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Troika Exploits Greek Bank Run As Varoufakis Slams “Pernicious” Banking Sector “Leaks”
Troika Exploits Greek Bank Run As Varoufakis Slams “Pernicious” Banking Sector “Leaks” As expected, no progress was made between Greek FinMin Yanis Varoufakis and EU finance ministers at Thursday’s Eurogroup meeting in Luxembourg. Varoufakiswarned his counterparts that Europe was very close to “accepting” a Greek “accident”, something the FinMin said EU officials have a “moral duty” […]
An Affirming Flame
An Affirming Flame According to an assortment of recent news stories, this Thursday, June 18, is the make-or-break date by which a compromise has to be reached between Greece and the EU if a Greek default, with the ensuing risk of a potential Greek exit from the Eurozone, is to be avoided. If that’s more […]
The Logic of Interventionism, or How to Wake up in a Prison
The Logic of Interventionism, or How to Wake up in a Prison Archaic Financial Freedom The mainstream press is still full of articles about the alleged evils of cash, which we regard as a typical “trial balloon” launched by the powers-that-be. The way this works is that they get a repressive measure they indent to […]
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 […]
Is Telling Lies A Democratic Right?
Is Telling Lies A Democratic Right? While I’m on the Greece topic again today, I can’t help but pointing out some of the changes in tone I’ve noticed in the press recently, shifting towards outright oftentimes vicious if not ridiculous antagonism vs Greece. Remember, there is an agenda, there are pre-cooked narratives galore, and these […]
Why We Are All Now Cypriots-to-bein the New Age of Bail-Ins
Why We Are All Now Cypriots-to-bein the New Age of Bail-Ins According to the mostly ignored and hardly covered piece of newsfrom a couple of weeks ago, it turns out that 11 of the 28 European Union countries have been scolded by the European Commission for failing to implement a new set of rules intended to prop up […]
The Next Great European Financial Crisis Has Begun
The Next Great European Financial Crisis Has Begun The Greek financial system is in the process of totally imploding, and the rest of Europe will soon follow. Neither the Greeks nor the Germans are willing to give in, and that means that there is very little chance that a debt deal is going to happen […]
What’s Next in the Greek Farce and Why
What’s Next in the Greek Farce and Why The Man They Hate with a Passion Euro area politicians and IMF bureaucrats really hate Yanis Varoufakis’ guts with a passion. The media are full with denunciations of the man as “unprofessional”, negotiators of the euro-group let it be known (anonymously, natch) that “it got to the point where […]
Starvation Is The Price Greeks Will Pay For Remaining In The EU
Starvation Is The Price Greeks Will Pay For Remaining In The EU Syriza, the new Greek government that intended to rescue Greece from austerity, has come a cropper. The government relied on the good will of its EU “partners,” only to find that its “partners” had no good will. The Greek government did not understand […]
Europe Warns Of “State Of Emergency” As Greek Stalemate Drags On
Europe Warns Of “State Of Emergency” As Greek Stalemate Drags On Talks between Greece and creditors collapsed on Sunday after Athens once again refused to compromise on a the pension cuts and VAT hike the troika insists are necessary if the country is to receive the final tranche of aid from its second bailout program. We noted […]
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 […]
Europe Gives Greece 24 Hours To Comply; Germany Draws Up Capital Control Plans
Europe Gives Greece 24 Hours To Comply; Germany Draws Up Capital Control Plans EU officials turned up the heat on Athens Thursday after the IMF withdrew its team and sent its lead negotiators back to Washington. In what can only be described as a half-hearted effort, Greek PM Alexis Tsipras submitted two three-page proposals earlier this week […]
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 […]
Why Greece Must Leave
Why Greece Must Leave French Economy Minister Emmanuel Macron and German Vice-Chancellor Sigmar Gabriel published a piece in the Guardian last week that instantly revived our long nourished hope for the European Unholy Union to implode and be dissolved, sooner rather than later. The two gentlemen propose a ‘radical’ reform for the EU. Going a full-tard 180º […]
Bond Markets Herald an End to Cheap Government Debt
Bond Markets Herald an End to Cheap Government Debt Bond markets got choppy at the end of April, when institutional investors began lining up to bet against the market. Since then the situation has gotten worse for bond holders, as spiking yields in Germany, and even US Treasuries, have created a rush for the exit […]
