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Greece Votes NO – Let The Chaos Begin…
Greece Votes NO – Let The Chaos Begin… The result of the referendum in Greece is a great victory for freedom, but it is also threatens to unleash unprecedented economic chaos all across Europe. With almost all of the votes counted, it is being reported that approximately 61 percent of Greeks have voted “no” and […]
It was the creditors who pushed Greece over the edge
It was the creditors who pushed Greece over the edge If they had truly cared, the creditors could have easily prevented a default. Sadly, they found it more important to punish Greece and set an example. Image: sticking posters for the NO campaign ahead of Sunday’s referendum. On Tuesday, Greece became the first developed country […]
As the Eurozone Teeters, the IMF Does Something Weird
As the Eurozone Teeters, the IMF Does Something Weird Wolf here: the IMF’s job is to bail out holders of sovereign bonds issued in a currency the issuer doesn’t control and can’t devalue (Mexico issuing bonds in dollars, Greece issuing bonds in euros). These bondholders are mostly banks. In a debt crisis, the IMF bails out these banks by […]
In A World Of Artificial Liquidity – Cash Is King
In A World Of Artificial Liquidity – Cash Is King And you’d better have some stashed out of the system Global central banks are afraid. Before Greece tried to stand up to the Troika, they were merely worried. Now it’s clear that no matter what they tell themselves and the world about the necessity or […]
An Economic Hit Man Speaks Out: John Perkins on How Greece Has Fallen Victim to “Economic Hit Men”
An Economic Hit Man Speaks Out: John Perkins on How Greece Has Fallen Victim to “Economic Hit Men” John Perkins, author of Confessions of an Economic Hit Man, discusses how Greece and other eurozone countries have become the new victims of “economic hit men.” John Perkins is no stranger to making confessions. His well-known book,Confessions of […]
This Is Why The Euro Is Finished
This Is Why The Euro Is Finished The IMF Debt Sustainability Analysis report on Greece that came out this week has caused a big stir. We now know that the Fund’s analysts confirm what Syriza has been saying ever since they came to power 5 months ago: Greece needs debt relief, lots of it, and […]
The Troika Turns Europe Into A Warzone
The Troika Turns Europe Into A Warzone So now they do it. Now the IMF comes out with a report that says Greece needs hefty debt restructuring. Mind you, their numbers are still way off the mark, in the end it’s going to be easily double what they claim. Not even a Yanis Varoufakis haircut will do […]
Did The IMF Just Open Pandora’s Box?
Did The IMF Just Open Pandora’s Box? By now it should be clear to all that the only reason why Germany has been so steadfast in its negotiating stance with Greece is because it knows very well that if it concedes to a public debt reduction (as opposed to haircut on debt held mostly by […]
Two Startling Victories for Global Sanity in One Week
Two Startling Victories for Global Sanity in One Week Austerity doesn’t work. Dutch judge: Citizens are right, slash carbon emissions. Two remarkable developments in the past week that could have a significant impact in many countries are worth a lot more attention in Canada and the United States. First, a major research document published by five top […]
The Greek People Should Vote No
The Greek People Should Vote No Greece has defaulted on its 1.3 billion euro payment to the International Monetary Fund and the euro zone is still intact, but nobody has any clear idea about what will happen after next Sunday’s referendum. Prime Minister Tsipras and Finance Minister Yanis Varoufakis, a game theory expert, have […]
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 […]
Why Greeks Still Want to Keep the Euro, in One Chart
Why Greeks Still Want to Keep the Euro, in One Chart As of midnight European time, Greece has become the first developed country in history to fall into arrears on payments to the IMF. It’s not that much money, by today’s standards: €1.6 billion. But for Greece, which is totally out of money, it’s an […]
Ukraine Halts Russian Gas Purchases After Price Talks Fail
Ukraine Halts Russian Gas Purchases After Price Talks Fail It has been a bad day for deals and deadlines all around: first Greece is about to enter July without a bailout program and in default to the IMF with the ECB about to yank its ELA support or at least cut ELA haircuts; also the […]
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 […]
