euro crisis | Pandaemonium

AS WE APPROACH THE ENDGAME

July 9, 2015 by Kenan Malik

We are approaching the endgame of the protracted negotiations between Greece and the EU over its debt. Last Sunday’s referendum, in which the Greek people decisively rejected the previous EU austerity package, was supposed to have strengthened the Greek government’s hand in the negotiations. The new Greek proposals submitted on Thursday accept, however, an even greater degree of austerity than that rejected by the Greek people. Against this background, it is worth reiterating some basic points about Greece, the EU […]

Categories: Economy, International • Tags: austerity policies, euro crisis, european union, greece, left

THE SPECTRE OF LE PEN AND THE SHAME OF THE LEFT

May 1, 2012 by Kenan Malik

The incumbent candidate falters badly. His main opponent fares barely any better. The candidates from so-called ‘fringe’ parties garner more votes than either of the mainstream ones. The far right gains its biggest success. The only thing striking about the first round of the French elections was that there was nothing striking about it. It followed the pattern of almost every election across Europe over the past few years. This Sunday Nicolas Sarkozy and François Hollande will slug it out […]

Categories: Race & Immigration • Tags: austerity, communist party, democracy, euro crisis, european union, francois hollande, french politics, front national, geert wilders, immigration, jean-luc melenchon, marine le pen, nikolas sarkozy, pcf, racism

CHEWING OVER THE OLD YEAR, SPITTING OUT THE NEW

January 2, 2012 by Kenan Malik

Perhaps not since 1989 have we witnessed a year as momentous as the last one. From the occupation of Tahrir Square to the mass protests in Moscow, from the Euro crisis to the calamity of the Japanese tsunami, from the London riots to the Libyan conflict, from the killing of Osama bin Laden to the death of Vaclav Havel, there was constant ferment throughout 2011. But how will the events of 2011 shape those of 2012? Four thoughts: 1 Most […]

Categories: Economy, International, Politics • Tags: arab spring, barack obama, capitalism, democracy, economic crisis, euro crisis, european union, french elections, nicolas sarkozy, occupy movement, russia, russian elections, us elections, vladimir putin

POLITICS WITHOUT DEMOCRACY, DEMOCRACY WITHOUT POLITICS

November 11, 2011 by Kenan Malik

It’s startling, and not a little worrying, how quickly the claim that ‘All politicians are useless’ has transmuted into the demand that ‘politicians should be replaced by technocrats who know what they are doing’, a demand that we’re increasingly hearing in response to the Eurozone crisis. From the upheaval in the Eurozone to the ‘Occupy’ movement now spreading across the globe, there are two crises shaping contemporary political debate. The first is, obviously, the economic crisis. The second, perhaps more […]

Categories: Politics • Tags: democracy, euro crisis, european union, frankfurt group, greece, occupy movement

MORAL HAZARD AND THE EURO CRISIS

October 7, 2011 by Kenan Malik

The crisis that this week engulfed the Franco-Belgian Dexia Bank revealed how close Europe is to a new banking meltdown, and to an economic crisis that could be as devastating as that of 2008. It also revealed the dirty little secret about the eurozone crisis. Last week, after a lot of political arm-twisting, the Bundestag approved extra funds for an expanded European Financial Stability Facility (EFSF) ostensibly for the bailout of Greece. In truth, Germany – and other eurozone nations […]

Categories: Economy • Tags: austerity, capitalism, economic crisis, euro crisis, european union, greece, jamie whyte, moral hazard