Eurozone

World Views: July 24, 2015

Jul 24, 2015

Guest host Rebecca Cruise is joined by University of Oklahoma professor and European Union expert Mitchell Smith about how Greece got to its current economic crisis, and why its citizens are still on a "quest for hope."

Then Suzette Grillot talks with geographer Kathleen O’Reilly about the gender and social issues of sanitation projects in India.

Police guard the National Bank of Greece in Athens. Undated, uploaded Feb. 13, 2015.
Global Panorama / Flickr

The Greek parliament passed a series of economic and judicial reform measures stipulated by creditors on Thursday, allowing talks to go forward on a bailout package for the country.

If a deal is reached, it would mark the third bailout package for Greece in five years and is expected to be worth as much as 85 billion euros, according to the Associated Press.

To Be Young And Greek In A Time Of Crisis

Jun 29, 2015

In Greece, a breakdown in negotiations between the Greek government and its creditors has put Greece on the verge of default and an exit from the eurozone.

Greek banks were closed after a flood of fear-driven withdrawals, and they won’t open until next week. Greek citizens are being asked to decide the fate of the country in a referendum Friday on the economic terms that creditors are asking for in exchange for fresh aid.

University of Oklahoma political economist and European Union expert Mitchell Smith joins the program for a conversation about the eurozone's economy slipping further into recession, and the American kicked out of Russia over accusations of spying for the CIA.

Veteran diplomat Richard Arndt speaks with Suzette Grillot and Joshua Landis about how the national security state changed U.S. diplomatic relations. He's the author of The First Resort of Kings: American Cultural Diplomacy in the Twentieth Century.

William Murphy / Flickr

Slow growth is plaguing many European countries as they struggle to cut their spending and debts. France's GDP has fallen for two consecutive quarters, and Greece's international lenders say unemployment will remain above 20 percent for another three years.

Mitchell Smith, the Chair of OU's Department of International and Area Studies and the Director of the European Union Center, says austerity has generated more than just economic tensions.

"I actually think the political problems a number of European countries are experiencing are even more worrisome than the economic problems," Smith says. "The eurozone countries have, at least for the time being, allayed some of the concerns of financial markets and they don't want to stir things up and start another run-up of a financial crisis."

urbanlegend / Flickr

Banks in Cyprus are open for normal business for the second day, but with strict restrictions on how much money their clients can access, after being shut down for nearly two weeks to prevent people from draining their accounts as the country's politicians sought a way out of an acute financial crisis.

"They were weakened by the fact that they had too many investments in Greek companies," said Suzette Grillot. "So they've become another victim of the Greek financial crisis."