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European Financial Crisis Not Near Over

Everybody decided to notice today that Europe’s debt-ridden economies did not solve their problems with austerity measures, they exacerbated them: Fears that Europe could see another Greek-like debt...

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Ireland, Greece Sink Further Into Debt After Austerity Measures

Over the weekend, it looked like the EU was prepared to provide a large rescue to Ireland, a bailout that could reach as high as $77 billion dollars, to help them tackle their growing debt burden. The...

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Ireland To Accept Bank Bailout from EU, IMF

After days of denying any talks with the EU or the IMF, Ireland’s top leaders acknowledged they would take a bailout for their troubled banks, totaling around $100 billion dollars. “A small sovereign...

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Ireland’s Savage Austerity

If you thought the Irish government couldn’t possibly close its budget deficit without raising its obscenely low 12.5% corporate tax rate, you were wrong. The austerity program leaves the corporate...

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Euro Debt Crisis Roils in Ireland, Portgual

One crisis that hasn’t got much attention in the news lately, owing mainly to crisis overload I would imagine, is the European debt crisis. But that has not gone away. In fact, the Portuguese Prime...

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The New America: Home Demolition Rises as “Solution” to Housing Crisis

Foreclosures continue to increase across the country. They grew last quarter, with 610,337 filings (that averages out to almost 2.5 million annually). This change in direction suggests a new uptick in...

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Greece Nearing Deal on Sovereign Debt Haircut

In Greece, creditors and the government continued their work on a debt deal that would give a haircut to debt holders and set a new interest rate going forward, reducing Greece’s debt level. After...

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Austerity Fever Breaking in Europe

I mentioned Ireland’s woes in my last post. It reflects a consistent pattern: austerity coming out of an economic crisis, based on faulty ideas of an expansionary contraction, followed by a backslide...

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Spanish Bank Bailout Already Collapsing as Solution for Europe

The pattern I’m seeing in Europe these days is that each “solution” is given less and less time to work before the markets go right back into crisis mode. And indeed, that’s where we are. The Spanish...

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Resetting the Market: Ireland’s Plan for Mass Mortgage Write-Downs

Ireland had one of the larger housing bubbles in the world. I remember visiting the country in 2006 and seeing these brand-new roads and buildings everywhere. The Celtic Tiger included a housing boom,...

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Majority Of Fortune 500 Using Offshore Tax Schemes To Hide $90 Billion

According to a new report from Citizens for Tax Justice and the U.S. Public Interest Research Group, the majority of America’s Fortune 500 companies are cheating the tax man to the amount of...

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