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Economy

Europe's Leaders Are Staring Into An Abyss (But At Least They See It)

Analysis: Bad news is that the euro zone's crisis and Greek (and other) debts are even deeper than previously estimated. Good news is that France's Sarkozy and Germany's Merkel have begun to face the crisis with the honesty and

Greeks last year protesting austerity cuts (PIAZZA del POPOLO)
Greeks last year protesting austerity cuts (PIAZZA del POPOLO)
Cerstin Gammelin

The latest summit in Brussels marked a turning point in the euro crisis that has been raging for two years now. For the first time, the denial of Europe's leaders about the true gravity of the situation seems to finally be lifting. The only solution is to throw even more billions at the problem – and even that is only going to buy time while sustainable rescue measures are developed.

If such a thing as a "mirror of truth" had existed in the European debt crisis, this weekend was the first time European leaders dared to look into it. What they saw was worse than all negative expectations. At the crisis's epicenter, Greece, shock waves are greater than ever. The situation isn't much easier in Italy or Portugal. It is crystal clear that the timid steps of politicians seeking to cover their own national interests are no match for the historic endeavor of rescuing the world's second-largest currency.

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Geopolitics

AMLO Power Grab: Mexico's Electoral Reform Would Make Machiavelli Proud

Mexican President Andrés Manuel López Obrador, aka AMLO, says his plans to reform the electoral system are a way to save taxpayer money. A closer look tells a different story.

President Andres Manuel Lopez Obrador of Mexico votes

Luis Rubio

OpEd-

MEXICO CITY — For supporters of Mexico's President Andrés Manuel López Obrador (AMLO) the goal is clear: to keep power beyond the 2024 general election, at any price. Finally, the engineers of the much-touted Fourth Transformation, ALMO's 2018 campaign promise to do away with the privileged abuses that have plagued Mexican politics for decades, are showing their colors.

Current electoral laws date back to the 1990s, when unending electoral disputes were a constant of every voting round and impeded effective governance in numerous states and districts. The National Electoral Institute (INE) and its predecessor, the IFE, were created to solve once and for all those endemic disputes.

Their promoters hoped Mexico could expect a more honest future, with the electoral question resolved. The 2006 presidential elections, which included AMLO as a recalcitrant loser, showed this was hoping for too much. That election is also, remotely, at the source of the president's new electoral initiative.

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