100 posts
Greece will not exit the Euro - Groundless threats and speculation
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Greece will never exit the euro nor will it ever be forced out. Image source: Herald Sun The negotiations between Greece and its private creditors for the restructuring of the sovereign debt are continuing and are expected to be successful within th...
The Troika letter strangling Greece
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FROM THE RADICAL PRESS / IL MANIFESTO The Troika is demanding two huge privatisations immediately, massive sackings in the public sector, enormous employment ‘flexibility’ in the private sector, a new cut to pensions and wages and ano...
German proposal for Greece’s compliance: accelerating eurozone exit
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At the top of my list of to do’s for the past few weeks has been to update the post on Greek PSI that I wrote just before Christmas to include some more recent developments, such as the prospect of ECB participation. Last night, Peter Spiegel from...
Farewell then Greece
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The FT has an extraordinary leak of German plans for the future of Greece. Essentially if they come to pass we will no longer be able to describe Greece as a country. A nation yes, a culture most definitely, but a country. No longer.The strictures ar...
The Greece of Theo Angelopoulos | Costas Douzinas
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Forget deficits, debt and corruption. Theo Angelopoulos, the film-maker who died this week, captured the true Greek soulThe sudden death of Theo Angelopoulos, the greatest Greek film-maker, while shooting his latest film on the current troubles, has...
Never waste a good (media) crisis
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OR How I learned to start reading every George, Nick’s and Harry’s blog and stopped worrying about the closure of …Continue reading »...
Harsh
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Swedish Finance Minister Anders Borg - whose country is currently grappling with whether to sign up to the euro fiscal pact - is not impressed by Greece's implementation of its EU-led austerity programme.This is what he reportendly told journalists i...
More on Greece’s ‘Voluntary’ Deal
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More on the issue of whether a voluntary" deal is possible for Greece.
"Why, for Greece’s and Europe’s sake, the PSI ought to fail" by Yanis Varoufakis
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Headlines the world over ‘agonise’, on behalf of Greece and Europe, on whether the (Private Sector Involvement) PSI+ negotiations will come to a conclusion. The presumption is that, if they succeed,...
Greece’s PSI is Dead on Arrival: An error in search of a rationale but also a failure that may prove a harbinger for the Modest Proposal
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A brief history of Greece’s PSI In the beginning there was Wholesale Denial. Then the Denial began to subside under the weight of circumstances. It did so slowly, agonizingly so, with the result that, in the process, Greece lost any capacity it mig...
If .... then .... else! Ancient Greece, USA, Europe
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If the city-states of Ancient Greece had united into one entity, the History of the world 450 BC - present would be different If the states of America were not united & thus had not joined WWI and WWII, the history of the world 1914-present woul...
Greece-ing the wheels…?
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It would be a gross understatement to say that negotiations on the Greek voluntary restructuring/write-down/bond swap have been dragging on a bit. The initial idea was first proposed and adopted last July and has been the topic of almost permanent ne...
Analysis: Exit of Greece from the euro is collective suicide
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Exponentially more are the voices calling for an exit of Greece from the euro as a panacea to the maladies of the country and the difficulties the eurozone is facing, allegedly because of Greece. Among them are key figures of the business/investor co...
Analysis: Exit of Greece from the euro is collective suicide
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Exponentially more are the voices calling for an exit of Greece from the euro as a panacea to the maladies of the country and the difficulties the eurozone is facing, allegedly because of Greece. Among them are key figures of the business/investor co...
A Voluntary Greek Debt Deal?
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The likelihood of Greece succeeding in restructuring its debt voluntarily hangs--strangely enough--on credible worries that a second, involuntary, rescheduling lies down the road.
PRIMARY DEFICIT XMAS CHEER
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Readers will know that this blog is the one place where you can actually get a monthly play by play of the Greek primary deficit, and when stuck for anything else to write (after my Basel III blogasm the other day) I will dig that out for some light...
Is Greece bankrupt? No it is not
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Greece is not a bankrupt nation. Image Source: Felix BNI Greece has been at the epicenter of the global economic crisis for all the wrong reasons. Greece has been mired in recession for more than 2 years, while it has been under international suppo...
Greeks find it hard to trust anyone promising salvation | Marinos Diamantides
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It is difficult to understand the economic crisis without getting to grips with Greece's broader cultural identityAs Carl Schmitt has shown, forms of political organisation correspond to metaphysical images of the world. Nowhere is this better demons...
Updated list of priority projects in Greece
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Following a meeting on 28 November between European Commissioner for Regional Policy Johannes Hahn and the governors of the Greek regions and mayors from the main cities, an updated list of priority projects to be co-funded by the European Commission...
First quarterly report of the Task Force for Greece
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Full press release below:First quarterly report of Commission's Task Force for Greece shows cautious optimismBrussels, 17 November 2011 - In addition to fiscal consolidation as an important first step on Greece's long road to recovery, the country ha...
€ view: the dangers of a Greek euro exit
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In Germany, an alarming change in the mood of policy makers has taken place over the past weeks: while it is still accepted and publicly stated that it is worth fighting for the euro, there is aRead more…...
"The Limits of Technocracy" by Andrew Watt
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Both Greece and Italy have installed so-called ‘technocratic’ governments led by a former senior European Central Banker and European Commissioner, respectively. The markets reacted with...
Will the Italians and the Greeks stand passively by while their governments become puppets of the ECB, IMF and the EU? I doubt it
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One thing puzzles me about the recent turn of events in the Eurozone crisis. How will the new Prime Ministers of Italy and Greece persuade the Greek and Italian people to accept the austerity packages they're being asked to swallow as a condition of...
Greece: a hard puzzle to solve
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Josh Chaffin’s piece from the FT’s analysis page: Christos Chanos sits in a conference room at his family’s sun umbrella business in Athens and ponders one of the most pressing questions confronting his crisis-hit nation: should Greece...
"A Lesson from Greece in the Value of Democracy" by Dimitris Gouglas and James Hannah
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Whatever the calculations behind it, regardless of whether it would have ever happened, the call for a Greek referendum on the EU agreement of 26th October put important issues on the public agenda...
Greece and Italy Seek a Solution From Technocrats
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"Under the white-hot pressure of the bond markets and the glare of European leaders, both Greece and Italy snapped into action on Thursday, looking to technocratic leaders to pull them back from the brink of chaos.." (NY Times) The technocrat...
Eurosphere: Papandreou gone, Berlusconi to go…
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MAIN FOCUS: Berlusconi announces gradual resignation | 09/11/2011 from euro|topics After losing his parliamentary majority, Italian Prime Minister Silvio Berlusconi announced on Tuesday evening that he was ready to resign. But he wants to g...
The Euro, Greece, the World Economy: Part B, a debate with Colin Bradford and Mattias Matthijs. (Canadian Public TV)
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Here comes the second part of my hour long interview-debate on the Crisis. Not only did Steve Paikin prove an excellent, well read, internviewer but, to boot, I had the pleasure and honour of debating, in the program’s second part, with Colin...
The Euro, Greece, the World Economy: Part A of an hour long interview on ‘The Agenda’ with Steve Paikin (Canadian Public TV)
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The Agenda with Steve Paikin, an in-depth current affairs program on Canadian public TV, kindly afforded me an hour long interview on all aspects of the Crisis (Greece, euro, global). Filed under: European Crisis, Greek Crisis, Politics and Econom...
Greco-Roman Achilles’ Heel: Democracy or Leadership?
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In assessing the abilities of the E.U. states of Greece and Italy to manage their respective debt-loads as expected by E.U. leaders, the impacts from the governance systems can be distinguished from the impact from compromised or failed leadership. I...
"Haircuts, incentives, moral hazard and some anecdotal evidence" by Andrew Watt
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It is often claimed that imposing a haircut (i.e. a partial default) on holders of Greek bonds is fair, sets incentives correctly, and avoids moral hazard. Haircut fans on Right and Left use slightly...
Democracy in Greece is sacrificed to service an odious debt
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A new coalition government between the two major parties in Greece, socialist PASOK and conservative New Democracy, is being formed. The final composition of the new government has not been decided, yet it is clear that it will be given the mand...
Grèce – Cohn-Bendit loue le courage de Papandreou
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4 Novembre – Deux jours avant de démissionner et quelques heures avant d’annuler le référendum sur le plan de sauvetage européen, le Premier ministre grec Papandreou a enfin trouvé de la compréhension au sein de l’Union Européenne. D...
Eurosphere roundup: Greece towards interim cabinet, Berlusconi struggles to hold coalition – as usual- ….
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Papandreou to step down, interim cabinet to take charge (News) from EurActiv.com Berlusconi struggles to hold coalition together (News) from EurActiv.com Greeks agree coalition government from BBC News | Europe | World Edition Greek leader...
Should we feel sorry for Greece?
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The Greek people are undoubtedly going through a bad time - and it's going to get worse. But, as we are all now aware, what happens in this relatively small corner of the Eurozone has enormous andRead more…...
Eurozone: Credible Greece?
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Each of the Europan finance ministers fights a war for stability (and sustainable growth propects) on the home front, intrinsically linked with the efforts in the other EU member states, at European Union (eurozone) level and globally. The ministers...
"Papandreou – another one bites the dust" by Andrew Watt
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Greek Premier Papandreou joins his Irish and Portuguese counterparts, Brian Cowen and José Sócrates. Having wielded the axe at the bidding of the Troika he now finds himself on the chopping block....
Eurozone Monday: Follow-up to October EU summits
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I presume that the finance ministers meeting in the Euro Group and Ecofin 7-8 November 2011 already have these additions to the Council background note in their files. Perhaps others would like to be spared the tedious search. Follow-up to October me...
From a Referendum not called to the reinforcement of a dangerous illusion
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After the Referendum Call turned out to be a cheap trick by the Greek PM, Papandreou promised to do a Jeanne D’ Arc (i.e. to sacrifice himself to save the nation) before trying to pull a Hosni Mubarak (i.e. “Allow me to remain in power in...
The kiss of Death for the Euro, or a bluff?
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So after months of just announcing to the Greek public new cuts, new austerity measures and the worsening state of Greece's economy, here comes a bomb from the country's Prime Minister! Mr. Papandreou decided to give the Greeks a referendum on the EU...
Eurozone finance ministers Monday: background and gaps
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The finance ministers of the Euro Group meet to ride the Greek rollercoaster on the slopes of the Apennines, well after markets open and close in Europe Monday, 7 November 2011. Are we going to see solutions emerging in Greece and Italy ahead of...
Angry and ashamed, we Greeks need to see a just solution to our ills | Nikos Konstantaras
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Everyone knows how we got into this mess. Our politicians must make sure their reforms reflect this fairlyNo Greek will forget the image of our defeated prime minister standing alone before a gaggle of reporters outside the G20 conference hall in the...
Four points about Greek bankruptcy and European inanity
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As time passes the crisis in the euro area gets worse. Italy is being forced to borrow at forbiddingly high interest rates, despite the constant intervention of the European Central Bank, while doubts are growing over the ability of France, the eu...
One for the road: Greek identity in the crisis’ context
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While on this N. American lecture tour, postings will be lumpy. Though I am aching to comment on the Greek PM’s transition from Jeanne D’ Arc (sacrificing himself for the country) to Hosni Mubarak (“Let me hang on to power in order...
It is doubtful if Papandreou has won the confidence vote
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The outcome of the confidence vote is another disappointment for those who wished to see the recent political crisis in Greece resolved. Few comments by Alexander Kazamias, Senior Lecturer in Politics, Coventry University. Although nominally he has,...
Eurozone: Playing with Greek fire in Athens
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Where are we now? The FT Eurozone crisis live blog continued to offer excellent coverage 4 November 2011, including the G20 summit in Cannes. There you have a recap of the whole day until late afternoon, if you stand reading the updates upwards from...
Eurozone: Athens, Byzantium and Rome
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We continue our exploration of euroblogs through the multilingual aggregator Bloggingportal.eu in our quest for views on the crisis in the eurozone. We visit the capitals - Athens, Byzantium and Rome – cradles of European civilisation. Athens Gulf...
Eurozone: Calling Athens...
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We continue to explore the euroblogs through the multilingual aggregator Bloggingportal.eu. After possible exitus letalis, more Greek dra(ch)ma, evaporating marble(s) and the need for democratic and robust government at European level, we turn to new...
A referendum in Greece?
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It is hard, at the time of writing, to know what to make of the suggestion that there should be a referendum in Greece on the terms of the bailout agreed by the eurozone governments. The idea was floated by the Greek prime minister George...
Greece vs Germany: Battle of the Referenda
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At the beginning of what has been a crazy week, Greek PM George Papandreou surprisingly announced he would call a referendum on the second eurozone bailout package for Greece, arguing: "We trust citizens, we believe in their judgment, we believe in t...
Eurozone: Lost marble(s) or Athenian genius?
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As Jean-Claude Juncker said, others can help Greece only if the Greeks help themselves. To every thing there is a season, and a time to every purpose under the heaven, so the rest of the world cannot keep riding the Greek rollercoaster forever. How h...
CDS Risk in Greece: $350 Million?
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Net exposure of the financial system to the triggering of payouts of credit default swaps could even less than the small amount we previously wrote about.
Why Papandreou should go
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Whatever the good intention of Greek PM G. Papandreou might be, I believe the only good move left to him is to go… Not as in throwing the towel and leave us with the mess; he must reach an agreement with all the Greek political parties to...
Crise Grecque: Pierre qui roule
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La crise grècque est un peu à l’image du supplice de Sisyphe. A chaque fois que l’on pense que la pente est enfin remontée, patatras, c’est repartie de plus belle. N’arrivera-t-on jamais à régler les problèmes des la zo...
More Greek Dra(ch)ma
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Forget about Alice in Wonderland when prime minister George Papandreou, starring the Greek Dra(ch)ma of domestic politics, overshadows the sideshow of the G20 leaders in Cannes. Markets around the world have barely stopped shaking. The referendum sur...
Quick! More sandbags (filled with cash)
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The scramble to expand the euro zone's protection against default by Greece...
Composition of Greek Government Doesn’t Really Matter
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Today has been a whirlwind of rumours coming out of Greece. One thing seems clear: a referendum is off the table now. What remains unclear is what will happen to the government. Ultimately, it doesn’t really matter what the composition of the Greek...
