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Greek Debt Buyback – another sad verdict, surrounded by much merriment

Greek authorities have announced that the Dutch auction has produced offers of 31.9 billion worth of (post-PSI) Greek government bonds at an averaged price of 33.8% of face value. The Greek media, as is their wont, are celebrating the success of the buyback (just as they were celebrating the successful PSI last February and all the loans that Greece received in the past three years). Is there a foundation for these celebrations? None whatsoever. By, Yanis Varoufakis
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A bleak assessment about the immediate future for Greece, with the future demise of the current programme forecasted.

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European Political Economy
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Shift in UK poverty trends catches younger, working families

Shift in UK poverty trends catches younger, working families | European Political Economy | Scoop.it

The face of British poverty has been transformed over the past decade, with low income now being characterised more by younger, often working households in private rented accommodation, rather than elderly people in council houses.

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China foresees outbound investment of $1.25tn in a decade

China foresees outbound investment of $1.25tn in a decade | European Political Economy | Scoop.it
Chinese offshore investment will reach $1.25tn over the next decade, President Xi Jinping predicted on Sunday as he opened the Asia-Pacific Economic Co-operation CEO Summit in Beijing. Mr Xi also unveiled a $40bn contribution to a new China-initiated
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Portugal attacked after bailout reforms flag

Portugal attacked after bailout reforms flag | European Political Economy | Scoop.it

International lenders have attacked Portugal for allowing the pace of reform to slacken since the country exited a three-year bailout programme, warning that some of the progress made at the cost of tough austerity measures could be reversed.

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The Eurozone: Here we Go Again

Bob Hancké of the LSE warns that, with the Eurozone economy once again skirting recession, it's time to look again at proactive measures to boost demand.

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Austerity returns as Commission prepares to reject French budget

Austerity returns as Commission prepares to reject French budget | European Political Economy | Scoop.it

The Wall Street Journal, FAZ and die Welt have the story that the European Commission is preparing to reject the French 2015 budget after talking to Commission officials. This would be the first time a budget is sent back since this procedure was installed in 2011.

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Greece primps for big China state deals

Greece primps for big China state deals | European Political Economy | Scoop.it
When Xi Jinping, the president of China, made an unofficial one-night stopover in August on the island of Rhodes, on his way to Brazil for a summit of leading emerging markets, Greece’s president and premier flew from Athens to make sure his stay
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Chinese investors play key role in Portugal success

Chinese investors play key role in Portugal success | European Political Economy | Scoop.it



Portugal, like other crisis-hit eurozone countries under pressure to sell off state assets, has sold large minority stakes in utilities and infrastructure operators to Chinese companies. As much as a gateway to Europe, these Chinese investors are also buying into what they see as a strategic hub for expanding across Brazil, Angola, Mozambique and other former Portuguese possessions.

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European Commission sees some progress in Greece's market reforms

European Commission sees some progress in Greece's market reforms | European Political Economy | Scoop.it
In its report titled “Market Reforms at Work in Italy, Spain, Portugal and Greece”, the European Commission (EC) has outlined that reforms of the public administration, the judicial system and those to facilitate the ease of doing business in Greece have had a positive but partial impact.
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Resist and transform: the struggle for water in Greece

Resist and transform: the struggle for water in Greece | European Political Economy | Scoop.it

A combination of opposing privatisation and putting forward practical alternatives is helping water campaigners mount an effective challenge to austerity in Greece.

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OECD report paints grim picture for Greece's labour market

OECD report paints grim picture for Greece's labour market | European Political Economy | Scoop.it
In its 2014 Employment Outlook published today, OECD retains its estimates for Greek unemployment rate unchanged at 27.1 percent in 2014 and 26.7 percent in 2015.
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The struggle against water privatisation: Victory for Greek union and social movements.

The struggle against water privatisation: Victory for Greek union and social movements. | European Political Economy | Scoop.it

Proposals to privatise the water company in Thessaloniki/Greece were overwhelmingly rejected in a referendum on 18 May 2014 with 98 per cent of votes against. In this guest post, his third contribution focusing on the privatisation of water, EPSU's Jan Willem Goudriaangives an update of the struggle of Greek workers against the austerity policies imposed upon them.

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The Plight of Greek Higher Education

The Plight of Greek Higher Education | European Political Economy | Scoop.it

Greek higher education has been, for the past four years, under a double attack, both by crippling austerity-induced budget cuts and by an attempt to accelerate the imposition of aggressively neoliberal reforms towards an entrepreneurial model of higher education.

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The TTIP and the changing fault-lines in global trade politics

New conflicts and controversies are emerging as the remit of trade liberalisation broadens
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Hopes for eurozone bank lending misguided

Hopes for eurozone bank lending misguided | European Political Economy | Scoop.it

As the European recovery continues to struggle, a surprising number of policy makers and analysts keep expressing hope – or even expectations – that bank lending will soon pick up and fuel an investment-led recovery in the eurozone. Such hopes are misguided.

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German austerity is not only damaging the Eurozone, but is also starving the country of its own much needed investment

Bob Hancké of the LSE argues that it’s not just the rest of Europe that is suffering from Germany’s obsession with fiscal austerity. While such a strategy might be justified in terms of its wider e...
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Eurozone companies reshore despite flat economy

Eurozone companies reshore despite flat economy | European Political Economy | Scoop.it
Companies in the eurozone are reshoring an increasing number of operations, despite its stagnating economy. “Offshoring must have been a no-brainer 10 to 15 years ago but the advantage is now less clear,” said John Hawksworth, chief economist at PwC.
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Germany’s weak point is its reliance on exports

Germany’s weak point is its reliance on exports | European Political Economy | Scoop.it

One of the biggest misconceptions about the eurozone has been a belief in the innate strength of Germany – the idea that competitiveness reforms have transformed a laggard into a leader. This is nonsense. The German model relies on the presence of an unsustainable investment boom in other parts of the world. That boom is now over in China, in most of the emerging markets, in Russia certainly. What we saw last week is what happens once the world returns to economic balance: Germany reverts to lower economic growth.

 
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Time to get serious about forced labour in supply chains

Time to get serious about forced labour in supply chains | European Political Economy | Scoop.it

We now know that our shopping carts are full of forced labour. So why are governments and industry doing so little to stop it?

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China swoops in on Italy’s power grids and luxury brands

China swoops in on Italy’s power grids and luxury brands | European Political Economy | Scoop.it
Italy’s business elite – senior executives from blue-chip companies such as Telecom Italia and Vodafone plus high-ranking government officials – filled a renaissance palazzo across from Milan’s gothic cathedral this summer to court one of the
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Some details about Greece and Portugal also in here.

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Chinese investors surged into EU at height of debt crisis

Chinese investors surged into EU at height of debt crisis | European Political Economy | Scoop.it

As investors fled Europe in the worst days of its sovereign debt crisis, China-based companies moved in the other direction and surged in, with cash flowing from China into some of the hardest-hit countries of the eurozone periphery.

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A breakdown of Tsipras's pledges on economic strategy in Thessaloniki

A breakdown of Tsipras's pledges on economic strategy in Thessaloniki | European Political Economy | Scoop.it
In his speech at the International Trade Fair in Thessaloniki on Saturday, the leader of the main opposition party (SYRIZA) Alexis Tsipras reiterated his pledges on debt haircut and other measures to ease debt servicing.
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WEF report highlights weakness of Greek institutions and challenges of recovery

WEF report highlights weakness of Greek institutions and challenges of recovery | European Political Economy | Scoop.it
Greece’s competitiveness improved by 10 spots in 2014, at an accelerating pace compared to the previous year, according to the Global Competitiveness Report 2014-15 published by the World Economic Forum (WEF) today. In 2013, Greece had gained 5 spots.
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Switzerland named as world’s ‘most competitive’ economy - FT.com

Switzerland named as world’s ‘most competitive’ economy - FT.com | European Political Economy | Scoop.it

But rankings within the eurozone remain very uneven, with the WEF arguing that “while the divide between a highly competitive north and a lagging south and east persists, a new outlook on the European competitiveness divide between countries implementing reforms and those that are not can now also be observed.”

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Trade unions and global restructuring: Unravelling Capitalist Globalization

Trade unions and global restructuring: Unravelling Capitalist Globalization | European Political Economy | Scoop.it

Despite the prolonged global economic crisis since 2007/2008, neo-liberal economic thought and practice continue to reign supreme. In his important book Capitalist Globalization: Consequences, Resistance and Alternatives (Monthly Review Press, 2013), Martin Hart-Landsberg makes a number of key interventions unravelling the myth of neo-liberalism as well as the dynamics underlying capitalist accumulation.

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Bundesbank shifts stance and backs unions’ push for big pay rises

Bundesbank shifts stance and backs unions’ push for big pay rises | European Political Economy | Scoop.it
The Bundesbank has backed the push by Germany’s trade unions for inflation-busting wage settlements, in a remarkable shift in stance from a central bank famed for its tough approach to keeping prices in check. Jens Ulbrich, the Bundesbank’s chief
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