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Tag Archives: troika
Inciting Bank Runs as a Negotiating Tactic
Inciting Bank Runs as a Negotiating Tactic The troika of Greek creditors has gone into full-frontal morals-be-damned attack mode, handpicking arms from a weapons arsenal we haven’t seen used before, and that we never should have seen in an environment that insists – and prides – on presenting itself as a union, both in name […]
How The IMF Can Save Greece And Itself
How The IMF Can Save Greece And Itself There’s a Reuters article by Paul Taylor today that’s thought provoking, but not along the same line of thought that the writer follows (or the twist he gives to it). Taylor concludes that the IMF would love to wash its hands off Greece, but can’t because it’s […]
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 […]
Russian Pivot: Greece Will “Probably” Join BRICS Bank, Official Says
Russian Pivot: Greece Will “Probably” Join BRICS Bank, Official Says Greece has very little in the way of bargaining power with European creditors. Outside of gimmicks like tapping its SDR reserves, Athens has no cash to make payments to the IMF in June and, perhaps more importantly, there’s very little in the way of wiggle […]
Austerity, Economics and Religion
Austerity, Economics and Religion There are many things going on in the Greece vs Institutions+Germany negotiations, and many more on the fringe of the talks, with opinions being vented left and right, not least of all in the media, often driven more by a particular agenda than by facts or know-how. What most fail to […]
Europe Preparing Greek Bankruptcy Loan “In Event Of Grexit”
Europe Preparing Greek Bankruptcy Loan “In Event Of Grexit” Earlier today, we learned that, contrary to what Greek government officials had been implying for the better part of a week, Athens did not have enough money to make a €750 million payment to the IMF on Tuesday. Instead, Greeceborrowed most of the money (€650 million according […]
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 […]
Greek Debt Crisis
Greek Debt Crisis Is Default or Exit Inevitable? This past week, April 24, European finance ministers met in Riga, Latvia. High on the agenda was the topic of Greek debt negotiations. Two months after the February 28 interim agreement between Greece and the EU ‘troika’—the IMF, European Commission, and European Central Bank—in which both sides agreed to […]
Greece €400 Million Short For Wage And Pension Payments, Rushes To Pass Troika-Friendly Laws
Greece €400 Million Short For Wage And Pension Payments, Rushes To Pass Troika-Friendly Laws There was a brief bout of Greek risk-on euphoria following yesterday’s latest twist in the winding road to the Greek insolvency, in which the Greek finance minister Varoufakis became the latest sacrificial scapegoat to be “Nav Sarao-ed” to the angry gods […]
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 […]
Is Greece planning to print energy?
Is Greece planning to print energy? Over the past couple of months the story keeping many people on the edge of their seats has been the ongoing dilemma of Greece’s detested debt burden, its Great Depression-worthy 25% contraction of its economy, and its voluntary or even forced withdrawal from the eurozone – the fabled “Grexit.” For […]
Steve Keen: The Deliberate Blindness Of Our Central Planners
Steve Keen: The Deliberate Blindness Of Our Central Planners Choosing to ignore the largest risks The models we use for decision making determine the outcomes we experience. So, if our models are faulty or flawed, we make bad decisions and suffer bad outcomes. Professor, author and deflationist Steve Keen joins us this week to discuss […]
Eurasian Pivot? Moscow Expects “Progress” From Tsipras Visit
Eurasian Pivot? Moscow Expects “Progress” From Tsipras Visit As Athens prepares to try and convince eurozone creditors that its latest set of proposed reforms represents a credible attempt to address Greece’s fiscal crisis, and as Greek depositors face the very real possibility that they will soon be Cyprus’d, a leverage-less Alexis Tsipras faces a rather unpalatable […]
