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The euro zone and its periphery: Bail-out 2.0

Buying time again

The EU summit on 21 July 2011 got much publicity, but produced quite limited results. It brought some short-term relief for Greece and other euro zone states in the periphery, but did hardly anything to deal with underlying problems. Its main result was buying time. Joachim Becker comments the recent bail-out package of the European Union.

The two main results of the summit were a reduction of the interest rates of the bail-out programmes for Greece, Ireland and Portugal to about 3.5% and the providing more flexibility to the European Financial Stability Facility (EFSF). The reduction of the interest rates lowers the burden of the debt service for the three countries. However, even 3.5% might be too much for countries that will be in recession this year as Portugal and Greece are according to quite optimistic official prognosis ...

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WDEV Recent Issues

Issue 6/Nov-Dec 2011
G20: Wrong forum for development + German aid under Niebel + London contra FTT + Food speculation: How it works
Issue 5/Sep-Oct 2011
The global social crisis +++ Thanks to Germany it's 2008 all over again +++ Nepal: Second chance for Maoists
Issue 4/Jul-Aug 2011
Non-FDI modes of international production + Bail-out 2.0 for Greece + Europe: Tobin tax on the move
Issue 3/May-Jun 2011
Survey on trade union rights violation + BRICS on the new IMF director + Greece and the euro + Green Economy for LDCs?
Issue 2/Mar-Apr 2011
LDC-IV in Istanbul +++ Reforming the global monetary system: Whick role for the IMF +++ Escalation of food prices +++ Remittances and development
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