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  • Greece

    Why Won’t the Euro Crisis Just Go Away?

    The European euro/debt/growth/banking/identity crisis is entering its third year. With so many summits, toasts, tense conference calls, and self-congratulatory pronouncements of ultimate success by Europe’s brightest lights, why won’t the crisis just go away? Instead, it is ramping up as interest rates on Spanish and Italian debt rise to critical … More

    A Lesson from Greece

    We’ve corrected Paul Krugman in the past, when he mistakenly invoked imaginary British spending cuts as proof that undercutting Keynesian hydraulics will demolish an already limp economic recovery. This time he points to Greek austerity – or “spending cuts” – as he characterizes it. “Not a day goes by without … More

    Eurozone: A Bad Situation Getting Worse

    At this point in the Eurozone crisis, the only responsible thing for European leaders to do is to develop contingency plans that will minimize the economic fallout in Europe when—not if—Greece defaults. Economic figures released today for the fourth quarter of 2011 paint a bleak picture for the already embattled … More

    Chart of the Week: How Countries Compare on Economic Freedom

    Heritage and the Wall Street Journal released the 2012 Index of Economic Freedom on Thursday, ranking 179 countries on 10 benchmarks that gauge their economic success. This year Heritage introduced a new interactive feature that gives you the opportunity to create a comparative graph. This week’s chart shows how the … More

    Chart of the Week: U.S. Debt on Track to Fuel Economic Crisis Like Greece

    Greece continues to dominate the headlines as the country faces an increasingly dire economic situation and now political uncertainty as well. Prime Minister George Papandreou plans to resign once an interim government is formed, but there’s no telling if the political leadership will be able to avoid expulsion from the … More

    American Tea Parties, Greek Yogurt Parties

    When it comes to crushing debts, unsustainable entitlements and ballooning deficits, Americans and Europeans are all in the same sinking boat. Where they part ways is in their response to the looming crisis. Faced with out-of-control government spending and the prospect of a bleak economic future, Americans from across the … More

    Beware of Greeks Bearing Gifts

    Speaking to the media this weekend, Secretary of State Hillary Clinton told CBS’s Bob Schieffer that at NATO’s Lisbon Summit this weekend, many European states including Germany, Poland and the Baltic states had pressed the Administration on the ratification of New START. During one of the summit’s many news conferences, … More

    CBO Warns of the Risk of a U.S. Fiscal Crisis

    It’s difficult to forget the drama—including riots, fires, and even deaths—that unfolded during Greece’s recent fiscal crisis. But what would happen if bad budget policy led to a financial crisis in the United States? A recent report from the Congressional Budget Office (CBO) points out the economic casualties of a … More

    How to Win Turkey

    British Prime Minister David Cameron has completed a visit to Turkey with a passionate defense of Ankara’s aspiration to join the European Union. The charismatic young leader, who also completed a successful Prime Ministerial visit to Washington this month, has joined leading figures, such as U.S. Defense Secretary Robert Gates … More

    Still Not Greece, But Getting Closer Every Day

    The Washington Post reported today that the International Monetary Fund and various world governments warned U.S. officials years ago that “escalating financial problems” in the United States “had to be addressed quickly to forestall a larger threat to the world economy, but those urgings were discounted.” The Post went on … More