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Greece Holds Out, Wins Even Worse Deal

by John Rubino on July 13, 2015 · 35 comments

The hostile takeover is almost complete. On Sunday Greece agreed not just to Germany’s original demands, but to even more: (Bloomberg) – The conditions that Tsipras swallowed comprised a laundry list of unfinished business from Greece’s two previous bailouts and a new demand for the government to transfer 50 billion euros of state assets to […]

Another Fun Monday

by John Rubino on July 5, 2015 · 14 comments

Last week began with crosscurrents that made it hard to predict. See On Monday, It’s China Versus Greece. This week is starting with no such ambiguity. The Greeks had their vote and tossed a resounding “NO” at their European creditors. And the markets are not happy: S&P 500 futures fall hard on Greek vote U.S. […]

Though it might yet drag on for weeks, months or even years, Greece’s drama can end in one of only two ways: Continued austerity which consigns its most vulnerable 50% to an endless “capital D” Depression, or some form of temporary dictatorship complete with capital controls and wealth confiscation — and a then “capital D” […]

Let’s Just Get This Greece Thing Over With

by John Rubino on June 17, 2015 · 14 comments

Guys, please. As much as we all love a good crisis, this is getting old. The threats, the name-calling, the apocalypse certain to occur if one side doesn’t immediately cave to the other’s unreasonable demands. Seems like your Greek tragedy has been going on forever, and like a long-running TV show that keeps pushing the […]

Greece Is Fixed! Oh, Wait…

by John Rubino on February 20, 2015 · 12 comments

Minutes ago, eurozone finance ministers announced that they’ve agreed to give Greece four months of breathing room in which to get its financial house in order. In that time, Greece will either work out a debt restructuring with its creditors or create a fully-functioning economy capable of managing the developed world’s second highest ratio of […]

Greece Isn’t Really The Problem

by John Rubino on February 16, 2015 · 25 comments

The euro’s fatal flaw was always people. The fact that most eurozone countries are at least nominally democratic and keep having elections means that the more complicated and draconian the process of merging them into one entity ruled by unelected bureaucrats in Brussels becomes, the harder it is to elect people at the national level […]

Eurozone Banks Dump Bad Paper on Taxpayers

by John Rubino on July 2, 2012 · 24 comments

Bloomberg is reporting on what looks like a brazen con being pulled on taxpayers by eurozone banks and governments. It goes like this: During the recent credit bubble the PIIGS country banks created and then sold a bunch of low-quality mortgage bonds. Now they’re buying them up at big discounts to the original price, booking […]

Another Signpost On The Road To Inflation

by John Rubino on May 15, 2012 · 11 comments

Europe’s leaders — that is to say German Chancellor Angela Merkel and the bureaucrats running the various eurozone agencies from Brussels — have looked into the abyss and don’t like what they see. Specifically, a default and departure by even a relatively insignificant country like Greece might start a contagion that cripples or destroys the […]

Getting Europe’s mainstream politicians and appointed technocrats to agree to bailouts and austerity was actually the easy part. The real challenge for these guys will be holding onto their jobs — and preserving the deals they’ve cut — in upcoming elections. Voters, it seems, aren’t convinced that that a depression is the only solution to […]

Next Up: Portugal

by John Rubino on February 14, 2012 · 25 comments

It looks like Greece will get its debt restructuring, which presumably delays its collapse by a few months. So now the spotlight shifts to the other functionally bankrupt eurozone countries which have no choice but to demand the same deal. Portugal, by general consensus, is next in line. It hasn’t blatantly lied about its problems […]

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