Updated Aug 15, 2018

Europe moves on from financial crisis, but Greece is still recovering

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The saga of Iraq's debts

Data: Simon Hinrichsen / LSE; Chart: Axios Visuals

When the U.S. invaded Iraq in 2003, it was taking control of the most indebted nation in the world.

Why it matters: Iraq's debt at the time was an astonishing $130 billion, and the eradication of that debt was a rare example of international unity and cooperation in the interests of a debtor country.

Go deeperArrowJan 2, 2020

World Bank cuts growth forecast for fourth time in a row

Photo: Win McNamee/Getty Images

The World Bank cut its global growth forecast for the fourth straight time on Wednesday, reducing expectations by 0.2 percentage points each year for 2019, 2020 and 2021.

"Global economic growth is forecast to edge up to 2.5% in 2020 as investment and trade gradually recover from last year’s significant weakness but downward risks persist. ... U.S. growth is forecast to slow to 1.8% this year, reflecting the negative impact of earlier tariff increases and elevated uncertainty."
— World Bank statement on its Global Economic Prospects report
Go deeperArrowJan 9, 2020

The last of the heroic technocrats

Felix Rohatyn (l) and Paul Volcker. Illustration: Aïda Amer/Axios. Photos: Wally McNamee/Getty Contributor and Ted Thai/Getty Contributor

Two giants of the postwar economic landscape died last week. The actions of Paul Volcker (1927–2019) and Felix Rohatyn (1928–2019) had profound effects on millions of Americans, and bestowed stellar reputations on both men.

Why it matters: There are, and will be, many other successful and powerful technocrats, many of them just as capable as these two paragons of austerity. But none of them are likely to receive the kind of popular acclaim that Volcker and Rohatyn enjoyed.

Go deeperArrowDec 19, 2019