Word: bailouts
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Robinson failed to mention that the E.U. is a completely new idea: something never seen before. So Europe isn't "self-doubting," Europe is improving itself. For instance the bailout of Greece shows Europe's ability to react to a never seen situation: there are now discussions over a European monetary fund. Etienne Delaunay, REUTLINGEN, GERMANY...
Optimistic after negotiating an emergency bailout deal with fellow E.U. member states, Greek Prime Minister George Papandreou sat down with TIME contributor Nicole Itano in his office at the Maximos Mansion in Athens this week. Highlights...
...taught Greeks to be skeptical of promises of rescue by foreign powers, and the trail of failed plans to help Greece deal with its mountain of debt over the past few months has done little to assuage those fears. So despite the news Sunday, April 11, of a European bailout-loan offer worth some $40 billion, with the possibility of $20 billion more from the International Monetary Fund (IMF), Greeks are growing increasingly pessimistic about their future. (See pictures of the global financial crisis...
...conventional wisdom on Wall Street and in the White House. "Unless Congress breaks up the megabanks that are 'too big to fail,' " he declared to an empty chamber, "the American taxpayer will remain the ultimate guarantor in an almost-certain-to-repeat-itself cycle of boom, bust and bailout." (See the top 10 unfortunate political one-liners...
...making all the wrong moves; critics on the left suspect an incestuous relationship between Wall Street and Capitol Hill and those on the right decry a socialist takeover of the financial system. Lost in this maelstrom of punditry is the fact that the government has recouped most of its bailout money and divested its involvement in banking. Obama must argue before the American public that his administration averted the country from financial disaster. If voters still believe that the government failed in handling this crisis by November, Obama will have only himself to blame, and Congressional Democrats will suffer...