Archivo de la etiqueta: Crisis @en

The bankruptcy of Lehman Brothers. The anniversary of broken promises

5 years after the bankruptcy of Lehman Brothers, and the beginning of the worst economic crisis in decades, the EU has not delivered on promises of strong regulation of the financial sector. A swift overhaul is needed. Together with other organisations (full list at the end), CEO has signed the statement below. 

The 15th of September marks the fifth anniversary of the most spectacular bankruptcy in the financial crisis of 2007-2008. On that day, renowned Wall Street investment bank Lehman Brothers filed for bankruptcy due to disastrous investments in US real estate through financial products. At the time, European leaders made bold promises to reform financial regulation in the EU “to respond to crises, but also to avoid them in the future”, Commission President Barroso said. Five years on, the results are woefully insufficient. Sigue leyendo

The Debt Crisis: From Europe to Where?

The editors have chosen an excellent title for this book “The Debt Crisis: From Europe to Where?” which incorporates a series of analyses written mainly in 2011 – 2012. The epicentre of the crisis that began in the United States in 2007 shifted to Europe in 2010 and it is necessary to ask the questions: where is this crisis leading to? How will the rest of the world be affected?

The combined effect of a crisis of overproduction in the real estate sector in the U.S., as well as the banking and financial crisis of great magnitude produced the economic and social disaster. The banking and financial crisis was itself caused by the deregulation of the financial sector launched by the successive governments in the U.S. and Europe starting from the widespread introduction of neo-liberal policies in the 1980s. This deregulation allowed large banks and major insurance companies to develop derivatives and structured products that are powerful weapons of mass destruction. These bombs began to explode in 2007 and the explosions are not yet over. The current crisis is clearly a major crisis of the capitalist system. The current governments benefit from it, since they can apply shock therapy. The policies they are developing will prolong and aggravate the crisis. Sigue leyendo

FOR A EUROPEAN SPRING

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Our Democracy against their austerity! – a call for action against the EU Spring Summit

‘For a European Spring’ is a call for actions, strikes and demonstrations all over Europe on the 13th of March, and for a pan-European demonstration and creative actions in the city of Brussels on the 14th of March. It is targeted at the EU Spring Summit, where leaders from across the continent will assemble on the 14th and 15 to strengthen the European Council’s response to the crisis. Sigue leyendo