conference in Brussels, a two-day far-right conference

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