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Tag Archives: ecb
EU Aims to Lure Greek Deposits Back to Banks With Bail-in Shield
EU Aims to Lure Greek Deposits Back to Banks With Bail-in Shield Euro-area finance ministers shielded Greek bank depositors from any losses resulting from the restructuring of the nation’s financial system, as part of Friday’s deal on an 86 billion-euro ($96 billion) bailout. Senior bank bondholders will be in the crosshairs if Greek lenders tap […]
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, […]
Greeks Ditch Euro For Alternative Currencies As Parliament Votes On Bailout
Greeks Ditch Euro For Alternative Currencies As Parliament Votes On Bailout Greece released a bit of amusing econ data on Thursday, as the country’s statistical authority claimed GDP grew by 0.8% in Q2, well ahead of estimates of a 0.5% contraction. While we suppose it’s feasible that things weren’t as bad in Q2 as they […]
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 […]
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 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 […]
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.” […]
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 […]
Central Banks Ready To Panic — Again
Central Banks Ready To Panic — Again Less than a decade after a housing/derivatives bubble nearly wiped out the global financial system, a new and much bigger commodities/derivatives bubble is threatening to finish the job. Raw materials are tanking as capital pours out of the most heavily-impacted countries and into anything that looks like a […]
Europe’s New Colonialism: ECB Rejects Greek Request To Reopen Stock Market
Europe’s New Colonialism: ECB Rejects Greek Request To Reopen Stock Market It has been one month since Greek capital controls were imposed, and as we explained earlier, Greece is nowhere closer to having its deposit limits lifted. In fact, with several more months of capital controls at least, the Greek banks are likely to suffer […]
Was Greece Set Up To Fail?
Was Greece Set Up To Fail? I started writing this on my last night in Athens for now, Wednesday, and had no time to finish it then: On the eve of my temp absence from this great city, a few things. I could simply extend my stay, which might be slightly cheaper, but A) flights […]
All Hail Our Banking Overlords!
All Hail Our Banking Overlords! We work for them, plain & simple You really have to be paying attention to see what’s truly going on these days. The keepers of the system, that is the banking elites, now openly control everything — though you’d never know that by listening to the media. Consider this: Eurozone backs […]
The Curse Of The Euro: Money Corrupted, Democracy Busted
The Curse Of The Euro: Money Corrupted, Democracy Busted The preposterous Gong Show in Brussels over the weekend was the financial “Ben Tre” moment for the Euro and ECB. That is, it was the moment when the Germans—–imitating the American military on that ghastly morning in February 1968——set fire to the Eurozone in order to save it. Some day history will […]
Farage on Europe at the Heritage Foundation
Farage on Europe at the Heritage Foundation Nigel Farage may be the only practical politician these days because he came from the trading sector. He explains the Euro-Project and its failures. He makes it clear that the Greek people never voted to enter the euro, and explains that it was forced upon them by Goldman Sachs […]
