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Monday, November 25, 2013

Is Time Running Out For The Eurozone?

John Mauldin thinks that "we should confine the leaders of Europe to a far-northern Scandinavian hotel with hard beds and minimal amenities until they resolve their problems."...because "deflation is back and winter is coming"...
 He fears that France may be a likely, and perhaps fatal, shock.
Wolf Richter is in similar mode He highlights, and comments on, a study by Natixis (grateful as I don't speak French) in a post titled (it says it all) French Megabank: “Germany Should Leave The Eurozone”  
Speaking of France, Prof John Gaffney at the LSE/EUROPPBLOG says "that François Hollande has failed to project a clear and effective public persona and that his presidency is now on the verge of unravelling."

(Disclosure: It has been some months now that I have progressively moved towards a Euro-skeptic, dangerously approaching the anti-Euro position... ha!)

Tuesday, November 19, 2013

Can The Eurozone Be Saved? LBJ School, Univ.of Austin, Tx


The videos of the conference organised by James Galbraith and Yianis Varoufakis were made available

Two notes, without comment.
1. Giwrgos Stathakis : ... "(b) The main cause of the economic destruction of Greece is not the problems of the Greek economy prior to 2008. It is the programme itself, (c) The programme itself does not arrest none (sic) of the problems prior to 2008"
2. Yves Leterne (Deputy Secr.Gen. of OECD, Belgia PM in Spring 2010) ... The decision to support Greece was a political one"

Monday, November 18, 2013

P. Boone & S. Johnson d/d Apr.6 2010 "Greece And The Fatal Flaw In An IMF Rescue"

Peter Boone and Simon Johnson Apr.6 2010
Two informed realists explain (present tense) 

Their essay ends so
Where next for Greece?
Mr. Trichet understands that Greece’s problems reflect a dangerous flaw in the euro zone system, and the solution will set the tone for behaviour of other members for years to come.  He’ll want his pound of flesh before this is done.  The IMF staff surely understands that Greece’s economic problems are critical, and require drastic actions, but the IMF’s managing director just wants to survive to be elected a new President of France in 2012.
The German population detests providing bailouts to periphery nations, while the debtors of the Euro zone would like the same game to continue a little bit longer.  Meanwhile, the Greeks continue to drag their feet on serious reform while claiming to be “courageous”– presumably they are hoping, magically, that markets will start to want to lend to them again at very low rates in the midst of a fiscal program with little hope for long term success.  It all seems horribly reminiscent to those early days when Argentina slid towards a cruel collapse.

Monday, November 11, 2013

Helen Thompson "The dirty little secret of the euro zone crisis: the German banks"

We Need a Europe That is Truly Social and Democratic

Yves Leterme, Deputy Secretary General of the OECD "How To Address The Eurozone Problems?"