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O governo espanhol anunciou a redução de 5% dos salários dos funcionários públicos, o congelamento de salários e o corte de investimentos públicos para enfrentar a crise econômica que afeta o país. Na Grécia, sindicatos convocam quinta greve geral contra corte de pensões anunciado pelo governo. Para analista do Financial Times, origem da crise da dívida dos governos é a prodigalidade de amplos segmentos do setor privado, e do setor financeiro, em particular. "Os mercados financeiros financiaram a orgia e, agora, em pânico, estão se recusando a financiar a faxina resultante", diz Martin Wolf.

Parece que Europa no encuentra de manera definitiva el camino de la recuperación. Si ayer las dudas sobre una posible recaída en la recesión hicieron que la Bolsa viviera sus peores momentos desde el inicio de la crisis y la caída de Lehman Brothers allá por septiembre de 2008, hoy es el presidente del Banco Central Europeo, Jean- Claude Trichet, quien califica la situación de "dramática" y de la peor vivida desde la Primera Guerra Mundial.

Nie wieder eine solche Krise: Der europäische Zentralbankpräsident Trichet ruft die Euro-Staaten zur Ordnung. In der "vielleicht schwierigsten Situation seit dem Ersten Weltkrieg" müssten sie endlich ihre Finanzpolitik konsolidieren, sagte er dem SPIEGEL - und bekommt Unterstützung von Kanzlerin Merkel.

¿Por qué hay enormes déficits presupuestarios en todo el planeta? No es porque, de repente, todos los funcionarios del mundo se hayan convertido en apparatchiki de estilo soviético. Es, y por mucho, porque una economía global en declive ha llevado a menores ingresos y a un mayor gasto público en la red de seguridad social. El colmo de la ignorancia económica es proponer la destrucción de esa red de seguridad social a partir de una extrapolación de las equivocadas lecciones proporcionadas por los particularísimos problemas en que se ha metido a sí propia la eurozona.

Could euro devaluation increase the size of the U.S. deficit? Marshall Auerback explores the possibility, and what it means if deficit hysteria continues unchecked.

After a nearly $1 trillion rescue package meant to end Europe's debt crisis once and for all, financial markets took a second look Friday and began to worry about how the plan would actually work and the implications of the drastic austerity measures for the fragile European economies.

At a defining moment for the European Union, its largest country, Germany, appeared divided and its leader absent, raising significant concerns about what kind of leadership Chancellor Angela Merkel can offer as the region tries to stabilize financial markets and shore up its common currency.

First came the real estate crisis. Then the financial system melted down. And now, skyrocketing public debt is threatening entire countries. Star economist Nouriel Roubini tells SPIEGEL that more crises will come and go before world leaders agree on true reform. He says breaking up huge banks would be a good place to start.

French president Nicolas Sarkozy warned of damage to Franco-German relationship if Angela Merkel opposed EU plan

First the financial crisis, then the Greek debt crisis and now speculative attacks on the euro. As European leaders desperately struggle to stabilize their common currency, concerns over inflation are growing.

Hedge fund regulations, a tax on financial markets, a ban on naked short selling. The EU's bid to rein in the speculators has the financial industry up in arms. Lobbyists are already preparing to systematically attack the new proposals.

Angela Merkel told a meeting of international financial leaders that the G-20 must work together to reform the finance system. Merkel is pushing for tougher market regulations despite resistance from many countries.

The European debt turmoil is not a cyclical liquidity crisis. Rather, it is a structural solvency crisis that requires immediate solutions. Dan Steinbock explains why the euro area crisis is only beginning - and explores how this challenge can be overcome.

Fissures among Europe's currency partners are becoming even deeper and more widespread than was previously evident, raising new doubts about whether the group can resolve the regional debt crisis that has simmered for more than a year.

A conversão massiva ao mercado e a globalização neoliberal, a renúncia à defesa dos pobres, do Estado de bem estar e do setor público, a nova aliança com o capital financeiro, despojaram a social-democracia europeia dos principais traços de sua identidade. A cada dia fica mais difícil para os cidadãos distinguir entre uma política de direita e outra "de esquerda", já que ambas respondem às exigências dos senhores financeiros do mundo. Por acaso, a suprema astúcia destes não consistiu em colocar a um "socialista" na direção do FMI com a missão de impor a seus amigos "socialistas" da Grécia, Portugal e Espanha os implacáveis planos de ajuste neoliberal? O artigo é de Ignacio Ramonet.

The EU is not lending money to Ireland, Greece, and Portugal to help those nations' citizens. The EU is lending those nations money because if they don't those nations and their citizens and corporations will be unable to repay their debts to banks in the core. That will make public the fact that the core banks are actually insolvent. When the Germans and French realize that their banks are insolvent the result will be "severe banking crises and a return to recession in the core of the eurozone." The core, not simply the periphery, will be in crisis. The ECB and the EU's leadership would be happy to throw the periphery under the bus, but the EU core's largest banks are chained to the periphery by their imprudent loans.

European banks have hog-tied their governments, replacing Parliamentary democracy with dictatorship by the ECB, which is blocked constitutionally from creating credit for governments - until German and French banks found it in their own interest for it to do so.