Europe & Central Asia

Mexico’s G20 Summit: In the Eye of the Storm

The hopes of Mexico’s president Felipe Calderon to have the European crisis under control before he presides over the G20 Summit have been dashed. Although the immediate threat of an economic meltdown has subsided, the crisis is far from over. Continued uncertainty in Greece and growing crisis in Spain are the most recent problems that have worsened the situation in the euro zone, said the European Commission in its weekly report for the last week of May. As usual, it called for holding the line.

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The Spanish Bank Bailout: Digging a Deeper Hole

“I’m going to see the European cup having resolved the situation,” claimed Spanish Prime Minister Mariano Rajoy on Sunday, after a bailout of the country’s banks worth up to €100 billion was announced. The Spanish team drew, but the Spanish people continue to lose – paying for a crisis that has left them with “not much bread, and terrible circus” (Poco pan y pésimo circo), in the words of a Spanish rap-rock song that sounds more apt today than when it was recorded over 15 years ago.

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