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Ted Malloch compared the European Union to the Soviet Union in a BBC interview.
Never before has the financial distress of a few million attracted such global attention. From bank executives to finance ministers, the financial future of Greece and its place in the European Union is being discussed across boardrooms and kitchen tables.
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Wall Street melts down in 2008. Greece announces financial troubles and borrows €110 billion in 2010. It isn't enough, so a second bailout package brings the total loan to €246 billion by 2016. In early 2015, Alexis Tsipras of the radical left Syriza party is sworn in as the new prime minister with a plan to refuse any more loans. On June 28, the Greek government announces bank closures. Two days later, they miss an IMF payment and default on their debt.
On Monday the renminbi (RMB -- Chinese currency) will step into Canada with the inauguration of the only RMB hub in the Americas. We know in Canada it will be greeted with fanfare, but what is less certain is whether or not Canadian exporters and international investors will take action once the celebration ends. Should they?
A weaker Canadian dollar poses a threat to imported inputs to Canada's production machine, and to future Canadian investments abroad. But the soaring U.S. dollar isn't the only currency in play. Movements in other currencies are less dramatic. Perhaps this is an opportunity to scan the globe both for inputs to our production process and for direct investment undertakings in less-traditional markets.
If no longer -- thank goodness -- the geo-political cockpit of Europe (caught between rival ideologies in the civil war era), Spain cannot be dismissed as a periphery or marginal country out of step with the European project. Spain has all the features of a highly efficient and accountable country, from its ability to produce majority governments from both the respectable left and right, its elaborate system of federalism, and its increased multicultural identity.
A couple of days ago, a friend sent me a video of Nigel Farage speaking at the European Parliament. I hit "play" expecting the general "as polls show..." but before Farage was half-way through his speech, my sides were splitting. It was the greatest and most eloquent utterance on the topic of the EU I have heard from any British public figure since Sir Jimmy Goldsmith spoke at a conference in 1996.
TORONTO - The Canadian dollar moved lower Monday as commodity prices weakened and expectations for economic data due later this week remained soft.The loonie dropped 0.18 of a cent to 97.65 cents US.D...
Greeks will watch the Euro 2012 soccer match between their country and Russia before going to the polls on June 17. If the Greeks lose, the country will vote to stay in the Eurozone. If they win, all bets are off. But, like football, forecasting is impossible (unless the games are rigged) which means that anything can happen. Here are three possible scenarios.
ATHENS, Greece - Fears of an imminent Greek exit from Europe's joint currency receded Sunday after the conservative New Democracy party came first in a critical election and pro-bailout parties won en...
Amsterdam is a city of almost 800,000 inhabitants, and 600,000 bicycles. They're everywhere. But as a North American traveling to Amsterdam, I was simultaneously impressed by their pedal power while surprised to discover that not one single cyclist owned an essential piece of biking equipment from our part of the world: the bike helmet.
The idea of a united Europe was always a fable of course, as some of us warned, and it was compounded by a policy of not hearing, seeing, or speaking any evil about the European ideal that was bound to lead to tears.
Canada is in the danger zone and as taxpayers sustain blows to their paycheques and portfolios and private-sector pensions, the governments in Canada (Alberta excepted) must tighten their belts and slash the pay and benefits of all of their public employees.
WARSAW, Poland - Of all the twists in Europe's debt crisis one of the oddest must be this: Poles, Czechs and other eastern Europeans, long the recipients of massive amounts of Western aid, are being a...
What's the newest strategy of the European Commission to remove any democratic accountability from the eurozone members? They are now aiming to consolidate all eurozone members on the IMF Executive Board into a single member, represented by... the European Commission.
The race to save the euro, and how it's being conducted, will not just affect bailed out countries' control over their budgets. It will also likely harm what remaining democratic character the Union has by allowing for influence over debtor states' votes in a way the treaties anticipate and forbid.
AP Photo/Giorgos Nissiotis
The first day of the French G20 is a good indication the U.S. is losing its dominant role -- and even strong interest -- in the G20. By way of contrast, with the pivotal role that the U.S. enjoyed in...
What Europe must do to save the euro is very similar to what Alexander Hamilton did in the United States in the 1790s to create the dollar. But the new American super-government was elected. The new European supergovernment won't be.
There is no rescuing Greece. If the country will not submit to regulations that people like Mark Carney would probably endorse, better that it not be propped up. Let it abandon the euro and revert to the drachma, until it comes to terms with itself.
A weaker currency makes Canadian products more affordable for U.S. consumers. This factor alone may not be enough to offset demand-driven losses, but it could soften the blow.
TORONTO - The loonie tumbled more than two US cents Thursday as a gloomy assessment of the American economy sent commodity prices reeling and currency traders running to the safe haven status of the U...
VOULIAGMENI, Greece - Greece's finance minister promised Monday to stick with his plan for the country to post a primary surplus in 2012 as the country's international creditors pressed for faster ref...
MILAN - After an optimistic start to the trading week, global stock markets lost their steam Tuesday after subdued German growth figures reinforced fears over the global economy. Germany reported that...
The EU must decide whether or not to take the 'union' to its logical endgame. Creation of a single currency zone, without the strength of a centralized fiscal power to effect stabilization and redistribution, was never a sound economic idea. It was always a political idea.
THE CANADIAN PRESS -- BRUSSELS - Eurozone leaders agreed to a sweeping deal that will grant Greece a massive new bailout — but likely make it the first euro country to default — and radically reshape...