Council on Foreign Relations Senior Fellow Robert Kahnbreaks down the deal and explains what it means for the future of Greece and the European Union. Greece reached an agreement with European creditors that would impose harsh austerity measures in return for a financial bailout.
Leaders of euro member states held a special Euro Summit on Greece. On July 12, 2015, the leaders "agreed in principle that they are ready to start negotiations on an ESM [European Stability Mechanism] financial assistance programme for Greece."
Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that if Greece exits the eurozone, introducing a new currency could occur quickly; getting broader economic policies right is the more difficult challenge facing the country.
Can Western governments learn anything from the Greek fiasco that will produce a better result in Ukraine? There are countless differences between the two situations, but one big similarity should worry us: In both countries an economic crisis has begotten a political crisis, and the two have begun to feed on each other.
As election season approaches, and global crises in Greece and elsewhere intensify, U.S. foreign policy is in a state of drift that puts the United States at the risk of falling behind its rivals, says Eurasia Group President Ian Bremmer.
Finance ministers from fifty-seven countries met in Beijing in October 2014 and signed a memorandum to establish the Asian Infrastructure Investment Bank (AIIB), which will focus on funding infrastructure to boost economic development in the Asia Pacific region. The Articles of Agreement were opened for signature on June 29, 2015 and must be ratifed domestically by December 31, 2016. The AIIB was inaugurated on January 16, 2016 with the first board of directors meeting and began accepting investment projects.
Crises are an inevitable outgrowth of the modern capitalist economy. So argues Martin Wolf, chief economics commentator for the Financial Times, in his authoritative account of the 2008 financial crisis. Instability reveals itself in the form of shocks; even a seemingly small deviation from the norm can set off a major crisis.
It is clear by now that China’s economy is set to slow in the years to come, although economists disagree about how much and for how long. Last year, the country’s GDP growth rate fell to 7.4 percent, the lowest in almost a quarter century, and many expect that figure to drop further in 2015. Plenty of countries struggle to grow at even this pace, but most don’t have to create hundreds of millions of jobs over the next decade, as China will.
In September 2008, when Chinese President Hu Jintao got word that Lehman Brothers, then the fourth-largest U.S. investment bank, was on the verge of bankruptcy, he was traveling by van along the bumpy roads of Shaanxi Province. Surrounded by policy advisers and members of the Politburo, Hu asked them how China should respond to the inevitable spillover.
Two months from now, the U.S. Congress may shutter a government agency that, in the past six years, has supported more than 1.3 million American jobs and generated more than $2 billion in deficit-reducing profits.
At a 2013 conference held by The Economist in New York, business and policy leaders debated whether talented university graduates should join Google or Goldman Sachs. Vivek Wadhwa, a serial entrepreneur, spoke up for Google. “Would you rather have your children engineering the financial system [and] creating more problems for us, or having a chance of saving the world?” he asked.
For many who arrived in Moscow in recent decades, the city had an almost narcotic effect. In the vacuum created by the Soviet collapse, unabashed opportunism and a limitless sense of the possible became the closest thing the wounded country had to a collective ideology.
Once upon a time, smart people thought the world was flat. As globalization took off, economists pointed to spreading market forces that allowed consumers to buy similar things for the same prices around the world.
Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that the United States should empower the International Monetary Fund and Group of Twenty to better address currency manipulation concerns.
The authors argue that the United States has responded inadequately to the rise of Chinese power and recommend placing less strategic emphasis on the goal of integrating China into the international system and more on balancing China's rise.
Campbell evaluates the implications of the Boko Haram insurgency and recommends that the United States support Nigerian efforts to address the drivers of Boko Haram, such as poverty and corruption, and to foster stronger ties with Nigerian civil society.
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