Greece Archive

Italian article this am

Misrepresents what I say a bit, but they do have my picture next to JFK! ;) The IMF: sovereign currency, no longer the monopoly of the banks Eliminate the public debt of the United States at once, and do the same with Great Britain, Italy, Germany, Japan, Greece. At the same time ...Read More

EURO ZONE FINANCE MINISTERS AGREE TO RELEASE 8 BILLION EURO AID PAYMENT TO GREECE — EU DIPLOMAT – RTRS

Still no default… ...Read More

DJ Europe Mulling New Role For ECB, Lending To IMF-Greek FinMin

Hint of German support? *DJ Europe Mulling New Role For ECB, Lending To IMF-Greek FinMin ...Read More

Republicans, fearing Greece, agreeing to tax hikes

Shows the Republicans truly do fear the US becoming the next Greece, as they begin to lean towards tax hikes. Meanwhile, they continue keeping us on the road to Japan. Or worse. A lot worse. Republicans Consider Breaking No-Tax Vow as Deadline Looms By Brian Faler November 15 (Bloomberg) — For Senator ...Read More

Marshall Auerback’s Euro Update Video

Marshal Aueback says: My latest attempt to explain it all. Is the ECB Europe’s Last Hope? ...Read More

Talk still cheap – ECB writes the check again

Lots of talk, particularly from Germany about the ECB not writing the check, due to (errant) inflation concerns. But to no avail. In fact, with the Rubicon crossing decision to haircut Greek bonds 50% for the private sector’s holdings, expect the check writing to continue to intensify. And expect economies to continue ...Read More

German “wise men” (classic oxymoron) warn ECB is risking credibility

German “wise men” warn ECB is risking credibility By Alexandra Hudson November 9 (Reuters) — Germany’s “wise men” panel of economic advisers warned the European Central Bank it risks losing credibility by buying the bonds of heavily-indebted euro zone states, and that monetary and fiscal policy are becoming worryingly blurred. The group, ...Read More

For BTPS & SPGBs all inter dealer screens have gone blank

As previously discussed, it’s hard to see how anyone with fiduciary responsibility can buy Italian debt or any other member nation debt after EU officials announced the plan for 50% haircuts on Greek bonds held by the private sector. Yes, all governments have the authority, one way or another, to confiscate an ...Read More

News recap comments

The news flow from last week was so voluminous it was nearly impossible to process. For good measure I want to start today’s commentary with a simple recap of what happened. On the negative side – · Greece called a referendum and threw bailout plans up in the air taking Greek 2yrs ...Read More

The Euro Zone Race to the Bottom

While the symptoms get continuous attention as they get threatening enough, the underlying cause-the austerity- does not. The euro zone, like most of the world, is failing to meet its further economic objectives because of a lack of aggregate demand. And in the euro zone, the fundamental problem is that the member ...Read More