How do civil society organizations operate in the authoritarian environment of Vladimir Putin’s “sovereign democracy?”  To what extent are they able to further their causes despite pervasive corruption and the rule of courts that take their cues from the Kremlin?

AEI Resident fellow Alex Pollock examines past sovereign debt crises, especially the European crisis of the 1920s, in the context of the current economic situation for a piece in the latest Financial Services Outlook and the Wall Street Journal.

The ongoing sovereign debt crisis in Europe continues to weigh heavily oncredit markets and political systems throughout the developed world. 

History shows us that sovereign governments often default on their loans, particularly in times of war or economic upheaval. Europe finds itself in this situation now and would do well to examine past sovereign debt crises—particularly, the European sovereign debt crisis of the 1920s—for lessons.

The most likely source of a U.S. sovereign debt crisis is a failure of the U.S. political system to address the growth of the major entitlement programs--Social Security, Medicare and Medicaid.

Hope springs eternal among policy makers in Europe’s beleaguered periphery. At five minutes to midnight in Athens, and with a bank run having started in Madrid, these policy makers cling to the forlorn hope that somehow Germany is going to relent on its strong opposition to euro bonds.

After years of war, oppression, and uncertainty, Iraqi Kurds have reason for optimism. The Kurdistan Regional Government has sold international companies rights for exploitation and development of the region's petroleum resources.

On May 6, all eyes will be focused on the second round of the French presidential election, which Socialist challenger Francois Hollande is likely to win. Equally important for Europe’s future is the Greek parliamentary election scheduled for the very same day.