The Real Reboot Greece Needs
Tsoukalis, Loukas. Greece’s prime minister, George A. Papandreou, comfortably survived a confidence vote on Tuesday, momentarily stabilizing his fragile Socialist government and clearing the way for a fresh infusion of financial assistance from the European Union. But the country’s economic crisis, which began at the end of 2009 when the world belatedly realized that Greece’s […]
Privatisation is no salvation
Gros, Daniel. Protests continue in Greece as its leaders debate the latest suggestions for dealing with its crippling debt. One proposal is for Greece to privatise several of its assets. This column argues that privatisation is a mirage. If the problem is one of solvency privatisation will only make matters worse, especially if it has […]
Chinese Finance Comes of Age
Davies, Howard. The Chinese financial system’s evolution in recent years has been extraordinary. I have observed its transformation as a member of the International Advisory Council of the China Banking Regulatory Commission (CBRC). Back in 2002, all of China’s major banks were awash in non-performing loans (NPLs), which in some cases amounted to more than […]