Posts tagged ‘financial crisis’


18 March 2013

The Cyprus Debacle

James Meek

Years ago, in the early days of the financial crisis, Cyprus was one of the first European countries to reassure bank savers of relatively modest means by guaranteeing their deposits up to a limit of €100,000. What this meant was that the government made a promise. Anything could happen to a bank. It could go bankrupt. Branches could crumble into lumps of concrete and shards of glass, servers explode in showers of sparks, cashiers and mortgage consultants plunge flaming from fourth-floor windows, and small savers would still get their money back.


14 February 2012

In Athens

David Patrikarakos

Charred bricks and broken glass form the bulk of what was once the Attikon cinema, burned down by hundreds of rioting Greeks in protest at the harshest austerity measures Europe has ever seen. Five lethargic firemen hose water onto the smouldering ruins. Behind them a ring of about 20 camera crews film the scene, and behind them, a ring of bystanders hold up their phones and take pictures. Even for crisis-hit Greece, the violence has been severe.


3 July 2009

Andy's Sleeve

Thomas Jones

To much general British disappointment, Andy Murray hasn't made it to this year's Wimbledon final. I was distracted during his defeat at the hands of Andy Roddick by the insignia on the sleeve of his generally quite tasteful Fred Perry shirt. Subtler than Roddick's black armbands, the logo of the Royal Bank of Scotland was still highly visible throughout the tournament. Cause, then, beyond mere patriotism, to get behind Murray: having bailed RBS out to the tune of who knows how many billions, British taxpayers aren't just Murray's supporters, they're his de facto sponsors, too.


4 June 2009

Short Termism

Inigo Thomas on Brown on Thatcher

Short-term profiteering is one explanation for the banking crisis. Who was among those who warned of the dangers of short-term economic and financial thinking? Gordon Brown, who has begun to resemble Richard Nixon in the way he is clinging to power because that's all there is left to cling to. Twenty years ago, in two pieces he wrote for the LRB, Brown attacked Thatcher for promoting short-term gain at the expense of long-term investment and research. In fact, Brown equated the entire Thatcher project with short-term thinking, blind as he also believed it was to long-term growth.