European Central Bank

ROME

A Federation Could Strengthen Europe’s Magnetism

The recent agreement for the normalisation of relations between Serbia and Kosovo has confirmed that the European Union (EU) is still acting as a “magnet”, attracting its external neighbours and transforming and integrating them. Thanks to its prospects for EU membership, the whole Balkan area has become more stable and secure. Unfortunately, this virtuous magnetism no longer exerts the same force of attraction on our own citizens.

Cyprus Government Holds Bailout Crisis Talks

By AJ Correspondents

Political leaders in Cyprus are working on an alternative proposal to stave off bankruptcy after parliament overwhelmingly rejected an international bailout plan.

An eatery in Lisbon offers cheap "troika" lunches to weather the crisis. Credit: Katalin Muharay /IPS

Portugal’s Disappearing Middle Class

By Mario Queiroz

Poverty in Portugal has risen to levels that were unimaginable a year ago despite the bleak outlook forecasted by the harsh measures imposed by the troika of creditors in exchange for the country's financial bailout.

Creditors’ Stalemate Brings Greece to Knife Edge

By Apostolis Fotiadis

Ignoring the thousands of protestors gathered outside the Greek parliament on Wednesday, the government voted in public spending cuts amounting to 17 billion dollars in an economy already on its knees from a lacerated budget.

Bankers, Swindlers

By Ignacio Ramonet

For anyone who might not have realised it yet, the current crisis is demonstrating beyond a shadow of a doubt that the financial markets are the lead players in the current economic situation in Europe. Power has passed from the politicians to speculators and crooked bankers. This is a fundamental change.