Hungary bucks austerity trend

Posted by Florian Pantazi on 30/11/10

In 1956 the Hungarians rose in revolt against the excesses of Soviet communism. During the 1980′s, the Hungarian society was already making the transition to what we now call the post-Soviet era and its communist politicians opened the country’s borders to East German refugees fleeing to the West . These days, Viktor Orban and his [...]

Sub-prime crisis, the Indian version

Posted by Florian Pantazi on 29/11/10

At 4 billion USD, the amount of money at stake in India’s microcredit industry seems insignificant if compared to that of the US sub-prime mortage crisis . Yet India is not only a fast- growing economy but also home to a huge number of poor, who have become dependent on microcredits for their livelihood. This is the main reason [...]

The end for a paper tiger

Posted by Florian Pantazi on 23/11/10

For over two decades now, we got used to being force-fed by the English-speaking media with regular upbeat stories about Ireland, EU’s own “tiger”. Thus for the first time in the young republic’s history, “the luck of the Irish” fatalism had given way to optimism and to the widely shared belief that Ireland had finally made it. [...]

Recovery choices for “the lawyers’ republic”

Posted by Florian Pantazi on 22/11/10

A few days before President Obama’s departure for Lisbon, two prominent Democrats exhorted him in the columns of Washington Post to announce publicly that he would not run for a second term in office. Having been seen as the best hope for the Democrats’ election chances in decades, President Obama is regarded these days as [...]

Why the US decided to start a currency war

Posted by Florian Pantazi on 17/11/10

For a few months now we are bombarded with news about an impending currency war as a result of the Chinese reluctance to allow their currency to appreciate against the dollar. The US, as the promoter of the latest round of China-bashing, has even enlisted the help of some of the EU’s high representatives. Not surprisingly, [...]

Q3 Eurostat data – bad news for EU

Posted by Florian Pantazi on 15/11/10

The third quarter Eurostat statistics prove beyond a doubt that the recession is back. Even Germany, which in the second quarter managed 2.3 percent economic growth, is now down to 0.7 percent growth. The average growth in the third quarter for the EU as a whole is a paltry 0.4 percent. Draconian austerity measures hit [...]

Austerity, QE2 and the global economy

Posted by Florian Pantazi on 02/11/10

Last week’s top-level political meetings which took place in Brussels and Hanoi ended up with similar calls on the US to avoid stimulating the American economy by printing more dollars. Trying to stimulate growth by flooding the American banking system with liquidity is only of marginal importance to the US economy’s woes. Yet this is [...]

G20 ministerial meeting, a mere photo opportunity

Posted by Florian Pantazi on 26/10/10

The G20 finance ministers’ meeting which took place last weekend in Gyeongju, South Korea, did not do much to ease fears of a potential currency war between developed and developing nations. The only worthwhile achievement was an IMF-brokered decision to increase India, China and Brazil’s clout and voting power on the IMF board. Geithner’s initiative for reducing trade imbalances, squarely aimed at China, [...]

The euro: tough sanctions not the answer

Posted by Florian Pantazi on 24/10/10

The recent Merkel-Sarkozy compromise regarding penalties against EU states which ring up big budget deficits has been attacked by German coalition partners, experts and the press for being too mild on offenders. In an article published on Europe’s World (“Designing a new institutional architecture for the eurozone”), Mr. Jurgen Stark, executive board member of the [...]

IMF 2010: Agreeing to disagree

Posted by Florian Pantazi on 12/10/10

The IMF’s semi-annual meeting in Washington this weekend has failed to produce concrete proposals aimed at avoiding a currency war. The unrealistic pressure put on China to allow the yuan to suddenly appreciate by 20 percent has been strongly resisted by Zhou Xiaochuan, the Chinese central bank’s governor. He had good reason to do that: a big rise [...]

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    • Austerity fuels the spread of poverty March 3, 2015
      At the end of February, Caritas International has released its 2015 Report on poverty within the European Union. According to its authors, six years of enforced budgetary authority have gravely affected 125 million EU citizens who are now forced to live under the poverty thresholds of their respective countries.The worst-hit countries are EU members such as […]
      Florian Pantazi
    • Eugène Buret on Poverty October 22, 2014
      One hundred and eighty years ago (1834) , the newly-founded Academy for Moral and Political Sciences in Paris organized a competition for the best research paper on the causes and various manifestations of poverty in Europe.  The best research paper on the subject, which won its author  a 2,500 francs prize offered by baron Félix de Beaujour, was “De la Misè […]
      Florian Pantazi
    • Le pape François et "l'économie des retombées" May 18, 2014
      L'Eglise romano-catholique a toujours été concernée avec les aides pour les pauvres, leur éducation et leur bien-être. Les derniers trente ans, toutefois, la plus puissante église chrétienne du monde a pris congé de ce devoir millénaire, sous les pontificats des papes Jean Paul II et Benoît XVI. Pendant cette période, le problème de la pauvreté et les p […]
      Florian Pantazi