Silvio BerlusconiWith Greece’s Prime Minister George Papandreou agreeing to step down in order to secure more bailout funds from the ECB, attention turned immediately to Italy’s financial problems that dwarf those of Greece’s. The Greek PM’s decision now clears the way for an interim government to agree formally to the new austerity measures demanded by the European Union as a condition of receiving additional financing by the end of the month. Those funds are needed to pay Greece’s bills through January 2012.

Rosen Plevneliev managed a narrow victory in Bulgaria's recent presidential elections on a reform platform pledging to clean up the country's corruption-plagued government, one of the most notorious in Europe. On November 3, Plevneliev was certified as the official winner in Bulgaria’s presidential race. The President-elect immediately declared that the first thing he plans to do after assuming office is fire all Bulgarian diplomats abroad who have been exposed as former agents of the communist Committee of State Security (CSS).

Using “financial stability” as justification, the European Union is quietly plotting to foist a massive, perpetual bailout machine on eurozone members that critics say represents a “dictatorship” and a “treaty of debt.” But opposition to the scheme is growing quickly.  

The European Commission has requested information on patents from smartphone powerhouses Apple (makers of the immensely popular iPhone) and Samsung. While Apple is not itself a target of the EC’s patent protectors, it has been asked to voluntarily submit critical information regarding its use of 3G technology. Samsung, on the other hand, is being investigated.

George PapandreouPrime Minister George Papandreou’s surprise call for a referendum on the new austerity measures demanded by last week’s eurozone “deal” caught everyone off guard, including his own finance minister. Analysts immediately accused Papandreou of seeking political cover for the increasingly unpopular increased austerity measures to be imposed as a condition for the next insertion of funds from the International Monetary Fund (IMF) in two weeks. Knowing that citizens would likely vote against the measures if given the chance, the PM could then pass the blame for failure onto the citizens, leaving himself and his party, the Panhellenic Socialist Movement (PASOK), absolved from blame as the new measures failed.