Eurozone governments are finally edging towards a restructuring of the loans they have been extending since 2010 to refinance the Greek government’s debt to private creditors. (As a research paper confirms, a small share of those loans went to pay
In Greece, the combined effects of the financial crisis and the budgetary cuts purported to mend it have been swift and devastating. Since 2008, the unemployment rate has increased over 200%. About 50% of youths under 25 are unemployed – compared to 7% in Germany. More than a million people have been laid off in the last 6 years, and the number of Greeks suffering from depression has increased 300%.
Thessaloniki, the second largest city in Greece, has not been spared. In some of the main shopping streets, more than 50% of the stores have permanently closed down. For the local population, the iron curtains of the closed shops are just the tip of the iceberg; they are the most visible aspect of the austerity shock that hit them in May 2010, when the first memorandum of agreement between Greece and its creditors was signed.
Frontline charities report that up to 90% of families in the poorest neighbourhoods rely on food banks and soup kitchens. But, with no end to austerity in sight, even the volunteers are flaggingShare your story via GuardianWitness
Greece has named China’s state-controlled Cosco shipping group as the preferred bidder in a €1.5bn deal to control and run Piraeus port, opening the way for the site to become an important transit hub for trade between Asia and central Europe. The
For several years now, economists have remarked on the simple yet striking representation of world income growth in a chart by Branko Milanovic. The chart plots relative gain in household per capita income between 1988 and 2008 at different points of the global income distribution, showing that the gains from globalization are very unevenly distributed.
by Theodoros Rakopoulos, University of Bergen, Norway Coops have often been a grassroots response to economic crises of the sort Greece has been facing for the past six years, offering a safety net for workers, salvaging jobs in times of […]
The issue of precarious work and of the organisation of precarious workers is becoming one of the core themes of research not just within the sociology of work and labour but also across the whole social sciences’ spectrum. Conditions of precariousness or precarity at work are in fact directly connected with discussions on the models of global capital accumulation, on life conditions in urbanised environments, on the emergence of new subjectivities and the politics of representation, on the reconfiguration of the working class and its organisations, on social justice and civil rights and on migrations and borders’ regulations. Discussions on precarity are thus profoundly interdisciplinary, transnational in their reach and critical of the status quo, interrogating the present in search of a more equal future.
One of the great ironies of business today is that the richest and most powerful companies in the world are more involved than ever before in the capital markets at a time when they do not actually need any capital. Take Apple, which has around $200b
In the third blog in SPERI’s new series on ‘the coming crisis’ Scott Lavery examines three areas of imbalance in the Eurozone and argues that the single currency area remains vulnerable to a future economic downturn
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