Gloomy times ahead, but hope dies last: Greece’s way forward after the referendum

More than 60% of Greeks rejected an outdated and expired rescue package offered to Greece by its European partners. Greek prime minister Alexis Tsipras’ strategy for an “all in” at the negotiation table worked, at least for now. His government can now claim that Greeks are tired of austerity and need growth. While all reasonable observes would agree that it is growth that Greece needs, the country is at the brink. However, also the Eurozone is facing its worst crisis since it started to exist in 1999. Continue reading “Gloomy times ahead, but hope dies last: Greece’s way forward after the referendum”

Eurozone: Agreement with Greece first step to overcome austerity

Greece has experienced painful years. The crisis has basically turned around Greek society during the past seven years. With the early Greek elections on 25 January 2015, the “radical” left-wing party Syriza triumphed with 36.3% while the established parties had to face huge losses. Greeks have enough of austerity policies; they want to regain some hope – and particularly change. Continue reading “Eurozone: Agreement with Greece first step to overcome austerity”

Lithuania approved as 19th member of the Euro

The Euro remains popular. Lithuania declared that it wants to join the Eurozone in January 2015 and the Commission confirmed that the small Baltic country fulfills all the criteria. At the Brussels summit on 27 June 2014, the EU Council not only voted in favor of Jean-Claude Juncker as the next president of the EU Commission, and signed partnership agreements with Georgia, Moldova and Ukraine, but importantly as well included a statement that Lithuania will become the 19th member of the Euro. I remember vividly that many of my friends in 2010 in the U.S. told me that the Euro would fall apart. Now, the Euro is back on his feet and enjoys popularity among member states. Continue reading “Lithuania approved as 19th member of the Euro”

Welcome to the Eurozone, Latvia!

4MP859 Digital CameraMany people around the world have a negative perception of the eurozone these days. Recession and record unemployment of member states has led to the common view that the euro will soon fall apart. And yet, it still has not done so. Nor will it do so any time soon. On the opposite, there are European Union (EU) countries which want to join the single currency and by that strengthen European integration. Among them is Latvia, where the government worked hard to prepare the country for euro membership. One week ago, EU finance ministers approved Latvia as the 18th member of the euro zone. Therefore, Latvia will adopt the euro from the beginning of 2014.

Continue reading “Welcome to the Eurozone, Latvia!”