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Greeks Spooked by Debt Clashes Put Cash Under Bathroom Tiles
Greeks Spooked by Debt Clashes Put Cash Under Bathroom Tiles (Bloomberg) — Georgios Karavelas drives a taxi in Athens and for the past month has been a silent witness to what ordinary Greeks are doing with their cash. One passenger, he said, told someone on his mobile phone that he’d withdrawn 25,000 euros from the […]
Is It Socialism or Just Failure?
Is It Socialism or Just Failure? It’s all still about Greece, and that makes sense, if nothing else Syriza is a breath if not a tornado of fresh air. But those too pass. The question at the end remains: did anything really change? It’s quite possible, don’t get me wrong, but Tsipras and Vanoufakis are […]
Chaos, Fear, Panic Descend on EU’s Hallowed Halls of Power
Chaos, Fear, Panic Descend on EU’s Hallowed Halls of Power According to Greek private broadcaster Mega TV, “You just killed the Troika” were the parting words that Eurogroup Chief Jeroen Dijsselbloem whispered into the right ear of Greece’s new Finance Minister Yannis Varoufakis at the end of what was clearly a tense meeting. Varoufakis’ response […]
More euro-tragedy
More euro-tragedy Despite the uncertainties ahead of the Greek general election, the European Central Bank (ECB) went ahead and announced quantitative easing (QE) of €60bn per month from March to at least September 2016. What makes this interesting is the mounting evidence that QE does not bring about economic recovery. Even Jaime Caruana, General Manager […]
ECB Threatens Athens With Bank Funding Cutoff If No Deal In One Month: February 28 Is Now D-Day For Greece
ECB Threatens Athens With Bank Funding Cutoff If No Deal In One Month: February 28 Is Now D-Day For Greece As Deutsche Bank’s George Saravelos politely puts it, “Developments since the Greek election on Sunday have moved very fast.” And indeed, so far the new Tsipras cabinet, and here we focus on the words and […]
Draghi’s Dangerous Bet: The Perils of a Weak Euro
Draghi’s Dangerous Bet: The Perils of a Weak Euro The recent decision by the European Central Bank to open the monetary floodgates has weakened the euro and is boosting the German economy. But the move increases the threat of turbulence on the financial markets and could trigger a currency war. The concern could be felt everywhere […]
ECB Euro QE Won’t Succeed
ECB Euro QE Won’t Succeed The European Central Bank (ECB) leaked the information beforehand to test the waters and this time followed through on their promise: Money printing galore in the form of 60 billion euros per month ($69 billion). ECB president Mario Draghi has been talking about it since 2012 and now finally got […]
Greek election: It’s really up to the ECB and EU now
Greek election: It’s really up to the ECB and EU now The result was worse than expected whatever the final outcome – the anti-austerity vote is massive, but it could be an empty gesture as Greece in reality has little choice: Comply with the Troika or leave the EUR. I doubt the later will happen […]
From Keynesian Shangri-La To Outright War
From Keynesian Shangri-La To Outright War Over the last few weeks drum beats could be heard signalling the coming of troops from abroad to lay waste to any foe ahead of them. However, unlike what we first conjure up as troops from an opposing force made up of men and weapons. This battlefield is being waged […]
Mario Draghi: Charlatan Of The Apparatchiks
Mario Draghi: Charlatan Of The Apparatchiks Well, he finally launched “whatever it takes” and that marks an inflection point. Mario Draghi has just proved that the servile apparatchiks who run the world’s major central banks will stop at nothing to appease the truculent gamblers they have unleashed in the casino. And that means there will eventually be […]
Macro Digest: Endgame for central bankers
Macro Digest: Endgame for central bankers The Swiss National Bank’s removal of the franc’s peg to the euro last week had far-reaching consequences because we were all taken by surprise. The fact that it would (and should) happen eventually was not lost on the market, but the SNB was as late as last week end […]
Swiss Shocker Triggers Gigantic Losses For Banks, Hedge Funds And Currency Traders
Swiss Shocker Triggers Gigantic Losses For Banks, Hedge Funds And Currency Traders The absolutely stunning decision by the Swiss National Bank to decouple from the euro has triggered billions of dollars worth of losses all over the globe. Citigroup and Deutsche Bank both say that their losses were somewhere in the neighborhood of 150 million dollars, a […]
Swiss National Bank scraps euro cap
Swiss National Bank scraps euro cap (Reuters) – The Swiss National Bank unexpectedly scrapped its cap on the franc on Thursday, sending the safe-haven currency crashing through the 1.20 per euro limit it set more than three years ago. Minutes after the announcement the franc had soared by almost 30 percent in value against the […]
Grexitology – A Mexican Standoff
Grexitology – A Mexican Standoff The Greek Conundrum As you can see above, we have created a new term describing deliberations regarding the possibility of a Greek default combined with an exit from the euro area. The reason why the time for the term “Grexitology” has come is that opinions on Greece’s future in the […]
EU Showdown: Greece Takes on the Vampire Squid
EU Showdown: Greece Takes on the Vampire Squid Greece and the troika (the International Monetary Fund, the EU, and the European Central Bank) are in a dangerous game of chicken. The Greeks have been threatened with a “Cyprus-Style prolonged bank holiday” if they “vote wrong.” But they have been bullied for too long and are saying “no more.” […]
