asterisk2a + christinelagarde   56

IMF's own watchdog criticises its handling of eurozone crisis
Fund was over-optimistic, failed to spot scale of problem and gave impression it was treating Europe differently, says report
Troika  PIGS  Greece  Grexit  Yanis  Varoufakis  IMF  austerity  economic  history  Germany  Angela  Merkel  Wolfgang  Schäuble  liberal  economic  reform  ChristineLagarde  zombie  bank  zombie  banks  contagion  bank  bailout  sovereign  debt  crisis  European  Union 
july 2016 by asterisk2a
Geographies of Austerity: Mark Blyth
EU bank bailout (incl Britain) = 40% of EU GDP (incl Britain) = 5 trillion Euros. AUSTERITY FOR WHOM?! // secular stagnation - ZIRP, NIRP, QE, austerity, liquidity trap, aggregate demand short-fall = creditors paradise. their debt will not be inflated away. deflation - deflationary environment. for the next 2-3 decades. = NO DRIVE TO INVEST IN PRODUCTIVE ASSETS! = productivity gap. [...] rentier paradise. [...] = interest formation (those who have, call the shots, status quo). [...] deflationary spiral (PIGS & Germany) exporting deflation ... getting more competitive [EU has 2015 a current account surplus, bought my USA] = Dr Wolfgang Schaeuble. [...] Fall of Centrists, rise of the SNP & UKIP (reactionary) ... Trump. [...] as investment rate (ie SME/SMB lending) stays same, does not grow = DEAD. Eurobonds/Investment Fund(UK, 5bn 5 years). [...] min 55 - deflationary politics (policy for 1-10-20% of society) is one way train. DEATH. especially w austerity and low wages/secular stagnation.
austerity  Tories  Conservative  Party  nasty  general  election  2010  general  election  2015  George  Osborne  Iain  Duncan  Smith  David  Cameron  Ed  Miliband  economic  history  Mark  Blyth  book  Richard  Koo  welfare  state  welfare  reform  bank  bailout  GFC  recovery  secular  stagnation  IMF  ChristineLagarde  Salami  Tactics  aggregate  demand  aggregate  demand  short-fall  liquidity  trap  fiscal  policy  Confidence  Fairy  monetary  policy  ZIRP  NIRP  QE  Tony  Blair  Gordon  Brown  European  Union  Euro  ECB  BOJ  PIGS  Pact  Schuldenbremse  Wolfgang  Schäuble  Angela  Merkel  Career  Politicians  politician  zombie  bank  zombie  banks  banking  systemic  risk  OMT  LTRO  MarioDraghi  trichet  BOE  deflation  deflationary  productivity  productivity  gap  productive  investment  underinvestment  infrastructure  investment  infrastructure  rentier  rent-seeking  Mark  Carney  Donald  Trump  business  consumer  TLTRO  non-performing  loan  NPL  Jens  Weidmann 
july 2016 by asterisk2a
Chris Grayling dimisses concerns over economic impact of a Brexit
Yvette Cooper: Brexit won't prevent EU free movement to the UK - LIKE NORWAY CASE! - youtu.be/qa--kXGNhiE //&! IMF downgrade UK over Brexit fears - youtu.be/gfmVP3_TXNk - calling for fiscal stimulus!
Brexit  Chris  Grayling  Yvette  Cooper  liquidity  trap  secular  stagnation  fiscal  stimulus  IMF  OECD  austerity  2016  global  economy  China  credit  bubble  monetary  stimulus  aggregate  demand  aggregate  demand  short-fall  ZIRP  NIRP  QE  British  Pound  Sterling  Pact  Schuldenbremse  demographic  bubble  ageing  population  economic  history  recovery  sovereign  debt  crisis  PIGS  ChristineLagarde  George  Osborne  monetary  policy  Mark  Carney  BOE  ECB  MarioDraghi 
april 2016 by asterisk2a
IMF urges more spending to boost growth
Fund’s steering committee calls for more forceful stimulus and warns monetary policy alone is not enough //&! http://www.theguardian.com/business/imf //&! bit.ly/1V9pfhD - IMF chief: regulators long 'alarmed' over Panama's handling of taxation. Christine Lagarde responds to Panama Papers revelations, noting that authorities were concerned but did not take ‘expected’ action.
secular  stagnation  Panama  Papers  tax  evasion  tax  amnesty  tax  avoidance  corporate  tax  rate  labour  market  job  market  Service  Sector  Jobs  income  tax  receipts  budget2016  George  Osborne  David  Cameron  general  election  2015  general  election  2020  election  campaign  promises  Party  Funding  Richard  Koo  Confidence  Fairy  austerity  underinvestment  Generationengerechtigkeit  triple-lock  pension  fairness  Generation  Rent  Housing  Crisis  property  bubble  USA  UK  reflation  reflate  fiscal  policy  Pact  Schuldenbremse  Angela  Merkel  Wolfgang  Schäuble  GFC  sovereign  debt  banking  bank  bailout  job  creation  squeezed  middle  class  working  poor  disposable  income  discretionary  spending  IMF  OECD  credit  bubble  China  BRIC  recovery  Germany  economic  history  2016  Niall  Ferguson  budget  deficit  offshore  banking  investment  banking  TBTF  self-regulation  Greed  crony  capitalism  shareholder  capitalism  globalisation  globalization  global  economy  Oil  price  commodity  prices  ChristineLagarde  inequality  Gini  coefficient  income  mobility  social  mobility  low  pay  low  income  tax  credit  child  poverty  food  poverty  health  care  cost  health  care  demand  western  world  European  Union  Brussels  Brexit  Grexit  sick  population  health  economic  Union  Union  investment  policy  fiscal  me 
april 2016 by asterisk2a
Yanis Varoufakis Candid Interview - Shocking Disfunction and The Power Of Oligarchs
Europe will not survive next crisis. [...] end of interview - China looked after the rest of the world and especially Germany after 2009 (credit bubble) as USA looked after Germany in the 50's - Wirtschaftswunder. Now China is trying its best not to implode and fall below 5% of growth per annum. And now USA is trying to contest Asia (excluding China) economically and militarily through TPP and military increase in that region. //&! Yanis Varoufakis - Guardian Live - youtu.be/md6_WfF9Ky0
Grexit  Troika  IMF  oligarchy  plutocracy  Greece  corruption  bribery  Yanis  Varoufakis  Tsipras  referendum  Wolfgang  Schäuble  Angela  Merkel  Brussels  European  Union  Gold  Standard  economic  history  liberal  economic  reform  antitrust  cartel  tax  evasion  tax  avoidance  Schwarzgeld  Schwarze  Kassen  Schwarzkasse  ChristineLagarde  Panama  Papers  revolving  door  lobby  No  Representation  Career  Politicians  trust  far-right  right-wing  sovereign  debt  crisis  ECB  MarioDraghi  banking  crisis  bank  bailout  GFC  democracy  neoliberal  neoliberalism  shareholder  capitalism  crony  capitalism  Chicago  School  China  credit  bubble  BRIC  USA  Hegemony  TTIP  TPP  geopolitics 
april 2016 by asterisk2a
George Osborne warns of further spending cuts in Budget - BBC News
[ LOL! ] But recent figures showing the UK economy was smaller than expected meant savings must be found in his Budget statement on 17 March, he said. [...] Mr Osborne said he would rather look for extra cuts now than risk breaking his own manifesto commitment to achieve a surplus in the budget by the end of this Parliament. The chancellor did not completely rule out raising taxes in the event of a further slowdown in growth, but said that now was not the time for "significant" tax hikes. [...] I'm absolutely clear we've got to root our country in the principle that we live within our means and that we have economic security." [...] "whole purpose of our economic plan was to have a budget surplus. [...] we got big challenges at home to make the economy more productive even as more people get work. [ because having part of your budget in the property bubble is so productive ] [...] I will do what is required to keep our country safe and secure." [ NOT CHANGING PLANS ie U-TURN ]
UK  secular  stagnation  austerity  Richard  Koo  Japan  economic  history  dogma  ideology  IMF  OECD  ChristineLagarde  economists  Paul  Krugman  Joseph  Stiglitz  Robert  Reich  David  Cameron  Tories  nasty  party  recovery  aggregate  demand  Conservative  macroeconomic  policy  microeconomic  policy  fiscal  policy  monetary  policy  Mark  Carney  BOE  City  of  London  HMRC  tax  evasion  tax  avoidance  self-employment  corporate  tax  rate  Service  Sector  Jobs  working  poor  multiplier  precarious  work  Precariat  low  pay  low  income  tax  credit  housing  benefit  income-based  JSA  Zero  Hour  Contract  Contractor  wage  stagnation  stagnation  DWP  Iain  Duncan  Smith  skills  gap  STEM  productivity  output  gap  Manufacturing  industrial  policy  neoliberalism  neoliberal  trickle-down  economics  Chicago  School  JohnMaynardKeynes  keynes  Keynesianism  Pact  Schuldenbremse  Wolfgang  Schäuble  Angela  Merkel  European  Union  property  bubble  apprenticeships  value  creation  added  value  underinvestment  productive  investment  infrastructure  investment  competitiveness  marginal  cost  energy  price  energy  policy  Hinkley  Point  C  nuclear  power  nuclear  waste  subsidies  subsidizing  corporate  welfare  lobbyist  lobby  Lobbyin 
february 2016 by asterisk2a
Christine Lagarde: Housing is key issue for security of UK economy - BBC News
The UK's recent growth, employment progress and deficit reduction have been "strong", the International Monetary Fund (IMF) has said. Underlying economic vulnerabilities, including the supply and demand for housing, have been addressed and steady growth looks set to continue, it said. The IMF's Christine Lagarde said there were still some risks.
UK  Housing  Crisis  property  bubble  generation  rent  speculative  bubbles  Buy  to  macroprudential  policy  fiscal  policy  planning  law  monetary  policy  mortgage  market  austerity  budget  deficit  neoliberalism  IMF  OECD  neoliberal  trickle-down  economics  economic  history  ChristineLagarde  Privatisation  affordable  social  discretionary  spending  disposable  income  consumer  debt  household  debt  credit  card  debt  car  loan  secular  stagnation  wage  stagnation  squeezed  middle  class  Precariat  working  poor  job  creation  Service  Sector  Jobs  low  pay  minimum  wage  low  income  Zero  Hour  Contract  part-time  Contractor  recovery  productivity  output  gap  credit  bubble  debt  servitude  debtoverhang  liquidity  trap  Richard  Koo 
february 2016 by asterisk2a
IMF: UK's economic performance 'very strong', but risks remain - BBC News
[ UK more like USA than Europe, let alone Germany ] Underlying economic vulnerabilities have been addressed, and steady growth looks set to continue, it said. But high household debt, a "strikingly large" trade deficit and high government debt are still risks to the economy. It also warned about uncertainty over whether the UK would stay in the EU. [...] But although UK house price growth has eased, the household debt-to-income ratio is still high, and could leave some households vulnerable to shock interest rate rises. The large trade deficit could affect cash flows into the UK, adversely affecting growth, the report says. In addition, high government debt, and a continuing deficit, could tie the government's hands in dealing with any future recession, and productivity growth might fail to materialise. Chancellor George Osborne said the IMF report "could hardly be more positive" about the UK economy, but that it "rightly" identified challenges.
UK  economic  history  trade  deficit  household  debt  consumer  debt  credit  card  debt  credit  card  zombie  consumer  recovery  GFC  squeezed  middle  class  austerity  industrial  policy  George  Osborne  short-termism  Tories  Conservative  Party  nasty  constituency  babyboomers  David  Cameron  IMF  OECD  crony  capitalism  capitalism  tax  evasion  tax  avoidance  ChristineLagarde  fairness  Generationengerechtigkeit  climate  change  climate  crisis  global  warming  energy  policy  competitive  competitiveness  macroeconomic  policy  microeconomic  policy  policy  folly  policy  error  Super  Rich  1%  Wall  Street  shareholder  value  self-regulation  profit  maximisation  debt  servitude  Super  Cycle  sovereign  debt  crisis  student  loan  debt  student  loan  Bubble  student  debt 
december 2015 by asterisk2a
Group of 20 Financial Leaders Agree to Act to Bolster Growth - The New York Times
Ms. Lagarde was even more explicit, making it clear that governments had for too long relied on the supply of cheap cash from central banks that have been running ultra-loose monetary policy. “Monetary policy alone will not cut it,” she said. “It is necessary, it is recommended from our perspective, particularly in Europe and in Japan still, but it will not cut it on its own. “Clearly in the fiscal sphere as well as in the structural reforms sphere, more needs to be done, and it needs to accompany and eventually take the baton from the central bank governors.”
Europe  IMF  UK  USA  western  world  Richard  Koo  recovery  fiscal  policy  fiscal  stimulus  long-term  view  long-term  thinking  underinvestment  productive  investment  infrastructure  investment  industrial  policy  STEM  R&D  austerity  George  Osborne  ChristineLagarde  OECD  GFC  economic  history  trickle-down  economics  neoliberalism  neoliberal  liberal  economic  reform  Research  competitiveness  differentiate  differentiation  value  creation  added  value  Manufacturing  job  creation  Niedriglohnsektor  Service  Sector  Jobs  Future  of  Work  Smart  Grid  renewable  energy  business  investment  consumer  debt  household  debt  debtoverhang  monetary  policy  QE  ZIRP  NIRP  Germany  Pact  Schuldenbremse  Angela  Merkel  Wolfgang  Schäuble  inequality  Gini  coefficient  education  policy  David  Cameron  dogma  ideology  academia  academics  Mark  Blyth  Joseph  Stiglitz  Robert  Reich  Paul  Krugman  wage  growth  income  growth  G20  wage  stagnation  secular  stagnation  globalisation  globalization  flat  world  borderless  competitive  competition  currency  war  currency-war  currency  debasement  Exportweltmeister  BRIC  credit  bubble  global  economy  global  trade  global  imbalances  faultlines  structural  imbalance  Impediments  American  Dream  economy  energy  energy  policy 
september 2015 by asterisk2a
International Focus - A History of Austerity - YouTube
fallacy of composition problem // short-term profit seeking and rent-seeking behaviour, underinvestment, no productive investment - especially long-term. // this underinvestment - public and private sector + market forces and technological progess will level the world and the China/Asia/LatAm rises up to the western world level while western world stays stagnant (loss of standard/quality of living competitively) because of being behind - software is eating the world, 3D printing, uncompetitive manufacturing and heavy industry/goods because of higher energy prices because of lack of investment in energy storage systems that are realized right now and backing off in investment in renewable energy and energy efficiency schemes (especially UK budget2015), automation, robotics, lack knowledge workforce to fill future digital/STEM/knowledge jobs, because of low social mobility, student debt, cuts in education - vocational - professional, as well as giving up on child poverty targets.
rent-seeking  austerity  economic  history  recovery  GFC  secular  stagnation  ideology  dogma  European  Union  UK  USA  2015  underinvestment  productive  investment  asset  allocation  short-term  thinking  short-term  view  hunt  for  yield  QE  ZIRP  NIRP  asset  bubble  speculative  bubbles  equity  bubble  bond  bubble  public  investment  infrastructure  investment  long-term  view  long-term  thinking  Career  Politicians  neoliberalism  neoliberal  No  Representation  academia  academics  Angela  Merkel  Wolfgang  Schäuble  Troika  IMF  OECD  ChristineLagarde  Richard  Koo  Paul  Krugman  Robert  Reich  Joseph  Stiglitz  sovereign  debt  crisis  zombie  banks  TBTF  too  big  to  jail  toobigtofail  bank  bailout  NPL  ECB  Fed  BOE  fiscal  policy  Pact  Schuldenbremse  manufactured  consent  corporate  state  propaganda  corporate  media  populism  PR  spin  doctor  Eurogroup  EuroFin  democracy  Generationengerechtigkeit  fairness  social  contract  crony  capitalism  deregulation  self-regulation  regulation  regulators  lobbyist  lobby  Lobbying  revolving  door  unintended  consequences  unknown  unkown  lost  decade  lost  generation  western  world  Developing  developed  world  Gini  coefficient  social  mobility  income  mobility  policy  in 
august 2015 by asterisk2a
Austerity: The History of a Dangerous Idea - YouTube
faith in capitalism can only be sustained, according to Adam Smith, if we can better ourself (vs winner takes all) & talent diversion into Finance, not Climate Change, STEM, education, sw, hw & rogoff/reinhart called 4 fiscal stimulus in 2014. &! its a banking problem, not overspend, its corporate state (Tories) PR and spin doctors, manufacturing consent, propaganda/populism! change conversation away from banks! // youtu.be/a-8ySh6nUsA // &! The Austerity Delusion - youtu.be/NQGCoiakycQ // &! Is Austerity a Dangerous Idea? - youtu.be/2v8m-J8sgik // &! youtu.be/JQuHSQXxsjM // &! Mackenzie Lecture 2015 - youtu.be/B6vV8_uQmxs // &! After the Financial Crisis: How to Tell the Forest from the Trees - youtu.be/V3FPmu2_J_0 // &! Book Panel 2013 - youtu.be/Xz4FW8GDwG4 - "debt gets cured by growth." & austerity is ideological war on welfare state & class // &! youtu.be/iM2cnMhJZyg // &! youtu.be/in5M65566iw // &! What I Learned and (Un-Learned) at the Financial Crisis - youtu.be/lhldDOp77QA /
austerity  economic  history  Gini  coefficient  social  mobility  income  mobility  downward  mobility  inequality  apathy  voter  turnout  crony  capitalism  ideology  dogma  GFC  IMF  OECD  ChristineLagarde  George  Osborne  David  Cameron  Angela  Merkel  Troika  Wolfgang  Schäuble  Conservative  Party  Schuldenbremse  Fiscal  Pact  UK  Europe  Generationengerechtigkeit  fairness  lost  generation  lost  decade  Japan  ZIRP  NIRP  QE  unintended  consequences  asset  allocation  hunt  for  yield  speculative  bubbles  property  bubble  unknown  unkown  Taper  KennethRogoff  carmenreinhart  Thomas  Piketty  debtoverhang  balance  sheet  recession  sovereign  debt  crisis  deleveraging  Richard  Koo  trickle-down  economics  neoliberalism  neoliberal  Privatisation  industrial  policy  Revolution  2.0  deflationary  deflation  secular  stagnation  globalisation  globalization  Eurogroup  Paul  Krugman  Joseph  Stiglitz  reflate  recovery  reflation  bond  bubble  asset  bubble  faultlines  structural  imbalance  Impediments  BOE  macroeconomic  policy  microeconomic  policy  short-term  Career  Politicians  political  theory  social  contract  Gesellschaft  No  Representation  Rechtsruck  stagnation  social 
august 2015 by asterisk2a
George Osborne is a magician – despite his record he’s seen as a success | Owen Jones | Comment is free | The Guardian
The chancellor’s record demonstrates a specialism in policies that are too complicated to successfully rebut – a pernicious but effective approach [...] ‘He turns myths into common sense. He spins policies that benefit the richest into rewards for aspiration. He transforms his disastrous record into success.’ [...] GDP per capita remains lower than before Lehman Brothers imploded. Not since the Victorian era have workers’ pay packets flatlined for as long as they have under Osborne. [...] His government pledged to start paying off the country’s debts, but he added more than every single Labour chancellor in history put together. Under his chancellorship, productivity has stagnated disastrously. In much-derided France, productivity is 27% higher. How can this record be regarded as anything other than dire?
austerity  spin  doctor  PR  Tories  Conservative  Party  UK  George  Osborne  Toff  Privileged  Establishment  GFC  recovery  2015  budget  deficit  budget2015  tax  evasion  tax  avoidance  corporate  tax  rate  tax  code  capital  gains  tax  income  tax  welfare  state  Public  Services  Social  Services  vulnerable  Disabled  benefits  JSA  ESA  babyboomers  Generationengerechtigkeit  STEM  underinvestment  fiscal  policy  industrial  policy  Manufacturing  short-term  short-term  thinking  short-term  view  Career  Politicians  No  Representation  policy  folly  policy  error  contract  political  theory  productivity  output  gap  David  Cameron  DWP  apprenticeships  education  policy  mobility  downward  mobility  poverty  trap  child  poverty  Gini  coefficient  IMF  ChristineLagarde 
august 2015 by asterisk2a
US stocks nosedive in early trading amid collapse in global markets | Business | The Guardian
[ great reflation move since 09, finds another opportunity (this time because of China) to reflect. meaning to reassess reality. same with the collapse in emerging market, money going out of high yield & risk back to US/UK in hope of Taper and then came the hammer in form of China scare, people taking even more money out of emerging market/Chinas neighbours into the safe haven (perceived) that is the $/£/EUR market ] Dow dropped more than 1,000 points shortly after the markets opened, but it recovered slightly to be down 620 points, or 6%, shortly before 10am. Dow, which had suffered big falls last week, was trading below 16,000 at 10am – the first time it has been below that level since February 2014. The index is 14% below its record peak in May, putting the Dow firmly into “correction” territory – Wall Street jargon for a drop of 10% or more from a recent peak. &! bit.ly/1EQ31Fn &! bit.ly/1F1zPue - Summers argued for fiscal stimulus, debate about secular stagnation.
correction  asset  bubble  asset  allocation  emerging  market  hunt  for  yield  unintended  consequences  2015  unknown  unkown  hot-money  ZIRP  NIRP  QE  reflate  reflation  recovery  GFC  structural  imbalance  global  imbalances  China  USA  western  world  secular  stagnation  Developing  developed  world  Europe  UK  Singapore  Asia  global  economy  global  trade  energy  price  Oil  price  OPEC  economic  history  Taper  Abenomics  Japan  Fed  BOE  ECB  BOJ  Richard  Koo  equity  bubble  bond  bubble  deflationary  deflation  job  creation  job  market  participation  rate  industrial  policy  Makers  short-term  short-term  thinking  short-term  view  policy  folly  policy  error  PBOC  distortion  faultlines  Impediments  STEM  underinvestment  productive  investment  output  gap  productivity  Paul  Krugman  Larry  Summers  Ben  Bernanke  Janet  Yellen  Mark  Carney  MarioDraghi  Angela  Merkel  Wolfgang  Schäuble  austerity  fiscal  policy  Pact  Schuldenbremse  fiscal  stimulus  George  Osborne  dogma  IMF  OECD  ChristineLagarde  ideology 
august 2015 by asterisk2a
Griechenland: Warum ein Schuldenschnitt jetzt richtig ist - SPIEGEL ONLINE
[ nennt es doch schuldumschreibung!? longer dated lower interest rates. es wurden ja unsere banken in europa gerettet in 2009/10/11. ] Es ist die richtige Ankündigung zur rechten Zeit: Griechenland wird einen Schuldenschnitt bekommen - auch wenn die Kanzlerin das nicht so aussprechen will. Klingt seltsam, aber so funktioniert Europa nun einmal. // &! bit.ly/1No5spK - Griechenland-Hilfe: Merkels Schneeballsystem - Am Mittwoch stimmt der Bundestag über das dritte Hilfspaket für Griechenland ab. Das Risiko für die deutschen Steuerzahler: ein dreistelliger Milliardenbetrag. Doch die Kanzlerin verschleiert das - die Folgen werden fatal sein.
debt  restructuring  Greece  IMF  bailout  2015  Angela  Merkel  Wolfgang  Schäuble  Career  Politicians  PR  spin  doctor  EFSF  ESM  Troika  Germany  bank  bailout  economic  history  Leadership  manufactured  consent  propaganda  populism  corporate  state  Lügenpresse  public  perception  public  awareness  smoking  gun  smoke  mirror  public  discourse  fairness  Generationengerechtigkeit  ChristineLagarde  European  Union  fiscal  political  theory  social  contract  debtoverhang  policy  error  policy  folly  lost  generation  lost  decade  GFC  recovery  trust  distrust  trustagent  voter  turnout 
august 2015 by asterisk2a
Europe's economic challenge not just about Greece - BBC News
IMF, Christine Lagarde, said: "I remain firmly of the view that Greece's debt has become unsustainable." [...] Greek debt will reach 201% of GDP some time next year. [...] It is unlikely a portion of the debt will be written off but there may well be an agreement to extend current loans and to lower the rates of interest. [...] [ the overall health of Europe as a whole and its individual parts in question] [...] the eurozone economy splutters. There is a recovery - the eurozone is growing at an annual rate of 1.3% - but it is patchy. In the [Q2'15] France and Italy, which account for 40% of the eurozone economy, flat-lined. Italy which had only recently emerged from recession fell back, managing growth of just 0.2%. [...] [ ECB: on balance, outlook remains on the downside ] The eurozone economy is still smaller than it was in 2008. [...] The fundamental challenges to the European economy remain - how to innovate [...] modernise [...] [ EU project living up to its potential ]
Europe  Germany  France  PIIGSFB  Greece  recovery  2015  bailout  bank  bailout  IMF  debt  restructuring  debt  jubilee  Insolvenzverschleppung  insolvent  insolvency  sovereign  debt  crisis  greatrecession  austerity  ChristineLagarde  Troika  Wolfgang  Schäuble  Angela  Merkel  Leadership  economic  history  unemployment  long-term  unemployment  structural  unemployment  youth  unemployment  Impediments  faultlines  structural  imbalance  European  Union  Fiscal  Pact  Schuldenbremse  GFC  sovereignty  lost  decade  lost  generation  EuropeanSystemicRiskBoard  European  Parliament  Career  Politicians  No  Representation  policy  folly  policy  error  Generationengerechtigkeit  fairness  short-term  thinking  short-term  view  Opportunism  opportunist  smoking  gun  smoke  mirror  corporate  media  manufactured  consent  propaganda  populism  European  Election  2014  Lügenpresse  industrial  policy  STEM  PR  spin  doctor  economic  damage  social  tension  social  contract  social  cohesion  competitive  competition  competitiveness  differentiate  differentiation  Software  Is  Eating  The  World  skill-biased  technological  change  technological  progress  Smart  Grid  political  political  theory  political  economy  political  error  political  folly  Politics  Ego  interest  groups 
august 2015 by asterisk2a
Die ungehörten Warnungen des IWF | Report Mainz | Das Erste - YouTube
Schon vor fünf Jahren sollte ein Hilfsprogramm Griechenland vor der Pleite retten. Doch führende Ökonomen des IWF waren schon damals mehr als skeptisch. // it's not a bailout for Greece. it's a bank bailout for France, Belgium, Germany and co. Its was always a bank bailout. // no debt restructuring, no debt haircut = no long-term solution.
Greece  bailout  IMF  economic  history  2015  sovereign  debt  crisis  ESM  EFSF  austerity  Troika  bank  bailout  zombie  banks  TBTF  toobigtofail  Angela  Merkel  Career  Politicians  No  Representation  European  Union  Alternativlos  TINA  Wolfgang  Schäuble  ChristineLagarde  debt  servitude  debt  jubilee  debt  restructuring 
august 2015 by asterisk2a
Lagarde beharrt auf Schuldenentlastung für Griechenland - SPIEGEL ONLINE
Der Internationale Währungsfonds ist in Athen verhasst. Ausgerechnet IWF-Chefin Lagarde unterstützt Griechenlands Premier Tsipras nun erneut bei seiner Forderung nach einer erheblichen Schuldenerleichterung. [...] "Wir sehen im Moment eine Situation, in der wir die Schuldenlast als nicht tragfähig beurteilen", sagte IWF-Chefin Christine Lagarde. "Es muss eine signifikante Schulden-Restrukturierung geben", forderte Lagarde mit Blick auf die Schuldenquote Griechenlands von rund 170 Prozent der Wirtschaftsleistung. Die Quote könne sogar in Richtung 200 Prozent steigen: Diese Einschätzung setze sich mehr und mehr durch, sagte Lagarde. // Compromise must be found, a pause for debt repaymen (EFSF, ESM, ECB) for ~15-20 years. With a slow start in repayments without interest coupon there after, coupled with economic / budget feasibility assessment of repayments in view of long-term sustainability. // &! bit.ly/1JUGCbF - IMF will refuse to join Greek bailout until debt relief demands are met
Greece  debtoverhang  sovereign  debt  crisis  economic  history  IMF  ChristineLagarde  debt  jubilee  debt  restructuring  Super  Cycle  debt  bubble  public  debt  European  Union  Angela  Merkel  Wolfgang  Schäuble  common  sense  dogma  ideology  Troika  austerity  propaganda  Zivilgesellschaft  Gesellschaft  Zivilcourage  Eurogroup  society  economic  damage  economic  model  academia  academics  Alexis  Tsipras  Yanis  Varoufakis 
july 2015 by asterisk2a
BBC Radio 4 - Today, 13/07/2015, Syriza MP: "the Europe of austerity has won"
[ECB, the silent enforcer ] Eurozone leaders have reached an agreement on the Greek debt crisis after 17 hours of talks in Brussels. The President of the European Council, Donald Tusk, said the deal would pave the way for the Athens government to secure a third international bailout to prevent it defaulting on its debts, under the plans, he said Greece would have to make serious reforms. Giorgos Katrougalos, the Greek minister in charge of reform, said that clearly "the Europe of austerity" had won. "Either we're going to accept these draconian measures or it is the sudden death of our economy through the continued closure of our banks. So it is an agreement that is practically forced upon us," he added. [...] "The political murder of our economy through blackmail."
ECB  austerity  2015  Syriza  Troika  IMF  Eurogroup  Yanis  Varoufakis  Alexis  Tsipras  fiscal  sovereignty  sovereign  debt  crisis  Angela  Merkel  Wolfgang  Schäuble  ChristineLagarde  Career  Politicians  No  Representation  dogma  ideology  economic  history  democracy  European  European  Union 
july 2015 by asterisk2a
Former Greek finance minister Yanis Varoufakis says EU deal is a 'new Treaty of Versailles’ | News | The National
THE bailout deal forced upon Greece by its eurozone creditors was dubbed “a new treaty of Versailles” last night by the country’s former finance minister. [...] the deal comes with years of enforced austerity and privatisation of state assets. Yanis Varoufakis, who quit last week after falling out with his European counterparts, spoke of the “politics of humiliation”. He said the lenders were taking revenge on prime minister Alexis Tsipras. “It is an impossible deal,” he added. “A deal that is simply not viable.” [...] “This has nothing to do with economics. It has nothing to do with putting Greece back on the rails towards recovery. This is a new Versailles Treaty that is haunting Europe again, and the prime minister knows it. He knows that he’s damned if he does and he’s damned if he doesn’t.” [...] “It’s not that it didn’t go down well – there was point-blank refusal to engage in economic arguments. Point blank.
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july 2015 by asterisk2a
Why Greece’s European Agreement Is Not a Bailout - YouTube
'Tsipras was digging his own grave.' That he goes home now with that deal that has to be passed by Parliament, this deal after the referendum no on bailout terms less harsh, that is tough. Demuetigung by Eurogroup and Co. To go home with even more stricter terms, the people that elected him on an anti-austerity platform and gave a resounding 61% no to the bailout terms given February 2015 after the election of Syriza.
Greece  Alexis  Tsipras  Yanis  Varoufakis  Syriza  referendum  democracy  bailout  2015  Eurogroup  Angela  Merkel  creditor  Politics  economic  history  IMF  Troika  Great  Depression  Career  Politicians  Wolfgang  Schäuble  ECB  Germany  FrancoisHollande  France  Grexit  austerity  Privatisation  debt  restructuring  haircut  sovereign  debt  crisis  debt  jubilee  common  sense  common  good  solidarity  BIS  World  Bank  ChristineLagarde  Jean-Claude  Juncker  MarioDraghi  European  Union 
july 2015 by asterisk2a
Killing the European Project - The New York Times
[3rd Bailout, post-referendum, even more austerity requests and liberal economic reforms and selling of state assets and privatisation - than Syriza had on its plate after it got elected on an anti-austerity platform, tried to negotioate, Eurogroup didnt budge, referendum was called and corralito/capital controls/bank holiday for now over 2 weeks, ... just to get money to pay off EFSF, IMF and ECB, ... ] Paul Krugman geht in der "New York Times" hart mit der Euro-Gruppe ins Gericht. Deren Forderungen gegenüber Griechenland seien verrückt. "Der Hashtag #ThisIsACoup bringt es genau auf den Punkt", so Krugman. Besonders Deutschland sei dabei, das europäische Projekt zu töten.
Paul  Krugman  European  Union  Grexit  Greece  2015  Syriza  Troika  Eurogroup  Wolfgang  Schäuble  Angela  Merkel  Jean-Claude  Juncker  IMF  ECB  MarioDraghi  ChristineLagarde  Germany  FrancoisHollande  France  Leadership  vision  Career  Politicians  No  Representation  compromise  political  error  policy  folly  austerity  dogma  ideology  haircut  debt  jubilee  debt  restructuring  propaganda  populism  manufactured  consent  corporate  state  media  conglomerate  economic  history  common  sense  Great  Depression  lost  decade  lost  generation  European 
july 2015 by asterisk2a
Greece debt crisis puts Germany's Merkel under pressure - BBC News
Of all of its creditors, Greece owes Germany the most - €68bn (£49bn; $75bn). // should compromise and change Germany internal debate whether we want to see 70% of our money or non at all in case of a Grexit in the next 5 years because Greece can no get back to economic growth and a real nationalistic and populistic elected gov that make Syriza look pale in comparison does elect to exit Euro voluntarily. Short sighted ideological national interest will bring worse than they can imagine - destroying the european dream and damaging europe as a whole as economy long-term (ie deflationary pressures ECB fights with more money, instead with political long-term resolution in the interest of THE EUROPEAN UNION, SOLIDARITY, they already did since GFC with their dither strategy, putting plasters on fault lines. Angela Merkel could have become the true Queen of Europe history would have remembered her. But she can only be national career politician & a lab worker (has science degree).
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july 2015 by asterisk2a
Athens capitulates to creditors - BBC News
"Greece: Prior Actions - Policy Commitments and Actions to be taken in consultation with the EC/ECB/IMF staff", it feels very familiar. That familiarity stems from its great similarity to the bailout proposals put to Greece by the creditors - the eurozone governments, the European Central Bank and the IMF - last month. Pretty much everything wanted by the creditors is there - with the odd tweak or softening, but nothing which looks as though it ought to be noxious to them. So there is a pledge for budget surpluses rising in steps to 3.5% of GDP or national income by 2018 [< in their dreams only]. // The referendum was a last ditch effort by Syriza to get better deal. Eurogroup, Troika, IMF, ECB called it a bluff and accepted a possible Grexit and according to Juncker did prepare for it. No we are where we were when Syriza was elected and had to negotiate for a new bailout tranche, to pay off other bailout tranches re-payment coming up (IMF, EFSF, ECB) &! bbc.in/1INY5Gu MPs to deceide
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july 2015 by asterisk2a
Germany won’t spare Greek pain – it has an interest in breaking us | Yanis Varoufakis | Comment is free | The Guardian
Debt restructuring has always been our aim in negotiations – but for some eurozone leaders Grexit is the goal [...] To frame the cynical transfer of irretrievable private losses on to the shoulders of taxpayers as an exercise in “tough love”, record austerity was imposed on Greece, whose national income, in turn – from which new and old debts had to be repaid – diminished by more than a quarter. It takes the mathematical expertise of a smart eight-year-old to know that this process could not end well. [...] In my first week as minister for finance I was visited by Jeroen Dijsselbloem, president of the Eurogroup (the eurozone finance ministers), who put a stark choice to me: accept the bailout’s “logic” and drop any demands for debt restructuring or your loan agreement will “crash” – the unsaid repercussion being that Greece’s banks would be boarded up. [...] Wolfgang Schäuble, decided that Grexit’s costs were a worthwhile “investment” as a way of disciplining France et al,
Yanis  Varoufakis  debt  restructuring  debt  jubilee  Super  Cycle  sustainable  sustainability  Great  Depression  Greece  Grexit  lost  decade  lost  generation  PIGS  Troika  Germany  France  IMF  Angela  Merkel  ChristineLagarde  European  History  Wolfgang  Schäuble  Thomas  Piketty  ECB  MarioDraghi  Leadership  European  Union  Insolvenzverschleppung  insolvent  insolvency  austerity  economic  policy  folly  policy  error  Career  Politicians  No  Representation  dogma  ideology  propaganda  Lügenpresse  bailout  zombie  banks  populism  manufactured  consent  media  conglomerate  corporate  state  Jeroen  Dijsselbloem  Jean-Claude  Juncker  Eurogroup  EFSF  ELA  EuropeanSystemicRiskBoard  systemicrisk  toobigtofail  TBTF  too  big  to  jail  referendum  PIIGSFB  PIIGS  FrancoisHollande  academia  academic  academics  carmenreinhart  kennethlewis  Alexis  Tsipras  Syriza  Wall  Street  crony  capitalism  Podemos  Indignants  Indignados  occupywallstreet  fairness  GFC  recovery  economic  model  trickle-down  economics  economic-thought  shared  economic  interest  profit  maximisation  shareholder  value  economists  economic  damage  short-term  thinking  short-term  view 
july 2015 by asterisk2a
IMF Slams Germany, Says Greece "Needs Debt Restructuring" | Zero Hedge
on the ticker. IMF'S LAGARDE SAYS DEBT RESTRUCTURING NEEDED IN GREECE. IMF'S LAGARDE SAYS FUND REMAINS 'FULLY ENGAGED' WITH GREECE. IMF'S LAGARDE SAYS IMF CANNOT GIVE GREECE SPECIAL TREATMENT // Earlier today, confirming that Germany sternly refuses to change its tune about a Greek debt haircut or even a debt "reprofiling" of Greece and would not budge an inch on Tsipras tacit request for at least some debt leeway, we reported that "the German government does not see any reason to grant Greece either a classic debt haircut or any other measures that would slash the value of money on loan to the crisis-ridden country, a spokesman for the finance ministry said on Wednesday." // IMF has admitted it was wrong to advocate for austerity, now IMF admits it was wrong to hope that its approach (together with Troika) would help Greece. // an economic model is an economic model, not the real world and especially not able to predict the future. // "Alternativlos."
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july 2015 by asterisk2a
Greek debt crisis: What next for the European Union dream? - BBC News
In a European Union that's currently dominated by eye-popping debt figures, last-minute debt talks and sharp-tongued insults, some people are wondering what happened to the idealism behind the European project: the "European idea"? // &! Greece debt crisis: Eurozone decision down to politics - http://www.bbc.co.uk/news/blogs-eu-33429622 // agglomeration of the symptoms and outcomes of our time have pushed weak career politicans in a corner where they can't admit a big academic/intellectual/economic mistake and at least re-orientate. thus keeping the destructive path they are on. because their national (political) interest (and that of their constituency) is them more important (their status quo career) than the greater good and stable integrated (& solidarity) future of Europe is so needs in an even more unstable and uncertain and competitive future. It all started when they said it was "Alternativlos" to bailout banks and transfer the debt (risk) on public balance sheet.
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july 2015 by asterisk2a
Alexis Tsipras im EU-Parlament: Viel reden, wenig sagen - SPIEGEL ONLINE
bit.ly/1IJwjL7 Greece needs much more time for reform implementation and to get to a stable economy, till it even can be considered debt repayment - even if all creditors block a substantial haircut/debt jubilee - they had (Germany). IF THEY (creditors) can not see a 'common sense' deal through, Greece will have to issue IOU in lieu of Euro paper money for Pensioners, Civil Servants & Contractors or break with ECB and issue unsecured loans to Banks via Bank of Greece. AND/OR as well as probably enact Plan B for a return to the Drachma ( bit.ly/1D16Rus ) AND THEN - Juncker threatens-claims Tsipras to have in-detail Grexit plan ( bit.ly/1gobU36) already. This only speak to the dogma & ideology creditors live in. No willing to compromise for the future of european union and actually use the crisis as an opportunity for more integration and solidarity. A union that Europe needs for its future, existence.
Greece  Grexit  referendum  creditors  IMF  Alexis  Tsipras  Syriza  Germany  EFSF  ECB  MarioDraghi  ChristineLagarde  Troika  Jean-Claude  Juncker  Angela  Merkel  Wolfgang  Schäuble  France  FrancoisHollande  zombie  banks  European  Union  European  History  Career  Politicians  No  Representation  Leadership  compromise  dogma  austerity  ideology  economic  economic  model  academia  political  economy  political  theory  political  error  political  science  political  folly  Governance  solidarity  fiscal  monetary  banking  transferunion  currency 
july 2015 by asterisk2a
Griechenland: Christine Lagarde steht vor den Trümmern ihrer Politik - SPIEGEL ONLINE
Nach außen reagiert der Internationale Währungsfonds gelassen auf das griechische Nein beim Referendum. Doch auch der IWF muss nun um Milliarden fürchten - und Chefin Christine Lagarde um ihren Job.
IMF  PIGS  Grexit  Greece  ChristineLagarde  austerity  economic  history 
july 2015 by asterisk2a
Greece’s fight is for democracy in Europe. That’s why we must support it | Owen Jones | Comment is free | The Guardian
The EU powers told Greeks their world would cave in unless they acquiesced by voting yes. The no vote has raised the political stakes even higher (by Owen Jones, author) The referendum was, of course, a rejection of an austerity programme that has unleashed what is commonly described in Greece as a humanitarian crisis. Since Lehman Brothers crashed in 2008, austerity has always relied on the displacement of blame from elites to elsewhere. It was Goldman Sachs who helped the then Greek government to cook the countrys books to win entry into the euro. It was German & French banks who profitably and recklessly lent to Greece, just as US banks disastrously showered subprime mortgages on low-paid Americans. It was Germany who benefited from being able to export its consumer goods to peripheral European countries such as Greece. [transfer of debt/risk, plunging people & welfare state downward spiral with little growth to pay off new debt = unsustainable by Wall Street] &! bit.ly/1G3v9ns
democracy  referendum  Grexit  Greece  Europe  technocrat  austerity  economic  history  GFC  Career  Politicians  IMF  World  Bank  ECB  Troika  crony  capitalism  bailout  zombie  banks  too  big  to  jail  TBTF  toobigtofail  banking  crisis  sovereign  debt  crisis  Wall  Street  capitalism  neoliberal  neoliberalism  liberal  economic  reform  Yanis  Varoufakis  Owen  Jones  Thomas  Piketty  debt  jubilee  haircut  Leadership  No  Representation  Super  Cycle  debtoverhang  debt  restructuring  dogma  ideology  propaganda  Lügenpresse  manufactured  consent  history  European  solidarity  Germany  Angela  Merkel  corporate  state  Wolfgang  Schäuble  Jean-Claude  Juncker  ChristineLagarde  MarioDraghi  academia  academics 
july 2015 by asterisk2a
Münchau: Merkel zwischen Schuldenkonferenz und Grexit - SPIEGEL ONLINE
[ Groesste feigheit und intelectual cynicism of EU history. "Alternativlos." BIS warned, time was wasted. ] Mit ideologischer Verbohrtheit beharren die Deutschen darauf, dass Griechenland all seine Kredite zurückzahlen muss - was so oder so nicht geschehen wird. Höchste Zeit also für eine Schuldenkonferenz! // Case of history - Treaty of Versailles = Nationalism (Nazi) and Rechtsruck! Happened in Greece and Co. and in Germany. // People learned and after WW2 and came together to give Europe a chance! >> London Debt Agreement (German: Londoner Schuldenabkommen) "An important term of the agreement was that repayments were only due while West Germany ran a trade surplus, and that repayments were limited to 3% of export earnings. This gave Germany’s creditors a powerful incentive to import German goods, assisting reconstruction." - bit.ly/1exF0vY bit.ly/1ep1dvW - also periphery countries like France, Italy, Spain and Portugal were encouraged by Allies not to demand war reparations.
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july 2015 by asterisk2a
Griechenland: Slavoj Zizek im Interview über Tripras - SPIEGEL ONLINE
Mehr Europa: Im Interview verteidigt der Slowene Slavoj Zizek die Tsipras-Regierung - und deren Idee eines Referendums. Von Philip Kaleta [...] Zizek: Die griechische Regierung hat wiederholt ihre Absicht klar gemacht, Griechenland sowohl in der EU als auch in der Eurozone halten zu wollen. Diese Haltung ist völlig eindeutig, Referendum hin oder her. Es geht heute darum, ob der Sparkurs weiterverfolgt wird oder neue Wege eingeschlagen werden. Die Kritiker von Tsipras versuchen, den Kern des Referendums in eine Schicksalsfrage umzudeuten. [...] Ohne einen solchen Plan [oekonomischer neuanfang] würde sich die Krise letztlich immer wieder reproduzieren. [...] Sogar der IWF hat eingeräumt, dass Griechenland einen groß angelegten Schuldenerlass braucht, um "Raum zum Atmen" zu schaffen und die Wirtschaft wieder zum Laufen zu bringen. [...] In Ihrem aktuellen Buch plädieren Sie für eine europäische Leitkultur, ... [ bailout = socialism for tbtf/jail and donors, lobby & country club ]
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july 2015 by asterisk2a
Merkel's Leadership Has Failed in the Greece Crisis - SPIEGEL ONLINE
[ "Alternativlos." ] Angela Merkel relishes her reputation as queen of Europe. But she hasn't learned how to use her power, instead allowing a bad situation to heat up to the boiling point. Her inability to take unpopular stances badly exacerbated the Greek crisis. // &! bit.ly/1f8B8lY - Kein Unterschied, ob "Bild", "Zeit" oder ARD: In den deutschen Medien schwingen sich Journalisten reihenweise zu pöbelnden Parteigängern auf, statt Fakten und Analysen zur Griechenlandkrise zu bringen.
debt  jubilee  haircut  Grexit  Greece  PIGS  sovereign  debt  crisis  Angela  Merkel  Leadership  Career  Politicians  Germany  political  error  political  economy  political  science  political  folly  short-term  thinking  short-term  view  European  Union  IMF  ECB  BuBa  Bundesbank  Jens  Weidmann  MarioDraghi  ChristineLagarde  Jean-Claude  Juncker  France  unintended  consequences  unknown  unkown  complexity  ideology  dogma  manufactured  consent  corporate  state  bailout  solidarity  Gesellschaft  history  economic  history  austerity  Schuldenbremse  Fiscal  Pact  policy  folly  policy  error  GFC  recovery  sovereignty  Lügenpresse  media  conglomerate 
july 2015 by asterisk2a
Greek referendum: how would top economists vote? | World news | The Guardian
"A no vote would at least open the possibility that Greece, with its strong democratic tradition, might grasp its destiny in its own hands. [...] [I]s far more hopeful than the unconscionable torture of the present." [...] The troika clearly did a reverse Corleone – they made Tsipras an offer he can’t accept, and presumably did this knowingly [ Blackmail offer they (Syriza) could not accept - bbc.in/1GV19uS &! bbc.in/1TcpC7s &! youtu.be/g3YF38exVNo ]. So the ultimatum was, in effect, a move to replace the Greek government. [T]hat has to be disturbing for anyone who believes in European ideals. [...] I recommend that the Greek people give a resounding “No” to the creditors in the referendum on their demands this weekend. // &! The Guardian view on the Greek referendum: hard to imagine a more dismal choice - Editorial - bit.ly/1LZS7kv - The Greek crisis has led Brussels into the business of regime change // &! True leaders admit 2 mistakes = humility. not smartest.
jeffreysachs  Jeffrey  Sachs  Joseph  Stiglitz  Paul  Krugman  Grexit  referendum  democracy  Troika  IMF  ECB  austerity  ideology  economic  history  Career  Politicians  Angela  Merkel  Wolfgang  Schäuble  ChristineLagarde  Syriza  blackmail  dogma  economic  damage  economic  model  economic-thought  shared  economic  interest  social  tension  social  cohesion  Gesellschaft  European  Union  solidarity  propaganda  manufactured  consent  corporate  state  EFSF  haircut  debt  jubilee  Leadership  humility  MarioDraghi  Jean-Claude  Juncker 
july 2015 by asterisk2a
Greek economy close to collapse as food and medicine run short | World news | The Guardian
Banks said they had a €1bn cash buffer to see them through the weekend – equal to just €90 (£64) a head for the 11 million-strong population – and would require immediate help from the European Central Bank on Monday whatever the result of the referendum, in which the two sides are running neck and neck. Alexis Tsipras, Greece’s prime minister, was fighting for his political life on Friday night, using a rally to say that a no vote would enable him to negotiate a reform-for-debt-relief deal with the country’s creditors. [ Greece needs debt jubilee (and Allies urged also to forgo reparations) like post-WW2/Nazi Germany got that enabled it to economically succeed, but Greece (and its people) is not seen as too big to fail and not critical for European stability. A 20 year debt repayment pause that IMF last week brought in, is not enough. It is just a delay. It's economically not sound. Just opportunism to show to the public 'we do something.' ]
debt  jubilee  Germany  history  WW2  haircut  sustainable  sustainability  sovereign  debt  crisis  Grexit  PIGS  contagion  unintended  consequences  unknown  unkown  monetary  union  Leadership  IMF  ChristineLagarde  Angela  Merkel  Jean-Claude  Juncker  Wolfgang  Schäuble  Career  Politicians  European  solidarity  Gesellschaft  Greece  debt  bubble  debt  restructuring  Opportunism  opportunist  Wirtschaftswunder  economic  history  zombie  banks  bailout  Troika  EFSF  Syriza  ECB  MarioDraghi  ELA  austerity  ideology 
july 2015 by asterisk2a
Gregor Gysi, DIE LINKE: »Sie wollen die linke Regierung in Griechenland beseitigen« - YouTube
[ "Alternativlos" & 'Jeder fuer sich selbst.' ] Die Rettungspakete galten nie den Bürgerinnen und Bürgern, sondern immer den Banken. Auch bei uns wurden 480 Milliarden Euro binnen einer Woche für die Rettung der Banken beschlossen. Wenn man mal 1 Million Euro für einen kulturellen oder sozialen Zweck braucht, dann bekommt man ein Nein, aber bei den Banken gibt es immer nur ein Ja. [...] Ich habe Ihnen zugehört, Frau Bundeskanzlerin. Ihre Rede kann ich wie folgt zusammenfassen: Die griechische Regierung hat alles falsch gemacht, und Sie, Herr Schäuble und die europäischen Institutionen, also der Internationale Währungsfonds, die Europäische Kommission und die Europäische Zentralbank, haben alles richtig gemacht. // via bit.ly/1R6V2yA
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july 2015 by asterisk2a
Griechenland vor dem Referendum: Banken sind Herd der Krise - SPIEGEL ONLINE
Angesichts dieser Lage würden rationale Menschen den Schaden begrenzen wollen. Die einzige Möglichkeit, die es jetzt noch gibt, wäre ein verhandelter Schuldenschnitt für Griechenland ohne neues Programm, aber mit einer Refinanzierung der griechischen Banken. Mit anderen Worten: Wir müssten die Schmach über uns ergehen lassen, dass wir einem Teilverzicht unserer Forderungen zustimmen und gleichzeitig einen weiteren Kredit vergeben. So irrsinnig, wie sich das anhört, so sinnvoll wäre ein solcher Schritt aus deutscher Sicht. Nicht aus Mitleid oder Verantwortung. Sondern aus Eigennutz. Die Betonung hier liegt auf Teil-Verzicht. // // in the end it was a bank bailout through the backdoor sold to the people as Greece Bailout, the money went to the EU banks. period. so sell it as it is, the fucking pig. isn't politics about compromise? >> THUS LOL by Merkel call for more compromise - bit.ly/1Lyfjsc &! Merkel and Junker is at fault for putting them before Europe at large - bit.ly/1FxypaT
haircut  debt  jubilee  Grexit  Greece  PIGS  contagion  EFSF  IMF  Angela  Merkel  Wolfgang  Schäuble  ChristineLagarde  Career  Politicians  Leadership  unintended  consequences  2015  political  error  political  economy  European  Union  political  folly  policy  error  policy  folly  short-term  thinking  short-term  view  solidarity  Podemos  Syriza  Gesellschaft  zombie  banks  banking  bank  crisis  banking  crisis  stresstest  EuropeanSystemicRiskBoard  ECB  MarioDraghi  Jens  Weidmann  sovereign  debt  crisis  default  default  scenario 
june 2015 by asterisk2a
IMF heads must roll over shameful Greek failings - Telegraph
Whatever the eventual outcome of the Greek debt talks, there are a number of judgments can already be made; one is that a large part of the blame for this ever deepening debacle lies at the doors of the International Monetary Fund, which from the very beginning has had both its priorities and its analysis of the situation hopelessly wrong. [...] By any standards, however, the IMF’s entanglement with the eurozone crisis is a whopper of a screw-up. Nor is it something in which the IMF should have got involved in the first place. Europe, one of the richest regions in the world, should have been left to sort out its own affairs. [...] This is more particularly the case as the Greek debt crisis is almost entirely one of the eurozone’s own making. And yet unforgivably, Greece is now the IMF’s biggest bailout ever – $35bn for a population of just 11 million. [ after all it was an EU (&international) bank bailout through the backdoor. at a times where banks were not able to cope ]
IMF  ChristineLagarde  Grexit  austerity  economic  history  Leadership  Angela  Merkel  Wolfgang  Schäuble  ECB  Troika  MarioDraghi  European  Union  monetary  Europe  GFC  democracy  Career  Politicians  unintended  consequences  incomplete  information  unknown  unkown  No  Representation  fairness  Great  Depression  lost  decade  lost  generation  PIGS  bailout  EFSF  haircut  debt  jubilee  debt  restructuring 
june 2015 by asterisk2a
ECB 'to end Greek bank lifeline' - BBC News
bloom.bg/1yMeCBS reut.rs/1Kin1FN bit.ly/1QWRUoF - Emergency Liquidity Facility (ELA) // ECB is expected to end emergency lending to Greece's banks on Sunday [...] have to "announce a bank holiday on Monday, pending introduction of capital controls". [B]ailout for heavily indebted Greece expires on Tuesday & talks have broken down. [...] "Grexit" from the euro is not inevitable, as the eurozone did resolve Cyprus's banking crisis in 2013 & the country stayed in the euro. [...] [Biggest part is EFSF debt. EU gov money (FR&GER biggest contributors) // Jens Weidmann - on.wsj.com/1KmPprP would have cut it earlier. Current tally €89 billion. // &! econ.st/1Kiugz1 - ECB could bully/force Greece/Syriza to accept any deal given or it will cut of ELA. It did so with Cyprus & Ireland. FT called it 'the quiet enforcer.' // In the End, IMF & EFSF paid off (mostly EU) bank loans for Greece. Not to fill Greece's budget deficit. = Backdoor National Bank Bailout!!! &! bbc.in/1ICV0EA
ECB  ELA  Grexit  2015  bank  run  bankrun  Troika  IMF  capital-flight  capital-controls  capital  controls  Cyprus  of  Cyprus  of  Greece  deposit  haircut  haircut  sovereign  debt  crisis  Great  Depression  austerity  fiscal  sovereignty  Syriza  democracy  Career  Politicians  European  Union  No  Representation  Angela  Merkel  MarioDraghi  Wolfgang  Schäuble  Germany  Leadership  Jens  Weidmann  zombie  banks  banking  EuropeanSystemicRiskBoard  stresstest  EFSF  bank  bailout  GFC  PIGS  IMG  ChristineLagarde  PR  public  relations  spin  doctor  media  conglomerate  manufactured  consent  banking  crisis  economic  history  fairness  public  perception  public  awareness  public  discourse  policy  folly  policy  error  toobigtofail  TBTF  too  big  to  jail  monetary  policy  unconventional  monetary  policy  crony  capitalism  Wall  Street  capitalism  Failure  recovery  monetary  transmission  mechanism  monetary  system  deflationary 
june 2015 by asterisk2a
Griechenland: Euro-Gruppe trifft sich ohne Varoufakis - SPIEGEL ONLINE
[ putting national and own political interest (and perceived career) first second and third and then comes Europe. short-term interests. long-term catastrophe by making capital (borrowing) more expensive long-term because of perceived risk that it is not a Union, by markets. Period. ] Die Euro-Gruppe stoppt das Hilfsprogramm für Athen, die Finanzminister beraten ohne ihren griechischen Kollegen. Über Lösungen wird nicht mehr gesprochen. Es geht nur noch um Schuldzuweisungen. [...] Jetzt läuft das zweite Hilfsprogramm wie vorgesehen am kommenden Dienstag aus. Am selben Tag muss die griechische Regierung rund 1,55 Milliarden Euro an den Internationalen Währungsfonds (IWF) überweisen (siehe Grafik unten), hat aber bereits mitgeteilt, dass sie das nicht zahlen kann. Geht das Geld nicht beim IWF ein, könnte Direktorin Christine Lagarde umgehend den Zahlungsausfall feststellen. Möglicherweise müsste Griechenland dann in sehr kurzer Zeit den Staatsbankrott verkünden. // &! bit.ly/1TVea1c
Grexit  sovereign  debt  crisis  IMF  Troika  Leadership  democracy  Career  Politicians  Syriza  No  Representation  zombie  banks  austerity  Great  Depression  PIGS  ChristineLagarde  economic  history  Angela  Merkel  Wolfgang  Schäuble  Schuldenbremse  Fiscal  Pact  ECB  European  Union  haircut  banking  trust  trustagent  business  confidence  consumer  confidence  political  economy  national  interest  unintended  consequences  unknown  unkown  policy  folly  policy  error  Eurobond  currency  political  folly  political  error  EuropeanSystemicRiskBoard  banking  crisis  bank  run  bankrun  Greece  2015 
june 2015 by asterisk2a
Greece debt crisis: Tsipras announces bailout referendum - BBC News
[ >> great move! Not a Career Politicians move by a mile. ] Greece will hold a referendum on 5 July on a controversial bailout deal with foreign creditors, Prime Minister Alexis Tsipras has announced. [...] In the speech, Mr Tsipras said: "These proposals, which clearly violate the European rules and the basic rights to work, equality and dignity show that the purpose of some of the partners and institutions was not a viable agreement for all parties, but possibly the humiliation of an entire people." "The people must decide free of any blackmail," he added. &! bit.ly/1dmElfQ - “After five months of hard negotiations our partners, unfortunately, ended up making a proposal that was an ultimatum towards Greek democracy and the Greek people,” [...] “an ultimatum at odds with the founding principles and values of Europe, the values of our common European construction.” &! And in response, Eurogroup calls off the deal first. LOL!; bbc.in/1HmCwM2 &! bbc.in/1HnUSON will ECB keep tap ON!?
Grexit  Syriza  democracy  Career  Politicians  No  Representation  European  Union  Angela  Merkel  Troika  IMF  ECB  zombie  banks  banking  ChristineLagarde  Wolfgang  Schäuble  economic  history  Great  Depression  sovereign  debt  crisis  PIGS  austerity 
june 2015 by asterisk2a
Greece isn't any old troubled debtor - BBC News
What is very striking - and important - about the agonised talks between Greece and its creditors is that no European leader has tried to bind the feuding sides together with a call to European solidarity, or with any emotive rhetoric about how this great monetary project is all about prosperity and peace for all eurozone citizens. [Career Politicians are are managing the status quo. They are no missionaries.] Nor has any great sense been conveyed that maintaining the wholeness and integrity of the eurozone is a matter of passionate principle. Instead the public and private debate has been couched in the language of national interests, rather than the imperative of keeping the so-called great European project on the road. [...] And some of them would say the creditors are in self-harming denial [not accepting a haircut or lengthy pause of repayment till economy is on a growth track] Or to put it another way, Mrs Merkel and Mr Hollande don't want the backlash from their own citizens.
Grexit  Brexit  European  Union  Leadership  Greece  PIGS  sovereign  debt  crisis  GFC  banking  zombie  banks  Career  Politicians  No  Representation  solidarity  crony  capitalism  Wall  Street  lobbyist  lobby  Lobbying  interest  groups  democracy  Angela  Merkel  Wolfgang  Schäuble  European  Parliament  Protest  Partei  Protest  Party  Principle  austerity  IMF  ChristineLagarde  Troika  economic  history  policy  error  policy  folly  short-term  thinking  short-term  view  bailout  haircut  humanitarian  crisis  human  tragedy  dehumanisation  subhuman  Germany  unintended  consequences  unknown  unkown  default  default  scenario 
june 2015 by asterisk2a
Griechenland: Gianis Varoufakis fordert Schuldenschnitt - SPIEGEL ONLINE
Eine erneute Verhandlungsrunde in Brüssel war am Sonntag ohne Erfolg geblieben. Aus Kreisen der Regierung in Athen hieß es, die Forderungen der Gläubigerseite seien "absurd". Ein Regierungsvertreter sagte der Nachrichtenagentur AFP, die Verhandlungen hätten nur 45 Minuten gedauert. Insbesondere sei der IWF für die Lage verantwortlich. Dessen Haltung sei "kompromisslos und hart", weil er weiter auf neuen Einschnitten bei den Renten und einer Erhöhung der Mehrwertsteuer bestehe. // http://www.bbc.co.uk/news/world-europe-33131715 Greek Prime Minister Alexis Tsipras has said his government will wait patiently for international creditors to become "realistic", after talks on a debt deal in Brussels failed. Mr Tsipras rejected demands for pension cuts, citing his country's dignity. Without a cash-for-reforms debt deal with the EU and IMF, Greece is expected to default on a €1.5bn (£1.1; $1.7bn) debt repayment to the IMF due by the end of the month.
Greece  haircut  Grexit  IMF  Troika  economic  history  ChristineLagarde  austerity  PIGS  fiscal  sovereignty  fiscal  policy  Europe  Angela  Merkel  Wolfgang  Schäuble  Career  Politicians  sovereign  debt  crisis  zombie  banks  bailout  banking  crisis  banking  union  No  Representation  democracy 
june 2015 by asterisk2a
IMF Admits Mistakes on Greece Bailout - WSJ.com
"The International Monetary Fund is set to admit to major missteps over the past three years in its handling of the bailout of Greece, the first spark in a debt crisis that spread across Europe." > http://www.zerohedge.com/news/2013-06-05/imf-admits-it-idiot-and-liar "" The greater beneficiary of the 2010 bailout wasn't so much Greece as the wider euro-zone, the document suggested. It described the rescue as a "holding operation" that "gave the euro area time to build a firewall to protect other vulnerable members and averted potentially severe effects on the global economy." "" >> + http://www.spiegel.de/wirtschaft/oecd-und-eu-kommission-gegen-euro-sparpolitik-und-fuer-mehr-inflation-a-903575.html
monetary  policy  Politics  GFC  monetary  theory  Europe  accountability  accounting  European  Commission  GoldmanSachs  Euro  Troika  Brussels  ECB  political  folly  policy  error  greatrecession  policy  folly  debtoverhang  ChristineLagarde  trust  economic  history  fiscal  policy  Debt  Super  Cycle  confidence  political  error  sovereign  crisis  trustagent  austerity  PIIGS  fiscal  theory  greatdepression  balance  sheet  recession  IMF  bailout 
june 2013 by asterisk2a
Central Bankers Urge Governments on Expansion - Bloomberg
Central bankers gathered at an annual retreat in Jackson Hole, Wyoming, this weekend had a message for political leaders: monetary policy alone can’t keep the global expansion going.
JacksonHole  2011  monetary  fiscal  policy  greatrecession  stimulus  recovery  ZIRP  QE  economics  IMF  christinelagarde  Fed  ECB 
august 2011 by asterisk2a

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