Debt Crisis

6:12am

Thu January 23, 2014
Europe

Spain Exits Bailout In A Sign Of Progress, Not Full Recovery

Originally published on Thu January 23, 2014 5:47 pm

Shareholders protest bank practices at the headquarters of Spain's largest mortgage lender, Bankia, in Madrid on June 23, 2012, at the height of the country's banking crisis. Europe stepped in at that time with $56 billion in loans to help the banking system.
Andrea Comas Reuters/Landov

Spain's banking system on Thursday is marking an end to its reliance on bailout loans from Europe that were desperately needed 18 months ago to shore up its banks after a construction boom-and-bust.

Spain is now the second eurozone country to cleanly exit its bailout program, after Ireland.

It's a dramatic difference from a year and a half ago, when demonstrations erupted outside banks in Spain almost daily. At the time, record numbers of Spaniards were losing their homes in foreclosure. Unemployment soared past 25 percent and kept rising.

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3:24pm

Fri October 4, 2013
Europe

Tories Tell Jobless Brits: It's Time To Work For Your Dole

Originally published on Fri October 4, 2013 4:18 pm

Job seekers line up outside a work support office in London in 2009. New measures proposed by the Conservative-led government will require recipients of unemployment benefits to do unpaid community work, spend workdays at a job center or participate in intensive programs to help solve personal issues that prevent them from working.
Oli Scarff Getty Images

Britain's Conservative-led government delivered a one-two punch to more pillars of Britain's social benefits system this week. It announced more cuts to the country's social welfare programs — moving ever closer to "workfare."

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1:35am

Mon September 16, 2013
World

With A Card Game, The Portuguese Get Back At Their Creditors

Originally published on Mon September 16, 2013 11:39 am

Carlos Mesquita (left) and Filipe Preto invented Vem aí a Troika (Here Comes the Troika), a satirical card game that pokes fun at Portugal's economic crisis and its creditors.
Lauren Frayer

In a typical cafe in downtown Lisbon, old men play cards or dominoes over cups of milky coffee or cold glasses of vinho verde and commiserate about the economy.

One of their favorite ways to do this is through a new card game that's all the rage in Lisbon these days. Vem Aí a Troika, or Here Comes the Troika, is a satirical cross between Monopoly and Old Maid, in which players try to stash away savings in offshore accounts, win elections — and avoid the dreaded troika card.

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7:54am

Wed August 14, 2013
World

Is Europe's Recession Really Over? It's Too Soon To Say

Originally published on Wed August 14, 2013 9:29 am

The line outside an employment office in Madrid last October. Spain's economy has been among the hardest hit in Europe.
Dominique Faget AFP/Getty Images

These headlines this morning make it sound like Europe's economy is up and running again:

-- "Euro Area Exits Longest Recession on Record." (Bloomberg News)

-- "Euro Zone Emerges from Recession." (The Wall Street Journal)

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12:57am

Fri July 26, 2013
Parallels

Citing Dignity, Greek Workers Take Over Factory

Originally published on Fri July 26, 2013 5:33 am

Makis Anagnostou, a worker and union leader, bottles lavender-scented fabric softener at VIO.ME, a former tile materials factory that went bust and has been revived by its staff as a collective making environmentally-friendly detergent.
Joanna Kakissis/NPR

The financial crisis in Greece has devastated the country's manufacturing sector, which has lost more than 30 percent of its jobs in the past three years. But at one factory in an industrial center in the north, workers have taken matters into their own hands.

Inside the cavernous factory on the outskirts of Thessaloniki, eight middle-aged men are filling bottles with a vinegar-based fabric softener that's scented with fresh lavender.

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