Partners or rivals? Chinese investments in Central and Eastern Europe
Today China holds 1/3rd of the world’s currency reserves. By 2030, the Chinese economy will surpass the United States, becoming the world’s largest market. Between 2007 and 2012, the Chinese economy grew by close to 60 percent; emerging Asia as a whole by almost 50%. Over the same period, economies of high income countries have grown by a mere 3%. Clearly the world is undergoing profound changes. READ MORE
Greece approves austerity cuts to secure eurozone bailout and avoid debt default
MPs in Athens approve severe budget cuts imposed by the EU after rallies against the bill erupt in street violence READ MORE
Azerbaijan develops Islamic financing
Azerbaijan may soon become a regional Islamic financing center and play a significant role in boosting cooperation in Islamic banking with Persian Gulf and Central Asian countries. READ MORE
EU budget pact - a major breakthrough?
At their summit on Monday, 26 European Union members are set to adopt a new treaty on budget discipline. The fiscal pact is aimed at cutting debt. Is it a breakthrough or just a sideshow? READ MORE
Germany's top court throws out anti-euro bailout lawsuit
Germany's constitutional court has ruled that the country's contribution to the eurozone bailout fund was legal, but said parliament must have greater say in similar decisions in the future. Markets were up on the news. READ MORE
The Euro-American Debt Dilemma
Wealthy Europe and America, crown jewels of mixed capitalist democracies, are drowning in deficits and debt, owing to bloated welfare states that are now in place (Europe) or in the making (the United States). As Europe struggles to prevent financial contagion and America struggles to reduce its record deficits, their dangerous debt levels threaten future living standards and strain domestic and international political institutions. The ratings agencies are threatening additional downgrades; others envision an eventual breakup of the euro and/or demise of the dollar as the global reserve currency. READ MORE
