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As Racism Rises in Greece, Immigrants Fight Back

Thu, 30 May 2013 11:29:00 -0700

The economic crisis in Greece has led to a rise in support for the far-right Golden Dawn and an increase in racist attacks. Many members of the immigrant community are banding together and fighting back, but the conditions appear stacked against them.

Desperate Greeks Turn to 'Worst Drug in the World'

Thu, 23 May 2013 07:04:00 -0700

Sisa, a cheap version of crystal meth cut with toxic fillers, has become the drug of choice for those at the very bottom of Greece's collapsing economy. Vice Magazine takes a look at what even its users call "the worst drug in the world."

Portuguese Flee Grim Economy for Former Colonies

Fri, 10 May 2013 03:04:00 -0700

With youth unemployment near 50% and people with jobs facing pay cuts, emigration from Portugal is soaring. Many have fled the debt-battered economy for booming former colonies including Brazil, where young emigrants say they have a much better chance of living a normal life.

Great Gray Catastrophe: Aging Europe Faces 'Ticking Time Bomb'

Fri, 03 May 2013 16:23:00 -0700

This quirky video depicts the ticking time bomb Europe is facing -- not the debt crisis, but how to pay for its growing elderly population.

Spain: Violent Protests as Unemployment Hits Record High of 27 Percent

Fri, 26 Apr 2013 14:29:00 -0700

It started as a peaceful protest but ended in violent clashes with police after Spain announced the worst unemployment figures since records began. People took to the streets of Madrid after it was announced over a quarter of the workforce is now jobless. The violence erupted after around 1,000 demonstrators attempted to push down the police barriers between them and parliament as they called for the government to step down. Over 1,400 police were deployed to the protest which ended in 15 arrests and 14 injured officers. On Friday, Prime Minister Mariano Rajoy is expected to announce further reforms to tackle Spain's deficit. Report by Lisa Hartle.

Letta From Rome: Italy to Finally Get a Government

Wed, 24 Apr 2013 20:08:00 -0700

After two months of damaging post-election deadlock, Italy appears set to get a prime minister and a government. President Georgio Napolitano has asked center-left lawmaker Enrico Letta to serve as prime minister and to form a coalition government.

Greek Unemployment Tops Depression-Era Levels

Thu, 11 Apr 2013 19:35:00 -0700

The latest dismal economic figures from Greece show unemployment has risen to a record 27.2% -- higher than in the US when the Great Depression was at its worst. The unemployment rate has tripled since the debt crisis began in 2009 and has risen close to 60% among young people.

Raw Video: Crowds Seek Cash as Cyprus Banks Finally Reopen

Thu, 28 Mar 2013 04:25:00 -0700

Security was tight and the crowds were large but mostly patient as Cypriot banks opened their doors for the first time in nearly two weeks. Strict controls are in place to prevent people from taking large sums out of the country and cash withdrawals have been limited to $383 per person per day.

Turkish Side of Cyprus Spies Opportunity in Crisis

Wed, 27 Mar 2013 18:28:00 -0700

Shockwaves from the Cyprus economic crisis aren't affecting the economy of the Turkish-occupied northern side of the island, but some leaders in the self-declared northern state believe the crisis could be a stepping stone to reunification after nearly 40 years.

Anger, Protests as Cyprus Bailout Deal Creates Uncertain Future

Tue, 26 Mar 2013 10:59:00 -0700

Banks in Cyprus remain closed despite a bailout deal the country's newly elected government signed with international creditors. Protests have followed the agreement which called for Popular Bank, the country's second biggest bank, to be closed down and the imposition of austerity measures. At the biggest lender, Bank of Cyprus, the chairman has handed in his resignation and the head office is being occupied by the bank staff. Al Jazeera's Simon McGregor Wood reports from the capital, Nicosia.

Banks 'Looting' Cyprus Deposits to Save Their Assets

Mon, 25 Mar 2013 08:41:00 -0700

Democracy Now takes a look at the stunning Cyprus deal that allows money to be to "snatched" from depositors' bank accounts, in the words of Prof. Richard Wolff. In exchange for a $13 billion Eurozone bailout, all bank deposits above $130,000 will be frozen and up to 40 percent of the funds will be used to help pay off the banking sector's debts. Wolff calls it "blackmail" to force people who had nothing to do with the crisis to pay for it. Banks, through the government, are "looting their own depositors" to save themselves, he charges.

Cypriot Deposits Slashed in Bailout Deal

Sun, 24 Mar 2013 22:25:00 -0700

A last-minute deal on a bailout for Cyprus' crippled banks has been reached, but could cost depositors with more than $130,000 in savings in the nation's staggering Laiki Bank up to 40 percent of their deposits. Laiki is being wound down so that the Bank of Cyprus can survive, but that bank will assume some of Laiki's liabilities, and its depositors will also take a hit. In turn, the eurozone will come through with a $13 billion bailout.

Cypriots Dejected as Clock Ticks on Bailout Deal

Sun, 24 Mar 2013 09:13:00 -0700

As the Cypriot leader meets with eurozone finance ministers for last-ditch talks to secure a 10 billion euro bailout, a pervading sense of gloom has affected the mood throughout the country. Cypriots are still reeling from shock over the dire situation which may result in Cyprus leaving the eurozone.

First Domino to Fall? Cyprus Just 'Hours' from Bankruptcy

Fri, 22 Mar 2013 09:18:00 -0700

The Cypriot government says the next few hours will determine the future of the country. Politicans are to debate how to stop the country from going bankrupt. The European Central Bank says they have until Monday to figure out how to raise more than $7bn, before lenders cut emergency funding. Al Jazeera's Jonah Hull reports from Nicosia.

Bank Crisis Blindsides Ordinary Cypriots

Fri, 22 Mar 2013 05:58:00 -0700

As officials in the EU and Russia debate the fate of their economy, people in Cyprus are wondering what hit them, Euronews finds. The crisis caused by an inflated financial sector has left them scrambling to save what cash they can before a potential banking collapse.

Cyprus Banking Freeze Continues as Bailout Crisis Deepens

Wed, 20 Mar 2013 14:27:00 -0700

In Cyprus, banks are set to stay closed all week: until next Tuesday in fact, as the hunt continues for a bailout which Cypriots will accept, to stave off bankruptcy.

Cypriots Proud, Eurozone Rattled After Bailout Tax Nixed

Wed, 20 Mar 2013 01:07:00 -0700

Cypriot ministers voted down a proposed levy on the island's bank deposits as part of a bailout arrangement, delighting protesters gathered outside, but shaking up the Eurozone."We are a strong example, not only for this country, but for Greece, Italy, Spain. The people can resist," said one protester. The Cyprus finance minister has left to seek aid in Russia, which is heavily invested in the nation.

Fear and Fury: Cyprus Financial Crisis Threatens Future of Eurozone

Mon, 18 Mar 2013 12:52:00 -0700

Cypriots are holding their breath for a make or break bailout decision amid warnings of a slide into bankruptcy or crash out of the euro. Cyprus has postponed a vote on a planned one-off tax on depositors' savings accounts central to a eurozone bailout of the country's troubled banking system until March 19. Al Jazeera's Peter Sharp reports from Nicosia.

Cypriots Cry Foul over Personal Savings Bailout Tax

Sun, 17 Mar 2013 11:47:00 -0700

Cypriots are furious with government plans to take some of their savings to part-fund a bailout of the country's banks. The EU and IMF are lending 13 billion dollars to Cyprus and insist ordinary Cypriots must contribute to the bailout.

Could Italian Chaos Doom Euro?

Thu, 07 Mar 2013 04:02:00 -0800

Last month's Italian election left the country deadlocked between three factions vying for power. Analysts fear that the political crisis on top of the country's economic crisis could leave it unable to service its debt, dealing what could be the final blow to the Eurozone.

Suicides, Protests Force Spain Parliament to Debate Eviction Law

Wed, 13 Feb 2013 12:01:00 -0800

The Spanish parliament has bowed to public pressure and agreed to debate a citizens' motion that would protect indebted homeowners from eviction. Hundreds of thousands of Spaniards are behind on their mortgage payments due to the country's debt crisis. Outside parliament on Tuesday evening, protesters shouted: "It's not eviction, it's murder," after several suicides were linked to families being forced out of their homes. Parliament agreed to suspend foreclosures for two years in November, but the government has so far resisted permanent new legislation. There were also angry scenes in the public gallery during the parliamentary vote, indicative of resentment towards current policy, which allows banks to repossess a home, while any remaining debt is still owed by the former owners. An elderly couple living on the island of Mallorca became the latest suicide case on Tuesday. They received a final eviction notice hours before parliament's partial u-turn. Local media reported that the couple had been more than 84,000 euros in debt and left a suicide note explaining they were at a loss what to do.

Iceland President Says Let Banks Go Bankrupt

Fri, 25 Jan 2013 16:23:00 -0800

Iceland President Olafur Ragnar Grimsson tells Al Jazeera's Stephen Cole that Europe should let banks that are ran "irresponsibly" go bankrupt. Speaking at the annual World Economic Forum in Davos, Grimsson also held his country as a model of economic recovery after its near-collapse four years ago. "We didn't follow the traditional prevailing orthodoxies. And the end result four years later is that Iceland is enjoying progress and recovery."

Striking Greeks: Take Our Underwear, Too

Wed, 19 Dec 2012 21:46:00 -0800

Greek public sector workers striking to protest tens of thousands of looming job cuts brought their dirty laundry to an Athens protest, hoisting their underwear with the message "Take these as well." Unions warn that their members are being driven to poverty and desperation, though strikes are slowing because fewer and fewer Greeks can afford to lose a day's pay.

Raw Video: Anti-Austerity Protesters Clash with Police in Spain, Italy

Wed, 14 Nov 2012 09:23:00 -0800

There are violent clashes between police and demonstrators in Spain and Italy, as workers go on strike across Europe to protest against spending cuts they say have deepened the economic crisis.

Mega Strike! European Workers Rise Up Against Austerity

Wed, 14 Nov 2012 09:01:00 -0800

Workers take to the streets as general strikes are called in Portugal, Spain, Italy, Greece, and other European countries to protest austerity measures across the continent. Isa Soares reports.

Spain's Evicted Turn to Desperate Solutions: Suicide

Sat, 10 Nov 2012 09:55:00 -0800

Moments before Ameia Egana, aged 53, was to be evicted from her fourth floor apartment, she clambered over the balcony railing and jumped to her death. A man facing eviction in Grenada was found hanging in his home. As evictions in Spain rise, so too are suicides.

No End in Sight to Greek Unrest

Thu, 08 Nov 2012 05:45:00 -0800

Athens became an urban war zone once again yesterday as violent protests greeted the Greek government's harshest austerity package yet. With life about to get even harder for ordinary Greeks, analyst Charlie McGrath believes the country could end up in a state of civil war unless it admits it is bankrupt.

Athens Erupts in Austerity Riots

Wed, 07 Nov 2012 14:06:00 -0800

Petrol bombs punctuated fierce battles among riot police and protesters outside Greek parliament rallying against severe belt-tightening measures on the government agenda. The violence erupted amid thousands of protesers in the second day of a general strike.

Next Eurozone Crisis Victim? GOP Fears It Could Be US

Fri, 02 Nov 2012 09:05:00 -0700

Domestic concerns have of course of eclipsed foreign policy in the race to the White House. Even the third presidential debate, which focused on international issues, did not mention the wider Eurozone debt crisis. But the financial disaster in Europe could yet have a devastating impact on the fragile US economy. Barnaby Phillips looks at US-EU relations from Greece, Europe's most economically troubled state.

Greek Magazine Editor Arrested for Printing 'Lagarde List'

Sun, 28 Oct 2012 14:14:00 -0700

Greek police arrested the editor of a weekly magazine for publishing a list of more than 2,000 names of wealthy Greeks under suspicion of tax evasion, police said. The so-called "Lagarde List", which led to the arrest of editor Costas Vaxevanis on Sunday, has been a topic of heated speculation in the Greek media.

European Union awarded Nobel Peace Prize despite economic crisis, unrest [Press TV, Iran]

Fri, 12 Oct 2012 00:00:00 -0700

Anti-Morsi slogans lead to clashes between Islamists and liberals in Tahrir Square, African Union forces expand control outside of Mogadishu, Saudi Arabia ranks as world's second-worst country for women, and more.

Spanish Protestors Refuse to Back Down in Face of Police Brutality

Mon, 01 Oct 2012 09:18:00 -0700

In response to police violence last week and in reaction to newly announced budget cuts, thousands took to Madrid's streets Saturday. The protest was dispersed by riot police who beat and detained demonstrators and journalists.

Spain: Police Fire Rubber Bullets, Beat Austerity Protestors

Wed, 26 Sep 2012 09:09:00 -0700

Police fired rubber bullets and beat protesters with truncheons at an anti-austerity demonstration near Spain's parliament in Madrid.

Massive Greek Anti-Austerity Protest Turns Violent

Wed, 26 Sep 2012 08:29:00 -0700

Greek police fired teargas at hooded protesters hurling stones, bottles, and petrol bombs, as tens of thousands took to the streets of Athens in the biggest anti-austerity protest in months.

Pain of Austerity: Angry Greeks Face Yet More Cuts

Mon, 10 Sep 2012 10:36:00 -0700

Greece's prime minister is trying to push through a new round of austerity measures in order to obtain a vital new cash injection from the EU. But obtaining consensus on where new cuts worth roughly 12 billion euros should come from is far from a done deal.

Greece 'Close' to New Bailout Deal, But at What Cost?

Wed, 29 Aug 2012 12:31:00 -0700

Greek leaders say they have broadly agreed the latest austerity package demanded by the EU and IMF in return for bailout cash. But some coalition members say they cannot agree to any cuts that will mean more pain for low-wage earners and pensioners.

Greece Suffers as Europe's Financial Crisis Festers

Wed, 29 Aug 2012 10:29:00 -0700

While the world's attention was diverted by the Olympics, the war in Syria, and other news over the summer, Europe's economic crisis has continued to fester. VOA's Al Pessin reports that some experts say the situation is getting worse and requires immediate and strong action that leaders do not seem ready to take.

After 2,500 Years, Could Austerity Destroy Greece's Parthenon?

Mon, 20 Aug 2012 16:59:00 -0700

As Greece wrestles with its financial crisis, the state budget for cultural heritage has been slashed leading to fears that unprotected historical sites could be looted or ancient treasures left to crumble.

As New Austerity Protests Rock Spain, Is the Country Becoming Ungovernable?

Fri, 20 Jul 2012 14:57:00 -0700

Eurozone ministers have approved a huge bailout of Spanish banks Friday. But, in Madrid, police fired rubber-coated bullets to disperse protesters. They are angry at the latest budget cuts and tax hikes, as demonstrations were held in 80 cities.

Raw Video: Spanish Anti-Austerity Protestors Brawl With Police

Sat, 14 Jul 2012 09:03:00 -0700

Thousands of Spanish civil servants took to the streets Friday in angry protest as the government approved sweeping austerity measures that include wage cuts and tax increases.

Spanish Anti-Austerity Protests Erupt into Violence

Wed, 11 Jul 2012 16:46:00 -0700

There have been angry scenes in Spain after the government announced sweeping tax rises and spending cuts.

Democracy Now! Headlines: Austerity Protests Erupt in Spain Over New Cuts

Wed, 11 Jul 2012 11:00:00 -0700

Republican presidential hopeful Mitt Romney is in the hot seat over his vast personal fortune, estimated at up to $250 million. Five more corporations have severed ties with secretive right-wing American Legislative Exchange Council (ALEC) over its controversial policies on gun use, voter suppression, union busting, and more. And Democracy Now! hosts a debate on the legality of Israel's self-proclaimed right to build settlements throughout the occupied West Bank. Plus headlines, and more.

Spain and Italy's Troubled Banks Get EU Bailout

Fri, 29 Jun 2012 08:57:00 -0700

Italy and Spain meet in Warsaw in the final of the euro 2012 on Sunday. And both countries will be pleased with their performance in the political arena too as the crucial EU summit goes into a final day. The deal allows bailout funds to go directly to banks without further austerity measures being applied.

New Greek Government Faces Uphill Struggle

Wed, 20 Jun 2012 09:07:00 -0700

As Greek politicians clinch a deal to form a new pro-euro coalition government, Philip Williams reports from Athens on the tough task the country's leaders now face.

Raw Video: 'Greece Has a Government'

Wed, 20 Jun 2012 08:46:00 -0700

Evangelos Venizelos, leader of the socialist PASOK party, confirms that Greek political parties have agreed to form a coalition government, led by the conservative New Democracy party, that will seek to keep Greece in the euro.

Mexico's Poor Ignored at Glitzy G20 Summit

Tue, 19 Jun 2012 14:32:00 -0700

While heads of the 20 biggest economies discussed the eurozone crisis at the G20 summit in Mexico, addressing the plight of some of the world's poorest people, some just yards away from the conference center, was not on the agenda.

China's Economy Roars, But Euro Fears Persist

Fri, 15 Jun 2012 17:08:00 -0700

China's May trade growth was double what experts had predicted, but the Chinese government isn't celebrating yet. State broadcaster CCTV explains how the continuing Europe's faltering economy could drag China's economy down with it.

Effects of Euro Debt Crisis Ripple Through Vietnam

Fri, 15 Jun 2012 16:19:00 -0700

Europe is far and away the largest market for Vietnamese wood products, an important staple of the country's exports. Vietnamese broadcaster VTV4 reports on the effect of Europe's debt crisis on the wood products industry.

Greece: Final Pleas to Voters Ahead of Election

Fri, 15 Jun 2012 15:55:00 -0700

Greek voters go to the polls for a second general election on Sunday, and the choices appear stark. A vote for left-leaning Syriza party could force Greece to leave the euro. But a vote for the conservative New Democracy would mean more painful austerity.

Greek Elections: Three Things You Need to Know

Thu, 14 Jun 2012 16:02:00 -0700

Ahead of elections on June 17, CFR's Sebastian Mallaby highlights three ramifications of a potential Greek exit from the euro. How will a Greek exit impact Greece? What will a Greek exit mean for European banks? And what will be the implications for the euro?