‘Debt socialisation’ might follow Greek crisis
Darvas, Zsolt. The passing of Greece’s austerity package yesterday only bought a little time for Europe – a real crisis could be just around the corner, writes Zsolt Darvas Europe can breathe again after the Greek Parliament’s vote in favour of the austerity bill, yesterday. Talks on a voluntary rollover of Greece’s public debt are […]
Confessions of a Financial Deregulator
DeLong, Bradford. Back in the late 1990’s, in America at least, two schools of thought pushed for more financial deregulation – that is, for repealing the legal separation of investment banking from commercial banking, relaxing banks’ capital requirements, and encouraging more aggressive creation and use of derivatives. If deregulation looks like such a bad idea […]
Triplet crises and the ghost of the new drachma
Levy Yeyati, Eduardo, Soledad Martinez Peria Maria & Schmukler, Sergio. As strikes and protests continue throughout Greece against the latest economic rescue plan, this column asks whether government inaction could lead to a run on Greek banks by ordinary depositors that would derail any existing restructuring plans and force Greece to default. Much of the discussion surrounding the […]
Europe, German Mercantilism and the Current Crisis
Cesaratto, Sergio. Contributions to Brancaccio and Fontana (2011) look at a variety of aspects of the current crisis, some of them focusing on the contingent financial causes, others on the underlying contradictions of capitalist economies. In this context, less attention has been paid to the role of Europe and particularly Germany. Europe has not been […]