Posts Tagged ‘European Union’

Political crisis in Europe

Political crisis in Europe

Political crisis in Europe

The recent years marked by economic problems and austerity measures are now reflected in the politics. The countries leaders and their parties started to pay for their disastrous management that brought Europe on the brink of disaster.

The best example is France, where the conservative incumbent Nicolas Sarkozy lost the presidential elections to socialist party candidate Francois Hollande. The new French president is against austerity and stated that he wants to change the current approach for euro-zone which is based on cutting the government spending and reducing the sovereign-debt. (more…)

The superpowers of the century

The superpowers of the century

The superpowers of the century

The term of superpower defines a state with great economic and politic power that could influence events following its own interests. The concept of superpower was used for the first time in 20th century after the World War II. At that time United States, the British Empire and the Soviet Union were considered the superpowers. If we take a look back in history we can easily conclude that other states could fit the term. These extinct superpowers are Ancient Egypt, Ancient Greece, the Persian Empire, the Ottoman Empire, the Roman Empire, the Mongol Empire, Portuguese Empire and the Spanish Empire. (more…)

Sovereign debt crisis hits Europe?

Sovereign debt crisis hits Europe?

Sovereign debt crisis hits Europe?

It passed a year since the first voices of concern were heard. Then there were few people to think that a debt crisis could hit large European economies. The financial crisis from 2008 put the pressure on the banking systems and many countries decided to bail out their financial systems by increasing sovereign debt.

In 2010 the debt crisis hit Greece, a member state of the eurozone. A €110 billion loan from International Monetary Fund (IMF) and EU members was expected to solve the problem in Greece as the country agreed to implement harsh austerity measures.  Another two huge loans followed: a €85 billion for Ireland in November 2010, and a €78 billion loan for Portugal in May 2011. (more…)

Greece’s economic crisis affects European Union

Greece’s economic crisis affects European Union

Greece’s economic crisis affects European Union

The common European currency, Euro was considered a huge success before the world economic crisis. In seven years of trading, Euro that started from $1.12, reached over $1.60. The world crisis hit hard the European currency and things are still looking bad. Although the world is recovering after the huge economic crisis, Euro is still in trouble. This time Greece is the one that pulls the Euro down. (more…)