Google+ Badge

Monday, April 27, 2015

3 Tough Choices for ECB on Greece - Bloomberg View

3 Tough Choices for ECB on Greece - Bloomberg View

A New Start for the Eurozone: Dealing with Debt | VOX, CEPR’s Policy Portal

A New Start for the Eurozone: Dealing with Debt | VOX, CEPR’s Policy Portal

The coming defaults of Greece | VOX, CEPR’s Policy Portal

The coming defaults of Greece | VOX, CEPR’s Policy Portal



Concluding remarks

The problem is that European authorities are bound to find it politically impossible to give in, ditch the pre-existing agreement and abandon conditionality. Economically, they also face a conflict of interest. About 80% of the Greek debt is now owed to officials, the European authorities and the IMF. The official rhetoric is that “we have done enough for Greece”.
So far, however, the Europeans have not made any present to Greece,2 only loans, initially on harsh financial conditions, then sweetened. A default would turn the loans into presents. Making it possible for Greece to comfortably default does not seem appealing at all.
National governments are elected by their citizens so they are most unlikely to act to prevent a Grexit. One more time, we have to turn to the ECB, whose essential mandate is to uphold the Eurozone.
It may be unfair, but the ECB’s duty is to announce very soon that it will do whatever it takes to keep the Eurozone whole.

Friday, April 24, 2015

Varoufakis said to be called gambler, time-waster in meeting

ekathimerini.com | Varoufakis said to be called gambler, time-waster in meeting

Euro-area finance chiefs said Varoufakis’s handling of the talks was irresponsible and accused him of being a time-waster, a gambler and an amateur, one of the people said. Another said the Greek complained of the hostile atmosphere in the meeting, as he was criticized from all sides. A Greek official in Riga, Latvia, for the meeting wasn’t able to comment on the talks when reached by phone.
Friday April 24, 2015 (13:57)  

Χμ!  Είναι 18:10 και δέν βρίσκω την ανταπόκριση στην Ελληνική έκδοση!!!!

Thursday, April 23, 2015

Yanis Varoufakis : "A New Deal for Greece"

Ireland’s Lessons for Greece by Michael Heise - Project Syndicate

Ireland’s Lessons for Greece by Michael Heise - Project Syndicate

Greek Update: Alexis's Choice : Holger Schmieding, Berenberg Bank

Wednesday, April 22, 2015

Why Greece May Be the New Lehman - Bill Emmott - POLITICO Magazine

Why Greece May Be the New Lehman - Bill Emmott - POLITICO Magazine

Greek default? Wall Street says don't risk it , Ben White
Some top executives on Wall Street argue that it would be much worse for creditors to cave in to demands for more lenient terms from Greek’s anti-austerity political leaders. Because that would mean other debtor nations would also soon clamor for relief. Better to rip the bandage off and put an end to the charade that Greece will ever pay back all its loans.
“In 2012, if Greece blew up, it would have posed serious systemic risk,” said one Wall Street chief executive who declined to be identified by name. “But now, the private sector has nowhere near what anyone would dream of calling systemic exposure. In fact, any capitulation by creditors of any significant magnitude would be the real source of systemic risk.”


Why Greece May Be the New Lehman - Bill Emmott - POLITICO Magazine

Why Greece May Be the New Lehman - Bill Emmott - POLITICO Magazine

Tuesday, April 21, 2015

The 'Grexit' Issue and the Problem of Free Trade | Stratfor

The 'Grexit' Issue and the Problem of Free Trade | Stratfor

"...it has become increasingly difficult for Greece to meet its payments. If Greece doesn't meet these payments, the IMF and European institutions have said they will not extend any more loans to Greece. Greece must make a calculation. If it pays the loans on time and receives additional funding, will it be better off than not paying the loans and being cut off from more?"
...
"...the real issue: Greece, and other countries, cannot exist as normal, coherent states under these circumstances, and in European history, long-term economic dysfunction tends to lead to political extremism and instability."

 

Thursday, April 9, 2015

Friday, April 3, 2015

Greece's Syriza Confronts Reality - Bloomberg View

Greece's Syriza Confronts Reality - Bloomberg View

...Greece has had to accept a continuation of the current bailout program, with the creditors periodically reviewing the progress of reforms. Tsipras entered the negotiation unable to walk away from the table, and that quickly eroded his bargaining power. That was the first reality check.

Thursday, April 2, 2015

How Greece Can Make It Through 2015 - Bloomberg Business

How Greece Can Make It Through 2015 - Bloomberg Business

Greece Faces D-Day On April 9, Will Default Within 30 Days Of Missed Payment, BofAML Says | Zero Hedge

Greece Faces D-Day On April 9, Will Default Within 30 Days Of Missed Payment, BofAML Says | Zero Hedge

Φώτης Γεωργελές - Edito 520 | www.athensvoice.gr

the paper - Edito 520 | www.athensvoice.gr

Όλη η αντιμνημονιακή απάτη στηρίχτηκε στην «επιβολή της λιτότητας». Κάποιοι μας «επέβαλαν» να γίνουμε φτωχοί. Είχαμε λεφτά αλλά μας τα παίρνουν, μας επιβάλλουν «φτωχοποίηση» του λαού. Ακόμη κι όταν δεν μιλάμε για «κατακτητές» και «αποικίες χρέους», λέμε λιτότητα για τη «μείωση των ελλειμμάτων». Όχι, για να πληρώσουμε το κόστος του Δημοσίου. Όχι για να πληρώσουμε τα 30 εκ. που δίνει το κράτος σήμερα σε μια ελλειμματική, χρεοκοπημένη, που έχει δανειστεί εκατοντάδες εκατομμύρια, εταιρεία για να παράγει ζάχαρη κρατική με διπλάσιο κόστος απ’ ό,τι την πουλάει. Αφηρημένες λέξεις που κρύβουν την πρακτική αλήθεια.