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Whither Europe

By Patrick Clark 11/07/12 4:18pm

Whither Europe

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The Greeks Are Throwing Fire Bombs Again Over Austerity Vote

The situation in Greece: With Parliament set to vote today on austerity measures that would raise $17 billion for the cash-strapped government, protestors lobbed Molotov cocktails at police, who answered with giant fire hoses.

The austerity bill, expected to pass by the narrowest margin, would be Greece’s third in four years, raise the retirement age to 67 from 65, lead to layoffs of civil servants and benefit cuts for private sector employees. Read More

By Patrick Clark 10/18/12 11:48am

Whither Europe

pink shirts

Greek Soccer Club Scores Sponsorship Deal With Brothels Amid Crisis

We’ve often observed that as the European debt crises stretches on (and on), and rising sovereign borrowing costs lead to bailout plans and austerity programs, leading the people to protest slashed government spending and government officials to protest that they don’t really need rescue funds, the average beat reporter is going to need a little something extra to keep his editor interested. Whether that means a story about coffee consumption or the mating habits of unemployed youth, you get the picture: At this point in the crisis, it takes a little extra pizzaz to get your lay reader interested in anything involving downtrodden European economies. Read More

By Patrick Clark 9/27/12 4:42pm

Whither Europe

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Surprise! Greece’s Ruling Poilitical Parties Have a Combined $300 Million Debt

Here’s a terrifying set of facts about Greece we didn’t know but don’t find too surprising: Government funding for political parties is tied to the percentage of votes they win; it’s not unusual for political parties to borrow against future funding; and as Reuters explains, the two groups that form the current governing coalition are in debt to the tune of $300 million: Read More

By Patrick Clark 8/27/12 11:44am

Whither Europe

spain euro

If Europe Won’t Print Money for Spain, Spanish Youth Are Going to Print Money Themselves

Another day, another way to illustrate the dismal state of some European economies. Which is to say that while the headlines focused on Spanish economy minister Luis de Guindos’ comments regarding his expectation that Spain will tap $75 billion in bailout funds promised by European finance ministers earlier this summer, or Europe’s renewed focus on Greece, our attention wandered to a Wall Street Journal article on a local currency called the puma. Read More

By Patrick Clark 7/26/12 11:13am

Whither Europe

condom

There’ll Be 210,187 Fewer Free Condoms for Spanish Prostitutes After Bankia Bust

Let’s see if we can keep this straight: the Spanish banking system is crippled by bad construction loans made in boom-ier times; Spanish government backstops the banks that made those loans; those liabilities drive Spain’s sovereign borrowing costs to new highs; neither austerity measures nor Europe’s pledge to inject 100 billion euros into Spanish banks has arrested rising borrowing costs; which also affects the borrowing costs of regional governments such as that of Valencia; leading the national government to create an 18 billion euro bailout mechanism for the regions; which Valencia and Murcia promptly said they’d tap.

What’s that have to do with prostitutes? Read More