euro

Global recession from West to East

By Pr.Kamran Dadkhah, Senior Economist

There seems to be pessimism in the air regarding the economic prospects of the West and by extension the world. In its recent report, the Organization for Economic Co-operation and Development (OECD) revised downward its estimates of growth for many countries. It lowered the overall growth rate forecast of the Euro Zone for 2013 and 2014 each by 0.5 per cent. For the entire OECD, the forecast has been lowered by 0.6 per cent for 2013 and 0.2 per cent for 2014.

Angela Merkel’s Pyrrhic Victory

By George Soros

As far as Germany is concerned, the drama of the euro crisis is over. The subject was barely discussed in the country’s recent election campaign. Chancellor Angela Merkel did what was necessary to ensure the euro’s survival, and she did so at the least possible cost to Germany – a feat that earned her the support of pro-European Germans as well as those who trust her to protect German interests. Not surprisingly, she won re-election resoundingly.

Searching for the One to Blame for Cyprus

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By Ivan Preobrazhenskij

Who has invented the tax on Cyprus bank accounts, which the Parliament of the island country doesn’t want to approve? The European Central Bank is trying to lay the blame on the President of Cyprus, and he, in his turn, blames the governments of the Eurozone countries. Meanwhile the issue, as well as the accounts in Cyprus banks have hung up for indefinite period, as they have not yet been able to “break” the MPs. Moscow also tries to take part in the resolution of this problem, which was appointed beyond its will as a “title sponsor” of Cyprus stabilization.