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Greeks: How did we lose our way?
Greeks: How did we lose our way? In the heart of Athens everyday Greeks show us how they face the hardship and constraints brought on by the crisis. For five years Greece has been mired in economic crisis, haunted by the spectre of expulsion from the eurozone. A Greek exit seemed closer than ever this […]
Both ECB And BOJ Warn More QE May Be Response To Chinese Currency War
Both ECB And BOJ Warn More QE May Be Response To Chinese Currency War Minutes from the ECB’s most recent policy meeting reveal that Mario Draghi and company have a number of concerns about the pace of economic growth in the euroarea and about the outlook for inflation which, much to the governing council’s surprise, […]
Sorry Troika, Spain’s Economic Recovery Is “One Big Lie”
Sorry Troika, Spain’s Economic Recovery Is “One Big Lie” During six months of protracted and terribly fraught negotiations between Athens, Berlin, Brussels, and the IMF, the idea that Spain, Italy, and Ireland somehow represented austerity “success stories” was frequently trotted out as the rationale behind demanding that Greece embark on a deeper fiscal retrenchment despite […]
This Is What Global Currency War Looks Like: A Complete History Of Recent FX Interventions
This Is What Global Currency War Looks Like: A Complete History Of Recent FX Interventions After the dramatic collapse in the SNB’s defense of the Swiss Franc peg to the Euro, there was a period of relative FX peace in which few if any central banks engaged in outright currency intervention (aside from the countless […]
Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent
Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent Yes, Greek banks may have been insolvent – something that was clear since the first bailout of 2010 – but at least the Greek state had control over them: as such it could have mandated mergers, recapitalizations, liquidity injections, even depositor bail-ins (perhaps the […]
Greece Caves, Formally Requests ESM Bailout: Full Headline And Next Steps Summary
Greece Caves, Formally Requests ESM Bailout: Full Headline And Next Steps Summary As we reported yesterday, following the latest European leaders summit, Greece was given until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe’s currency […]
It Begins: ECB Hikes Greek ELA Haircuts; Full “Depositor Bail-In” Sensitivity Analysis
It Begins: ECB Hikes Greek ELA Haircuts; Full “Depositor Bail-In” Sensitivity Analysis Earlier today we reported that as Bloomberg correctly leaked, the ECB would keep its ELA frozen for Greek banks at its ?89 billion ceiling level last increased two weeks ago. However we did not know what the ECB would do with Greek ELA […]
The Biggest Winner From The Greek Tragedy
The Biggest Winner From The Greek Tragedy Long after Greece has left the Eurozone and Germany is using the Deutsche Mark as its currency, the people of the two nations, antagonized to a level unseen since World War II, will be accusing each other of benefiting more from the brief but tumultuous period of the […]
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 […]
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 […]
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 […]
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 […]
And So It Begins – Greek Banks Get Shut Down For A Week And A ‘Grexit’ Is Now Probable
And So It Begins – Greek Banks Get Shut Down For A Week And A ‘Grexit’ Is Now Probable Is this the beginning of the end for the eurozone? For years, European officials have been trying to “fix Greece”, but nothing has worked. Now a worst case scenario is rapidly unfolding, and a “Grexit” has […]
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 […]
Greece Rejects “Totally Unaccepetable” IMF Counterproposal Demanding Pension Cuts, VAT Hike
Greece Rejects “Totally Unaccepetable” IMF Counterproposal Demanding Pension Cuts, VAT Hike As reported earlier and as tipped here on Monday, markets will have to call off the party for now because the focus of the Greek debt deal negotiations has now shifted back to Brussels after all eyes had turned briefly to Athens on Tuesday […]
