The Greek crisis isn’t over

21 February 2015 13:56

The more you read about the deal between Greece and the Eurozone, the clearer it becomes how temporary a deal it is. First, the Syrzia-led government has to submit on… Continue reading

Image: Getty

Why Angela Merkel doesn’t want a haircut

25 July 2013 17:54

The announcement by Angela Merkel last week that there would be no second haircut for Greece may have surprised some readers unfamiliar with financial jargon. But once you know that ‘haircut’ means… Continue reading

Whoever owns these Cypriot houses – property developer or individual and whichever bank lent them the money to develop or buy it - now risk being wiped out.

A generation of Cypriots are about to be badly hurt. It’s all unravelling – badly.

24 March 2013 22:01

This picture is from a website for Cypriot homes:  you can buy a three bedroom apartment for £1.6mn.  Whoever owns that — property developer or individual and whichever bank lent… Continue reading

Pier Luigi Bersani secured a majority in the Chamber of Deputies, but not in the Senate. Picture: Getty Images

Italian elections: ‘The worst possible outcome’

26 February 2013 15:16

Forget Moody’s. If you want to see market panic, just look at Italy. As Isabel reported this morning, the unexpectedly strong performance of Beppe Grillo’s anti-establishment party, the Five Star… Continue reading

Italian Prime Minister Mario Monti leaves in a car the Quirinale Presidential palace after handing in his resignation to President Giorgio Napolitano. Picture: Getty

Mario Monti resigns

21 December 2012 19:24

Following the passing of his budget, Mario Monti has quit as Italian Prime Minister. At the moment, it remains unclear whether he’ll continue to lead the government until elections next… Continue reading

Mario Draghi unveiled his measures that he hopes will save the eurozone today. Picture: Getty.

Draghi makes good on his promise: but will it save the euro?

6 September 2012 23:05

David Cameron and François Hollande met this evening. As you would expect, they discussed the situation in the eurozone, which is currently looking a little more cheery than usual after… Continue reading

(FILES) In this file picture taken on No

All will and no way for the eurozone crisis

27 July 2012 14:55

Mario Draghi’s announcement yesterday that the ECB would ‘do whatever it takes’ to preserve the euro certainly cheered markets up – but only for a while. Interest rates for Spanish… Continue reading

Daily Life In Athens As Greece Prepares To Go To The Polls

Bandaging up the eurozone’s wounds

24 July 2012 8:43

The approach of eurozone leaders to the crisis in their region has so far been a piecemeal, sticking plaster approach. But this morning, calls are growing for big and effective… Continue reading

The Eurozone Crisis Deepens As Greece Attempts To Avoid Bankruptcy

Spain and Italy present a bigger terror for the Eurozone

23 July 2012 12:45

MPs have been amusing themselves with a rather grim game in which they guess what event will lead to Parliament being recalled in August. Over the last few days, the… Continue reading

A woman walks past a '1 Euro' shop in At

The euro sticking plaster peels off

6 July 2012 13:15

The sticking plaster is peeling off again. Spanish bond yields have again breached 7 per cent this morning. That 10 year gilts are back over this level is yet another… Continue reading

German midfielder Bastian Schweinsteiger

The Summer of the PIGS

1 July 2012 11:00

Suddenly, unexpectedly, this is becoming the Summer of the PIGS. The balance of power inside the EU has shifted with Francois Hollande’s election victory. Now the bone idle and impecunious… Continue reading


Banging on about Europe

1 July 2012 10:15

It’s funny how things turn out. David Cameron said in opposition that there was nothing worse than the Conservative party banging-on about Europe. These days, it bangs-on about little else.… Continue reading

Frankfurt City Feature

Europe’s illusory deal

29 June 2012 19:45

After Merkel’s decision to allow Eurozone funds to be used to bail out Spanish and Italian banks, the press tomorrow may declare – yet again – that some kind of… Continue reading

German Chancellor Angela Merkel arrives

Angela’s anguish on ESM vote

29 June 2012 14:15

This all feels rather miserably familiar. Eurozone leaders come to a dawn agreement about resolving the crisis. Markets react positively. The leaders appear on podiums to congratulate one another and… Continue reading

Italy, France, Germany and Spain Summit In Rome

Italy and Spain put Merkel in the corner

29 June 2012 9:00

It took them 13 hours, but eurozone leaders have finally agreed to use bailout funds to recapitalise banks directly. The deal, which was reached at 4am (David Cameron had gone… Continue reading

Former Italian Prime Minister Silvio Ber

Of technocrats and democrats

27 June 2012 9:15

A former European leader was a guest at a private dinner in London recently. It was a polite and reverential occasion, but conversation grew lighter as Sauternes gave way to… Continue reading

Newly appointed Greek Finance Minister V

Greece’s troubles deepen

25 June 2012 18:00

The Greek coalition was already a pretty shaky affair but the resignation of the finance minister before he’s even taken office weakens it even further. Vassilis Rapanos, who was the… Continue reading

The Eurozone Crisis Deepens As Greece Attempts To Avoid Bankruptcy

Broken down fiat

All currency is faith. When the noble barman at the local pours a pint in exchange for your £5 note, he does so in the faith that the little blue… Continue reading


Cameron plays his part in an eventful G20

20 June 2012 9:15

And there we were thinking that the G20 would be another insipid talking shop. In fact there was intrigue, animus and even a modicum of progress on the crucial question… Continue reading

Putin Meets With Merkel In Berlin

The pernicious myth of powerlessness

19 June 2012 9:30

‘Corruption,’ wrote Edward Gibbon in his peerless Decline and Fall of the Roman Empire, is ‘the most infallible symptom of constitutional liberty.’ I was reminded of this phrase when thinking… Continue reading

Debt Wracked Greece Goes To The Polls For Critical General Election

A turning point in Greece? Think again

18 June 2012 19:45

Things in Greece could have been worse after yesterday’s election, but that fact can’t be hailed as a ‘turning point’. Assuming that Greek political leaders form a coalition and push… Continue reading

London Mayor Boris Johnson attends on De

Boris beats two loud drums

18 June 2012 16:30

Boris Johnson’s interventions today are another reminder of his ability to please the Tory tribe, and be a thorn in Cameron’s side. The prime minister has concluded that the best… Continue reading

The Eurozone Crisis Deepens As Greece Attempts To Avoid Bankruptcy

Kicking the can down the road

18 June 2012 12:15

There has been a lot written about Greece’s elections. The outcome, a narrow victory for the New Democracy party, was the most widely expected result. Paradoxically, this result will lead… Continue reading

Merkel And Hollande Meet Hours After Hollande's Inauguration

The morning after the night before

18 June 2012 9:00

This morning’s front pages are devoted to Greece, and the consensus is that the result of yesterday’s election amounts to little more than a stay of execution for Greece and… Continue reading

Debt Wracked Greece Goes To The Polls For Critical General Election

The worst of all possible worlds

17 June 2012 20:45

The Greek election has, in terms of the Eurozone crisis, produced the worst possible result. If the Interior Ministry’s initial projections are accurate, New Democracy has come first. But it… Continue reading