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Eric Westervelt

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From NPR News, this is ALL THINGS CONSIDERED. I'm Guy Raz.

Germany is reeling from revelations this week that a small neo-Nazi group carried out a deadly, decade-long crime wave. Authorities blame the underground cell for the murders of nine immigrants and a policewoman, a string of bank robberies and a bombing. Two suspects are dead and two others are in custody.

The identity of the suspects came as a shock to many in a country that has worked hard to overcome the stain of Nazism. Now, the focus is on the apparent shortcomings of Germany's domestic security services.

German Chancellor Angela Merkel has warned that Europe could be living through its toughest hour since World War II.

Merkel was referring to the debt crisis that has resulted in bailouts for countries, toppled governments and is now threatening the survival of Europe's single currency.

These are nervous times in places like Germany's financial capital, Frankfurt. But for one former trader — who exchanged his computer terminal for pork sausages sizzling on a grill — these are not necessarily the worst of times.

European leaders met through the night in Brussels and finally emerged Thursday with a debt deal they say is wide-ranging. They're hopeful it will guide the continent out of the widening debt crisis that started with Greece. But it's unclear whether they have the political will and economic flexibility to implement it.

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Financial markets in Europe and the United States slumped badly Monday after Greece conceded it will not meet its deficit reduction goals for this year — or next — despite its austerity measures.

Stocks indexes in the U.S., France, Germany and Spain all fell about 2 percent.

Germany's parliament approved a plan Thursday to expand the power of a European bailout fund for troubled countries that use the euro.

The Bundestag, or lower house, passed the bill 523-85 in a vote considered one of the biggest in Chancellor Angela Merkel's career.

Foreign Minister Guido Westerwelle welcomed the result, saying, "This signals to our European partners that you can rely on Germany."

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