A Grexit Looks Almost Inescapable
Despite my generally dour outlook, I never thought we’d arrive at the insane juncture we are at now, that of a Grexit being all but baked in.
Read more...Category Archives: Currencies
Perry Mehrling: China’s Rocky Road Ahead, Financial Liberalization versus Financial Stability
Will China’s renminbi transition smoothly to reserve currency status, or not? And should it?
Read more...“Tsipras Has Just Destroyed Greece”
Tsipras has managed to deliver to the neoliberals a victory more complete than they could ever have engineered on their own.
Read more...Grexit: Your Humble Guest Writer Talks to YSI INET
Nathan Tankus talks to YSI INET about a Grexit and Greece
Read more...Chinese Stock Market Rout Continues; Trading Halted in Over Half of Listed Stocks
The Chinese stock market meltdown is accelerating despite government intervention and is blowing back to commodities markets, including copper and oil, which are trading down based on concern that the stock market plunge is a harbinger of even more economic weakness. And the decline may represent the beginning of the end of the faith in China’s command and control economy.
Read more...Ambrose Evans-Pritchard: Tsipras Never Wanted to Win Referendum, is “Trapped” and “Depressed,” Syriza in “Turmoil” (Updated)
Ambrose Evans-Pritchard has a bombshell report: Syriza never wanted to win the referendum and is now desperately contending with events that are spinning out of his control.
Read more...Why the Greek Government Rejects a Grexit
Why the Greek government and Greek citizens recognize that a Grexit is a terrible idea for them.
Read more...The Card System, Demystified, and Implications for Re-Introducing Drachma
A detailed explainer on how card systems work and what the impact of a drachma re-introduction would be for them.
Read more...My Big Fat Greek Bank Black Hole: No Deposit Insurance
It’s hard to find an official who is comporting himself very well in the wake of the Tsipras surprise announcement of a referendum on July 5 for a then-defunct bailout offer.
Read more...BBC: ECB to Stop Emergency Support of Greek Banks on Monday; Bank Holiday Likely
The ECB has decided to lower the boom on Greece.
Read more...Tsipras’ Bailout Referendum Sham
At 1:00 AM in Athens on Saturday morning, Greek prime minister Alex Tsipras announced that Greece would hold a referendum on July 5 on whether to accept the terms provided by the creditors in order for Greece to obtain €7.2 billion in “bailout” funds as the final part of a loan package provided to Greece in 2012.
The bailout in fact expires on June 30. It is too late for Greek voters to have any say on the Greek government’s posture in the negotiations. So what was this ploy meant to achieve?
Read more...Greece Bailout Deal Looks Even More Remote
Greece’s creditors made a remarkably harsh proposal after the ruling coalition crossed some of its red lines. Is this a plot to break the government?
Read more...Deal With Greece Still Looks Wobbly
Negotiations with Greece remain fraught. Only a narrow path has been opened to getting a deal done, and it is far too easy for the parties, for reasons good and bad, to stray from it.
Read more...Greek Government Preparing Plans to Cross Red Lines to Avert Default
Greek government officials are preparing plans that would cross Syriza’s famed red lines in order to avert a default. Will Tsipras capitulate?
Read more...What If There is No Deal on Greece?
The alarming part of the deadlock between Greece and its lenders is the lack of a plan on the creditor side to develop a Plan B, a sort of mirror image of the Greek government’s claim that its has bet everything on securing a favorable agreement.
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