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Greece’s PM Tsipras says country prepared to accept most bailout demands
Greece’s PM Tsipras says country prepared to accept most bailout demands Greece became first country to miss IMF payment since Zimbabwe in 2001 Greece’s government has made new concessions in talks with its creditors, though some European officials said they were still not good enough and that a deal was nevertheless impossible before a Greek […]
Troika Documents Say Greece Needs Huge Debt Relief
Troika Documents Say Greece Needs Huge Debt Relief Just when you think things can’t get any crazier, they always do. The Guardian reports on unpublished Troika documents that show Greece is only too right in asking for debt relief. That for the Syriza government to sign what the Troika wants to force them to sign […]
How Greece Crisis Could Drag Oil Prices Down
How Greece Crisis Could Drag Oil Prices Down The Greek tragedy is reaching its climax. The discussions between Greece and its European creditors broke down over the weekend, with the two sides still at an impasse. Greek Prime Minister Alexis Tsipras balked at deeper austerity cuts to the Greek economy, cuts that are a prerequisite […]
The Greek Bank Holiday: This is What an Economic Collapse Looks Like
The Greek Bank Holiday: This is What an Economic Collapse Looks Like A “bank holiday” sounds like such an innocuous thing, doesn’t it? Playful, a well-deserved rest, maybe even fun. If you’d like to learn more about the fun of such a holiday, look no further than the streets of Greece, where people have been […]
The Global Template for Collapse: The Enchanting Charms of Cheap, Easy Credit
The Global Template for Collapse: The Enchanting Charms of Cheap, Easy Credit Cheap, easy credit has created moral hazard and nurtured magical thinking throughout the global economy. According to polls, the majority of Greek citizens want the benefits of membership in the euro/EU and the end of EU-imposed austerity. The idea that these are mutually exclusive […]
16 Facts About The Tremendous Financial Devastation That We Are Seeing All Over The World
16 Facts About The Tremendous Financial Devastation That We Are Seeing All Over The World As we enter the second half of 2015, financial panic has gripped most of the globe. Stock prices are crashing in China, in Europe and in the United States. Greece is on the verge of a historic default, and now Puerto Rico […]
Bond Insurers Crash, Hit by Puerto Rico’s Default Shrapnel
Bond Insurers Crash, Hit by Puerto Rico’s Default Shrapnel On Monday, Puerto Rico’s government released a report that gave the municipal bond market the willies. Written by former World Bank and IMF economists, it vivisects Puerto Rico’s finances, lays out the basic fact that the nearly $73 billion in bonds that the US commonwealth has […]
Varoufakis Confirms Greece Will Default To IMF Today
Varoufakis Confirms Greece Will Default To IMF Today May as well spoil the ending of what happens at midnight local time today. Nothing (as previously reported). From Reuters: GREEK FINANCE MINISTER SAYS GREECE WILL NOT PAY IMF ON TUESDAY. Visually: And: U.S. STOCK INDEX FUTURES PARE GAINS SLIGHTLY FOLLWING GREEK FINANCE MINISTER’S COMMENT THAT GREECE […]
Greece Will Default To IMF Tomorrow, Government Official Says
Greece Will Default To IMF Tomorrow, Government Official Says Earlier today, as the exchange between Greece and its creditors got increasingly belligerent, Estonian Prime Minister Taavi Roivas told public broadcaster Eesti Rahvusringhaaling in interview that a possible Greek decision to leave euro area wouldn’t soften stance of other EU countries and that Greece’s debt would still […]
Paul Craig Roberts Warns Greek Government May Be Assassinated In This Crisis If They Pivot East To Stop World War III
Paul Craig Roberts Warns Greek Government May Be Assassinated In This Crisis If They Pivot East To Stop World War III With people around the world worried about the escalating crisis in Greece and conflicts in the Middle East and Ukraine, today former U.S. Treasury official, Dr. Paul Craig Roberts, warned King World News that the […]
Greek debt crisis: ‘Something awful’ this way comes
Greek debt crisis: ‘Something awful’ this way comes The next “final” twist in the exhausting Greek drama is upon us, and it’s looking like “something awful” is about to befall the country’s banking system, Citigroup analysts said yesterday. A deal was on the table Friday, but the ECB’s move over the weekend to freeze emergency loans […]
A Week of Crisis for Greece and Global Markets
A Week of Crisis for Greece and Global Markets After years of false starts it appears that the ‘Grexit’ is finally in motion. Yet when the dust finally settles, this week will be remembered for its market volatility – not as the time when Greece kicked itself out of the euro zone. Cooler Heads […]
Greece, Democracy and Magical Thinking
Greece, Democracy and Magical Thinking Regardless of what the Greek people choose, at least the choice will be theirs, along with the consequences. What is representative democracy but organized bribery on a mass scale?Politicians seeking control of the spigots of state wealth and power promise endless swag to voters. Those who promise the most swag and do […]
Good On You, Alexis Tsipras (Part 1)
Good On You, Alexis Tsipras (Part 1) Late Friday night a solid blow was struck for sound money, free markets and limited government by a most unlikely force. Namely, the hard core statist and crypto-Marxist prime minister of Greece, Alexis Tsipras. He has now set in motion a cascade of disruption that will shake the corrupt status quo to […]
Greek Contagion Spreads As Several Italian Bank Stocks Failed To Open
Greek Contagion Spreads As Several Italian Bank Stocks Failed To Open While things have normalized since the open thanks entirely to the SNB’s aggressive EUR-buying, CHF-selling intervention (good to see that central banks have read the BIS’ report and have learned from their prior intervention mistakes), earlier this morning we got a snapshot of what […]
