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Those Revolting Europeans
Keywords:
Krugman says voters in France, Greece, the UK and other countries are protesting against austerity measures imposed in the EU countries. The policies were based on the assumption made by the Chrisitian Democrats in Germany that the German model if applied in other countries would generate the kind of recovery Germany made in the last decade from the high unemployment under chancellor Gerhard Schroeder. German wage restraint agreement between unions, industry and government made this possible under the Hartz reforms, and France is already embarking on wage restraint, with the two major parties, unions and industry backing the plan. But for this to work France and other countries such as Spain and Italy have to be able to export to Germany or other countries. German workers are suffering from stagnant wages for many years, stemming from concessions made to reduce unemployment. Allowing wages to rise in Germany when there is a shortage of workers in industry, would benefit workers in Germany and help France and other EU countries increase exports. German industry is failing to make this normal adjustment in markets by insisting on smaller concessions, even though there is support within the government for higher wages. German growth was possible because of demand outside for its exporters. The "austerity measures" Germany supports would depress demand inside the domestic economies of France, Spain, Italy and other EU countries, and without the wage and inflation adjustments with Germany leave demand weak outside. Without needed demand output falls, unemployment rises and tax revenues decline, leaving deficits worse than before, and a dangerous downward spiral. Better management of finances as Germany has insisted has ceased to become the issue, as both Hollande in France and Rajoy in Spain, and Monti in Italy, are keen on getting control of finances, especially regional spending in Spain.
Krugman and other experts on the decision of the government of Ireland to guarantee all the debt of its runaway banks.
08/31/2010
This decision has burdened the Irish people with the debt that banks incurred in a burst of speculative frenzy in real estate. This was possible as bankers were working together with politicians and developers. German and British banks made poor lending decisions and loaned money freely to Irish banks. Banks should share in these losses but the decision of the Irish government has put the burden on the people of Ireland, with a third year of severe austerity cuts in the face of a 14% unemployment rate. The investigation into Anglo Irish Bank.
Grouped Articles
In Ireland, Hope of Retroactive Relief
Wall Street Journal 06/29/2012
Support of Anglo Irish Bank Strains Ireland
New York Times 08/31/2010
New York Times 11/25/2010
The Road to Economic Crisis Is Paved With Euros
New York Times 01/12/2011
Europe Needs to Apportion Pain
Wall Street Journal 03/17/2011
Tests Show Irish Banks Still Ailing
New York Times 03/30/2011
Friedman on the debt crisis in the eurozone and in the U.S.
07/16/2011
Friedman says the baby boomer generation has failed to do what it should have done for a future generation. He quotes Grece's deputy prime minister, who referring to the credits and loans that were extended to Greece after joining the E.U., "we ate it together," the politicians and the people. What this generation of baby boomers leaves to young people today is a legacy of large debt.
Grouped Articles
New York Times 07/16/2011
New York Times 07/19/2011
Modern Greece’s real problem? Ancient Greece. - The Washington Post
Washington Post 11/07/2011
New York Times 11/15/2011
New York Times 05/06/2012
How to Score the Presidential Debate
New York Times 10/16/2012
Sarkozy and Hollande economic policy measures and France's economy 2012-2014
04/17/2012
Grouped Articles
France Goes Against the Euro-Zone Flow
Wall Street Journal 04/18/2013
Wall Street Journal 05/29/2013
A Proud Nation Ponders How to Halt Its Slow Decline
New York Times 08/24/2013
France Says It Will Miss Budget Deficit Targets
Wall Street Journal 09/12/2013
German Optimism Depends On Spanish Deficits
Wall Street Journal 09/25/2013
French Cabinet Is Dissolved, a Victim of Austerity Battles
New York Times 08/25/2014
Francois Hollande of the Socialist Party as President of France
02/13/2012
Grouped Articles
Year Into Hollande Presidency, âa Sense of Driftâ
New York Times 05/04/2013
French Economy Minister, Arnaud Montebourg, Was Often Out of Step With President
New York Times 08/25/2014
French Candidate Hollande Assails European Policy on Greece
New York Times 02/13/2012
French Front-Runner Pledges 75% Tax Bracket
Wall Street Journal 02/29/2012
Ireland becomes a test for E.U. crisis remedy - The Washington Post
Washington Post 03/01/2012
Sarkozy Challenger Lucks Into Election Bid
Wall Street Journal 03/14/2012
Francois Hollande, the man
05/05/2012
Francois Hollande's background, ideas and thinking, as he prepares to assume the presidency in France, 17 years after his mentor, French President Mitterand. Hollande has long years of experience in French politics, having led the Socialist party for many years. His other role model is Jacque Delours, president of the European Commission.
Grouped Articles
Year Into Hollande Presidency, âa Sense of Driftâ
New York Times 05/04/2013
In Race to French Presidency, Hollande Sets His Own Pace
New York Times 05/05/2012
Hollande Defeats Sarkozy in France
New York Times 05/06/2012
European voters say no to austerity - The Washington Post
Washington Post 05/07/2012
Hollande Defeats Sarkozy in France
New York Times 05/06/2012
New York Times 05/06/2012
The IMF's changing views on the value of austerity measures and the "German hypothesis"
04/05/2009
The IMF's economic models suggest that it would take 5 years for the breakeven point at which the economic benefits of austerity measures start exceeding the costs of the measures in declining GDP and higher unemployment. The German view is that this can occur in the short term.
Grouped Articles
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
German Election Overturns Political Order
Wall Street Journal 09/23/2013
Known for Tight Spending, I.M.F. May Have to Loosen Reins After G-20 Windfall
New York Times 04/05/2009
Germany Considers Remedies for Slowing Growth
Wall Street Journal 10/08/2014
Merkel Hints at Economic Policy Shift in Germany
New York Times 10/09/2014
How Righteousness Killed the World Economy
New York Times 10/12/2014
What does Germany want from the Euro and the European Union? The Euro issue facing Germany in 2011-2015
03/03/2010
German political leaders do not want a "transfer union." At the same time they want to keep the European Union, just as much as Chancellor Kohl and Chancellor Adenauer. Merkel, Schroeder, Schauble and other leaders agree on the need for the European Union. The question is how to bring fiscal discipline to the EU, even if this means redesigning the structure of the EU. The vision of a united Europe persists.
Grouped Articles
Wall Street Journal 03/03/2010
Germany's Surplus Isn't the Problem
Wall Street Journal 11/11/2013
New York Times 05/22/2014
Greek Crisis Shows How Germany’s Power Polarizes Europe
Wall Street Journal 07/07/2015
Economist 08/08/2015
Charlemagne: Germany’s euro question
Economist 09/10/2011
Britain's perilous path with austerity cuts, inflation and lower economic growth- 2011-2015
06/22/2010
Grouped Articles
The economy: On a wing and a credit card
Economist 07/08/2013
U.K. Moves To Tackle Income Squeeze
Wall Street Journal 08/20/2013
The Curious Case of Britain's Economic Recovery
Wall Street Journal 10/21/2013
U.K. Politicians Vie to Address Fall in Living Standards
Wall Street Journal 11/18/2013
U.K. Government Prepares For Deep Budget Cuts
Wall Street Journal 06/22/2010
British Towns and Institutions Reel From First Austerity Cuts
New York Times 08/09/2010
France's austerity plans and pension reform 2010-2014
06/16/2010
Grouped Articles
New York Times 11/10/2013
Hard times force French to work longer -- to age 62
Washington Post 06/16/2010
France's Lagarde Forecasts Austerity
Wall Street Journal 06/23/2010
French Unions Protest Pension-Age Overhaul
Wall Street Journal 09/08/2010
French Senate Passes Pension Bill
New York Times 10/22/2010
French Cabinet Is Dissolved, a Victim of Austerity Battles
New York Times 08/25/2014
Greece's austerity measures, politics and the 2012 elections
07/26/2011
The prospects of combined vote of 30-35% for the two major political parties of Samaras and Venizelos with the rest of the vote splintered among extreme right and left wing parties, in the the 2012 Greece elections.
Grouped Articles
Frenemies: Two Greek Rivals Hold Nation's Fate in Balance
Wall Street Journal 07/26/2011
New York Times 06/23/2013
Fractious Greek Government Splits
Wall Street Journal 06/25/2013
Greece Wanted to Reframe Europe’s Austerity Debate. It Failed.
New York Times 07/01/2015
Greece's Fringe Parties Surge Amid Bailout Ire
Wall Street Journal 03/28/2012
In Greece, austerity kindles deep discontent - The Washington Post
Washington Post 03/31/2012
Italy, Spain and austerity measures- 2011-2013
08/08/2011
Analysts point to the austerity measures adopted by Italy and Spain much earlier than other countries in the eurozone. The risk now is cutting into muscle as growth for 2011 is expected to be below 1% in both countries. Italy say analysts is actually in surplus when the interest on debt is excluded.
Grouped Articles
Italy Urged to Resist a Relapse in Spending
Wall Street Journal 05/03/2013
Still Sputtering, Spain Turns Away From Cuts
Wall Street Journal 05/12/2013
German Election Overturns Political Order
Wall Street Journal 09/23/2013
New York Times 11/03/2013
Saying No to Austerity, Spain Unveils Tax Cuts
New York Times 06/20/2014
European Finance Ministers Support Investment Program
New York Times 09/14/2014
Portugal's austerity measures and the financial crisis 2010-2015
09/27/2010
Collapse of the government in Portugal in 2011, after failing to win support for further austerity measures.
Grouped Articles
Wall Street Journal 05/03/2013
Portugal Returns to Bond Market
Wall Street Journal 05/08/2013
Portugal Plans Cuts in Spending
Wall Street Journal 05/30/2013
Portugal's Government Thrust Into Turmoil
Wall Street Journal 07/03/2013
Lisbon Cabinet Shuffle Buoys Junior Coalition Party Leader
Wall Street Journal 07/08/2013
Portugalâs President Calls for Early Elections
New York Times 07/11/2013
Poverty and hardship in Ireland after austerity measures by the government in 2010
01/04/2009
Grouped Articles
The New Generation Leaving Ireland
BusinessWeek 02/11/2010
Ireland Faces Seventh Year of Austerity
Wall Street Journal 10/16/2013
New York Times 04/03/2009
Ireland Faces Battle Over Europe Stability Treaty
New York Times 05/01/2012
Irish Cutbacks Pile It on for 'New Poor'
Wall Street Journal 11/27/2010
Ireland's new government: Enda the party
Economist 03/05/2011
The IMF comes out on Spain's side in 2012 saying deficit reduction should have taken into account the weaker economic outlook
09/27/2011
The IMF in April 2012 says cuts in Spain may be too severe and cautioned that austerity measures could push Europe into recession.
Grouped Articles
Still Sputtering, Spain Turns Away From Cuts
Wall Street Journal 05/12/2013
Europe to Vote on Tougher Rules for Currency
New York Times 09/27/2011
German Optimism Depends On Spanish Deficits
Wall Street Journal 09/25/2013
The 'Silent Austerity' in Banking
Wall Street Journal 01/21/2014
Euro Zone Deficit Hits Target for First Time Since 2008
New York Times 04/23/2014
Saying No to Austerity, Spain Unveils Tax Cuts
New York Times 06/20/2014
The twin problems of lack of growth under austerity plans and overvalued currencies of Italy, Greece, Spain and Portugal
06/24/2011
The twin problems of lack of growth and overvalued currencies under the solutions of austerity plans without debt reduction and a single euro currency create impossible odds for a resolution of the eurozone financial crisis. Germany's insistence on tough austerity measures, European banks delaying restructuring of bad loans similar to the U.S. Brady plan, failure of politicians in Italy and Greece to take early action, and small steps by policymakers, are compounding the effects of the eurozone crisis.
Grouped Articles
German Election Overturns Political Order
Wall Street Journal 09/23/2013
New York Times 11/03/2013
Germany's Surplus Isn't the Problem
Wall Street Journal 11/11/2013
The 'Silent Austerity' in Banking
Wall Street Journal 01/21/2014
Italy Central Banker Is Open to 'Bad Bank'
Wall Street Journal 02/10/2014
Saying No to Austerity, Spain Unveils Tax Cuts
New York Times 06/20/2014
Krugman on economic policy and prospects for Europe in 2011-2014
01/11/2010
Grouped Articles
New York Times 11/10/2013
How Righteousness Killed the World Economy
New York Times 10/12/2014
New York Times 11/30/2014
The Road to Economic Crisis Is Paved With Euros
New York Times 01/12/2011
Running the euro zone: Pact of uncompetitiveness
Economist 02/12/2011
New York Times 05/22/2011
A warning light for Greece to exit the eurozone and return to the drachma to restore competitiveness and growth 2011-2012
05/26/2010
Greece needs to lower prices by 31% just to get to the level of Turkey, says the head of the Ifo research institute in Germany, Wener Sinn. Experts fear a breakdown in civil order inside Greece if deflation at this level occurs with Greece still using the euro. Hollande, the Socialist party candidate in France, also expressed similiar concerns, as reported in the New York Times, calling it a breakup in European governance that followed the breakdown in Greek governance. Sinn says the bondholders are overly exaggerating the risks of a breakup in the eurozone if Greece exits the euro.
Grouped Articles
Germany reaps rewards of entitlement cuts - The Washington Post
Washington Post 09/20/2011
New York Times 09/25/2011
New York Times 05/26/2010
New Attempt at French-German Amity Stumbles in Venice
Wall Street Journal 08/21/2013
German Election Overturns Political Order
Wall Street Journal 09/23/2013
Departing EADS Chief Urges Europe to Recommit to Industry
New York Times 04/12/2012
France's 2012 presidential election
03/01/2012
The contest between Sarkozy and Hollande.
Grouped Articles
French Economy Minister, Arnaud Montebourg, Was Often Out of Step With President
New York Times 08/25/2014
France's UMP elections: Sarko is back
Economist 12/01/2014
Francois Hollande finds a following - The Washington Post
Washington Post 03/01/2012
French Presidential Election Stokes Investor Concern
New York Times 04/17/2012
Wall Street Journal 04/19/2012
Voting for Yesterday in France
New York Times 04/20/2012
Francois Hollande, Socialist party candidate for president in France, on the EU's handling of the debt crisis in Greece
06/30/2011
Francois Hollande says the EU mishandled the Greece crisis. Greece should have been handled as an extraordinary situation with earlier debt restructuring from public and private creditors to bring Greece's debt down to 60% of GDP. The current coordinated plan of the EU, ECB and the IMF only brings debt down to 120% of GDP in 2020. Hollande said he understands the need to reduce the budget deficit with cuts but without growth it can't work.
Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
French Candidate Hollande Assails European Policy on Greece
New York Times 02/13/2012
Athens Shaken by Riots After Vote for Greek Austerity Plan
New York Times 02/13/2012
Austerity Debate a Matter of Degree
Wall Street Journal 02/17/2012
Wall Street Journal 02/22/2012
Wage flexibility by labor unions in France as part of an effort to improve competitiveness and reduce unemployment
10/28/2006
Sarkozy, Hollande and the unions are in agreement on adopting some aspects of what Germany did to reduce high unemployment in the last decade- adjusting wages and benefits in recessionary periods to avert layoffs. The German "kurzarbeit" program is more elaborate and France has to make more progress to adopt that type of arrangement, but the direction is clear and has popular support in France in 2012-2013.
Grouped Articles
Wall Street Journal 05/29/2013
The Next First (and Only) 100 Days
New York Times 12/10/2011
A Proud Nation Ponders How to Halt Its Slow Decline
New York Times 08/24/2013
Americanized Labor Policy Is Spreading in Europe
New York Times 12/03/2013
Bayer: Pressure on Prices Has Bad Side Effects
Wall Street Journal 02/07/2012
Departing EADS Chief Urges Europe to Recommit to Industry
New York Times 04/12/2012
The 2011 Christian Democratic Union Party Convention in Leipzig, Germany
07/13/2011
It was at the 2003 CDU convention in Leipzig that Angela Merkel told delegates that the CDU would return Germany to it position of economic leadership in Europe.
Grouped Articles
Wall Street Journal 07/13/2011
Merkel Offers Her Election Manifesto
New York Times 06/24/2013
Greek Crisis Shows How Germany’s Power Polarizes Europe
Wall Street Journal 07/07/2015
Merkel Party Seeks Euro Exit Policy
Wall Street Journal 11/15/2011
Merkel Urges Party to Help Save Euro
Wall Street Journal 11/14/2011
European Bank Chief Pushes Back
Wall Street Journal 11/19/2011
Austerity measures facing European countries in 2011-2013
11/13/2011
Grouped Articles
German Election Overturns Political Order
Wall Street Journal 09/23/2013
New York Times 11/03/2013
The 'Silent Austerity' in Banking
Wall Street Journal 01/21/2014
How Righteousness Killed the World Economy
New York Times 10/12/2014
New York Times 11/30/2014
Austerity in Europe Brings Bitterness Unknown in Postwar Era
New York Times 11/13/2011
Faces of recession battered Greece as new austerity programs are adopted by the government
06/28/2011
Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
New York Times 11/03/2013
Greece’s prescription for a health-care crisis - The Washington Post
Washington Post 02/22/2014
Across Athens, Graffiti Worth a Thousand Words of Malaise
New York Times 04/15/2014
Greek Patience With Austerity Nears Its Limit
New York Times 12/29/2014
Greece’s new prime minister wants Germany to pay for Nazi war crimes - The Washington Post
Washington Post 01/26/2015
Greece's austerity measures and why the cuts hit lower paid workers the most
02/13/2012
Grouped Articles
Greece’s prescription for a health-care crisis - The Washington Post
Washington Post 02/22/2014
Greek Patience With Austerity Nears Its Limit
New York Times 12/29/2014
Greece Wanted to Reframe Europe’s Austerity Debate. It Failed.
New York Times 07/01/2015
Mirage of Economic Turnaround Masked New Greek Crisis in the Making
Wall Street Journal 07/05/2015
Greek leaders’ priorities questioned - The Washington Post
Washington Post 02/19/2012
New York Times 02/13/2012
Ireland's austerity measures and banking crisis.
04/03/2009
Grouped Articles
In Ireland, Hope of Retroactive Relief
Wall Street Journal 06/29/2012
Ireland Faces Seventh Year of Austerity
Wall Street Journal 10/16/2013
Hardships Linger for a Mending Ireland
New York Times 12/11/2013
New York Times 04/03/2009
Support of Anglo Irish Bank Strains Ireland
New York Times 08/31/2010
Ireland Faces Battle Over Europe Stability Treaty
New York Times 05/01/2012
Italy's 2013 budget and deficits
05/14/2010
The impact on economic growth of austerity measures.
Grouped Articles
Italy Urged to Resist a Relapse in Spending
Wall Street Journal 05/03/2013
Europe to Vote on Tougher Rules for Currency
New York Times 09/27/2011
Wall Street Journal 05/14/2010
Euro Zone Deficit Hits Target for First Time Since 2008
New York Times 04/23/2014
EU Won’t Reject French, Italian Budgets
Wall Street Journal 10/28/2014
European Union Blinks in Budget Battle With Italy and France
New York Times 10/28/2014
Italy's austerity measures- 2011-2013
06/30/2011
Grouped Articles
Italy Urged to Resist a Relapse in Spending
Wall Street Journal 05/03/2013
How Righteousness Killed the World Economy
New York Times 10/12/2014
EU Won’t Reject French, Italian Budgets
Wall Street Journal 10/28/2014
New York Times 11/30/2014
Italian Government Advances Austerity Plan
New York Times 06/30/2011
Wall Street Journal 07/12/2011
The focus on competitiveness by economists, credit ratings agencies, and European leaders as austerity measures alone won't work
02/05/2011
Mario Monti focusses on the need for investing in the economy in an interview with German newspaper Die Welt during a January 2011 visit to Berlin. S&P economists and Nobel winner Stiglitz also emphasize this after a downgrade of France's credit rating- the need for improved competitiveness for the economies of France, Spain Portugal and Italy.
Grouped Articles
New York Times 09/25/2011
Wall Street Journal 05/29/2013
The Next First (and Only) 100 Days
New York Times 12/10/2011
A Proud Nation Ponders How to Halt Its Slow Decline
New York Times 08/24/2013
After a Recession in Portugal, the Tiny Green Fruits of Success
New York Times 08/28/2013
France Says It Will Miss Budget Deficit Targets
Wall Street Journal 09/12/2013
The impact of austerity measures on various parts of Britain.
07/03/2010
Impact of the Cameron government spending cuts across the UK.
Grouped Articles
U.K. Politicians Vie to Address Fall in Living Standards
Wall Street Journal 11/18/2013
British Towns and Institutions Reel From First Austerity Cuts
New York Times 08/09/2010
Radical Britain: The unlikely revolutionary
Economist 08/14/2010
As the Working Poor Become More Common in Britain, So Does Hunger
New York Times 01/02/2014
U-Turn in the U.K.: Big Spending Cuts
Wall Street Journal 10/14/2010
Jack Monroe Has Become Britain’s Austerity Celebrity
New York Times 01/14/2014
Why the March 2012 Greece bailout protects the EU, but is bad for Greece and for democracy
06/30/2011
Nothing to be proud of, says the Journal in its editorial on Feb. 29, 2012. For Greece the terms leave no hope for a return to growth, and that the two political parties in Greece were required to pledge their support for austerity measures against overwhelming public opposition in Athens says little for democracy. It would have been better for Greece to go into a planned default 2 years ago with steeper haircuts for European banks and reducing Greece's debt to a manageable level lower than the over 120% of GDP in 2020 of the March 2012 bailout plan, says the Journal.
Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
New York Times 11/03/2013
Wall Street Journal 03/12/2012
Greece’s new prime minister wants Germany to pay for Nazi war crimes - The Washington Post
Washington Post 01/26/2015
Mirage of Economic Turnaround Masked New Greek Crisis in the Making
Wall Street Journal 07/05/2015
Greece, Europe and the Austerity measures- insights from Taylor and Krugman (3)
02/22/2012
Linked Articles
Wall Street Journal 02/22/2012
New York Times 05/06/2012
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