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Tag Archives: debt
Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent
Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent Yes, Greek banks may have been insolvent – something that was clear since the first bailout of 2010 – but at least the Greek state had control over them: as such it could have mandated mergers, recapitalizations, liquidity injections, even depositor bail-ins (perhaps the […]
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 […]
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 […]
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 […]
Side-Effects Include: Household Debt
Side-Effects Include: Household Debt Bank of Canada Governor Stephen Poloz fancies himself a surgeon. He compares cutting interest rates to life-saving surgery for the economy. I consider it more like bloodletting, a terrible practice that is now widely accepted as pseudoscience. According to Canada’s central banker, if the interest rate cut resulted in an increase of […]
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 […]
Canadian households are racking up more debt, poll suggests
Canadian households are racking up more debt, poll suggests Average Canadian household owes $92,699, BMO poll suggests A new poll suggests Canadian households are piling on more debt and plan to borrow more in the short term, even though a slight rise in interest rates would “stress” most of them out. In BMO’s Annual Debt […]
Greek Businesses Accept Lira, Lev As Grexit Looms
Greek Businesses Accept Lira, Lev As Grexit Looms With the Greek drama headed into its final act and Alexis Tsipras stuck between an obstinate Germany and a recalcitrant Left Platform, many wonder if the introduction of an alternative currency in Greece is now a foregone conclusion. Even if Athens and Brussels manage to strike a […]
Varoufakis’ Stunning Accusation: Schauble Wants A Grexit “To Put The Fear Of God” Into The French
Varoufakis’ Stunning Accusation: Schauble Wants A Grexit “To Put The Fear Of God” Into The French Earlier we reported that Yanis Varoufakis, seemingly detained by “family reasons” would be unable to join his fellow parliamentarians and personally vote in what is likely the most important vote of Syriza’s administration: the one in which he and his party […]
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 […]
Neither Crowdfunding, Nor Oxi,Nor Anything Else Can Stave OffGreece’s Systemic Collapse
Neither Crowdfunding, Nor Oxi,Nor Anything Else Can Stave Off Greece’s Systemic Collapse In case you missed the media hubbub, a one-week Indiegogo crowdfunding campaign was started back on June 29th with the goal of raising €1.6 billion to pay off Greece’s most recent debt repayment and set it back on the road to prosperity. The […]
