By Moritz Wassum. In 2007, the world was hit by the worst global financial crisis since the 1930s Great Depression. World output has slightly recovered after its sharp decrease in 2008 and negative growth in 2009, and over the last three years it has more or less stabilised at around three per cent. This is …
By Neil Dooley. University of Sussex. As the eurozone crisis deepens, Spain has become the fourth country to formally request external financial assistance from the European Union. However, the Spanish bailout differs significantly from those agreed previously with Portugal, Ireland and Greece. Apart from the provision of ‘technical advice’, the IMF is largely uninvolved. Perhaps more …
By Brendan Pastor. When Paul Krugman coined the term confidence fairy, he meant it as a pedantic critique of UK Prime Minister David Cameron’s austerity agenda. The cuts that were administered to the welfare systems were driven by a need to reduce the deficit – the existence of which hampered market confidence in Britain’s economy, …
By Martina Cicakova. Greece, a country referred to as the ancient cradle of democracy, is now standing before a decision crucial for the future of Europe. The two options between which the Greek people need to decide are both problematic in their seeming simplicity: either the continuance of the “draconian” austerity measures or a so-called “Grexit”, a …
By Neil Dooley. Reaction to austerity in Europe has been varied. In Greece, measures have frequently been met with forceful opposition, prompting political outrage, mass demonstrations, incidents of violence and civil disobedience. In marked contrast, The Republic of Ireland has been applauded as the ‘poster child for austerity’, implementing its reforms with no apparent social …
By Lena-Sophie Demuth. After World War II, the foreign policy of Bundesrepublik Deutschland (West Germany) aimed at getting back in line with its neighbouring states, reconstructing its economy and rebuilding the image of a state responsible for a war that had claimed over 60 million casualties, including more than 6 million deaths in the wake of …
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