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.

Varoufakis Advisor James Galbraith: 'Not Even Schäuble Thinks It's a Good Solution'

Varoufakis Advisor James Galbraith: 'Not Even Schäuble Thinks It's a Good Solution'

SPIEGEL ONLINE - August 06, 2015

American economist James Galbraith was one of ex-Greek Finance Minister Yanis Varoufakis' advisors. He speaks with SPIEGEL about secret plans to return to the drachma and the role played by German Finance Minister Wolfgang Schäuble. Interview Conducted by Holger Stark more... Comment ]

Endgame: Power Struggle in Brussels and Berlin over Fate of Greece

Endgame: Power Struggle in Brussels and Berlin over Fate of Greece

SPIEGEL ONLINE - March 13, 2015

European Commission President Juncker wants to keep Greece in the euro zone, no matter what the price. Member states, though, are beginning to lose their patience. Who will ultimately have the final say? By SPIEGEL Staff more... Comment ]

SPIEGEL Interview with Greek Prime Minister Tsipras: 'We Don't Want to Go on Borrowing Forever'

SPIEGEL Interview with Greek Prime Minister Tsipras: 'We Don't Want to Go on Borrowing Forever'

SPIEGEL ONLINE - March 07, 2015

In a SPIEGEL interview, Greek Prime Minister Alexis Tsipras discusses planned reforms, the polarizing effect his government has had on Europe and the possibility of a "Graccident," Greece's accidental exit from the euro zone. Interview Conducted By Manfred Ertel, Katrin Kuntz and Mathieu von Rohr more... Comment ]

Greeks in the Crisis: 'We Need To Explain Ourselves'

Greeks in the Crisis: 'We Need To Explain Ourselves'

SPIEGEL ONLINE - March 02, 2015

What hopes and fears has the new government in Greece awakened, and how bad are relations with Germany? Four weeks after the election, SPIEGEL sat down to discuss the situation with six Greek people from different walks of life. more... Comment ]

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 ]