Greece Is Far From The EU's Only Joker

First there was Enron; then, subprime. Now it turns out that some governments have been just as adept at using financial alchemy to hide debts. Take Greece, a country with a $350 billion national debt that is now under investigation by the European Commission (EC) for underreporting its deficit by as much as 9 percent of GDP in 2009.

A Q&A With the Head of Doctors Without Borders

As other organizations were still trying to get into Haiti last week, Doctors Without Borders was already there, with more than 800 doctors, nurses, and other medical professionals on the ground—though getting supplies and more people in proved a critical problem.

Peter Sands, Robert Diamond on the Global Economy

Where is the global economy headed in 2010, and is the financial crisis really behind us? Two banking heavyweights, Barclays president Robert E. Diamond and Standard Chartered CEO Peter Sands, give their take to NEWSWEEK's Stefan Theil.

Europe's About-Face on Offshoring

When $145-a-barrel oil sent shipping costs skyward in 2008, it was the first hint that globalization might have its limits. Now the downturn is forcing companies to think twice before heading abroad.

Europe's Next Financial Crisis

If the collapse of Dubai's credit-fueled bubble in November was a late ripple of the last financial crisis, events in Europe last week seemed like an omen of the next: out-of-control government deficits.

East European Writers Take on Communism

György Dragomán was 3 when his father taught him to protect the family's privacy by lying to neighbors and teachers who were often informants for the Hungarian regime. "From then on I lived a double life," says the 36-year-old author, "telling one thing to one set of people and something else to another." For millions of Eastern Europeans, that was the basic survival strategy under communist regimes whose tentacles—and secret-police informants—reached deep into every facet of life.

Dining at Berlin's Hidden Gems

In the 20 years since the fall of the wall, Berlin has turned from a town where eating was best avoided to one of Europe's culinary capitals. Berlin's newest food trend, however, is the rise of cheap, divey restaurants as an unlikely backdrop for delicious food.

How Europe's Right Stole the Left

With Angela Merkel's reelection in Germany on Sept. 27, and her subsequent ejection of the Social Democratic Party (SPD) from the ruling coalition, conservatives have come close to sweeping Europe.

Opel Declares War On GM

Check out this take on troubles brewing at General Motors' German Opel unit, from our European economic correspondent, Stefan Theil. Is this the beginning of a new union stand in Germany?

Porsche Raided on Insider Trading Suspicions in Germany

Porsche headquarters were raided by German investigators Thursday due to suspicions of insider trading by former CEO Wendelin Wiedeking, who was ousted last month following an epic takeover battle in which the luxury carmaker almost swallowed Volkswagen─Europe's largest carmaker, which is more than 10 times Porsche's size─before VW turned the tables.

Why Are Germany and Japan Beating the Recession?

What happened to the idea that the U.S.—thanks to massive and early stimulus, radical financial-sector restructuring, and the innate flexibility of the American economy—would recover from the global recession before Europe, and certainly before Japan, the perpetual sick man of Asia?This week, unexpected OECD data showed Japan growing 0.9 percent in the second quarter.

Europe's Debt May Cause Recession to Linger

As much as the U.S. economy has taken a hit from overindebted consumers winding down their credit-fueled binges, Europe's own mountain of debt could cause the recession to linger longer there than in America.

German Banks are Among the World's Worst

How is it that supposedly rock-solid germany is home to some of the world's worst banks, while profligate Italy's rank among the best? With no housing bubble or consumer-credit boom (most Germans don't even use credit cards), German banks had to work overtime to amass the ¤700 billion in impaired assets they're estimated to hold.

Berlin Is Cheap

In Paris, laid-off factory workers have taken to kidnapping their bosses. London riots in early April left one man dead outside the Bank of England. In laid-back Berlin, the global economic crisis has, so far, been just another reason to party.