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Bank Of Greece Pleads For Deal, Says “Uncontrollable Crisis”, “Soaring Inflation” Coming
Bank Of Greece Pleads For Deal, Says “Uncontrollable Crisis”, “Soaring Inflation” Coming The situation in Greece has escalated meaningfully since last week. After the IMFeffectively threw in the towel and sent its negotiating team back to Washington on Thursday, EU and Greek officials agreed to meet in Brussels over the weekend in what was billed as […]
Building Hope in Times of Crisis
Building Hope in Times of Crisis ‘There is a big need for the solidarity movement in Greece. It started in late 2011 and has nearly doubled now to around 400 groups – even more if you add the more loosely networked ones,’ Christos Giovanopoulos says. We sit in the central Athens office of Solidarity for […]
IMF has betrayed its mission in Greece, captive to EMU creditors
IMF has betrayed its mission in Greece, captive to EMU creditors The IMF’s Original Sin in Greece was to let Dominique Strauss-Kahn hijack the institution to save Europe’s banks and the euro when the crisis erupted, dooming Greece to disaster. The International Monetary Fund is in very serious trouble. Events have reached a point in […]
Greece Admits It Will Not Make IMF Payment On Friday, No Deal Expected Wednesday
Greece Admits It Will Not Make IMF Payment On Friday, No Deal Expected Wednesday For days, Greek officials have been insistent that the country will make a €300 million payment to the IMF this Friday and thus avoid a default. Last month, we heard the same rhetoric out of Athens and as it turns out, […]
Alexis Tsipras: The Bell Tolls for Europe
Alexis Tsipras: The Bell Tolls for Europe This is a letter From Greek PM Alexis Tsipras in today’s Le Monde. I have little to add, his eloquence needs few comments at this moment. One thing is certain: the negotiations will never be the same. And neither will Europe. Straight from the Prime Minister’s offical website: : Alexis […]
Greece – Stumbling Toward Default
Greece – Stumbling Toward Default Good Cop Under Fire On June 5, Greece has to pay €240 million to the IMF. A week later another €270 million are coming due. All in all, Greece has to pay back €1.5 billion in IMF loans over the month of June. All indications are that the Greek government […]
Pray For Graccident—–It Will Trigger The Demise Of The ECB And The World’s Toxic Regime Of Keynesian Central Banking
Pray For Graccident—–It Will Trigger The Demise Of The ECB And The World’s Toxic Regime Of Keynesian Central Banking It is not surprising that in a few short months Yanis Varoufakis has proven himself to be a thoroughgoing Keynesian statist. After all, what would you expect from an economics PhD who co-authored books with Jamie Galbraith? […]
Are They About To Confiscate Money From Bank Accounts In Greece Just Like They Did In Cyprus?
Are They About To Confiscate Money From Bank Accounts In Greece Just Like They Did In Cyprus? Do you remember what happened when Cyprus decided to defy the EU? In the end, the entire banking system of the nation collapsed and money was confiscated from private bank accounts. Well, the nation of Greece is now […]
Greece Will Default On June 5 Without Deal, IMF Leaks
Greece Will Default On June 5 Without Deal, IMF Leaks Another week came and went with no breakthrough in negotiations between Greece and its creditors. The IMF is now fed up and has reportedly refused to be a part of any new bailout program for Greece, after Athens drew down its SDR reserves to makes its latest […]
Greece Is Now Just A Political Issue
Greece Is Now Just A Political Issue Greece paid off the IMF yesterday with its IMF reserves. Is that a big deal? Whatever you may want to read into this, it’s been obvious for years that Greece needs major debt restructuring if it wants to move forward and have a future as a country -let […]
Steps Towards a New World
Steps Towards a New World Four Co-ops That Are Building a New Economy Nowadays the exit from the so-called economic crisis in Europe has become the main topic of conversation. Various politicians, “experts” and technocrats speak of possible exits from the critical situation in which our societies have been trapped. But their proposals rarely go […]
The Greek People Just Destroyed Syriza’s Strategy
The Greek People Just Destroyed Syriza’s Strategy Greek stocks ventured deeper into purgatory. The ASE index dove below 700 intraday on Wednesday for the first time since the crisis days of June 2012. Then word spread that the ECB had raised the cap on the Emergency Liquidity Assistance for Greek banks by €1.5 billion to […]
Stunned Greeks React To Initial Capital Controls And The “Decree To Confiscate Reserves”, And They Are Not Happy
Stunned Greeks React To Initial Capital Controls And The “Decree To Confiscate Reserves”, And They Are Not Happy Earlier today, following weeks of speculation, Greece finally launched the first shot across the bow of capital controls, when it decreed that due to an “extremely urgent and unforeseen need” (ironically the need was quite foreseen since about 2010, […]
“Odious Debt” Has Finally Arrived: Greece To Write Off “Illegal” Debt
“Odious Debt” Has Finally Arrived: Greece To Write Off “Illegal” Debt It was back in June 2011 when we first hinted that the time of Odious Debt is rapidly approaching. As a reminder, this is what Odious Debt is: In international law, odious debt is a legal theory which holds that the national debt incurred by a regime for purposes that […]
