asterisk2a + greece   421

Italy’s €360 billion referendum – POLITICO
Italy’s banking system is staggering under €360 billion in bad loans. Almost any outcome that destabilizes Italian politics would send tremors through the country’s rickety financial system. While the long-term consequences could be dramatic — in a worse case scenario perhaps leading to the collapse of the eurozone — the first victims could be efforts to rescue two of Italy’s largest lenders.
non-performing  NPL  bad  bank  Italy  Referendum  Renzi  contagion  European  Union  systemicrisk  sovereign  debt  crisis  GFC  economic  history  recession  recovery  Austerity  ECB  Banking  Supervision  MarioDraghi  Greece  Spain  Portugal  PIGS  UK  exposure  bailout  bail-in  bailin  recapitalization  recapitalisation 
november 2016 by asterisk2a
Mark Blyth on the Brexit vote - YouTube
the start of Trumpism. Every country has a version of it. 80% of the bottom got a shit deal (trickle down) for the last 30 years. &! https://youtu.be/czE7dkSSFB0 - Economic Anger Of Working Class &! ppl left out of the econ growth prosperity, not participated. Osborne saying econ grows. But that has nothing to do w working ppl in xyz who seen living standard deteriorate further. ..&! https://youtu.be/waXfqPt_ip8
Trumpism  Brexit  UKIP  Centrists  Donald  Trump  AfD  Front  National  Italy  Germany  France  UK  USA  economic  history  gini  Coefficient  tax  avoidance  evasion  income  inequality  growth  working  poor  Elite  Plutocracy  SNP  indyref  indyref2  Nationalism  austerity  wage  Productivity  technocrat  Greece  PIGS  democracy  1%  10%  20%  lobby  revolving  door  output  gap  skills  Mark  Blyth  crony  capitalism  neoliberal  neoliberalism  insecurity 
october 2016 by asterisk2a
Yanis Varoufakis on negotiating Brexit - YouTube
Yanis knows from experience: there will be no negotiations/a big compromise on freedom of movement benefiting greatly UK - will not happen. "gunboat diplomacy"
Brexit  Greece  Yanis  Varoufakis  UK 
september 2016 by asterisk2a
Jung & Naiv - Folge 55: Die (Nicht-)Wähler - Politik für Desinteressierte - YouTube
>> 2013 << // out SPDing the SPD and stealing here and there from the Greens and the Left selectively (ie mindestlohn / minimumwage ) //&! (2013) Peer Steinbrück - Jung & Naiv: Folge 77
- https://www.youtube.com/watch?v=Za9_r4HPk-o
GFC  recovery  Angela  Merkel  Centrist  AfD  SPD  CDU  CSU  Career  Politicians  Piraten  Partei  PEGIDA  refugee  crisis  secular  stagnation  Brexit  Donald  Trump  European  Union  Greece  bank  bailout  tax  evasion  avoidance  Agenda  2010  Hartz-iv 
august 2016 by asterisk2a
Mark Blyth at E.Y.W.T.K.B.N.H.D.T.A. By ThePressProject - YouTube
from this point on, summer 2016, hope is that it can get only better. // it is remarkable Greece is still alive // problem is, that banks were only bailed out to a level of zombie banks. see non-performing loans. zombie banks in PIGS country and Deutsche Bank. Contagion. ... banks will languish on as long as economy languishes on; https://soundcloud.com/theeconomist/money-talks-stressed-out-banks
Mark  Blyth  Greece  PIGS  sovereign  debt  crisis  bank  bailout  GFC  Political  Class  Centrist  Centrists  Austerity  leverage  ESM  secular  stagnation  Fiscal  Pact  Schuldenbremse  Wolfgang  Schäuble  Angela  Merkel 
august 2016 by asterisk2a
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
"Deutsche Bank Poses The Greatest Risk To The Global Financial System": IMF
via Keister Report - https://youtu.be/fbh3rndGDN8 // a Italian banking crisis could topple them. that is why they (their economist) called for a EU bank bailout (shore up). //&! IMF Warns Of "Global Contagion" From Italy's Bank Crisis; Forecasts Two-Decade Long Recession - http://bit.ly/29sFINn - [...] "Unless asset quality and profitability problems are addressed in a timely manner, lingering problems of weaker banks can eventually weigh on the rest of the system," //&! http://www.zerohedge.com/news/2016-07-09/charting-epic-collapse-worlds-most-systemically-dangerous-bank //&! Analyst Warns Deutsche Bank's Problems May Now Be "Insurmountable" - http://bit.ly/29LwUjv - [...] we believe DBK is still over 40x levered. [...] Seeking outside capital is also likely to be difficult as management would likely find it hard to offer any type of return on new capital invested. //&! its known balance sheet - http://bit.ly/29usGKG - 1.74 trillion balance sheet!
Italy  Germany  derivatives  Deutsche  Bank  BuBa  BaFin  Wolfgang  Schäuble  Angela  Merkel  investment  banking  systemic  risk  systemicrisk  systemrelevant  systemrelevanz  European  Bank  Supervision  stresstest  contagion  repo  trust  sovereign  debt  crisis  PIGS  Greece  Brexit  non-performing  loan  zombie  banks  zombie  austerity  secular  stagnation  recession  ECB  MarioDraghi  ZIRP  NIRP  QE  hunt  for  yield  asset  allocation  distortion  OMT  LTRO  Basel  III  Basel3  leverage  banking  union  Bank  Oversight  banking  crisis  banking  system  interbank  lending  overnight  deposit  facility 
july 2016 by asterisk2a
Brexit und Italien-Krise: Euro-Gruppen-Chef schließt neue Bankenrettung aus
[ EXPOSURE TO ITALY BANKS ] Euro-Gruppen-Chef Jeroen Dijsselbloem lehnt ein neues Bankenrettungsprogramm ab. "Die Probleme müssen in den Banken geregelt werden", sagte der Niederländer beim Treffen der Eurofinanzminister am Montag in Brüssel. Die Einfachheit, mit der einige Banker mehr öffentliche Gelder forderten, um ihre Probleme zu lösen, sei problematisch. "Das muss ein Ende haben." // http://www.welt.de/finanzen/article156924408/Deutsche-Bank-Chefoekonom-fordert-150-Milliarden.html - Der Kursrückgang bei Bankaktien sei nur das Symptom eines viel größeren Problems, nämlich einer fatalen Kombination aus schwachem Wachstum, hohen Staatsschulden und einer Nähe zur gefährlichen Deflation.
contagion  European  integration  banking  union  Wolfgang  Schäuble  Italy  Germany  repo  Brexit  secular  stagnation  austerity  ECB  European  bank  bailout  systemic  risk  systemicrisk  systemrelevant  systemrelevanz  European  Supervision  reflate  reflation  bank  restructuring  Oversight  MarioDraghi  Mark  Carney  trust  interbank  lending  interbank  market  overnight  deposit  facility  deflation  deflationary  sovereign  debt  crisis  PIGS  Greece  Angela  Merkel  UK  economic  history 
july 2016 by asterisk2a
Greek economic migrants increasing, while joblessness soars | World news | The Guardian
Greece is experiencing its biggest brain drain in modern history with close to half a million of its most able and talented professionals having left since the start of its economic crisis, the country’s central bank has revealed.
Greece  austerity  Mark  Blyth  brain  drain  European  Union  PIGS 
july 2016 by asterisk2a
Why Brexit Is Good For Working People In Clear, Simple Terms - YouTube
Mark Blyth // + centrists lost the plot (leaders from 95 to today in western world - tony blair, clinton, cameron, schroeder, merkel, sarkozy, hollande, gordon brown ... IMF and OECD! and the central bankers. christine lagarde) // global trumpism // trickle down never worked! // Mark Blyth: The Why of Brexit - MR LIVE - 6/28/16 - https://youtu.be/arT40qHKuHQ?t=13m //&! Bhaskar Sunkara: A Marxist Perspective on Current Crises - MR Live - 6/27/16 - https://youtu.be/DcxN5n22OiE?t=14m30s
Mark  Blyth  Brexit  neoliberal  neoliberalism  trickle-down  economics  inequality  Gini  coefficient  social  mobility  income  mobility  Tony  Blair  David  Cameron  Angela  Merkel  Gerhard  Schroeder  Gerhard  Schröder  austerity  GFC  tax  evasion  tax  avoidance  recovery  Precariat  working  poor  immigration  poverty  child  poverty  student  debt  Donald  Trump  far-right  right-wing  TPP  TTIP  CETA  free  trade  Protest  Vote  10%  1%  Super  Rich  Establishment  Toff  Privileged  No  Representation  Westminster  Whitehall  Career  Politicians  politician  George  Osborne  Wolfgang  Schäuble  Schuldenbremse  Fiscal  Pact  economic  history  squeezed  middle  class  PIGS  Greece  technocrat  Yanis  Varoufakis  Nigel  Farage  AfD  UKIP  Greed  profit  maximisation  profit  maximization  economic  insecurity  structural  unemployment  youth  unemployment  long-term  unemployment  Elite  elitism  England  UK  USA  European  Union  Germany  policy  monetary  policy  Centrist  IMF  OECD 
july 2016 by asterisk2a
Taliban on the rise again in Afghanistan
the endless war in Afghanistan. eu wants to repatriate 80k refugees in 2016.
civilian casualties //&! "We are at war." - https://youtu.be/Uj4nSsdJHTw - The President of Afghanistan, Ahshraf Ghani talks to the BBC about the migrant crisis and why there has been an exodus of people from his country. //&! Erste Asylzahlen 2016: Thomas de Maizière & Frank-Jürgen Weise - Komplette BPK vom 8. April 2016 - youtu.be/v0hCVJSxngc //&! youtu.be/AZzQT7dClaw?t=41m44s &! abcn.ws/1SmJlER
Afghanistan  Iraq  War  on  Terror  Taliban  ISIS  al-Qaeda  al-Qaida  islamic  extremism  islamic  radicalism  Fundamentalism  Fundamentalist  refugee  crisis  humanitarian  crisis  humanitarian  tragedy  refugee  Greece  Turkey  European  Union  Middle  East  USA  presidency  barackobama  suicide  bomb  Kabul  collateral  damage  civilian  casualties  Syria  Syrien  UN  United  Nations 
april 2016 by asterisk2a
A!104 – Panama Freaks
58:26 - spin doctor and positioning, PR. // es ist ja bekannt das intendanten des fernsehen mal einen anruf bekommen und es richtig stellen sollen, so wie inter BPK: illegal eingewanderte fluechtlinge. was ein oxymoron. ein fluechtling zu sein ist keine illegale sache! // + 10.000 kids missing! // 1:45:54 - Panama Papers. Journalists have for years papers. And don't use them to shine light on the organised system in the western world of tax evasion/avoidance! Wie fatal.
Panama  Papers  investigative  journalism  journalism  journalismus  tax  evasion  tax  amnesty  tax  avoidance  Turkey  International  spin  doctor  Positioning  PR  manufactured  consent  corporate  media  BPK  refugee  crisis  Greece  Brussels  Rechtsradikalismus  Rechtsextremismus  Rechtsradikale  Gewalt  Rechtsruck  Germany  Angela  Merkel  Asylbewerber  Völkerrecht  European  Union  Schengen  Agreement  political  refugee  war  refugee  Human  Rights  Act  Human  Rights  Watch  Human  Trafficking  sex  condition  decency  dignity  humanitarian  crisis  humanitarian  tragedy  Erdogan  Kurds  Middle  East  sex  trade  tax  loopholes  tax  loopoles  Career  Politicians  AfD  NPD  Agenda  2010  ALG2  neoliberal  neoliberalism  liberal  economic  reform  hartz-iv  squeezed  class  job  insecurity  working  poor  Precariat  Zeitarbeit  Leiharbeit  Minijob  1  Euro  Aufstocker  low  pay  low  income  minimum  wage  Soziale  Marktwirtschaft  bank  bailout  sovereign  debt  crisis  austerity  Fiscal  Pact  Schuldenbremse  recovery  GFC  economic  history  Super  Rich  1%  oligarchy  plutocracy  European  Election  2014  rechtsradikal  Fremdenfeindlichkeit  Ausländerfeindlichkeit  Xenophobia  Xenophobic  PEGIDA  Altersarmut  poverty  poverty  trap  poverty  in  old  age  poverty  c 
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
IMF concerned UK referendum will interfere with Greek bailout – WikiLeaks
The IMF officials say that a threat of an imminent financial catastrophe was needed to force other players into accepting its measures such as cutting Greek pensions and working conditions, but that the UK referendum on 23 June will paralyse EU decision-making at a critical moment, according to the records.

The UK referendum was said to add a complication that needed to be negotiated around – delaying a possible “moment of truth” until after the June vote.

Greek finance minister Euclid Tsakalotos has accused the IMF of imposing draconian measures, including on pension reform.
Brexit  IMF  European  Union  Greece  sovereign  debt  crisis  austerity  PIGS  Troika 
april 2016 by asterisk2a
Flüchtlingsverhandlungen mit Ankara: Es geht um Schicksale, Visafreiheit und sehr, sehr viel Geld
Der geplante Flüchtlingsdeal zwischen der EU und der Türkei markiert das Ende eines Experiments: Europa ist mit dem Versuch gescheitert, die Flüchtlingskrise solidarisch zu lösen. Nun soll es mit Geld funktionieren - und einer Portion Zynismus. - bit.ly/1UHp0Zz //&! An Tag 1 des Gipfeltreffens in Brüssel haben die EU-Chefs eine gemeinsame Position für den Flüchtlingsdeal mit der Türkei gefunden. An Tag 2 stehen nun laut Merkel "nicht ganz einfache Verhandlungen" mit Ankara bevor. - bit.ly/1Xz6TnL
refugee  crisis  Turkey  European  Union  Greece  Germany  Angela  Merkel  Brussels 
march 2016 by asterisk2a
Migrant crisis: Scores cross from Greece into Macedonia - BBC News
Three drown on Greece-Macedonia border as hundreds of refugees hunt for new route into Europe - http://ind.pn/22edpar
refugee  crisis  Greece  balkan  route  Turkey  Macedonia 
march 2016 by asterisk2a
Chaotic scenes as migrants jostle for food supplies - BBC News
NOT ALLOWED TO WORK IN TURKEY - Europe is better option than Turkey - bbc.in/1SFyqEN - This year alone almost 130,000 migrants have arrived in Greece from Turkey and for many the journey to Europe includes travelling on unseaworthy vessels. The BBC's Ian Pannell reports on the perilous journey many migrants take. ['the fear staying behind is greater than the fear taking the risk on high sea to Greece.'] - Migrant crisis: Angela Merkel condemns closure of Balkan route. German Chancellor Angela Merkel has blamed European nations for "unilaterally" shutting the Balkan route for migrants. - bbc.in/1YAQ78X - Austria, Slovenia, Croatia, and non-EU members Serbia and Macedonia have all acted to stem the migrant flow. //&! bit.ly/1XhX9yf - 6bn Turkey deal a bargain might not be legal and no accountability on Turkey's part //&! bit.ly/1SBWvfG - Austria's introduction of a refugee cap last month set off a chain reaction of border restrictions that has shut down the route.
refugee  crisis  Greece  balkan  route  Turkey  Austria  Rechtsruck  Rechtsextremismus  far-right  right-wing  Xenophobia  Islamophobia 
march 2016 by asterisk2a
'Do not come to Europe', Donald Tusk warns economic migrants | World news | The Guardian
'Do not come to Europe', Donald Tusk warns economic migrants. After meeting with Greek PM in Athens, president of European council issues warning to would-be migrants [...] Last year the EU and Turkey signed a deal in which Europe offered to spend €3bn on helping some of the 2.5 million refugees in Turkey in exchange for help in reducing numbers travelling to Europe and reviving Turkey’s long-stalled EU membership talks. But Europe has expressed impatience with the continued high number of people making the perilous crossing over the Aegean Sea. Turkey has been unimpressed with the many weeks it took Europe to find the money, which has yet to translate into projects on the ground. [...] EU authorities in Brussels echo Greece’s calls for a European-wide approach, but have proved powerless to stop unilateral decisions by member states. Since September 2015, eight countries in Europe’s passport-free Schengen zone have reintroduced border controls.
refugee  crisis  economic  refugee  European  Union  Turkey  Erdogan  Brussels  Leadership  Angela  Merkel  Wolfgang  Schäuble  austerity  Fiscal  Pact  Schuldenbremse  Sozialpolitik  Integrationspolitik  Greece  Germany  Schengen  Agreement 
march 2016 by asterisk2a
Migrant crisis: Nato deploys Aegean people-smuggling patrols - BBC News
Is it becoming a national security? // The announcement followed a request from Turkey, Germany and Greece at a defence ministers' meeting in Brussels. Mr Stoltenberg said the mission would not be about "stopping or pushing back refugee boats". Nato, he said, will contribute "critical information and surveillance to help counter human trafficking". US defence secretary Ashton Carter earlier said that targeting the "criminal syndicate that is exploiting these poor people" would have the greatest humanitarian impact. The decision was made to help Turkey and Greece "manage a human tragedy in a better way than we have managed to do so far," Mr Stoltenberg, Nato Secretary General, said. [...] Nato's Standing Maritime Group 2, which is under German command, will lead the operation in co-operation with Greek and Turkish coastguards. Almost 75,000 migrants and refugees have already arrived in Greece by sea in 2016, the UN refugee agency says. //&! bit.ly/1PEY7jJ
refugee  crisis  NATO  Frontex  European  Union  National  Security  Turkey  Greece  Germany  UNHCR  United  Nations  Security  Council  United  Nations  Syrien  Syria  civil  war  Lebanon  Jordan  Israel 
february 2016 by asterisk2a
The new European Union | Credit Writedowns
[ EU banking system was too big to bail in case Greece and else would default even in parts on some of its debt and or make no or delay repayment with interest in full ] In conclusion, the conditions asked of Greece are not likely to be met, because they cannot be met. Greece will be blamed for not living up to its commitments, as it has been this time around. Yet, somehow, the notion of asking for the impossible from a country that has no choice but to sign is fundamentally perverse. [...] The mistake was to break the no-bailout clause that was designed to make sure the Eurozone would not find itself in this position. For selfish reasons (i.e. preventing a bank crisis in Europe and the US), Greece was convinced to accept the first bailout in 2010.
Greece  bank  bailout  banking  crisis  bank  crisis  investment  banking  retail  banking  TBTF  too  big  to  jail  too  big  to  bail  European  Union  Positioning  ECB  Career  Politicians  lobbyist  lobby  Lobbying  crony  capitalism  corporate  scandal  austerity  accounting  scandal  bailout  bail-in  Cyprus  of  Cyprus  deposit  haircut  deposit  levy  fairness  Generationengerechtigkeit  Wall  Street  profit  maximisation  shareholder  value  economic  history  fiscal  policy  monetary  policy  Basel3  banking  fractional  reserve  banking  EuropeanSystemicRiskBoard  GFC  recovery  Debt  Super  Cycle  Privatisation  ideology  dogma  PIIGSFB  PIGS  PIIGS  France  Germany  Bundesbank  trichet  Jens  Weidmann  Angela  Merkel  Peer  Steinbrück  corruption  blackmail  josefackermann  ackermann  Deutsche  subsidies  subsidizing  Mark  Blyth  social  contract  social  tension  social  cohesion  constituency  Nationalizing  badbank  badbanks  restructuring  monetary 
october 2015 by asterisk2a
Flüchtlingskrise: Angela Merkel ist nicht mehr unantastbar - SPIEGEL ONLINE
Gerade noch galt Angela Merkel als unantastbar. Jetzt bröckeln die Sympathiewerte, die interne Kritik wird immer lauter. Die Flüchtlingskrise markiert eine Zäsur in Merkels Kanzlerschaft. // Putin bombt in Syrien, und die Welt schaut zu. Das schmerzt, ist aber eine logische Konsequenz des westlichen Versagens in der Nahostpolitik. - bit.ly/1KT1CAy
Brexit  Grexit  sovereign  debt  crisis  Wolfgang  Schäuble  Angela  Merkel  Career  Politicians  Greece  PIIGSFB  No  Representation  refugee  crisis  Middle  East  Russia  Syrien  Syria  Ukraine  Ukrain  NATO  ISIS  Iraq  Afghanistan  vladimirputin  Putin  foreign  affairs  USA  corporate  espionage  industrial  espionage  cyber  espionage  NSA  GCHQ  Five  Eyes  Aid  foreign  policy  foreign  relations  UK  France  history  Iraq  War 
october 2015 by asterisk2a
(2012/13) After the Financial Crisis: How to Tell the Forest from the Trees - YouTube
"Profits are privatized while losses are socialized. How we got here, and how we can get out of this situation." // min20 - UK debt2GDP 2008, +100% Debt on Banks Balance Sheet, ~100% Household Debt, +100% Nonfinancial institutional/corporate Debt, <50% Gov Debt ( bit.ly/1u6QiLP ) risen to <80% Gov Debt2GDP bc of Bank Bailout. ( gross national debt has been rising, unable to pay down because of lack of growth, turning Japan - bit.ly/1f7UNyp ) // It is still a banking crisis. Especially in Europe. Not a sovereign debt crisis. Greece situation made much worse because of austerity. // min 32 - talks about China! China's Assets and Liabilities. 70% of global consumption is US/EU. [but shifting!] From CDO example, China correlates with US/EU vice versa! Chinese property bubble & equity bubble, came 2 an end this Summer 2015! The crisis began w banks & will end w banks! The crisis is still with us. The banks, stupid! // investment banking bust bc of low yields across all public asset classes
Mark  Blyth  austerity  GFC  recovery  2015  economic  history  bank  bailout  sovereign  debt  crisis  Greece  PIIGSFB  zombie  banks  liquidity  trap  ECB  UK  BOE  Fed  USA  China  faultlines  structural  imbalance  Impediments  global  imbalances  savings  rate  savings  glut  shadow  banking  investment  banking  banking  crisis  European  Union  hunt  for  yield  reflate  reflation  ZIRP  NIRP  QE  bond  bubble  speculative  bubbles  asset  bubble  asset  allocation  toxicassets  badbank  policy  error  too  big  to  bail  too  big  to  jail  toobigtofail  TBTF  Richard  Koo  trust  distrust  trustagent  Insolvenzverschleppung  insolvency  insolvent  underinvestment  productive  investment  business  confidence  consumer  confidence  deflationary  deflation  secular  stagnation  globalization  globalisation  hot-money  currency-war  currency  debasement  currency  war  business  investment  New  Normal  margin  trading  demographic  bubble  property  bubble  equity  bubble  ageing  population  western  world  emerging  middle  class  Frontier  Markets  Developing  BRIC  emerging  market  IMF  OECD  credit  bubble  inequality  Gini  coefficient  Thomas  Piketty  poverty  social  mobility 
august 2015 by asterisk2a
Krise ǀ Weimar reloaded — der Freitag
Das Land befindet sich schon mitten in der Depression und schuld daran sind hohe Lohnkosten und üppige Sozialpolitik. Helfen können dagegen nur Lohn-, Preis- und Budgetkürzungen. Was sich liest wie eine Mainstream-Diagnose des heutigen Europas, ist tatsächlich der Inhalt eines Artikels aus dem März 1929. Er erschien im Deutschen Volkswirt, einem damaligen Fachblatt der liberalen Ökonomie. Der Autor war kein Geringerer als Joseph Schumpeter. Was er vorschlug, ist später als die berüchtigte Deflationspolitik des bis Mai 1932 amtierenden Reichskanzlers Heinrich Brüning bekannt geworden. [ can solve debt overhang w austerity, >> is deflationary, stagnant balance sheet or shrinking, thus increases debt 2 gdp/asset ratio ] [...] den „Ruin Mitteleuropas“ zu verantworten.
austerity  economic  history  Weimar  Treaty  of  Versailles  deflationary  deflation  debtoverhang  Debt  Super  Cycle  Greece  Richard  Koo  Germany  Wolfgang  Schäuble  GroKo  Fiscal  Pact  Schuldenbremse  balance  sheet  recession  neoliberalism  neoliberal  sovereign  crisis  Europe  George  Osborne  UK  IMF  Weimarer  Republik  Troika  Umschuldung  jubilee  restructuring  PIGS  PIIGS  PIIGSFB  European  Union  Eurogroup  technocrat  John  Maynard  Keynes  carmenreinhart  KennethRogoff  Thomas  Piketty  Yanis  Varoufakis  Joseph  Stiglitz  Paul  Krugman  Weimar  Republic  European 
august 2015 by asterisk2a
Is austerity working in Britain and Europe? - YouTube
youtu.be/YIg3Ls8UjMs - youtu.be/EpSmOBIZKus - (2014) The UK is having a moral disaster: Peter Hitchens on Britain's bleak future (talks about Conservative Party, Cameron is a PR man - exemplary Career Politician just wanting to be in office. out brake of riots in Summer 2011 similar to Brixton Riot "not being part of society", "multiculturalism is no culture" (shared identity and interest as nation) // --- // Chancellor defends austerity from Davos (2013) - youtu.be/nQZDDIVjbcM // (2015) Protesters gather after Queen's speech to 'fight austerity' - youtu.be/ERL0tEzVVqE // &! End Austerity March: thousands protest across the UK - youtu.be/-Yg8QaeBdNs
austerity  UK  economic  history  IMF  Greece  Tories  dogma  ideology  trickle-down  economics  neoliberalism  neoliberal  Privatisation  Conservative  Party  Toff  Privileged  Establishment  Paul  Krugman  2015  Europe  Troika  Eurogroup  ECB  fiscal  policy  fiscal  stimulus  Pact  Schuldenbremse  GroKo  Angela  Merkel  Wolfgang  Schäuble  BOE  NIRP  ZIRP  QE  budget  deficit  underinvestment  productive  investment  productivity  output  gap  infrastructure  investment  STEM  deflationary  deflation  inflation  expectation  secular  stagnation  recovery  GFC  industrial  policy  Manufacturing  tax  evasion  tax  avoidance  corporate  tax  rate  fairness  Generationengerechtigkeit  bank  bailout  No  Representation  Career  Politicians  technocrat  Public  Services  Social  Services  deprivation  poverty  trap  child  poverty  poverty  food  poverty  income  mobility  mobility  downward  mobility  budget2015  multiculturalism  identity  Gesellschaft  Zivilgesellschaft  civic  society  civic  life  civil  courage  society 
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
Hedge funds tell Puerto Rico: lay off teachers and close schools to pay us back | World news | The Guardian
Report commissioned by 34 hedge funds says government had been ‘massively overspending on education’ despite spending only 79% of US average per pupil [...] The group of 34 hedge funds hired former International Monetary Fund (IMF) economists to come up with a solution to Puerto Rico’s debt crisis after the island’s governor declared its $72bn debt “unpayable” – paving the way for bankruptcy. [...] The funds are “distressed debt” specialists, also known as vulture funds [ Heuschrecken], and several have also sought to make money out of crises in Greece and Argentina, the collapse of Lehman Brothers and the near collapse of Co-op Bank in the UK. // // they are implicit in lending money to a low grade borrower and took on the risk for higher interest rates. instead of looking out for long-term productive investment that benefit society, they go for the investment by click from a Bloomberg Panel, to meet their ROI at year end for their clients, promised in their annual letter.
Wall  Street  Hedge  Fund  crony  capitalism  ethical  machine  capitalism  Greece  banking  crisis  zombie  banks  investment  banking  economic  history  moral  beliefs  ethical  beliefs  ethics  creditrating  creditrisk  IMF  austerity  production  vulture  funds  Heuschreckendebatte  Private  Equity  Opportunism  opportunist  exploitation  Worldbank  World  Bank  Puerto  Rico  financial  market 
july 2015 by asterisk2a
Greek banks face full nationalisation - BBC News
post-referendum, post-humiliating bailout terms of more and deeper austerity and additionally - privatisation. // [ but nobody admits that they (Greece) lost all fiscal & national sovereignty by and through the show of negotiations of the 3rd bailout. ] // &! The International Monetary Fund (IMF) has confirmed that Greece has cleared overdue debt repayments of €2.05bn (£1.4bn) and is no longer in arrears. - bbc.in/1Os3G5G // &! youtu.be/fJB4neizgUM - we expect a recession of 3-4% for 2015 and 2016. // &! youtu.be/MpFtDwp8lVo - Greek Cash Crunch Goes to Market // &! On The Streets Of The Greek Financial Crisis - youtu.be/nDfOFzAKB-w >> powerless, no future, no options but to suffer on the demands of creditors.
zombie  banks  Bank  of  Greece  Greece  ECB  capital-controls  capital-flight  ELA  MarioDraghi  greatdepression  Great  Depression  2015  creditor  debt  servitude  sovereign  debt  crisis  fiscal  sovereignty  sovereign  economic  history  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.
Yanis  Varoufakis  2015  Alexis  Tsipras  Syriza  Greece  Troika  Eurogroup  austerity  ideology  dogma  Angela  Merkel  IMF  Wolfgang  Schäuble  Career  Politicians  political  economy  political  science  political  theory  political  folly  political  error  economic  history  ChristineLagarde  MarioDraghi  ECB  No  Representation  European  European  Union  fiscal  policy  sovereign  debt  crisis  debt  restructuring  debt  jubilee  debtoverhang  sustainability  sustainable  bailout  zombie  banks  greatdepression  Great  Depression  Leadership  humility  Failure  insanity 
july 2015 by asterisk2a
Lesbos: Flüchtlingslager überfordert -Video - SPIEGEL ONLINE
Die Camps auf der griechischen Insel Lesbos sind überfüllt, die hygienischen Zustände unhaltbar. Der Bürgermeister der Inselhauptstadt fühlt sich von der internationalen Gemeinschaft im Stich gelassen. // increase of 80% compared to last year. // Migrants Flood Greek Island of Lesbos - youtu.be/kDqhptRULFw // &! Kos Becoming Main Migrant Entry Point To Europe - youtu.be/oZDBBq0FABI
Greece  refugee  war  refugee  political  refugee  economic  refugee  Asylum  Asylbewerber  Italy  European  Union  solidarity  society  Gesellschaft  Syrien  Syria  Europe  immigrants  immigration  adoptarefugee.org 
july 2015 by asterisk2a
David Stockman: Central Banks Setting Up World for Bad Time - YouTube
"monetary madness" - repeat phrase of we aim for 2% inflation, that is why we do it. // BIS warned recently in its yearly paper - that Central Banks are unable to combat any global crisis flare-up that is more likely to be worse than GFC ... could be China of all things. // 2000 bust was fought with fed easing and throwing money at it, and GFC too. Next crisis - throwing money at it and easing will not be possible. // &! Deflation Comes First, Then Inflation - Mike Maloney - youtu.be/vAFtlgJNMCo // &! "One Bet, that is Big Enough, (that maybe was even conventional wisdom that it is save and THE BET) when wrong, does put you in a deep deep hole - youtu.be/tp9UjhZz-eo --- Nassim Taleb. There are lots of candidates/things that could blow up in peoples faces. &! Nouriel Roubini: Deflation Needs Monetary, Fiscal Policy - youtu.be/IADncoxQRYg
BIS  deflationary  deflation  financial  repression  BOE  Fed  ECB  BOJ  ZIRP  NIRP  QE  Abenomics  monetary  policy  unconventional  monetary  policy  monetary  system  monetary  stimulus  monetary  theory  modern  monetary  theory  debt  monetisation  debt  monetization  inflation  expectation  inflation  currency  war  unknown  unkown  unintended  consequences  GFC  recovery  secular  stagnation  austerity  fiscal  policy  fiscal  stimulus  economic  history  IMF  currency  debasement  inflation  targeting  disinflation  hyperinflation  dis-inflation  deleveraging  leverage  balance  sheet  recession  debtoverhang  dot.com  debt  bubble  Super  Cycle  fiat  money  trust  trustagent  Nassim  Taleb  Black  Swan  Greece 
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
Staatsverschuldung als Problem der Generationengerechtigkeit | Lars P. Feld | SWR Tele-Akademie - YouTube
henry paulson and tim geithner said they are in a moral hazard. put it the way to either nationalise (aka the end of American Dream, Failure part of capitalism) or bailout (gov loans and co like TARP). Rather the moral hazard was to either put current and future unborn generation in debt servitude they had nothing to do with and keep criminals private with all its benefits. Or really give a warning shot a privatise banks and end the profligacy of crony capitalism and Wall Streets shareholder value creation only and profit maximisation - without consequences. // and Europe looks towards USA and did the same; made banks whole again (because they were really - TBTF - and would pushed some EU countries into Great Depression/Insolvency. especially France & Belgium where bank liabilities were too big for public balance sheet) and took some of the debt onto its public balance sheet (and gave bailout loans) to be served by current & future unborn generation.
Generationengerechtigkeit  austerity  bailout  sovereign  debt  crisis  economic  history  Failure  zombie  banks  toobigtofail  TBTF  too  big  to  jail  Wall  Street  crony  capitalism  capitalism  fiscal  policy  academia  academic  moralhazard  morality  American  Dream  GFC  policy  folly  policy  error  World  Bank  IBS  IMF  liberal  economic  reform  neoliberal  neoliberalism  PIIGSFB  PIGS  Greece  Grexit  UK  fiscal  sovereignty  Pact  Schuldenbremse  Career  Politicians  No  Representation  democracy  banking  crisis  history  henrypaulson  timgeithner  benbernanke  Ben  Bernanke  Makers  lobbyist  lobby  Lobbying  ideology  dogma  populism  fairness  manufactured  consent  propaganda  financialcrisis  FinancialCrisisInquiryCommission  media  conglomerate  corporate  state  European  Union  fiscal  transferunion  European  Eurobond  currency  Agenda  2010  hartz-iv  Stability  and  Growth  Pact  generational  conflict  social  tension  social  cohesion  Verteilungskonflikt 
july 2015 by asterisk2a
Am Tiefpunkt der europäischen Nachkriegsgeschichte - Jung & Naiv: Folge 237 - YouTube
referendum yes no - was not planned through if Eurogroup would not budge to demands of lesser austerity terms. Syriza had no plan (Grexit) for this case, how it played out. Thus (Tsipras) had to accept (capitulated) any offer Eurogroup offered; privatisation of state assets with an aim to raise 50bn, no debt restructuring nor forgiveness. // This is the 3rd bailout outcome; a bailout to repay previous bailouts (EFSF, IMF, ECB) and private debt obligations. Greece (Parliament) will have to accept Eurogroup offer/demands because they were not willing to opt by their own, the worst of the worst and the unknown of Grexit. 'Darin liegt auch die Demuetigung.' //
referendum  bailout  Alexis  Tsipras  Yanis  Varoufakis  Greece  Eurogroup  Troika  IMF  ECB  Angela  Merkel  Wolfgang  Schäuble  2015  Career  Politicians  manufactured  consent  populism  corporate  state  solidarity  austerity  ideology  dogma  Great  Depression  economic  history  media  conglomerate  European  Syriza  fiscal  sovereignty  sovereign  debt  crisis  insolvent  Insolvenzverschleppung  insolvency  Grexit  liberal  economic  reform  Privatisation  democracy 
july 2015 by asterisk2a
Who Will Pay? Austerity vs. Bailouts | Greece, Europe and The Euro! - YouTube
have to be held accountable >> bankers! but have not, just transfered private debt/losses onto public balance sheet which no has to paid down by the weakest of society and collectively by less public investment for the future (output gap/lower productivity) ie into infrastructure and education // stealing from the young // policy making by comfort and trinkets - George Osborne // moral hazard - the options they choose - paulson geithner summers and co made the tbtf and jail even worse! instead should have chosen partial privatization // sold off our future for keeping the gangsters "private" - get out of jail free card for what reason? because it would be not American? American means to be WALL STREET crony capitalistic greed with tax evasion and lobbying to the tunes of millions - your judge - that judges on you whether you get a free out of jail card?! // who will suffer in the end? the public and the weakest of society and unborn! period. long-term. // &! youtu.be/EmHYeGI0b_U
Grexit  UK  Greece  PIGS  austerity  bailout  crony  capitalism  capitalism  Wall  Street  social  cohesion  social  tension  generational  contract  pension  obligation  Career  Politicians  No  Representation  generationy  Millennials  fairness  TBTF  too  big  to  jail  toobigtofail  economic  model  economic-thought  philosophy  sociology  Gesellschaft  Free  Lunch  Student  Maintenance  Grant  social  mobility  income  mobility  Gini  coefficient  education  policy  Higher  vocational  education  infrastructure  infrastructure  investment  public  interest  public  investment  STEM  productive  investment  productivity  output  gap  greed  Schuldenbremse  Fiscal  Pact  morality  moralhazard  GFC  recovery  lost  decade  lost  generation  short-term  thinking  short-term  view  Failure  American  Dream  sovereign  debt  crisis  democracy  corporate  state  manufactured  consent  populism  propaganda  Lügenpresse  banking  crisis  trust  trustagent  distrust  zombie  banks  PIIGSFB  PIIGS  shadow  banking  financial  repression  financial  literacy  FinancialCrisisResponsibilityFee  FinancialCrisisInquiryCommission  tobin-tax  financialtransactionfee  transactiontax  lobbyist  lobby  Lobbying  poverty  trap  child  poverty  poverty  welfare  state  Services  Services  sustainable  economic  sustai 
july 2015 by asterisk2a
Understanding the Financial Crisis in Greece - YouTube
In which John Green discusses the history of Greece's deficit and debt problems, the challenges of adopting the Euro and living with the Eurozone's monetary policy, and the possibility of the so-called Grexit--a Greek exit from the Euro.
Grexit  economic  history  Greece  European  Union  solidarity  Great  Depression  2015  referendum  austerity  European  Leadership 
july 2015 by asterisk2a
Greek Debt Crisis: In Athens, Jubilation Gives Way to Dismay and Confusion - WSJ
[ Eurogroup called it a bluff that Greece (via Syriza, Alexis Tsipras & Yannis Varoufakis) would leave Euro voluntarily after a referendum no (rejection of bailout terms) if they would not accept democracy/referendum - more lenient terms. ] A week ago, Greeks partied in the streets after voting to resoundingly reject terms of a new European bailout. On Sunday, those same streets were filled with a dazed and confused populace struggling to understand how they were now faced with swallowing a deal even tougher than the one they had just snubbed. In the summer heat in central Athens, groups of people gathered around televisions at cafes showing Sunday’s live coverage of talks in Brussels, where top Greek officials were scrambling to negotiate a last-ditch rescue. Like Anna Christoforidi, many viewers struggled to understand the strange turnabout that could result in the screws being turned even tighter as a condition for Greece remaining in the eurozone.
Grexit  Greece  Eurogroup  economic  history  austerity  IMF  Troika  ECB  European  Union  European 
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: MPs back bailout reform plan - BBC News
[post-referendum ] Greece's parliament has backed a government package of economic reforms aimed at ending the country's debt crisis and securing a new bailout [ to pay off previous bailout payments that are coming-up; EFSF, IMF, ECB ] After a late-night debate, PM Alexis Tsipras won overwhelming cross-party support but saw some of his own MPs vote against him or abstain. Earlier, he admitted that some elements of the package fell short of his party's anti-austerity promises. The proposals are to be studied by eurozone finance ministers later. EU sources says Greece's creditors - the European Commission, the European Central Bank and the International Monetary Fund - believe the plan is positive. Eurozone officials are also expected to discuss Greek requests for some of the debt to be rescheduled. Mr Tsipras is asking for €53.5bn ($59.47bn) to cover Greece's debts (re-payments and interest) until 2018. [...] given in to demands [&] measures rejected in a referendum last Sunday.
Syriza  Grexit  referendum  democracy  Alexis  Tsipras  Yanis  Varoufakis  Greece  Career  Politicians  bullying  No  Representation  2015  bailout  IMF  EFSF  ECB  austerity  Great  Depression  lost  decade  lost  generation  economic  history  Eurogroup  Troika  zombie  banks  insolvent  Insolvenzverschleppung  insolvency  Bank  of  Greece  ELA  ESM  creditor 
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).
Career  Politicians  compromise  Grexit  bailout  debt  restructuring  haircut  EFSF  IMF  ECB  ESM  Greece  sustainable  sustainability  economic  history  austerity  national  interest  European  Union  policy  folly  policy  error  Angela  Merkel  Sigmar  Gabriel  Wolfgang  Schäuble  Troika  ChristineLagarde  Eurogroup  MarioDraghi  common  sense  common  good  Great  Depression  lost  decade  lost  generation  zombie  banks  short-term  thinking  short-term  view  ideology  dogma  populism  propaganda  Nationalism  media  conglomerate  Lügenpresse  No  Representation  faultlines  structural  imbalance  GFC  recovery  solidarity  manufactured  consent  corporate  state  Gesellschaft  European  fiscal  transferunion  Eurobond  Leadership  vision 
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
Grexit  referendum  Career  Politicians  Alexis  Tsipras  Yanis  Varoufakis  Syriza  Troika  Eurogroup  ECB  IMF  Jean-Claude  Juncker  European  Union  Wolfgang  Schäuble  Angela  Merkel  MarioDraghi  EFSF  ChristineLagarde  Jeroen  Dijsselbloemm  Germany  France  FrancoisHollande  No  Representation  economic  history  austerity  dogma  bailout  ELA  ideology  Great  Depression  lost  decade  lost  generation  ESM  debt  jubilee  debt  restructuring  European  bullying  transparency  accountability  Principle  haircut  creditor  sovereign  debt  crisis  sustainable  sustainability  debtoverhang  balance  sheet  recession  zombie  banks  Bank  of  Greece  insolvent  Insolvenzverschleppung  insolvency 
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."
Grexit  sustainable  sustainability  Greece  PIGS  sovereign  debt  crisis  debt  jubilee  haircut  debt  restructuring  ChristineLagarde  economic  history  austerity  ideology  dogma  academia  KennethRogoff  carmenreinhart  academic  economic  model  economist  economics  economic  damage  neoliberal  neoliberalism  liberal  economic  reform  Troika  IMF  ECB  MarioDraghi  BuBa  Jens  Weidmann  Angela  Merkel  Wolfgang  Schäuble  Germany  France  FrancoisHollande  European  Union  Yanis  Varoufakis  Alexis  Tsipras  referendum  Career  Politicians  No  Representation  society  bailout  zombie  banks  Gesellschaft  fairness  GFC  recovery  European  Syriza  Podemos  Indignants  Indignados  lost  generation  lost  decade  trust  trustagent  Protest  Partei  Protest  Party  symptom  voter  turnout 
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
ECB tightens squeeze on Greek banks - BBC News
ECB the silent enforcer, again. ECB ask for more collateral for existing ELA line bit.ly/1M8cWKF Thus narrowing the window of time to get a new deal done (with IMF/Troika/Eurogroup) or Bank of Greece is forced to issue unsecured loans to banks (print new money) or to issue Drachma. // "[O]ne of the Big Four Greek banks has already almost run out of cash. So the ECB statement means that bank has no ability to replenish its dwindling cash stocks. [...] ECB has brought forward the fateful moment when the Greek banking system ceases to function in any meaningful way, for want of cash. The Greek government & Bank of Greece today agreed with the banks that until Wednesday night, they will continue to allow cash withdrawals of up to €60 per account - for those banks that still have paper money. And the ban on overseas transfers will be sustained until then." // &! bbc.in/1M9d90h Syriza wants a 30% reduction in its debt burden, as per the IMF's debt sustainability analysis of last week.
ECB  referendum  Grexit  Bank  of  Greece  Greece  ELA  MarioDraghi  BuBa  Jens  Weidmann  Drachma  Syriza  Tsipras 
july 2015 by asterisk2a
Varoufakis und die Legende über seinen Rücktritt - SPIEGEL ONLINE
[1st Backroom deal concession from Tsipras 2 get Eurogroup (EFSF), IMF ('Big Daddy'), Troika ('Structural Reform Guide'), ECB (ELA) & Syriza together on 1 table for a renegotiation - without him, him being not a Politician!?] [...] Rücktritt am Tag nach dem Referendum: Finanzminister Yanis Varoufakis hat seinen Posten niedergelegt. Eigenen Angaben zufolge will er damit die Chancen von Regierungschef Alexis Tsipras auf eine Einigung mit den Euro-Partnern verbessern. // bit.ly/1CVg6w0 &! This is a sign that the status quo (interest group, peer group with group think and their ideology of austerity) can't change the World, affect the Symptoms, ... thus the we need the Rebellion // bit.ly/1gj9x1w - ob er sich selbst im weg stand is debatable from where you stand. &! bit.ly/1TgNTJw
Yanis  Varoufakis  referendum  Grexit  Greece  Politics  Career  Politicians  Alexis  Tsipras  Syriza  No  Representation  status  quo  interest  groups  peer  group  Groupthink  economic  history  political  theory  political  economy  European  Union  Angela  Merkel  Jean-Claude  Juncker  Jeroen  Dijsselbloem  Wolfgang  Schäuble  MarioDraghi  technocrat  political  science  Correctness 
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.
Greece  Grexit  PIIGS  PIGS  sovereign  debt  crisis  debtoverhang  ideology  propaganda  WW1  WW2  Treaty  of  Versailles  debt  jubilee  European  History  London  Agreement  Londoner  Schuldenabkommen  common  good  common  sense  Gesellschaft  dogma  populism  economic  society  austerity  trickle-down  economics  long-term  view  long-term  thinking  solidarity  Angela  Merkel  IMF  Troika  Wolfgang  Schäuble  World  Bank  Jean-Claude  Juncker  ChristineLagarde  academia  academics  sustainable  sustainability  Super  Cycle  debt  restructuring  haircut  debt  bubble  TBTF  too  big  to  jail  toobigtofail  crony  capitalism  Career  Politicians  No  Representation  Leadership  Legacy  vision  European  Union  fiscal  transferunion  Eurobond  lost  decade  lost  generation  GroKo  Sigmar  Gabriel  manufactured  consent  corporate  state  democracy  Lügenpresse  political  theory  political  error  political  economy  political  folly  policy  folly  policy  error  ECB  MarioDraghi  Makers  Great  Depression  GFC  recovery  output  gap  bailout  zombie  banks  banking  EuropeanSystemicRiskBoard  BIS 
july 2015 by asterisk2a
Greek referendum no vote signals huge challenge to eurozone leaders | Business | The Guardian
It is not clear which view will prevail. The EU mainstream hoped for a yes vote, not only because it would have represented democratic assent to the euro and acceptance of austerity, but also because the Tsipras government would have come under strong pressure to stand down. Negotiations between the two sides have gone nowhere for five months and have become particularly rancorous in the past month as bailout and debt repayment deadlines came and went, // Greece and its people are not too big to fail and but banks it owed money to in Europe (mainly Germany and France) were too big to fail - and to bail out people an inconvenience and nuisance.
mainstream  media  stakeholder  media  conglomerate  propaganda  manufactured  consent  dogma  ideology  austerity  economic  history  Career  Politicians  No  Representation  Lügenpresse  Grexit  zombie  banks  bailout  TBTF  too  big  to  jail  toobigtofail  GFC  PIGS  PIIGS  PIIGSFB  democracy  Greece 
july 2015 by asterisk2a
The Guardian view on Greece’s no vote: eight days that shook a continent | Editorial | Comment is free | The Guardian
The last week has seen many extraordinary things, from stiff limits at cashpoints to cross-border meddling in national democracy. Europe has not handled it well. It urgently needs to do better in picking up the pieces [...] European leaders who have been used to getting their way in the past cannot presume that they will do so in future. They must show some humility and listen to a Greek people who have been driven to this leap in the dark. They must come up with reforms to fix a rickety single currency from its foundations. In time, that will mean underpinning monetary integration with broader sovereignty-sharing. More immediately, it means having the honesty to admit that the full Greek debts will not be repaid, and being ready to negotiate towards something more realistic.
Grexit  Greece 
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 ]
democracy  Slavoj  Zizek  Greece  PIGS  austerity  bailout  toobigtofail  TBTF  too  big  to  jail  Wall  Street  crony  capitalism  capitalism  Career  Politicians  No  Representation  referendum  Podemos  Syriza  Grexit  European  Union  debt  jubilee  sustainability  sustainable  debtoverhang  sovereign  debt  crisis  fiscal  sovereignty  Great  Depression  ideology  dogma  economic  history  sociology  psychology  history  Europe  solidarity  Gesellschaft  IMF  Troika  Angela  Merkel  Wolfgang  Schäuble  Jean-Claude  Juncker  Jens  Weidmann  ChristineLagarde  ECB  MarioDraghi  Leadership  fiscal  political  compromise  shared  economic  interest  EFSF  European  vision  courage  technocrat  status  quo  lost  decade  lost  generation  egalitarianism  fairness  equality  inequality  Gini  coefficient  egalitarian  culture  society  heresy  thought  thought  leader  economic-thought  trust  trustagent 
july 2015 by asterisk2a
Greece on verge of euro exit - BBC News
Post-referendum NO vote, not to accept dictated terms - Mon/Tuesday - banks running out of cash, economy more than tanks, comes to a stand still, risk of loosing savings, little options, ECB more likely to shore up PIS bond market than extent ELA and increase ELA. Thus the quiet enforce ... will force Syriza and Bank of Greece hand/action ie A: to issue unsecured loans or B: to issue Drachma. // Whether Troika-ECB-Eurogroup-IMF will take up talks again, questionable. Syriza (Varoufakis and Tsipras) open to it now that they have their peoples backing to demand much more better, feasible and sustainable terms. If Troika-ECB-Eurogroup-IMF are Career Politicians - they will portray it as Syriza holding the gun to their head, and not enter new negotiations. Thus forcing Greece to do A or B, especially A in case B is as of right now not doable.
Grexit  Greece  PIGS  bond  market  ECB  ELA  referendum  Drachma  Syriza  Bank  of  Greece 
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
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