Krugman: Eurozone Could Fall Apart in a Matter of Months

May 17, 2012 from Democracy Now!

Nobel Prize-winning economist Paul Krugman warns the current bank run in Greece could spiral into the end of the Eurozone. "It is really quite shocking," Krugman says. "I hate to sound apocalyptic." Meanwhile, France's new finance minister has reiterated that the country's new socialist government will not ratify the European Union's fiscal pact calling for greater austerity.

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Eurozone

The eurozone, officially called the euro area, is an economic and monetary union of 17 European Union member states that have adopted the euro as their common currency and sole legal tender. The eurozone currently consists of Austria, Belgium, Cyprus, Estonia, Finland, France,... Explore this topic

Paul Krugman

Paul Robin Krugman is an American economist, Professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University, Centenary Professor at the London School of Economics, and an op-ed columnist for The New Yor... Explore this topic

European sovereign debt crisis

The European sovereign debt crisis is an ongoing financial crisis that has made it difficult or impossible for some countries in the euro area to repay or re-finance their government debt without the assistance of third parties. In 1992, members of the European Union signed th... Explore this topic

European Union

الاتحاد الأوروبي هو جمعية دولية للدول الأوروبية يضم 27 دولة، تأسس بناء على اتفاقية معروفة باسم معاهدة ماسترخت الموقعة عام 1992 م، ولكن العديد من أفكاره موجودة منذ خمسينات القرن الماضي. من أهم مبادئ الاتحاد الأوروبي نقل صلاحيات الدول القومية إلى المؤسسات الدولية الأوروبية. لكن ... Explore this topic

France

France, officially the French Republic, is a unitary semi-presidential republic located mostly in Western Europe, with several overseas regions and territories. Metropolitan France extends from the Mediterranean Sea to the English Channel and the North Sea, and from the Rhine ... Explore this topic

Greece

Greece, officially the Hellenic Republic, is a country in Southeast Europe. According to the 2011 census, Greece's population is around 11 million. Athens is the nation's capital and largest city, its urban area also including Piraeus. Greece is strategically located at the cr... Explore this topic

Greek general election, 2012

A legislative election was held on Sunday 6 May 2012 in Greece, to elect all 300 members to the Hellenic Parliament. Under the constitution, it was due to be held in late 2013, four years after the previous election; however, an early election was agreed under the November 201... Explore this topic

Bank run

A bank run occurs in a fractional reserve banking system when a large number of customers withdraw their deposits from a financial institution at the same time and either demand cash or transfer those funds into government bonds or precious metals or a safer institution becaus... Explore this topic

Nobel Prize

The Nobel Prize is a set of annual international awards bestowed in a number of categories by Scandinavian committees in recognition of cultural and/or scientific advances. The will of the Swedish philanthropist inventor Alfred Nobel established the prizes in 1895. The prizes ... Explore this topic

Euro

The euro is the currency used by the Institutions of the European Union and is the official currency of the eurozone, which consists of 17 of the 27 member states of the European Union: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxemb... Explore this topic

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Eurozone

Paul Krugman

European sovereign debt crisis