The ECB is in full sack-of-Carthage mode if it fails to increase the ELA today to give Greek banks some hope of survival and more important for the economy, of providing payment services to citizens, businesses (particularly importers) and tourists
Read more...This is a very readable and important account of how Europe came to embrace some of the key elements of its current monetary policy and exchange rate straitjacket.
Read more...The margin of victory, if you can call it that, was 229 out of 300.
Read more...The odds now favor the tentative deal struck over the weekend to “rescue” Greece, which many have correctly depicted as a brutal economic colonization of Greece by its lenders, coming unraveled.
Read more...Those who consider a Grexit, meaning reintroducing drachma, to be a sine qua non for Greece moving forward have no idea of what that entails.
Read more...The IMF has dropped a big shoe before the Greek government has passed any of the legislation required as part of its pending bailout. But if this development leads to more wrangling, that means an even longer delay before Greek banks get any liquidity, which means continued strangulation of the Greek economy.
Read more...The IMF’s research head, Olivier Blanchard, attempted to defend the IMF’s sorry record in Greece. What if any of his argument makes sense?
Read more...How Greece, and in particular, Yanis Varoufakis, grossly misunderstood German interests and how that led Greece to destroy itself and further German rule.
Read more...This is as bad as we’ve feared.
Read more...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...An analysis of the proposal approved by the Greek parliament yesterday by 251 votes out of 300.
Read more...Tsipras has managed to deliver to the neoliberals a victory more complete than they could ever have engineered on their own.
Read more...Greece has been given a maximum of five days to come up with a proposal acceptable to its lenders. And “acceptable” would be more stringent than if it had agreed to the memorandum when Syriza assumed office in January
Read more...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...Greek journalist Michael Nevradakis and US investigative journalist Greg Palast have a different take on the Greek ‘No’ vote against Europe’s cruel austerity demands.
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