How to Save the Euro
Soros, George. My new book, Financial Turmoil in Europe and the United States,1 tries to explain and, to the extent possible, predict the outcome of the euro crisis. It follows the same pattern as my other books: it contains an updated version of my conceptual approach and the application of that approach to a particular […]
Τελευταία ευκαιρία
Βαρουφάκης, Γιάνης. Άλλη μια φορά, τα «μέσα ενημέρωσης», τόσο εδώ όσο και στο εξωτερικό, στενάζουν πάνω από το λάθος ερώτημα. Το ερώτημα δεν είναι αν θα συμφωνηθεί η νέα δανειακή σύμβαση Ελλάδας-τρόικας. Το ερώτημα είναι τι θα γίνει όταν (κι όχι εάν) δεν είναι δυνατόν να κρυφτεί η αποτυχία της. Πηγή: protagon.gr πλήρες κείμενο
Germany’s Hidden Weaknesses
Norbert, Walter. With Greece once again nearing default, calls are going out this week for Germany to step in to help. And many Germans are, once again, responding with indignity, saying they shouldn’t have to bail out their profligate neighbors. Πηγή: The New York Times πλήρες κείμενο
It’s Time To End the Greek Rescue Farce
Kaiser, Stefan. Whether it be an escrow account or a budget commissioner, the latest demands by Germany show just how absurd negotiations over Greece’s future have become. It is high time to bring an end to this tragicomedy. Πηγή: Spiegel Online πλήρες κείμενο
The Elephant in the Room Is Spain, Not Italy
Auerback, Marshall. Another day and the markets remain fixated on whether Greece comes to a “voluntary” arrangement with its creditors. The key word is “voluntary” because the myth of “voluntary compliance has to be sustained so that those deadly credit default swaps avoid being triggered. Πηγή: EconoMonitor πλήρες κείμενο
Don’t let the euro-area crisis go east
Bénassy-Quéré, Agnès, He Fan, Kawai, Masahiro, Tae Joon Kim, Yung Chul Park, Pisani-Ferry, Jean, Vines, David & Yongding Yu. On Thursday 2 February Chinese premier Wen Jiabao signalled intention to move towards helping the euro area extricate from its trouble and declared that China was “investigating and evaluating concrete ways in which it can, via the […]
Get the Hellas out of here
CITI economists Willem Buiter and Ebrahim Rahbari write: First, we raise our estimate of the likelihood of Greek exit from the eurozone (or ‘Grexit’) to 50% over the next 18 months from earlier estimates of ours which put it at 25-30%. Second, we argue that the implications of Grexit for the rest of the EA […]
The Greek Vise
Krugman, Paul. How much is the troika demanding from Greece? How tight is the squeeze? Here’s a look based on the most recent IMF report. Πηγή: The New York Times πλήρες κείμενο
Capturing the ECB
Stiglitz, Joseph. Nothing illustrates better the political crosscurrents, special interests, and shortsighted economics now at play in Europe than the debate over the restructuring of Greece’s sovereign debt. Germany insists on a deep restructuring – at least a 50% “haircut” for bondholders – whereas the European Central Bank insists that any debt restructuring must be […]
Europe’s new fiscal compact treaty does not outlaw Keynesianism and is a stepping stone to more progress
Kirkegaard, Jacob Funk. Europe’s new fiscal compact is seen by some as the death of Keynesian government spending. This column argues that such analysis is simply wrong. It says that there is still room for government spending in extreme situations, but that there are now more safeguards to maintain stability, reduce contagion, and placate German […]