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Tag Archives: greece
Greek Stocks, Economy Collapse, Suffer Worst Declines In History
Greek Stocks, Economy Collapse, Suffer Worst Declines In History The Athens Stock Exchange reopened on Monday and unsurprisingly, some folks were selling. Trading was suspended five weeks ago after PM Alexis Tsipras’ dramatic midnight referendum call precipitated capital controls and a lengthy bank “holiday.” Shares opened lower by nearly 23% and the country’s banks traded limit-down, […]
Varoufakis: “In 1967 There Were The Tanks And In 2015 There Were The Banks”
Varoufakis: “In 1967 There Were The Tanks And In 2015 There Were The Banks” It was back on January 31 of this year, long before the “game theoretical” approach of Greek negotiations with the Eurogroup and ECB in particular and the Troika, and now Quadriga in general was revealed, that we first forecast with absolute accuracy […]
The Great Greek Fudge
The Great Greek Fudge A third Greek bailout involving loans from the European Stability Mechanism (ESM), the eurozone’s bailout scheme, is now being negotiated. The start was quite rocky, with haggling over the preciselocation in Athens where negotiations need to take place and Greek officials once again withholding information to creditors. Therefore, few still believe that it will […]
Power and Compassion
Power and Compassion Time to tackle a topic that’s very hard to get right, and that will get me quite a few pairs of rolling eyes. I want to argue that societies need a social fabric, a social contract, and that without those they must and will fail, descend into chaos. Five months ago, I […]
The IMF Experts Flunk, Again
The IMF Experts Flunk, Again My Globe Asia column in May was titled “Greece: Down and Probably Out.” Well, it’s out. Yes, Greece descended from drama to farce rapidly. If all goes according to plan, the left-wing Greek government will come to an agreement with the so-called troika — the European Commission (EC), the European Central Bank […]
We are all Greece
We are all Greece The cast of heroes and villains in Greece’s ongoing battle to save its economy varies depending on who’s telling the story. One simplified narrative depicts the German people as rich and callous overlords inflicting hardship on the downtrodden Greeks. The austerity measures they insist upon are essentially meant to punish the […]
Italy Youth Unemployment Hits Record High 44.2%, Concerns Rising “Recession Exit May Be Unsustainable”
Italy Youth Unemployment Hits Record High 44.2%, Concerns Rising “Recession Exit May Be Unsustainable” Earlier today, Eurostat released the two most important data points for Europe: inflation and unemployment. On the former, there was no surprise at the headline level which remained at 0.2% for the another month, in line with expectations, but core CPI […]
The Greek Coup: Liquidity as a Weapon of Coercion
The Greek Coup: Liquidity as a Weapon of Coercion “My father made him an offer he couldn’t refuse. Luca Brasi held a gun to his head and my father assured him that either his brains, or his signature, would be on the contract.” […]
EU’s Greek Debt Austerity Plan Rejected By The IMF
EU’s Greek Debt Austerity Plan Rejected By The IMF I have maintained since the so-called Greek Debt “crisis” began back in 2010, I believe it was, that the imposition of austerity on Greece could not possibly work and that the only solution was to write down the debt to a level that Greece could service […]
An Exasperated Tsipras Calls For Syriza Referendum On Bailout Cancellation
An Exasperated Tsipras Calls For Syriza Referendum On Bailout Cancellation Anyone who thought Greece’s third bailout program was a done deal or that, at the very least, the market would get a few months of respite before having to grapple with daily Grexit headlines again, got a rude awakening late last week when reports of […]
4 Mainstream Media Articles Mocking Gold That Should Make You Think
4 Mainstream Media Articles Mocking Gold That Should Make You Think For those of you who have been reading my stuff since all the way back to my Wall Street years at Sanford Bernstein, thanks for staying along for the ride. I appreciate your support immensely considering that I essentially no longer write about financial markets […]
Greek Bonds Tumble As Tsipras Threatens Snap Election
Greek Bonds Tumble As Tsipras Threatens Snap Election 10 year Greek bond yields are spiking this morning (and prices therefore plunging) as trading actvity picks up in the dormant peripheral capital markets. The 2025s are downover 5pts from their last traded price back in late June with yields spiking back up toward 12.5%. This derisking comes […]
What Happens When Economists Talk Politics
What Happens When Economists Talk Politics As the “Varoufakis Files” provide everyone interested in the Greek tragi-comedy with an additional million pages of intriguing fodder -we all really needed that added layer of murky conspiracy, re: the Watergate tapes-, a different question has been playing in my head. Again. That is: Why are economists discussing […]
Austrian Bad Bank “Black Swan” Bail-In Is Unconstitutional, Austria Declare
Austrian Bad Bank “Black Swan” Bail-In Is Unconstitutional, Austria Declare The subject of bail-ins and bank resolutions is back in the news this month as every eurocrat in Brussels scrambles to determine the best way to recapitalize Greece’s ailing banking sector, which, you’re reminded, is sinking further into insolvency with each passing day thanks to […]
