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Europe Global Environment & Development The New South From G8 to G20 The Development Agenda UN Reform Global Finance Doha Final The Euro-zone in Crisis Eastern Europe

Pressure in the vulcan reaches critical point

Euro zone in crisis

The EU continues to be unable to solve its multiple crises. The risk of a default of Greece on repayment of its debt (bonds) in the next three months, or of the country leaving the Euro has increased considerably. It becomes ever clearer that, after four years of permanent crisis, the worst is still to come and that June 2012 might be the point where the crisis takes on new dimensions. An overview by Peter Wahl


The Greek elections on 6 May 2012 turned out to be a referendum against the austerity policies imposed by the ‘Troika’ of the IMF, European Commission and European Central Bank. The two leading parties of the last decades, NEA DEMOKRATIA (conservative) and PASOK (social democrat), which had executed the Troika’s policies, were weakened considerably and could no longer achieve a majority to form a government. PASOK was even surpassed by SYRIZA, an alliance left of the PASOK. SYRIZA is pro European and wants Greece to stay in the Euro zone, but wants to renegotiate the conditions of the Troika’s rescue package ...

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Find in this article:

New elections in Greece might bring a turnabout
Not only an economic problem
Merkel under pressure
Not only Greece
The complexity of the crisis is overstraining the capacities of the EU

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