euro

The tribulations of major European banks, starting with “venerable institutions” like the Monte dei Paschi di Siena (the world’s oldest bank) and Deutsche Bank (Germany’s largest), have raised the spectre of a repeat of the crash of 2008 — a “Lehman Brothers times five” in the words of one market analyst.

Deutsche Bank has been found to be seriously under-capitalised, both according to the standards set under the Basel III international bank regulation standards and according to its own targets. The same goes for British giant Barclays.

We have all heard the story of when, during a visit to the United States, a journalist asked Mahatma Gandhi what he thought of Western civilisation, and Gandhi is said to have replied that he thought it “would be a very good idea.” Former Greek finance minister and outspoken opponent of the savage austerity programs forced on Greece, Yanis Varoufakis recalled Gandhi’s words in the talk he gave at the University of Sydney on November 26. Varoufakis’ message was clear: Like Western civilisation, European democracy would indeed be a very good idea.
Public sector workers strike against the deal, July 15. In the early hours of July 16, Greek parliament voted to accept the punitive July 12 funding deal put forward by eurozone lenders. The deal included many harsh austerity measures, including large-scale privatisation, that the SYRIZA-led government of Prime Minister Alexis Tsipras had come to office pledging to oppose.
Thousands protest in Athens against austerity and in support of the SYRIZA government, June 17. Thousands of Greek people took to the streets of Athens on June 17 to reject austerity measures and support the SYRIZA-led government, that day.
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