Financial crisis

Behind Turkey’s volte-face on Isis, President Recep Tayyip Erdogan is fishing for nationalist votes by tarring as terrorists the pro-Kurdish coalition, argues David Gardner

Something is rotten with the eurozone’s hideous restrictions on sovereignty, writes former Greek finance minister Yanis Varoufakis, in response to allegations he planned to hack Greece’s tax system Read more

  • Amid the political noise, the historic nuclear deal between Iran and international powers is a victory for pragmatism in Tehran, writes Roula Khalaf
  • Greece’s creditors have destroyed the eurozone as we know it and demolished the idea of a monetary union as a step towards a democratic political union, argues Wolfgang Münchau
  • Republican presidential hopeful Donald Trump offers a megaphone to the noisy minority of Americans who believe they are losing the battle with modernity, writes Ed Luce
  • Europe’s creditor-in-chief has trampled over values like democracy and national sovereignty, and left a vassal state in its wake. Which country will be next? asks Philippe LeGrain (Foreign Policy)
  • We apologise to Marxists worldwide for Greece refusing to commit ritual suicide to further the cause. We elected a good, honest and brave man, who fought like a lion, writes Alex Andreou (Byline)

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By Gideon Rachman
Europe woke up on Monday to a lot of headlines about the humiliation of Greece, the triumph of an all-powerful Germany and the subversion of democracy in Europe.

  • Scott Walker, the “regular Joe” governor of Wisconsin and Republican presidential hopeful, needs to shrug off concerns that he is a foreign policy lightweight in his run for the White House
  • Young people are shunning cocoa farming in Ghana, leading to fears that production and productivity could be harmed in the world’s second-biggest grower of the soft commodity
  • Mexico’s most wanted drug lord, known as “Shorty”, has pulled off his second sensational jailbreak in 15 years – dealing a blow to the government which had taken pride in capturing top crime kingpins
  • A full transcript of the first interview with Yanis Varoufakis, the former Greek finance minister, since his resignation (New Statesman)
  • A nationalist militia in Ukraine engaged in a standoff with soldiers and police following a gun and grenade attack after its fighters confronted supporters of a local MP critical of the group (The Telegraph)

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Europe’s moment of decision on Greece
Is this week finally the one when Greece defaults on its debts and crashes out of the euro? Gideon Rachman is joined by Henry Foy and Ferdinando Giugliano to discuss an apparent hardening of opinion among Europe’s politicians towards Greek appeals for debt relief.

By Gideon Rachman
Greece’s No vote was greeted with euphoria in Athens’s Syntagma Square: the fountains were bathed in red light, the flags waved, the crowds sang patriotic songs. Alexis Tsipras, the prime minister, had said the vote was about national pride and his message had struck home. One young woman, a freelance journalist, confided: “I actually voted Yes. But part of me is glad Greece said No. We are a small country, but we have a big history. This is about our dignity.”

  • July 2015 will go down in history as a continuation of hell for Greece, whose leftwing government has brought catastrophe to the nation, argues Tony Barber
  • The beginning of the end for Yanis Varoufakis, Greece’s finance minister who has just stepped down, began not in Athens, or even Brussels or Berlin, but in the small Baltic capital of Riga
  • Though Ivory Coast has staged a successful comeback since its civil war, some say the focus on the economy at the expense of reconciliation could come back to haunt the country
  • Mexico’s government wants to tame the disruptive teachers’ union which has seized public plazas, burned government buildings and choked off a city’s gas supply (Washington Post)
  • “Germany has never repaid”: In a forceful interview, French economist Thomas Piketty calls for a major conference on debt (Medium, orginally published by Die Zeit)

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By Gideon Rachman
The shuttered banks of Greece represent a profound failure for the EU. The current crisis is not just a reflection of the failings of the modern Greek state, it is also about the failure of a European dream of unity, peace and prosperity.

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What happens if Greece defaults?
Is Greece about to default on its debts and if so, what happens next? Gideon Rachman and his guests Tony Barber and Martin Sandbu discuss what has gone wrong between Greece and its eurozone creditors and whether the political rifts can be repaired.

By Gideon Rachman
Neither man would appreciate the comparison, but Alexis Tsipras and David Cameron are in remarkably similar situations.

Greece on the brink
Greece is said to be about to run out of money and yet there’s no sign of a deal with its creditors. Gideon Rachman is joined by Martin Sandbu and Kerin Hope to discuss whether a further crisis can be avoided.

  • Despite being accused of naivety in his foreign policy, Barack Obama is showing qualities associated with Henry Kissinger – the arch-realist of US diplomacy, writes Ed Luce
  • Whether by design or accident, Athen’s Syriza-led government has achieved deep European harmony – but this has not produced agreement on a strategy for dealing with the Greek crisis
  • Dubai is hoping to be a bridgehead for deals with Iran as international investors prepare for a gold rush with the prospect of an end to nuclear sanctions in sight
  • Secret files from the Islamic State of Iraq and the Levant (Isis) show how former officials under Saddam Hussein helped design a blueprint for the militant jihadi group’s meteoric rise (Spiegel Online)
  • Who or what abdicated power in Grimsby, once the largest fishing port in the world and now a target for the UK Independence party, leaving swathes of it to rot? (London Review of Books)

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Three weeks to go until the UK general election, and whatever the result – most likely no party with an overall majority in parliament – the remarkable thing is the serious underperformance of the ruling Conservatives.

The Conservatives inherited a nascent economic recovery in 2010 from a desperately unpopular Labour government that had been in power for thirteen years, and, despite questionable economic policies such as excessive austerity, narrowly managed not to screw it up.

But instead of building on their modest 36.1 per cent vote share in 2010, which forced them to form a coalition with the Liberal Democrats, polls now show the Tories struggling to break above 35 per cent. Read more

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  • Lee Kuan Yew, the founder and patriarch of modern Singapore who has died at the age of 91, was one of postwar Asia’s most revered and controversial politicians
  • In a fight between whales, the shrimp’s back is broken, according to a South Korean expression that sums up the country’s struggle to balance its strategic relationships with China and the US
  • Can economic optimism return quickly enough in Europe to prevent the further rise of extremist political parties? asks Gideon Rachman
  • Despite brutal punishments under Saudi justice drawing comparisons to Isis, avenues for mercy are built into the system that allow reprieves (New York Times)
  • It is used by almost a tenth of the world’s population, gives a buzz equivalent to six cups of coffee and is a symbol of love. But the humble betel nut is also sending tens of thousands to an early grave (BBC)

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By Gideon Rachman
Europe is in a race against time. After six years of economic crisis, extremist political parties are well-entrenched across the continent. Set against that, the European economy is in better shape than for some years. The question is whether economic optimism can return quickly enough to prevent the bloc’s politics slithering over the edge.

In his Budget speech to parliament on Wednesday, the UK chancellor George Osborne indulged in the traditional needling of his opponents on the opposite bench. Whether it was a dig at Ed Miliband, Labour leader, for his two kitchens, or at the party’s recent electioneering in a “women-friendly” pink van, his jokes at the opposition’s expense met with the usual roars of raucous approval from his own benches.

But the second biggest target of his needling was rather more surprising – our friends across the Channel. Read more

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