Austerity MeasuresRSS

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Mountains of Debt

Gone are the big, deficit-spending days of the 2000s. EU governments have undergone rounds of belt-tightening measures, including cutting social services and raising retirement ages. Even Germany, Europe's strongest economy, pushed through its own far-reaching savings package.

The Grexit Dilemma: What Would Happen if Greece Leaves the Euro Zone?

The Grexit Dilemma: What Would Happen if Greece Leaves the Euro Zone?

SPIEGEL ONLINE - February 20, 2015

Banks across Europe, including the European Central Bank, are preparing for the possibility of Greece leaving the euro zone. With Athens and Brussels still at odds, such an eventuality seems more realistic than ever. But how disruptive would a Grexit really be? By SPIEGEL Staff more... Comment ]

Greek Finance Minister Varoufakis: 'Austerity Has Done Nothing to Solve Greece's Problems'

Greek Finance Minister Varoufakis: 'Austerity Has Done Nothing to Solve Greece's Problems'

SPIEGEL ONLINE - February 16, 2015

Greek Finance Minister Giannis Varoufakis has had little luck convincing his EU counterparts that Athens needs a debt cut. He speaks with SPIEGEL about why austerity has failed, how aid conditions are like waterboarding and where the bailout money went. Interview by Thomas Hüetlin and Alexander Neubacher more... Comment ]

Euro Poker: Greece and EU at Loggerheads Ahead of Monday Meeting

Euro Poker: Greece and EU at Loggerheads Ahead of Monday Meeting

SPIEGEL ONLINE - February 16, 2015

Greece is insisting on the relaxation of conditions relating to emergency aid, but the euro zone no longer fears the consequences of a Grexit. Both sides are digging in ahead of Monday's finance minister meeting. By Martin Hesse, Christian Reiermann and Christoph Schult more... Comment ]

Athens vs. Brussels: Greece Inches Closer to Renewal of Debt Crisis

Athens vs. Brussels: Greece Inches Closer to Renewal of Debt Crisis

SPIEGEL ONLINE - February 10, 2015

The new government in Athens is intent on forcing Europe to change its approach to Greek debt -- thus far in vain. A confrontation is brewing, and both sides stand to lose. By Martin Hesse and Christian Reiermann more... Comment ]

Defiance and Charm: A Measured First Week for New Greek Leader

Defiance and Charm: A Measured First Week for New Greek Leader

SPIEGEL ONLINE - February 06, 2015

Syriza's victory in the recent Greek elections set off a wave of concern in Europe. But even as the new prime minister tries to woo other leaders, his left-wing government is already busy getting down to work. Many of its first moves have been the right ones. By Manfred Ertel, Julia Amalia Heyer, Walter Mayr and Juliane von Mittelstaedt more... Comment ]

European Parliament President Schulz: 'Greek Voters Should Be Realistic'

European Parliament President Schulz: 'Greek Voters Should Be Realistic'

SPIEGEL ONLINE - February 03, 2015

Newly elected Greek Prime Minister Alexis Tsipras has promised to free his country from the strict demands of its European creditors. In a SPIEGEL interview, European Parliament President Martin Schulz says there is room for compromise, but warns Athens must tread carefully. Interview by Nikolaus Blome and Christoph Schult more... Comment ]

Reforming France: Emmanuel Macron's Impossible Mission

Reforming France: Emmanuel Macron's Impossible Mission

SPIEGEL ONLINE - December 10, 2014

Thirty-six year old Economics Minister Emmanuel Macron has been tasked by French President Hollande with reforming the country. But it won't be easy. Socialists view him with suspicion and the party's left wing is already preparing for battle. By Julia Amalia Heyer more... Comment ]

Interview with Hilary Mantel: 'What's Happening in Britain at the Moment Is Really Ugly'

Interview with Hilary Mantel: 'What's Happening in Britain at the Moment Is Really Ugly'

SPIEGEL ONLINE - November 12, 2014

Hilary Mantel's historical novels are celebrated in Britain, but her critiques of the establishment are widely feared. In a SPIEGEL interview, she says her country is retreating into insularity and to attitudes prevalent in Victorian times. Interview Conducted by Christoph Scheuermann more... Comment ]

France and Friends: Merkel Increasingly Isolated on Austerity

France and Friends: Merkel Increasingly Isolated on Austerity

SPIEGEL ONLINE - September 03, 2014

The debate over Germany's insistence on euro-zone austerity has flared anew as an ailing France continues to demand economic stimulus. The European Central Bank may now be siding with Paris, leaving Merkel looking increasingly alone. By SPIEGEL Staff more... Comment ]

Yearning for Change: Italian Diplomacy Just Got Younger

Yearning for Change: Italian Diplomacy Just Got Younger

SPIEGEL ONLINE - July 04, 2014

Italian Prime Minister Matteo Renzi promised change for his country. His new foreign minister, Federica Mogherini, embodies the desire to shake things up. Just 41 years old, she lacks extensive experience, but is full of confidence. By Walter Mayr more... Comment ]