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Tag Archives: eurozone
Russia Readies Fuel Deliveries To Athens, Will Support Greek “Economic Revival”
Russia Readies Fuel Deliveries To Athens, Will Support Greek “Economic Revival” Russia and Greece have a “special relationship of spiritual kinship and religious and historical affinity,” Vladimir Putin said yesterday, following the BRICS summit in Ulfa. Over the course of the unfolding crisis in Greece, Athens has at various times gone out of its way to remind Angela […]
Troika Says Greek Proposal Not Enough To Meet Targets, Serves As “Basis For Negotiations”
Troika Says Greek Proposal Not Enough To Meet Targets, Serves As “Basis For Negotiations” Early on Saturday morning, the Tsipras government passed the Greek bailout proposal which it told the Greek people to reject – which they did – less than a week earlier. The grotesque farce continued until the very end when 15 Syriza lawmakers who […]
Why Greece Is The Precursor To The Next Global Debt Crisis
Why Greece Is The Precursor To The Next Global Debt Crisis The Eurozone fantasy will be one of the early casualties The one undeniable truth about the debt drama in Greece is that each of the conventional narratives—financial, political and historical—has some claim of legitimacy. For example, spendthrift Greeks shunned fiscal discipline: here’s an account […]
Maintaining the Illusion of Stability Now Requires Ever-Greater Extremes
Maintaining the Illusion of Stability Now Requires Ever-Greater Extremes This much-needed re-set to an economy that serves the many rather than the few is what the Powers That Be are so fearful of. On the surface, everything still looks remarkably stable in the core industrial economies. The stock markets in Japan, Germany and the U.S. are […]
European Leaders Promise The Greek Debt Crisis Will Be Resolved One Way Or Another On Sunday
European Leaders Promise The Greek Debt Crisis Will Be Resolved One Way Or Another On Sunday The wait will soon be over. Greece submitted a final compromise plan to its eurozone creditors on Thursday, European finance ministers will meet on Saturday to discuss the proposal, and an emergency summit of all 28 EU nations on […]
China Soars Most Since 2009 After Government Threatens Short Sellers With Arrest, Global Stocks Surge
China Soars Most Since 2009 After Government Threatens Short Sellers With Arrest, Global Stocks Surge Here is a brief sample of some of the measures the Chinese government and the PBOC have unleashed in just the past ten days to prop up the crashing market include: a ban on major shareholders, corporate executives, directors from […]
Germany Crushes All Hope Of Greece Getting Debt Relief
Germany Crushes All Hope Of Greece Getting Debt Relief As the Grexit debate is falling into the background a new, far more powerful conflict emerges: one between Germany on one side, and the IMF, France, Italy, and perhaps even the US, when it comes to the all important issue of debt relief. As a reminder, […]
Greece Caves, Formally Requests ESM Bailout: Full Headline And Next Steps Summary
Greece Caves, Formally Requests ESM Bailout: Full Headline And Next Steps Summary As we reported yesterday, following the latest European leaders summit, Greece was given until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe’s currency […]
Ragin’ Contagion: When Debtors Go Broke, So Do Mercantilist Exporters
Ragin’ Contagion: When Debtors Go Broke, So Do Mercantilist Exporters Papering over the structural imbalances in the Eurozone with bailouts or bail-ins will not resolve the fundamental asymmetries in trade. Beneath the endless twists and turns of Greece’s debt crisis lie fundamental asymmetries that doom the euro, the joint currency that has been the centerpiece of […]
The Biggest Winner From The Greek Tragedy
The Biggest Winner From The Greek Tragedy Long after Greece has left the Eurozone and Germany is using the Deutsche Mark as its currency, the people of the two nations, antagonized to a level unseen since World War II, will be accusing each other of benefiting more from the brief but tumultuous period of the […]
Greek Banks Considering 30% Haircut On Deposits Over €8,000: FT
Greek Banks Considering 30% Haircut On Deposits Over €8,000: FT Last week in “For Greeks, The Nightmare Is Just Beginning: Here Come The Depositor Haircuts,” we warned that a Cyprus-style bail-in of Greek depositors may be imminent given the acute cash crunch that has brought the Greek banking sector to its knees and forced the Greek […]
Goldman “Conspiracy Theory” Validated As ECB Expands QE Program
Goldman “Conspiracy Theory” Validated As ECB Expands QE Program The ECB has expanded the list of SSA securities eligible for purchase under PSPP. The updated list includes: Tyoettoemyysvakuutusrahasto OeBB-Infrastruktur Asfinag Infraestruturas de Portugal Entidade Nacional para o Mercado de Combustiveis Ferrovie dello Stato Italiane Terna Spa – Rete Elettrica Nazionale ENEL SNAM Administrador de Infraestructuras […]
A Week of Crisis for Greece and Global Markets
A Week of Crisis for Greece and Global Markets After years of false starts it appears that the ‘Grexit’ is finally in motion. Yet when the dust finally settles, this week will be remembered for its market volatility – not as the time when Greece kicked itself out of the euro zone. Cooler Heads […]
