Europe’s massive rescue package has bought time for its most troubled economies, but, unless these countries move forward with necessary—and deeply unpopular—reforms, the newly available money will do little to save them. […]
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Whether or not Spain can overcome the challenges it now faces—which stem from the same source as those in Greece—depends on how quickly and forcefully the government responds. […]
Recent cuts to the credit ratings of Spain and Portugal indicate that the crisis in Greece is spreading across Europe. Given the financial market pressure on Greece, debt restructuring appears inevitable, but it remains to be seen when it will occur. […]
Though the U.S. financial sector is recovering from the crisis that erupted eighteen months ago, loan losses continue to mount and banks remain dependent on government support. […]
As the problems in Greece intensify, the EU and IMF are preparing a support package to prevent the crisis from spreading to Portugal, Spain, and other European countries. […]
The emergency aid for Greece buys the Euro area some valuable time, but Europe will need to enact a credible plan that addresses the situations in both Greece and other vulnerable countries if the Euro area is to survive in the long-term. […]
Few would disagree that the international banking system must change, but agreement on how remains elusive. Various plans have been put forward, including restricting banks to the most basic functions of financial intermediation. […]
The world’s economic balance of power is shifting, as emerging countries rapidly overtake traditional Western powers as the predominant world economies. The recent global recession has only accelerated this trend. […]
Developing countries already play a substantial role in world trade, and their significance is only expected to rise. As they diversify and grow as export markets, emerging economies will come to dominate international trade. […]
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