When the world gets closer.

We help you see farther.

Sign up to our expressly international daily newsletter.

Economy

The Final Sprint To Save Europe's Banks (And The World Economy Too...)

With time running out, France's Sarkozy and Germany's Merkel have moved closer to a framework that would allow for a debt cut for Greece, and protect those French banks that might not withstand the partial Greek default. The health of th

BNP Paribas is one of several French banks struggling (azartaz)
BNP Paribas is one of several French banks struggling (azartaz)
J. Dams, F. Eder and T. Kaiser

BERLIN - Three years after the crash of the US investment bank Lehman Brothers, the financial crisis is hitting hard again. If, in the fall of 2008, the whole future of the international financial system – and, with it, the whole world economy – was at stake, according to many experts the situation today is even worse.

If the politicians aren't capable of dealing with the financial crisis in a credible way, "then I believe that within two to three weeks, we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system," warned Robert Shapiro, an International Monetary Fund (IMF) consultant.

Keep reading... Show less
You've reached your monthly limit of free articles.
To read the full article, please subscribe.
Get unlimited access. Support Worldcrunch's unique mission:
  • Exclusive coverage from the world's top sources, in English for the first time.
  • Stories from the best international journalists.
  • Insights from the widest range of perspectives, languages and countries
Already a subscriber? Log in

When the world gets closer, we help you see farther

Sign up to our expressly international daily newsletter!

"Er ..."

YouTube screenshot

May 21-22

  • A liberated Ukrainian village
  • Long COVID limbo
  • TikToker under fire
  • … and much more.
Keep reading... Show less

When the world gets closer, we help you see farther

Sign up to our expressly international daily newsletter!
You've reached your monthly limit of free articles.
To read the full article, please subscribe.
Get unlimited access. Support Worldcrunch's unique mission:
  • Exclusive coverage from the world's top sources, in English for the first time.
  • Stories from the best international journalists.
  • Insights from the widest range of perspectives, languages and countries
Already a subscriber? Log in
THE LATEST
FOCUS
TRENDING TOPICS

Central to the tragic absurdity of this war is the question of language. Vladimir Putin has repeated that protecting ethnic Russians and the Russian-speaking populations of Ukraine was a driving motivation for his invasion.

Yet one month on, a quick look at the map shows that many of the worst-hit cities are those where Russian is the predominant language: Kharkiv, Odesa, Kherson.

Watch Video Show less
MOST READ