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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 Biggest Greek Banks “Have Failed,” and “Resolving” Them Won’t Work: Fitch
The Biggest Greek Banks “Have Failed,” and “Resolving” Them Won’t Work: Fitch It’s not like Fitch was ahead of the curve when it declared on Friday that the “four largest Greek banks have failed…” two days after downgrading them to “RD” (Restricted Default) because they’d defaulted on their depositors. But Fitch shed a gloomy light […]
Greek Banks Considering 30% Haircut On Deposits Over €8,000: FT
Greek Banks Considering 30% Haircut On Deposits Over €8,000: FT Last week in “For Greeks, The Nightmare Is Just Beginning: Here Come The Depositor Haircuts,” we warned that a Cyprus-style bail-in of Greek depositors may be imminent given the acute cash crunch that has brought the Greek banking sector to its knees and forced the Greek […]
Behind the Greek Crisis
Behind the Greek Crisis Exclusive: The usual narrative of the Greek economic tragedy is that the country is paying for its past profligacy, but there is deeper back story of political repression fueled by major powers intervening in Greece and contributing to a dysfunctional political system, recalls ex-U.S. diplomat William R. Polk. Focusing exclusively on the monetary […]
Sunday’s Vote Will Determine Liberty Or Serfdom
Sunday’s Vote Will Determine Liberty Or Serfdom According to history books, democracy originated in Greece. Of course, historians could be mistaken, but this is the prevailing view among Western populations with enough awareness to be interested to know. What we are witnessing today, July 2, 2015, is that after 2,500 years in the Western World […]
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 […]
Troika Maneuvering to Rig Greek Referendum
Troika Maneuvering to Rig Greek Referendum In a TV interview, Mr. Varoufakis said very clearly, “This is a very dark moment for Europe. They have closed our banks for the sole purpose of blackmailing what? Getting a ‘Yes’ vote on a non-sustainable solution that would be bad for Europe.” I must admit, most politicians do not […]
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 […]
With Sweden’s QE Officially Broken, The Riksbank Doubles Down: Lowers Rates Even More Negative; Boosts QE
With Sweden’s QE Officially Broken, The Riksbank Doubles Down: Lowers Rates Even More Negative; Boosts QE It was precisely one week ago when we described how, for the first time in history, QE had officially failed to achieve its stated objective of pushing yields lower (ignoring that the real purpose is to push stock prices higher). In […]
Goldman “Conspiracy Theory” Validated As ECB Expands QE Program
Goldman “Conspiracy Theory” Validated As ECB Expands QE Program The ECB has expanded the list of SSA securities eligible for purchase under PSPP. The updated list includes: Tyoettoemyysvakuutusrahasto OeBB-Infrastruktur Asfinag Infraestruturas de Portugal Entidade Nacional para o Mercado de Combustiveis Ferrovie dello Stato Italiane Terna Spa – Rete Elettrica Nazionale ENEL SNAM Administrador de Infraestructuras […]
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 […]
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 […]
Forget Greece … China Is the Real Threat
Forget Greece … China Is the Real Threat When the ATMs Went Dark … There’s a time for calm, rational behavior … and a time to panic. On Tuesday, investors in U.S. stocks decided not to panic. Monday’s sell-off halted. But it did not reverse. And it left the street with its worst half-year performance since […]
Why Banks & Governments Hate Cash: Bank Runs
Why Banks & Governments Hate Cash: Bank Runs The photos from Greece showing long lines at ATMs are astonishing. Even after the deposit outflows from Greek banks over the past weeks, there are still large numbers of people who are trying to get their money out of the banking system. With the banks closed, ATMs […]
