A Delicate Dance.

On Saturday Greek Prime Minister Alexis Tspiras addressed the nation to inform the Greek people that his government had “won a battle, not the war.” The new government must submit a list of reforms by Monday that must first be approved by international creditors before it can be given approval to extend the bailout terms…

A Devastating Loss.

Hungary’s Prime Minister Viktor Orban has lost his super majority after a by-election was won by independent candidate Zoltan Kesz. The “super majority” allowed the prime minister to pass a new constitution and other laws without support of the other parties in parliament. The by-election was triggered by Fidesz’s Tibor Navracsics, who won the seat…

Friction in France.

France’s Prime Minister has survived a confidence vote, demanded by the opposition UMP. 234 members of parliament voted to oust the socialist government well short of the required amount. The vote was triggered when Prime Minister Valls forced through labor market reforms without a vote. The rare constitutional mechanism called 49-3, was last used in…

The Costs of War in Ukraine.

Ukraine’s war efforts are costing the country on the brink of default a staggering $7-$10 million per day ($2.55-$3.65 billion per year). Industrial production has slowed by a record 21.4%, while foreign debt is approaching 60% of GNP (Gross National Product). The government has had to make significant budget cuts to cope with a magnifying…