Euro in crisis

In-depth news, commentary and analysis of the eurozone’s debt crisis and its faltering recovery as it struggles with austerity and attempts to regain competitiveness

Eurozone remains on the edge of deflation

Inflation steady at 0.2% but falling commodity prices still weigh

Comment and analysis

European Union (EU) flags fly outside the new headquarters of the European Central Bank (ECB) in Frankfurt, Germany, on Friday, Feb. 13, 2015. The ECB's plan to buy at least 1.1 trillion euros of bonds to boost inflation across the currency union is shielding the bloc's other debtor nations during the latest phase of the Greek crisis. Photographer: Martin Leissl/Bloomberg ©Bloomberg
If it is to happen at all, further integration will be driven by brutal economic necessity
– John Thornhill
A confident leadership sets the manual aside in moments of crisis, writes Mark Mazower
Greek Finance Minister Yanis Varoufakis arrives to make a statement in Athens, Greece, in this July 5, 2015 file picture. Greek Finance Minister Yanis Varoufakis announced his resignation on July 6, 2015, a day after Greeks delivered a resounding 'No' to the conditions of a rescue package. In a statement, Varoufakis said he had been "made aware" that some members of the euro zone considered him unwelcome at meetings of finance ministers, "an idea the prime minister judged to be potentially helpful to him in reaching an agreement." REUTERS/Alkis Konstantinidis/Files ©Reuters
Plan would have eased Greece’s chronic liquidity shortage, writes Yanis Varoufakis

Schäuble plan limits EU Commission powers

German proposal is response to EU body’s political shift

Let debtors exit euro, say German experts

Move should be option of last resort, says council of ‘wise men’

The EU must avoid a rupture with Berlin

European reforms must address Germany’s fears, writes Marcel Fratzscher

ECB urged to use firepower aggressively

IMF warns that Greece could still flare up as crisis point

The make believe world of eurozone rules

The disagreement between Germany and the ECJ is not about the law, but politics and economics

Italy calls for eurozone political union

Finance minister seeks deeper integration following Greek crisis

Italy should abandon euro, says Grillo

Populist leader says Rome should use its debt pile as leverage

Eurozone borrowing rises to record level

States take advantage of quantitative easing keeping rates low

Paris eyes push for ‘eurozone government’

French leader seeks to unite pro-Europeans two years out from presidential election

Europe’s confusion on German leadership

Eurozone is happy to back Berlin when it is wrong and resist it when it is right

Grexit remains the likely outcome

Unless the economy behaves very differently than in the past, it will be trapped in a vicious circle

Dr Doom: Grexit would be a catastrophe

Nouriel Roubini says the consequences of Greece leaving the euro would harm the global economy

Greek clash sparks fears at German power

Merkel backs Schäuble over Grexit ultimatum to Athens

Answer to Greek question

Euro blueprint saw responsibility and solidarity side by side

Draghi avows role as guardian of euro

ECB president pleases neither German hardliners nor Greek sympathisers

Draghi stands by Greece’s place in euro

Limit on emergency loans to Greek banks raised by €900m

Eurozone bank debt sales hit decade low

Sharp drop in borrowing reflects profound shift in funding needs

Euro project still has mountains to climb

Lessons that can be learnt from Greece’s flirtation with euro exit

Merkel’s tough tactics prompt criticism

Chancellor under attack for intimidating Greece and humiliating Tsipras

Germany’s conditional surrender

Rather than risk its reputation the country has agreed bailout

German brinkmanship tests eurozone cohesion

‘We avoided the worst, but not the bad,’ says Romano Prodi

UK angered by Greek bailout moves

Chancellor to reject calls for Britain to take part

Peripheral yields whipsaw on Greek deal

Sellers of Italian, Portuguese and Spanish bonds reverse course

Eurozone leaders reach deal on Greece

Athens caves in to ultimatum and agrees to rush through reforms

Three unedifying lessons of Greek deal

A class of EU leaders think they can overrule domestic politics

Greece’s creditors demolish euro project

Stripped of ambitions for a political and economic union, the bloc changes into a utilitarian project

Faultlines on display at Greece showdown

Differing visions of a co-operative union or implementation of tougher rules had to be reconciled

Amicable eurozone split is not worst fate

The bloc must avoid becoming a zombie state

Tsipras offers bailout monitors new plan

Submission gives 48-hour window of evaluation before decision on Grexit