Tag Archives: European Crisis

Europe suffered a historic defeat on Thursday night. After weeks of impasse, the Eurogroup gathering of finance ministers, whose countries share the euro, reached a decision on their collective response to the coronavirus pandemic’s economic impact. Besides constituting an epic dereliction of duty, the Eurogroup’s decision dealt a decisive blow to the foundations of the European Union – much to the delight of...

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With Lives, Livelihoods and the Union on the brink, the COVID-19 pandemic is the greatest test of the European project in the history of the Union — and we are failing. Solidarity was meant to be a foundational principle of the EU. But solidarity is missing at the moment it is most needed. COVID-19 has revealed a fundamental truth: Europe is only as healthy as its sickest resident, only as prosperous as its most...

The Eurogroup met yesterday, Monday 16th March, to hammer out its coordinated fiscal response to the massive recession already in progress following the lockdown of much of Europe’s society. The task they faced is enormous: If sales, tourism, services etc. fall by 50% for just one month (which is certain), and then by 25% for only two more months (i.e. the best-case scenario), then annual growth will be -10%....

On March 14, for the first time, European citizens will be able to take a front seat in the meetings where their future is decided: DiEM25’s #EuroLeaks will take YOU inside the Eurogroup that has no standing in law, but where the most far-reaching decisions about all our lives are made. WHY AND WHY NOW? – Because YOU have the right to hear what YOUR elected officials are deciding in YOUR name. Democracy without...

DiEM25 condemns the militarisation of the Greek-Turkish border, the European Union’s violation of every principle of Humanism, the instrumentalisation of refugees both by the Turkish regime and Brussels, the abandonment of Greek islanders to their own devices – the list goes on and on. DiEM25 calls for an immediate opening of all borders. The Greek-Turkish one and, more importantly, all borders within the EU. It...

During 2015’s first half, as Greece’s finance minister, I participated in thirteen crucial Eurogroup meetings – before the SYRIZA government (disrespecting the referendum result of 5th July) capitulated. The result of that capitulation was my immediate resignation and a permanent austerity program (until… 2060).  From the beginning, the first Eurogroup, it was clear that the troika leaders dominating those...

ATHENS – During his tenure as President of the European Central Bank, Mario Draghi forged a variety of weapons that he deployed to shield the eurozone from menacing deflationary forces. Without them, the euro would have been history. However, the deflationary specter haunting Europe was never truly defeated and is now back with considerable vengeance. In the dying days of his presidency, Draghi is throwing...