Angela Merkel

By Abid Ali in Business on November 1st, 2011
European stocks open sharply down as proposed referendum on Greek bailout casts doubt on eurozone recovery prospects. [Reuters]

We had a deal of sorts from the eurozone leaders - but it was a terrible deal for Greece. Now it seems the Greek Prime Minister George Papandreou has flown back to Athens, and in the cold light of the day, realised he and his people had been sold down the river. Hence a referendum. 

You see German Chancellor Angela Merkel wants to keep kicking the can down the road. There is no legal framework to stop eurozone nations spending beyond their means. And the German nation doesn’t want to bailout anyone - by coming forward with an incomplete deal the pressure is on Italy, Spain and France to find more austerity measures. It’s the German way of keeping the house it built in check, let the markets (bond investors) demand more interest of new bonds sold.  

Merkel and French President Nicholas Sarkozy may not want to read this: but can you believe the world’s biggest and richest trading block is begging China for money?

By Al Jazeera Staff in Middle East on February 4th, 2011
Photo by AFP

From our headquarters in Doha, we keep you updated on all things Egypt, with reporting from Al Jazeera staff in Cairo and Alexandria.  Live Blog: Jan28 - Jan29 - Jan30 - Jan31 - 

By Abid Ali in Business on November 25th, 2010
Photo by EPA

Would you give money to someone in debt?

Tough question I guess. You would ask yourself what is the possibility of them paying you back.

How would you feel if the money you give was guaranteed?

I think you would step up.

Now here’s the problem. Bond holders to the troubled economies of Greece, Ireland, Portugal and Spain have been offered unwritten guarantees. They have been banking on Germany stepping in to help bailout Europe’s laggards.

The lady who triggered the latest crisis that has Ireland taking its begging bowl to the European Union and International Monetary Fund is at it again. And she’s right.

German Chancellor Angela Merkel said:

Have politicians got the courage to make those who earn money share in the risk as well? Or is dealing in government debt the only business in the world economy that involves no risk?

By Jonah Hull in Europe on November 14th, 2010
Photo by GALLO/GETTY

Germany has known its ups and downs. The recession that struck in 2009, along with the global financial crisis, was the country's worst since World War Two.

It dwarfed even the dire post-reunification problems that led many to consider this country an economic write-off.

But it's bounced back in the past and it's done so again, putting an impressive stable of highly-specialised, niche market exports back into play as the Asian giants reawoke with a fearsome appetite.

In 2009, as the cash-strapped global economy shunned German exports, the economy contracted by 4.7 per cent.

This year, by contrast, the government expects full-year growth of 3.4 per cent, cooling to 1.8 per cent in 2011.

Independent experts are even more optimistic.

By Alan Fisher in Europe on November 9th, 2010
Photo from AFP

In the dull north German morning, they moved slowly towards their final destination. The blue flashing lights of the police escort provided the only colour in the uniform grey cloak of the landscape.

Beside the road, the cast aside remnants of the protesters last stand. Thousands of them who came to block the path of the 11 lorries carrying nuclear waste to the former saltmine which will be its home for now, and many worry may be their home for always.

The police came after dark. I have never seen so many: hundreds upon hundreds. Each pair assigned to one protester, lifting up the dead weight, moving them to the side and starting over again. The police queued to take their turn. There were the odd shouts of anger, but this was largely peaceful and dignified. 

It took hours. The demonstrators covered a lot of ground. The roads to the area outside Gorleben were blocked. No cars, no buses - even bikes were eyed suspiciously.

By Gregg Carlstrom in Middle East on May 31st, 2010
Protesters in Istanbul wave Palestinian flags after the raid (Photo: AFP)

Early Monday morning, Israel attacked a flotilla of aid ships bound for the Gaza Strip; up to 10 people were killed in the pre-dawn raid, according to organisers and media sources.

We'll be live-blogging the aftermath of this incident throughout the day; keep checking back for international reaction, news from our correspondents on the ground, photos and video. (All times are GMT, except where noted.)

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By Abid Ali in Business on May 3rd, 2010
Photos by EPA

Breakin' rocks in the hot sun

I fought the law and the law won

I fought the law and the law won

I needed money ‘cause I had none

I fought the law and the law won

I fought the law and the law won

By Alan Fisher in Europe on March 25th, 2010
photo from AFP
After weeks of will they/wont they, they finally did.  The 16 Eurozone countries have agreed a deal to help Greece out of it's financial black hole.  But as Angela Merkel, the German chancellor has constantly reminded us, it is a tool only to be used as a 'last resort'.
 
The Germans wanted the involvement of the International Monetary Fund.  The French weren't terribly keen but realising there would only be a deal on the terms dictated by Europe's strongest and largest economy, they put aside their objections.
 
So now the Greeks can approach the world's financial markets to refinance their massive 700 billion dollar debt and if the interest rates quoted are too high they have a plan B.
 
By Alan Fisher in Europe on March 25th, 2010
Photo from EPA
The next two days are extremely important for the European Union, and more particularly for the 16 member states that use the euro as their currency.
 
Some say it's the worst crisis in years. For the EU, that's quite a claim.
 
EU leaders meet here in Brussels. Greece and it's massive debt problem may not officially be on the agenda but it will dominate discussions.
 
The first thing to say is that Greece hasn't asked for a financial bailout.  It's made punishing cuts in its budget which has brought protests onto the streets, but has also convinced the financial markets it's on target to get its spending under control.
 
By Abid Ali in Business on February 15th, 2010
Photo from AFP
Discipline in any team is important. Players pulling in opposite directions can destroy unity – we expect everyone to behave with some moral fiber.  That’s why John Terry lost his England job. But what do you do with a country like Greece that actually lied about its debt problems?
 
 
So what should Angela Merkel and Nicolas Sarkozy do? Should they bailout Greece or kick it out of the union? Gordon Brown has been pretty clear: if Greece needs financial help then it should go cap in hand in the International Monetary Fund. But it’s easy for Brown to make such comments his nation is not part of the euro zone.
 

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