Debt Crisis

12:58pm

Mon February 20, 2012
Europe

Portugal Plays By The Rules, But Economy Slumps

Originally published on Tue February 21, 2012 9:25 am

A once-bustling vegetable market in Lisbon is now beyond the reach of many Portuguese — a sign of their country's economic problems.
Sylvia Poggioli NPR

The eurozone crisis has focused attention on debt-burdened Greece spiraling into decline. Meanwhile, Portugal is seen as the international creditors' poster-child for obediently slashing spending and welfare benefits.

Nevertheless, the Portuguese national debt continues to grow, and the country is mired in recession and soaring unemployment.

The Portuguese national character has long been identified with Fado music. Raquel Freire, an activist with the local Occupy movement, says the melancholy style helps explain decades of resignation.

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10:01pm

Sun February 19, 2012
Business

Bondholders To Take A Hit In Greece Bailout Plan

European finance ministers are expected to vote on the latest $171 billion bailout package for Greece Monday. The package needs to be approved so Greece can make payments on bonds that come due a month from now. Even if the bailout is approved, it is likely to be only a temporary solution to Greece's troubles.

Across the Atlantic in New York, Hans Humes likes to ride his bike from his home in Brooklyn to his office at Greylock Capital Management in Manhattan. On a recent morning he showed up for our interview still carrying his bike helmet.

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10:01pm

Thu February 16, 2012
Planet Money

What It Feels Like In China When Europe Comes Asking For Help

Help.
ED JONES AFP/Getty Images

Jiang Shixue is describing to me one of the most exciting moments of his life: The moment earlier this month when one of the most important people in Europe — German Chancellor Angela Merkel — came to visit his workplace.

"She said that the EU would be happy to see if China can offer a kind of helping hand," says Jiang, an academic at the Chinese Academy of Social Sciences.

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3:55pm

Wed February 15, 2012
Europe

Europe Wants Assurances For Latest Greek Bailout

In Athens on Tuesday, Greek pensioners marched in protest against new austerity cuts. The eurozone insists Greece must stick to hugely unpopular austerity measures agreed to in return for a 130 billion euro debt bailout.
Louisa Gouliamaki AFP/Getty Images

The European Union says Greece has made some progress, but not enough, to merit the new bailout it desperately needs to avoid default and keep the euro as its currency.

Greeks are increasingly bitter about the austerity measures the EU is imposing on them. And Greece's EU partners are losing trust that the Greeks will implement them.

Now, talk is growing about contingency planning if Greece fails to meet the bailout conditions and defaults.

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12:04pm

Wed February 15, 2012
The Two-Way

Dutch Finance Minister Says His 'Patience Has Run Up' With Greece

Dutch Finance Minister Jan Kees De Jager addresses the media prior to the start of the Eurogroup ministerial meeting at the European Council building in Brussels on Feb. 9.
Yves Logghe AP

NPR's Eric Westervelt scored an interview with Dutch Finance Minister Jan Kees de Jager. And Eric reports that he did not mince words.

The Netherlands and Germany, which have AAA credit ratings, hold great sway in whether Greece will receive a $170 million bailout from the European Union and the IMF. Without it, Greece would default on its debt and would almost certainly exit the monetary union. Eric asked Jager if Greece needed to do more beyond the tough set of austerity measures Parliament passed on Sunday and this is what Jager told him:

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