ECB Rate Cut

The Economist takes a look at the European Central Bank's recent rate cut and the state of the European economy (hint: it's dismal).

The Celtic Tiger of yesteryear seems to have its tail between its legs these days; the article notes that Ireland and Spain are seeing the fastest retreats in consumer spending. Germany has seen dramatic falls in its exports, a large source of the nation's GDP.

Passing Gas

Gas shortages have reached intense levels across much of Eastern and Western Europe today, stemming from a dispute between Russia -- a major supplier to the region, and Ukraine -- the major transit point for that supply.

The dispute focused on details of a contract between Russia and Ukraine, which prompted Russia to shut off supplies through Ukraine (whom it accused of stealing gas en route) on New Years Day. Ukraine says Russia was manipulating the pumps.

Europe is startin' to feel it.