Gaius Publius: Goldman Sachs – Masters of the Eurozone
Goldman Sachs wields more power in the Eurozone than you think. And it’s not hard to guess who benefits.
Read more...Goldman Sachs wields more power in the Eurozone than you think. And it’s not hard to guess who benefits.
Read more...Even though French and German banks benefitted from the 2010 Greek bailout, Greek banks did even more so.
Read more...Why the coming bank bail-ins in Greece are going to be far more costly in economic terms than most observers imagine.
Read more...This post makes important observations about how the elite levels of Greece engage in rent-seeking, aka corruption, and can continue those strategies even in the face of economic collapse, to the detriment to the rest of Greek society.
Read more...Lacking fiscal transfers, facing deflationary pressures, and unable to cope with popular reaction, the project of Europe is likely to fail.
Read more...We had a good conversation with Harry Shearer on Greece. Hope you will listen in!
Read more...We’d posted earlier this week that odds favored a Grexit. With the Greek bridge loan deal having passed the key hurdle of securing passage in the German Parliament, and Lagarde making it clear that the IMF will support an eventual bailout deal with “restructured” loans (ie, no haircuts), the odds have shifted. It is now more probable that this pillage-of-Greece program stays on track near term, meaning the so-called “third bailout” gets completed.
Read more...If the Eurozone had a proper banking union, Greek banks would not now be in crisis.
Read more...By Nathan Tankus, a writer from New York City. Follow him on Twitter at @NathanTankus Earlier this week I did a detailed analysis of the way the media misreported Lew and Lagarde’s statements last week regarding Greece. Yesterday this type of misreporting reared its ugly head again when an update to the Debt Sustainability report […]
Read more...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.
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