By LANDON THOMAS Jr. LONDON — No bank likes to take a loss, especially those in Europe that already suffer from a toxic mix of thin capital, troubled financing and weak loan books. But in the case of the proposed second bailout for Greece — the one that is supposed to make private investors feel the financial pain along with taxpayers — the biggest banks in Europe are on the road now promoting the plan. It’ ...

Britain likes to pretend it has moved on: but birth determines our destiny and income more now than it did 50 years ago. By Polly Toynbee Class is a dangerous subject, taboo in mainstream politics. The riots brought out a rash of comment implying that there is one great, respectable middle class and an inexplicable underclass beneath, quite unconnected to what's been happening to wages, incomes and the stre ...

In July, 2008, on the eve of the biggest financial crisis in memory, the European Central Bank did something both predictable and stupid: it raised interest rates. The move was predictable because the E.C.B.’s president, Jean-Claude Trichet, was an inflation hawk; he worried about rising oil and food prices and saw a rate hike as a way of tamping them down. But the move was also remarkably ill timed. The cr ...

In the last few years, a wave of ‘reforms’ within the European Union and throughout the world has subjected Higher Education to the logic of the market. Higher Education has increasingly been transformed from a public good and a civil right to a commodity for the wealthy. The self-government of Universities and the autonomy of academic processes are also being eroded. The processes of knowledge production a ...

Those condemning the events in north London and elsewhere would do well to take a step back and consider the bigger picture By Nina Power Since the coalition came to power just over a year ago, the country has seen multiple student protests, occupations of dozens of universities, several strikes, a half-a-million-strong trade union march and now unrest on the streets of the capital (preceded by clashes with ...

An abandoned 19th-century villa has become a symbol in bricks and mortar of dubious public-private deals. By Aditya Chakrabortty To understand one of the most intriguing stories of the Greek debt crisis you don't need a degree in economics or an expert grasp of Brussels diplomacy – merely a willingness to get a bit muddy. You start with a cramped 15-minute bus ride out of central Athens to a suburb called Z ...

by Silla Sigurgeirsdóttir and Robert H Wade Can’t pay back, won’t pay back The people of Iceland have now twice voted not to repay international debts incurred by banks, and bankers, for which the whole island is being held responsible. With the present turmoil in European capitals, could this be the way forward for other economies? The small island of Iceland has lessons for the world. It held a referendum ...

Op 14 juli zullen we deze open brief aan Minister van Financiën Jan Kees de Jager sturen als reactie op zijn onacceptabele opstelling tegenover Griekenland. Ook zullen we verschillende media vragen deze brief te publiceren. Onderteken deze brief door via onderstaande link je naam in te vullen, en stuur het door. Beste Jan-Kees de Jager, Verheugd reageerde u op de beslissing van de Griekse overheid op 29 jun ...

By Mark Gongloff After this week’s political drama in Greece has faded, the EU and private investors still must come up with a way of rolling over Greek debt without triggering a default. And it increasingly looks like the plan being hammered out for that purpose will be bad for Greece. In a nutshell, the idea is that banks and insurance companies owning Greek debt will be able to trade half of the Greek bo ...

Only a Referendum of the People Can Stop Them Now By MICHAEL HUDSON The fight for Europe’s future is being waged in Athens and other Greek cities to resist financial demands that are the 21st century’s version of an outright military attack. The threat of bank overlordship is not the kind of economy-killing policy that affords opportunities for heroism in armed battle, to be sure. Destructive financial poli ...