Greece

Normally, the phrase ‘continent in crisis’ is hyperbole. But it seems appropriate today as we contemplate the situation Europe, and more specifically the EU, finds itself in. In the next few days, Greece could default, triggering its exit from the single currency and financial disruption across the Eurozone. Meanwhile, Rome is on the verge of unilaterally issuing Mediterranean migrants travel documents enabling them to travel anywhere in the Schengen area because—as Nicholas Farrell reports in the magazine this week—Italy simply cannot cope with many more arrivals. Those involved in the British government’s preparations for a Greek exit put the chances of it at 50:50. If Greece did leave, which would

The campaign to keep Greece in the euro has resulted in five years of groundhog days. The unfortunate country seems to be forever approaching a day of repayments it cannot afford. Ministers and diplomats assemble to thrash out a deal. Meetings collapse in bad temper, and markets sink. Then, at the eleventh hour, a deal is somehow forged. Greece agrees to reforms which seek to cut spending and balance the books in return for billions of pounds of bailout cash. Markets rebound. The money is paid, the debt repayments met. And then all starts to go wrong again. A few months later we are back where we began. Anyone who

The Greek crisis has been going on for so long now, it is hard to imagine it actually coming to a conclusion. But next week’s meeting of European Finance Ministers is one of the last chances for a deal to be struck. However, there is no sign of an agreement yet. The Financial Times today picks up on German press reports about the German government preparing for Greece leaving the Euro. The Germans have long been convinced that any contagion from Greece leaving the single currency could be contained privately many in Whitehall think that Berlin is far too complacent about this. Now, it appears that Merkel is turning her

Home David Cameron, the Prime Minister, toured Europe trying to gain support for reforms to favour Britain’s position in the European Union. Angela Merkel, the Chancellor of Germany, said she did not rule out treaty changes in Europe and would be a ‘constructive partner’ of Britain in seeking reforms. Nick Clegg, the former deputy prime minister, was found to be on a list of 89 figures from the EU banned from entering Russia. Jeremy Hunt, the Health Secretary, said he would do something to reduce the cost of agency staff for the NHS in England, which amounted to £3.3 billion last year. The government, which has reduced its stake in Lloyds

Home A Bill to enable a referendum on whether voters wanted Britain to ‘remain’ in the European Union figured in the Queen’s Speech. Another Bill prohibited any rise in income tax rates, VAT or national insurance before 2020. Tenants of housing associations would be given the right to buy their homes. Provision for Scottish devolution was promised in fulfilment of the recommendations of the cross-party Smith Commission. A ‘powerhouse’ in the north was to come into being through cities being given powers over housing, transport, planning and policing. Laws on strikes would be tightened. Red tape for business would be reduced, and a new quango set up to invigilate late

Home The country went to the polls. David Cameron, the Conservative leader, prepared by going around with his sleeves rolled up. Ed Miliband, the Labour leader, said that his pledges had been cut into an eight-foot slab of limestone. Nick Clegg, the Liberal Democrat leader, took a bus for John O’Groats. Stuart Gulliver, the chief executive of HSBC, said it would take ‘a few months, not years’ to decide whether to move its headquarters out of Britain. Sainsbury’s reported a loss of £72 million for the year, after writing down a fall in the value of some of its shops. Three tons of cocaine, worth perhaps £500 million, were recovered

Home The prospect of a parliamentary alliance between Labour and the Scottish National Party injected an element of fear into the election campaign. The SNP manifesto promised to increase spending and to find a way to stop the renewal of the Trident nuclear deterrent. Nicola Sturgeon, the SNP leader, said she wanted to make Labour in government ‘bolder and better’. Lord Forsyth, a former Conservative Scottish secretary, said that the building up of the SNP, to take seats in Scotland, was a ‘dangerous view which threatens the integrity of our country’. Ed Miliband, the Labour leader, said the Tories should not be ‘talking up’ the SNP. Even the Democratic Unionists

Home Tony Blair, the former prime minister, opposed a referendum on membership of the EU. In a speech at Sedgefield he said that, following the Scottish referendum, David Cameron, the Prime Minister, knew ‘the perilous fragility of public support for the sensible choice’. Opinion polls following a television debate by seven party leaders, which drew an audience of 7.7 million, were inconsistent. Nicola Sturgeon, the leader of the Scottish National Party, was held to have made a mark, while Leanne Wood, the leader of Plaid Cymru, and Natalie Bennett polled at between 2 and 5 per cent. Nigel Farage, the leader of Ukip, was seen to sweat profusely. He had