austerity
Reports on austerity See all →
Portugal: The economy is Costa’s next big test
Portuguese Prime Minister Antonio Costa has helped keep populism in check by “taming” radical leftist parties and including them in his governing “contraption” coalition. He has avoided austerity, making him popular and likely to win October’s elections. After that, he will need to solidify Portugal’s recovery with deeper economic reforms. The question is whether he can do so with his far-left partners pulling in the opposite direction.
Russia breaks its social contract
In two decades of rule, Russian President Vladimir Putin has ensured stability by offering Russians an implicit social contract – a modest but secure social safety net in exchange for carte blanche in politics. Now, the country’s deepening financial and demographic crisis has put an end to this, forcing the ...
As sanctions take their toll, Russia turns to import substitution
As the Russian economy’s difficulties deepen, the Kremlin is putting a brave face on things. It maintains that Western sanctions have been beneficial and that its own anti-crisis program is working. Moreover, the government is talking up a new “Strategy 2030” to boost domestic self-sufficiency based on import substitution. The ...
Euro crisis: time for a rerun?
After Greece obtained its third bailout last summer, Europe turned its attention to other crises. But it would be naive to conclude that the sovereign debt crisis is over. The Greek drama is still far from a happy ending; in Portugal and Spain, fragile left-wing governments may want to abandon ...
Kadyrov’s gambit: deciphering the antics of Chechnya’s leader
As Russia sinks deeper into economic crisis, the political games being played in that country have become increasingly alarming and difficult to interpret. The latest is a series of pointed threats against the political opposition, issued by Ramzan Kadyrov, the hardline leader of Chechnya. What is Mr. Kadyrov playing at, ...
