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Tsipras Stunner: Creditors Said “There Is No Point In Holding Elections” In Bailed Out Countries
Tsipras Stunner: Creditors Said “There Is No Point In Holding Elections” In Bailed Out Countries While Germany’s finmin Schauble is about to burst at few capillaries after reading the latest provocation from Tsipras in which he said, according to Reuters, that: GREEK PM TSIPRAS SAYS I SIGNED I DEAL I DO NOT BELIEVE IN BUT […]
IMF Declares War On Germany: In “Secret” Report Lagarde Says Greece Will Need Massive Debt Relief
IMF Declares War On Germany: In “Secret” Report Lagarde Says Greece Will Need Massive Debt Relief A divide between the IMF and Europe (read: Germany), regarding writedowns on Greece’s debt to the EU has been brewing for quite some time and recently returned to the international spotlight when, a few months back, the Fund indicated […]
3 Big Reasons Why The ‘Greek Debt Deal’ Is Really A German Trap
3 Big Reasons Why The ‘Greek Debt Deal’ Is Really A German Trap Greece is saved? All over the planet, news headlines are boldly proclaiming that a “deal” has been reached which will give Greece the money that it needs and keep it in the eurozone. But as you will see below, this is not […]
It Starts: Greeks Rebel Against Bailout, Risk Collapse
It Starts: Greeks Rebel Against Bailout, Risk Collapse Greece’s union of civil servants, Adedly, called for a 24-hour strike on Wednesday, and for a series of demonstrations, the first one tonight at Syntagma Square, just below the Parliament, and another one on Wednesday evening, when Parliament is expected to vote on the new, even tougher, […]
Everything You Need to Know About the Greek Crisis and ECB Fascism in Two Paragraphs
Everything You Need to Know About the Greek Crisis and ECB Fascism in Two Paragraphs Yanis Varoufakis just sat down for his first interview since resigning as Finance Minister of Greece. He talked frankly with Harry Lambert of the New Statesman. Here are the two most important paragraphs from the transcript. There is no democracy in Europe. […]
Greek Pudding
Greek Pudding The proof of the pudding is in the eating, the old saw goes. This one, alas, is a mélange of several old shit sandwiches bound in a liaison of subterfuge and seasoned with political absurdities. Having been fooled in this bistro before, citizen-patrons leave the table resigned to yet another bout of food […]
Cashtration
Cashtration Recently, we’ve witnessed the bank holiday in Greece, the limitation as to how much the Greek people can withdraw from their accounts each day. Not surprisingly, the mainstream press have focused on images such as the one above – a queue at an ATM – and discussed the difficulty of the Greek people in trying […]
Deal Struck Following Total Capitulation By Tsipras: Market Awaits Greek Reaction To Draconian Deal Terms
Deal Struck Following Total Capitulation By Tsipras: Market Awaits Greek Reaction To Draconian Deal Terms Last night, when we concluded our overnight summary state of affairs we said that “we expect some resolution around first light this morning, and while another Greek can kicking and some last-moment “hope” is surely in the cards, we know two things: […]
The Greek “Choice”: Hand Over Sovereignty Or Take Five Year Euro “Time Out”
The Greek “Choice”: Hand Over Sovereignty Or Take Five Year Euro “Time Out” For those who missed today’s festivities in Brussels, here is the 30,000 foot summary: Europe has given Greece a “choice”: hand over sovereignty to Germany Europe or undergo a 5 year Grexit “time out”, which is a polite euphemism for get the hell out. As […]
Is Greece a Template for U.S. State & Local Government Debt Crises?
Is Greece a Template for U.S. State & Local Government Debt Crises? The template of over-indebtedness as a response to soaring obligations is scale-invariant, and it always ends the same way: default. When you can’t pay your bills, you can either cut expenses, borrow money or if you’re extraordinarily privileged, print money. If you borrow money […]
Tsipras Invites Schäuble To Fall Into His Own Sword
Tsipras Invites Schäuble To Fall Into His Own Sword Too many voices the past few days are all pointing the same way, and I’ve always thought that is never good. A guessing-based consensus, jumping to conclusions and all that. Look, it’s fine if you don’t have all the answers, no matter how nervous it makes […]
How Fascist Capitalism Functions: The Case of Greece
How Fascist Capitalism Functions: The Case of Greece There is democratic capitalism, and there is fascist capitalism. What we have today is fascist capitalism; and the following will explain how it works, using as an example the case of Greece. Mark Whitehouse at Bloomberg headlined on 27 June 2015, “If Greece Defaults, Europe’s Taxpayers Lose,” and presented […]
German FinMin Blasts Greek Proposal: Debt Restructuring Impossible, “Everyone Knows They Can’t Be Believed”
German FinMin Blasts Greek Proposal: Debt Restructuring Impossible, “Everyone Knows They Can’t Be Believed” In the face of Latvia’s outgoing President’s comments, that debt writedowns for Greece will only come after the bankruptcy of the state… “this [Greek] debt is so big that everyone understands that it won’t be repaid. Loans to Greece have just bought […]
This Week In Energy: Oil Prices Hinge On Two Financial Crises
This Week In Energy: Oil Prices Hinge On Two Financial Crises It has been an eventful week. Two major financial crises are destroying the bullish case for oil. The Greek crisis continues, although there are signs that some semblance of a solution is at hand. Europe had demanded a new proposal and set this Sunday […]
German Establishment View On Tsipras/Troika Showdown
German Establishment View On Tsipras/Troika Showdown Der Spiegel has a long analysis today on the fate of Greece and the Tsipras/EU pas de deux. The tone toward Tsipras seemed secretly admiring while outwardly scornful and hostile. He comes off ultimately as the bad guy who is completely and solely to blame for the worsening crisis, with Merkel and […]
