Geography Archives: Portugal

The Euro is crashing today to record lows against the Swiss Franc, and interest rates on Italian and Spanish bonds have hit record highs.  This latest episode in the Eurozone crisis is a result of fears that the contagion is now hitting Italy.  With a two-trillion dollar economy and $2.45 trillion in debt, Italy is […]

  We are 47 people from 22 organizations in 18 countries (Zimbabwe, Mozambique, Democratic Republic of the Congo, Rwanda, Angola, Uganda, Tanzania, Kenya, Zambia, South Africa, Central African Republic, Brazil, Mexico, Indonesia, Portugal, USA, France, and Germany).  We are farmers and staff representing member organizations of La Via Campesina, along with allies from other farmer […]

The European authorities are playing a dangerous game of “chicken” with Greece right now.  It is overdue for U.S. members of Congress to exercise some oversight as to what our government’s role is in this process, and how we might be preparing for a Greek debt default.  Depending on how it happens, this default could […]

  Are the member states of the Eurozone responsible for the Euro crisis the ones having problems servicing their debt?  The majority of people in Europe believe that this is the case.  Therefore, indebted countries like Greece, Portugal and Ireland must subject themselves to a brutal austerity program of savage cuts in welfare spending, diminishing […]

A sword of Damocles, we are told, is hanging over Greece.  Even the Greek EU commissioner says that Greeks must accept that their country will be run, nay micromanaged, by a committee of foreign creditors, or else Greece will be kicked out of the eurozone. This threat is found upon a flagrant lie.  Greece cannot […]

The current global capitalist crisis began with the severe contraction in the housing markets in mid-2007.  Welcome to Year Five.  A usual inventory of where things stand begins with the good news: the major banks, the stock market, and corporate profits have largely or completely “recovered” from the lows they reached early in 2009.  The […]

  Address to the Conference “Debt and Austerity: From Southern Countries to Europe,” Athens, Greece, 6-8 May 2011 Honorable guests, Dear participants, Comrade activists, Fellow fighters, The Greek initiative for the establishment of a Committee for the Accounting Audit of Its Public Debt welcomes you to this very important three-day event for the exchange of […]

1. Introduction: The Twin Recycling Problems in Brief

Europe’s crisis is caused by its institutional failure to confront two recycling problems: a debt recycling problem and a surplus recycling problem.

On the progressive potential of small, quasi-autonomous states (like Scotland, Ireland, Greece, Portugal, etc.). . . . The strong Scottish accent was conspiring with the noisy pub background to make it difficult for me to understand the words spoken in my ear by an imposing trade union figure.  Thankfully, I managed to decipher his words, […]

On April 18, Standard and Poor’s (S&P), one of three “rating companies” that control that industry, revised its outlook on the safety of long-term US debt from “stable” to “negative.”  There are only two reasonable reactions to this announcement, although the usual business and political leaders are promoting their usual spins. We may dispense quickly […]

Or what’s behind Germany’s hesitant statements on Greek debt restructuring, Ireland’s move against subordinated bondholders, and the ECB’s stance on interest rates. . . . Europe is at it again, trying to pretend that it has stemmed the tide of insolvency through its program of lending huge amounts of money (at high interest rates) to […]

Executive Summary: This paper is the third installment in a series (the first and second editions were in 2001 and 2005) that traces a long-term growth failure in most of the world’s countries.  For the vast majority of the world’s low- and middle-income countries, there was a sharp slowdown in economic growth for the two […]

When the current economic crisis hit, the Obama campaign blew away Bush and McCain by promising hope, change, and a solution that would overcome this crisis and prevent future crises.  Likewise some governments in Europe came to power based on public fear reacting to the global meltdown.  Ongoing crisis, mass economic pain, and deepening public […]

We the undersigned believe that there is a pressing need for an Audit Commission to examine Greek public debt.  Current EU and IMF policy to deal with public debt has entailed major social costs for Greece.  Consequently, the Greek people have a democratic right to demand full information on public and publicly-guaranteed debt. The aim […]

As everyone knows, Muammar Gaddafi is an authoritarian dictator.  Authoritarian dictators are a dime a dozen in world history, though, so that is not what would distinguish him from the rest of his kind in history books.  What might make him stand out is this: in the twilight of his autocratic career, Gaddafi had become […]

Jean Tulard is a historian, specializing in the French Revolution and revolutions in general.  According to Tulard, the future of the Tunisian uprising will depend on the role played by the army. In a month of uprising, the Tunisian people has successfully toppled the Zine El-Abidine Ben Ali regime.  Is it a revolution? Right now […]

For the past few months global attention, especially in the international financial media, has been focussed on the eurozone.  The reasons are obvious.  The group of countries that make up the European Union together constitute the largest economy in the world.  Instability within it — which now seems inevitable, no matter how the current problems […]

Default, Debt Renegotiation and Exit When the Eurozone crisis burst out in early 2010, an RMF report identified three strategic options for peripheral countries, namely, first, austerity imposed by the core and transferring the costs of adjustment onto society at large, second, broad structural reform of the Eurozone in favour of labour and, third, exit […]

When a firefighter or medical team make a rescue, the person is usually better off as a result.  This is less clear when the rescuer is the European Central Bank (ECB) or the IMF. Ireland is currently experiencing a 14.1 percent unemployment rate.  As a result of bailout conditions that will require more cuts in […]

If the G-20 is going to be nothing more than a talking shop on economic issues, they ought to at least talk about the economic problems that really matter, and the ones that they can do something about.  Not that currency values don’t matter — they are actually very important.  And it is interesting to […]