Greek program needs redesigning, says PIMCO CEO

      By Tom Ellis Greece should take up the issue of separating the 50 billion euros that went toward recapitalizing the country’s banks from the country’s public debt with its European partners and the International Monetary Fund, says

Euro-Zone Economic Outlook Remains Weak

The European Central Bank might have to take more action to spur growth in the euro zone after data published Friday suggested that German consumers are beginning to feel the strain of the debt crisis and the ECB’s earlier injections

ECB Moves to Ease Collateral Rules for Banks

  The European Central Bank Friday said it had decided to widen the range of securities that it accepts from euro zone banks in exchange for its loans, with the aim of helping boost lending to firms and households. The

Here’s What Happens If Greece Leaves the Euro

Here’s What Happens If Greece Leaves the Euro

The consequences of Europ…

The consequences of Europe’s rush to austerity will be long-lasting and possibly severe. If the euro survives, it will come at the price of high unemployment and enormous suffering, especially in the crisis countries. And the crisis itself almost surely will spread. Firewalls won’t work, if kerosene is simultaneously thrown on the fire, as Europe seems committed to doing: There is no example of a large economy—and Europe is the world’s largest—recovering as a result of austerity.

As a result, society’s most valuable asset, its human capital, is being wasted and even destroyed.

Young people who are long deprived of a decent job—and youth unemployment in some countries is approaching or exceeding 50 percent, and has been unacceptably high since 2008—become alienated. When they eventually find work, it will be at a much lower wage. Normally, youth is a time when skills get built up; now, it is a time when they atrophy.

Joseph Stiglitz, “After Austerity,” May 8 2012