Greece Archive

Greece’s Tsipras: We Want Euro, but Not Austerity

As previously discussed, for all practical purposes there is no political support for leaving the euro. The various populations simply do not trust their own governments with their currency: Greece’s Tsipras: We Want Euro, but Not Austerity By Michelle Caruso-Cabrera and Jennifer Leigh Parker May 10 (CNBC) — The head of Greece’s ...Read More

Marshall – CTV National Affairs

One of Marshall’s regular TV appearances. Darn, he’s getting good at this! CTV National Affairs ...Read More

Norway protesting PSI losses

>    >   (email exchange) >    >   On Tue, May 8, 2012 at 10:21 AM, John wrote: >    >   Norway’s oil sovereign wealth fund has sold all its holdings of Irish and Portuguese >   government debt and reduced its ownership of Spanish and Italian bonds as part of a >   continuing protest over its forced participation in Greece’s ...Read More

PSI/Bond tax- the 800 lb gorilla?

Greece did it, and sanctioned by the EU. They cut their deficit by 100 billion euro by decree, by what was called ‘private sector involvement’ which was, functionally, a bond tax. Instead of another 100 billion of public sector service cuts and tax hikes on the population, they just taxed the holders ...Read More

Something to note…

Spotted by Sean Keane It was also interesting to note an easily overlooked article in Greek online newspaper Kathimerini saying that the European Commission is pressuring the European Investment Bank to withdraw a clause that it recently inserted into its new loan contracts that were signed with a number of Greek companies. ...Read More

Global themes

Austerity everywhere keeps domestic demand in check and export channels muted Non govt credit expansion pretty much stone cold dead in the US and Europe Rising oil energy prices subduing global aggregate demand US federal deficit just about enough to muddle through with modest GDP growth Rest of world public deficits also ...Read More

BINI SMAGHI SAYS EU MUST ACT TO SHOW GREEK PSI AN EXCEPTION

‘Must’ is a good choice of words because if they fail the consequences are financially catastrophic. *BINI SMAGHI: EU MUST RECOGNIZE PORTUGAL MAY NEED MORE AID *BINI SMAGHI SAYS EU MUST ACT TO SHOW GREEK PSI AN EXCEPTION *FORMER ECB OFFICIAL BINI SMAGHI COMMENTS IN FT OPINION ARTICLE *BINI SMAGHI SAYS PORTUGAL ...Read More

Market Should Be Assured by Debt Deal: Greek Minister

Yes, assured that taxing bond holders works to lower deficits. That is, their public debt is sustainable after the PSI bond tax. If anything, seems to me this kind of talk serves to keep investors away from any euro zone member debt. Market Should Be Assured by Debt Deal: Greek Minister By ...Read More

Rest of Europe Shouldn’t Follow Greek Bailout: Dallara

In regard to the euro zone officials insisting there will be no further haircuts: ‘The lady doth protest too much, me thinks.’ Mr. Dallara and the rest of the euro mob have as yet not come up with any reason any one nation wouldn’t be better off, as evidenced by Greece, with ...Read More

Will Greece Resolution Spark a Bigger Crisis?

Will Greece Resolution Spark a Bigger Crisis? By John Carney Mar 8 (CNBC) — Markets around the world were buoyed on hopes that Greece’s long and winding journey to debt restructuring may at last be its final port of call. But some are warning that this may actually be the beginning of ...Read More