Financial Crises

Expert Brief

No Great Firewall Will Save Europe

Author: Steven Dunaway

Talk among major economies is intensifying over a "financial firewall" to contain the eurozone crisis. But CFR's Steven Dunaway says the emphasis should be on pressing debt-saddled states to make reforms that will improve their growth prospects.

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Analysis Brief

Rescue or Risk for Greece?

Author: Christopher Alessi

Greece appears to have averted imminent default, but its recovery prospects remain clouded by the severity of its planned austerity measures and the impact cutbacks have already had on its stricken economy.

See more in Financial Crises; Greece

Must Read

Brookings: Election Doesn't Mean Wasted Fiscal Year

Authors: Pete V. Domenici and Alice M. Rivlin

Election year doesn't have to be a wasted year on the fiscal front, say Pete V. Domenici, Co-Chair of the Bipartisan Policy Center's Debt Reduction Task Force and Alice M. Rivlin, Senior Fellow for Economic Studies at the Brookings Institution, emphasizing the need to slow down the growth of major entitlements and raise additional revenue from an efficient tax system.

See more in Elections; Financial Crises; United States

Backgrounder

The Eurozone in Crisis

Author: Christopher Alessi

The eurozone, once seen as a crowning achievement in the decades-long path of European integration, is buffeted by a sovereign debt crisis of nations whose membership in the currency union has been poorly policed.

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Analysis Brief

Does the Greek Deal Go Far Enough?

Author: Christopher Alessi

Even as Greek leaders agree to new austerity measures, the IMF is calling on Greece's official creditors to take losses on its bond holdings. Analysts and policymakers increasingly question the wisdom of EU-mandated austerity measures at the expense of growth.

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Primary Sources

The White House describes this January 2012 document: "In his State of the Union address, President Obama laid out a Blueprint for an America Built to Last, calling for action to help responsible borrowers and support a housing market recovery. While the government cannot fix the housing market on its own, the President believes that responsible homeowners should not have to sit and wait for the market to hit bottom to get relief when there are measures at hand that can make a meaningful difference, including allowing these homeowners to save thousands of dollars by refinancing at today's low interest rates. That's why the President is putting forward a plan that uses the broad range of tools to help homeowners, supporting middle-class families and the economy."

See more in Financial Crises; United States