asterisk2a + grexit   99

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
Brexit versus Grexit: Why you might call a referendum and then reject its outcome | VOX, CEPR’s Policy Portal
Britain voted for Brexit, but many seek ways to avoid it. This draws comparison with the events of almost exactly a year ago when the Greek government ignored the outcome of the Greek bailout referendum. This column argues that the Greek government hoped the result would crash the EU’s stock markets and thus strengthen its bargaining power. When this failed to materialise, the government ignored the plebiscite and signed the bailout extension. In the Brexit case, the observed market drops do not qualify as a collapse and so the referendum’s outcome is likely to be implemented.
Brexit  Grexit  democracy  volksabstimmung 
july 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
What Happens Next (In Europe)?
the odds of another crisis are higher than a rally to fresh records. [...]
“The 2009-2015 rally originated from two main drivers: a massive stimulus, and credit expansion in China,” said Goette, who’s a partner at his firm in Zug, Switzerland and helps oversee 1 billion Swiss francs ($1 billion).

“European earnings have not followed suit so far. Skepticism regarding central-bank operations has started to emerge.”
ECB  Brussels  recovery  reflate  reflation  China  credit  bubble  Germany  PIGS  zombie  banks  European  Bank  Supervision  European  Economic  Area  European  Election  2014  working  poor  squeezed  middle  class  Soziale  Marktwirtschaft  MarioDraghi  OMT  LTRO  monetary  policy  monetary  stimulus  Fiscal  Pact  Schuldenbremse  sovereign  debt  crisis  France  Brexit  Grexit  Angela  Merkel  Wolfgang  Schäuble  history  underinvestment  Richard  Koo  Yanis  Varoufakis  liquidity  trap  zombie  corporations  youth  unemployment  demographic  bubble  OAP  discretionary  spending  disposable  income  liberal  reform  Precariat  precarious  employment  low  pay  low  income  Minijob  Zeitarbeit  Leiharbeit  1  Euro  Job  Structural  Impediments  imbalance  unemployment  monetary  transmission  mechanism  monetary  union  union  Rechtsruck  Bundesbank  fault  lines  shareholder  capitalism  bailout  GFC  2016  PBOC  Exportweltmeister  zombie  Financial  Stability  Board  crony  capitalism  Deutsche  Bank  infrastructure  investment  competitiveness  Beton  Gold  Betongold  asset  allocation  Super  Rich  1%  oligarchy  plutocracy  democracy  tax  evasion  tax  avoidance  Wall  Street  shareholder  value  profit  maximisation  profit  maximization  Russia  Crimea  Ukraine  U 
april 2016 by asterisk2a
Yanis Varoufakis: »MONEY AND POWER«, Public Lecture 2015-11-04
3rd bailout loan $0 went to Greece. All to pay off banks. extend & pretend. 1st: ~90% went to the banks. [...] ESM does not exist [...] banking union plan not progressing at all. //&! Yanis Varoufakis @Oxford Union - youtu.be/zWB6lY2GBjQ - ACADEMIA LACKS ANTI-ESTABLISHMENT ATTITUDE! Because going against the grain has become anti-reputation. [...] it's all about expectations, predictions about where S&P500 will be in 12 months. [...] regression between theory and reality. economists have never been humble. [ see Wall Street cottage factory of analysis and prediction shops ] [...] if you torture the data and model enough it will confess. [< EU monetary union based on theory ] [...] [34:00] Brussels is technically incompetent and will not reform itself. I am a libertarian marxist. Schumpeter. true creative destruction. great wealth currently created - all going to 1%. = not humanitarian. not democratic. [...] 41:00 Q&A, <48:50> gov budget not same as household budget; George Osborne.
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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
Blackrock-Vize Hildebrand kritisiert europäische Behörden - SPIEGEL ONLINE
Hildebrand: Nein, dafür sehe ich keine Anzeichen. Aber was mich schon besorgt, ist das Muster, dass frappantes Fehlverhalten europäischer Firmen immer wieder von amerikanischen Behörden aufgedeckt wird. Das scheint mir das wahre Problem zu sein. Ich denke da nicht nur an VW, sondern auch an die Banken oder an die Fifa. [...] Die Amerikaner dagegen sind das Problem schon 2009 angegangen, und die Banken sind schnell wieder gesundet. In Europa hat man es unter den Teppich gekehrt. [...] Europa hat zwei Probleme, und ein wesentliches davon ist ein Nachfrageproblem: Die Wirtschaft ist nicht ausgelastet, auch die Arbeitslosigkeit ist nach wie vor zu hoch. Und die Inflation liegt nahe null. [...] Europa hat auch ein Strukturproblem. Arbeits- und Produktmärkte sind überreguliert. [ Re Credit Bubble ] Niemand weiß genau, was geschieht, wenn diese Politik einmal umgekehrt wird.
VW  bank  bailout  FIFA  corporate  scandal  Volkswagen  sovereign  debt  crisis  too  big  to  bail  Grexit  European  Union  secular  stagnation  self-regulation  regulation  regulators  deregulation  accountability  white-collar  crime  banking  investment  banking  retail  banking  recovery  MarioDraghi  ECB  NIRP  ZIRP  TLTRO  LTRO  QE  GFC  economic  history  debtoverhang  Richard  Koo  fiscal  monetary  Brussels  lost  decade  lostgeneration  lost  generation  Generationengerechtigkeit  austerity  Pact  Schuldenbremse  underinvestment  productive  investment  ageing  population  demographic  bubble  squeezed  middle  class  emerging  middle  class  discretionary  spending  Sozialer  Abstieg  income  distribution  disposable  income  Brexit  credit  bubble  BRIC  emerging  market  Developing  World  western  Niall  Ferguson 
november 2015 by asterisk2a
Europäische Union: Schengen versagt wie der Euro - Kolumne - SPIEGEL ONLINE
[ managing the status quo ] Der Euro wackelt nach wie vor, das Schengen-System der offenen Grenzen ist de facto gescheitert. Beide europäischen Konstruktionen scheitern am selben Problem: Die EU konnte sich nur auf den kleinsten gemeinsamen Nenner einigen.
Leadership  Angela  Merkel  Wolfgang  Schäuble  Germany  European  Union  Career  Politicians  No  Representation  Jean-Claude  Juncker  GFC  Grexit  Brexit  Euro  bank  bailout  TBTF  too  big  to  bail  too  big  to  jail  sovereign  debt  crisis  Fiscal  Pact  Schuldenbremse  banking  crisis  economic  history  Brussels  accountability 
november 2015 by asterisk2a
These 5 Facts Explain the Worrying Rise of Europe’s Far-Right | TIME
Economic instability, populist politicians and a refugee wave is changing the face of politics in Europe Another round of elections, another push from increasingly vocal nationalists. Austria’s far-right Freedom Party gave the Social Democrats a run for their money in local elections over the past weekend, but fell short of capturing Vienna’s mayoralty. What started as an oddity in European politics has quickly become a disturbing pattern. These five facts explain the rise of the radical right in Europe, its causes and its implications for the region.
Rechtsruck  Unrechtsstaat  Lügenpresse  refugee  crisis  GFC  austerity  bank  bailout  sovereign  debt  crisis  Grexit  Brexit  Brussels  European  Union  AfD  NPD  UKIP  fairness  Generationengerechtigkeit  Sozialer  Abstieg  squeezed  middle  class  hartz-iv  precarious  work  Precariat  working  poor  job  creation  Career  Politicians  No  Representation  democracy  corporate  welfare  Schuldenbremse  Fiscal  Pact  Wall  Street  crony  capitalism  tax  evasion  tax  avoidance  profit  maximisation  shareholder  value  Niedriglohnsektor  Niedriglohn  Service  Sector  Jobs  Leiharbeit  Zeitarbeit  Minijob  ALG2  liberal  economic  reform  trickle-down  economics  economic  history  neoliberalism  neoliberal  neoconservatism  neoconservatives  Surveillance-Industrial  Complex  military–industrial  inequality  Gini  coefficient  social  mobility  income  mobility  job  security  uncertainty  globalization  globalisation  symptom  political  theory  lobbyist  lobby  Lobbying  revolving  door  social  contract  reflate  reflation  constituency  credit  bubble 
october 2015 by asterisk2a
In the loop October 2: Flemish separatism, F1 and the Juncker plan by POLITICO Europe
min 17 - behind-the-scenes fight in the European Parliament over the appointment of top managers for the so-called Juncker Plan: a €315 billion EU investment plan. // threat of White Elephants, roads and bridges to nowhere ... only politicians can put themselves in front of photojournalists for photo op. no productive investments into the future. renewable, smart grid, private public paternerships, carbon emission reduction projects ie urbanisation planning projects to half city traffic and put cycling network in place, and zero emission public transportation, ... --- no accountability, no oversight no transparency. risk of corruption, bribery, dirty handshakes, ...
European  Union  technocrat  bureaucrat  Jean-Claude  Juncker  infrastructure  investment  STEM  Research  R&D  underinvestment  fiscal  policy  Pact  fiscal  stimulus  public  investment  business  investment  Schuldenbremse  Politics  Career  Politicians  No  Representation  Brussels  European  Parliament  European  Election  2014  European  Commission  Eurobond  PIGS  PIIGSFB  Richard  Koo  secular  stagnation  Niall  Ferguson  Germany  Angela  Merkel  Wolfgang  Schäuble  Eurogroup  austerity  Grexit  business  confidence  consumer  confidence  excess  reserves  zombie  banks  zombie  corporations  zombie  consumer  ECB  QE  TLTRO  LTRO  monetary  policy  monetary  transmission  mechanism  monetary  stimulus  liquidity  trap  ZIRP  NIRP  corruption  ideology  dogma  campaign  promises  White  Elephant  productive  investment  productivity  Makers  policy  folly  social  contract  political  theory  accountability  transparency  oversight  2015 
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
Disenfranchised Voters and the Rise of Radical Populism - YouTube
inequality  squeezed  middle  class  Sozialer  Abstieg  Gini  coefficient  bank  bailout  sovereign  debt  crisis  austerity  2015  Gerechtigkeit  fairness  Generationengerechtigkeit  Rechtsextremismus  Rechtsruck  Jeremy  Corbyn  Labour  Party  Conservative  Party  David  Cameron  dogma  neoliberalism  neoliberal  political  economy  political  theory  social  tension  social  change  Bernie  Sanders  European  Union  Brexit  Grexit  Schengen  Agreement  UK  Germany  Polarisation  populism  manufactured  consent  corporate  state  corporate  media  propaganda  reframing  framing  PR  spin  doctor  fiscal  policy  monetary  policy  reflate  reflation  recovery  GFC  crony  capitalism  Wall  Street  deregulation  TTIP  self-regulation  neoconservatism  neoconservatives  democracy  No  Representation  Career  Politicians  Opportunism  opportunist  secular  stagnation  trickle-down  economics  AfD  UKIP  NPD  Xenophobia  Antisemitismus  antisemitism  European  Election  2014  campaign  promises  investment  banking  Schuldenbremse  Pact  constituency  Angela  Merkel  social  cohesion  social  contract  short-term  thinking  short-term  view  lobbyist  lobby  Lobbying  revolving  door  working  poor  debt  debt  stagnation  inequality  social  state  precar 
september 2015 by asterisk2a
Die Story: Zehn Jahre Kanzlerin: Mysterium Merkel | Kontrovers | BR - YouTube
6:20 - nicht falsch stehen wollen ... // macht sich unberechenbar und flexibel // but no long-term vision and mission >> thus no long-term future of germany in globalised digital economy and marginal cost and economic abundance! // no Principles. No spine. // Teflon Kanzlerin. Und andere muessen dann gehen. // "hat immer die Kontrolle behalten." 10 Jahre lang.
Angela  Merkel  GroKo  Germany  CDU  CSU  Career  Politicians  refugee  crisis  war  refugee  European  Union  sovereign  debt  crisis  bank  bailout  GFC  recovery  Schuldenbremse  Fiscal  Pact  austerity  dogma  ideology  Grexit  Brexit  East  Europe  Rechtsruck  Rechtsextremismus  AfD  NPD  Xenophobia  Homophobia  homophobic  Homo-Ehe  inequality  Gini  coefficient  European  Election  2014  Fukushima  underinvestment  infrastructure  investment  NSA  GCHQ  Surveillance-Industrial  Complex  surveillance  state  Orwellian  USA  UK  corporate  espionage  cyber  espionage  industrial  espionage  cyber  war  cyber  attack  Ukraine  Ukrain  ISIS  Russia  vladimirputin  Putin  Edward  Snowden  Principle  military–industrial  Iraq  Syrien  Syria  Saudi  Arabia 
september 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
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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
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.
Grexit  PIGS  European  History  European  Union  Angela  Merkel  Jean-Claude  Juncker  ECB  MarioDraghi  Germany  France  FrancoisHollande  Leadership  Career  Politicians  No  Representation  Wolfgang  Schäuble  compromise  political  error  political  folly  political  economy  political  theory  Syriza  Alexis  Tsipras  Yanis  Varoufakis  austerity  dogma  ideology  IMF  ChristineLagarde  humility  humble  character  economic  Fiscal  Pact  Schuldenbremse  Gesellschaft  society  symptom  bailout  PIIGS  zombie  banks  PIIGSFB  GFC  recovery  2015  UK  neoliberal  neoliberalism  crony  capitalism  TBTF  toobigtofail  too  big  to  jail  Wall  Street  liberal  economic  reform  referendum  democracy 
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
Angela Merkel über Tsipras: "Sehenden Auges gegen die Wand" - SPIEGEL ONLINE
Heft 28/2015 - Die Trümmerfrau. Scheitert der Euro, scheitert Merkels Kanzlerschaft // &! Post-Referendum NO reactions out of Germany and Europe ... http://www.theguardian.com/world/2015/jul/05/germany-greek-referendum-anger-solidarity - "Responding to the no vote, Sarah-Jayne Clifton, director of the Jubilee Debt Campaign, [...] “Greece needs substantial debt cancellation, as even the IMF has finally acknowledged. This will require honesty from European leaders that the real purpose of the bailouts was to save European banks. And it will require the type of leadership we saw from their counterparts in 1953 when they cancelled half of Germany’s debt. Justice, and democracy, demand nothing less.”
Angela  Merkel  Grexit  ideology  austerity  Career  Politicians  Fiscal  Pact  compromise  Wolfgang  Schäuble  Schuldenbremse  policy  folly  technocrat  policy  error  short-term  thinking  short-term  view 
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
Greece risk pales against China - YouTube
China's own equity bubble. Money taken out of property (domestic and world wide), into equities.
Grexit  China  speculative  bubbles  speculative  speculation  equity  bubble  contagion  economic  growth  economic  model  2015 
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
GroKo  Angela  Merkel  European  Union  bailout  Grexit  PIGS  PIIGS  EFSF  EFSM  ESM  IMF  Germany  Leadership  austerity  ideology  Fiscal  Pact  Schuldenbremse  Wolfgang  Schäuble  Jean-Claude  Juncker  zombie  banks  GFC  sovereign  debt  crisis  democracy  No  Representation  EuropeanSystemicRiskBoard  European  History  Rechtsruck  propaganda  manufactured  consent  Sigmar  Gabriel  solidarity  Gesellschaft  Lügenpresse  investigative  journalism  journalismus  journalism  Syriza  political  economy  political  theory  France  economic  election  campaign  promises  Protest  Partei  Protest  Party  Podemos  Career  Politicians  short-term  thinking  short-term  view  Sozialer  Abstieg  squeezed  middle  class  hartz-iv  welfare  state  Public  Services  Social  Services  fairness  Super  Rich  1%  tax  evasion  tax  avoidance  crony  capitalism  sovereignty  Troika  corporate  state  Toff  Establishment  Privileged  poverty  Gini  coefficient  mobility  UK  ChristineLagarde  political  science  political  error  political  folly  PR  relations  spin  doctor  banking  transferunion  currency  monetary  Eurobond  ECB  MarioDraghi  trichet  compromise  Politics 
july 2015 by asterisk2a
One Weird Trick To Help Greece | TechCrunch
The human impact of this is devastating. And it sucks for companies too. Imagine being a founder competing against other startups that can pay their bills? This is why the founders of BugSense, one of the handful of Greek startups to have seen a successful exit (to Splunk), have offered to act as a proxy for Greek startups that need to make payments. “Pretty much most Greek debit cards don’t work at all,” BugSense CEO Panos Papadopoulos tells me. “Not even €60 per day.” // people organise themselves to keep their small businesses running - http://zerofund.org/
Grexit  capital-controls  capital  controls  Great  Depression  Greece  economic  history 
july 2015 by asterisk2a
WikiLeaks - Espionnage Élysée - Angela Merkel on Greece and Europe (actions speak louder than words).
Earlier reporting reveals that following talks last week in Berlin with Merkel, Hollande complained that nothing of substance was achieved; it was purely for show. Hollande had found the chancellor fixated on the Fiscal Pact and above all on Greece, on which he claimed she had given up and was unwilling to budge. // Angela (Germany) put(s) national and personal political interests first second third and last .... // symptoms of our time, even politicians jump on "everybody for himself" //
Angela  Merkel  Grexit  Greece  Leadership  PIGS  sovereign  debt  crisis  European  Union  Wolfgang  Schäuble  GroKo  Germany  shared  economic  interest  Career  Politicians  No  Representation  Wall  Street  haircut  Nationalism  political  theory  political  economy  policy  folly  policy  error  short-term  thinking  short-term  view  Legacy  political  error  political  folly  Jean-Claude  Juncker  ECB  MarioDraghi  GFC  bailout  fairness  solidarity  propaganda  populism  Lügenpresse  manufactured  consent  IMF  EFSF  toobigtofail  TBTF  too  big  to  jail  zombie  banks  banking  recovery  economic  history  Sozialer  Abstieg  downward  mobility  Gini  coefficient  inequality  tax  evasion  tax  avoidance  squeezed  middle  class  labour  market  labour  economics  precarious  work  Precariat  liberal  economic  reform  unintended  consequences  unknown  unkown  working  poor  Leiharbeit  Zeitarbeit  Minijob  minimum  wage  living  wage  Aufstocker  hartz-iv  Riester-Rente  Niedriglohn  Niedriglohnsektor  Lohnzurückhaltung  Service  Sector  Jobs  globalisation  globalization  competitiveness  competitive  flat  world  borderless  job  market  job  creation  underemployed  youth  unemployment  lost  decade  lost  generation  monetar 
july 2015 by asterisk2a
Griechenland-Krise: Wir verspielen Europa - Kommentar - SPIEGEL ONLINE
Die Griechen können sich per Referendum aus dem Euro wählen, die Briten über einen EU-Austritt abstimmen: Europa droht auseinanderzubrechen - weil wir alle uns zu wenig dafür einsetzen. [...] Griechenland drohen der Staatsbankrott und ein chaotisches Ausscheiden aus der Eurozone. Die Briten sollen in einigen Monaten über den Verbleib in der EU abstimmen. Eine gemeinsame europäische Strategie für den Flüchtlingsansturm über das Mittelmeer ist nicht in Sicht. Die Geheimdienst-Ausspähungen haben die USA und Europa einander entfremdet, während Russland an einer undurchsichtigen Expansionsstrategie arbeitet. [ Symptoms of our time. ] // bit.ly/1HvMxbP - Pressekompass: Wer ist schuld an der Griechen-Krise? Die Antworten der internationalen Medien
Brexit  Grexit  European  Union  Angela  Merkel  David  Cameron  Jean-Claude  Juncker  Wolfgang  Schäuble  Leadership  Career  Politicians  political  science  short-term  thinking  short-term  view  political  economy  monetary  austerity  UKIP  Rechtsruck  Rechtsextremismus  Fiscal  Pact  Schuldenbremse  sovereign  debt  crisis  solidarity  Zivilgesellschaft  Zivilcourage  Gesellschaft  Sozialer  Abstieg  Existenzangst  squeezed  middle  class  economic  history  zombie  banks  fairness  bailout  GFC  recovery  PIGS  vision  mission  compromise  interest  groups  vested  interest  Germany  UK  France  unknown  unkown  unintended  consequences  ECB  manufactured  consent  propaganda  Lügenpresse  AfD  Protest  Partei  Protest  Party  European  Election  2014  democracy  No  Representation  ideology  adoptarefugee.org  political  refugee  economic  refugee  refugee  war  refugee  Asylum  Asylbewerber  East  policy  folly  policy  error  history  European  USA  surveillance  state  Orwellian  Five  Eyes  corporate  espionage  industrial  espionage  espionage  cyber  espionage  Russia  Ukraine  Ukrain  Syrien  Syria  ISIS  Iraq  uncertainty  instability  QE  ZIRP  NIRP  deflationary  secular  stagnation  Crimea  NATO  East  Europe  Deutschland  Scottish  independence  referendum  Greec 
june 2015 by asterisk2a
Griechenland: Was Angela Merkel noch alles angeboten hat - SPIEGEL ONLINE
Für den Fall, dass Tsipras die Verlängerung des aktuellen zweiten Hilfspakets zu den veränderten Konditionen akzeptiert hätte, bot Merkel ihm dem Vernehmen nach in einem letzten Gespräch am Freitag vergangener Woche unter anderem Folgendes an: ein drittes Hilfsprogramm, Schuldenerleichterungen, also eine teilweise Umschuldung, Investitionen in Höhe von rund 35 Milliarden Euro. // BUT NO debt jubilee/haircut and admitting that it was a EU bank bailout through the back door. // Counter-off on day 0 from Syriza; ESM to take on debt for two years. Another delay. Country will NOT start to grow in two years to pay off EFSF and IMF ... bit.ly/1Nsrupr &! IMF pushes back on default scenario - bit.ly/1NsrpSz &! Germany paid 85bn to EU banks (aka Greece Debt payments via EFSF, IMF and ECB ELA liability and bonds that ECB bought via their bank refinance programms (LTRO) via BuBa capital ownership of ECB) in case of default - bit.ly/1Hrx4ra // &! bbc.in/1Knh8qM &! bbc.in/1Knh8qM
Grexit  default  IMF  EFSF  Angela  Merkel  PIGS  Wolfgang  Schäuble  European  Union  Career  Politicians  economic  history  sovereign  debt  crisis  zombie  banks  GFC  recovery  Great  Depression  Greece  austerity  Troika  ECB  Syriza  democracy  solidarity  political  error  political  economy  political  folly  policy  error  policy  folly  ESM  ELA  BuBa  Bundesbank  LTRO  TLTRO  MarioDraghi  Jean-Claude  Juncker 
june 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
Greek debt: ECB 'to maintain funding limit' - BBC News
bbc.in/1TXD5Bj - Greek debt crisis: ECB not raising funding limit. The decision not to raise the cap on aid to Greece increases the likelihood of bank closures and restrictions on cash withdrawals, analysts say. That in turn could eventually result in Greece leaving the euro. The ECB said that it stood ready to review the decision and would work closely with the Bank of Greece. The current ceiling for the ECB's emergency funding - Emergency Liquidity Assistance (ELA) - is €89bn (£63bn). It is not clear if all that money has been disbursed. [...] &! bbc.in/1ICV0EA [...] Greece banks to stay closed on Monday, Piraeus Bank chief says, after emergency meeting in Athens // &! 'Bank Holiday' aka Corralito - bit.ly/1GKcBdu // &! Rumor: Greece Stock market will likely not open too. // &! bit.ly/1edehoc >> ECB not raising ELA in this situation is forcing Syriza/Gov to close down banks, stock market and enforce capital controls. ECB, the silent enforcer.
ECB  ELA  Grexit  Bank  of  Greece  run  bankrun  Corralito  holiday  economic  history  capital-controls  capital-flight  capital  controls  European  Union  IMF  Troika  MarioDraghi  Angela  Merkel  Wolfgang  Schäuble  Jens  Weidmann  BuBa 
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
Georg Diez über die Berichterstattung zu Griechenland - SPIEGEL ONLINE
Jeder Artikel, der von der "Rettung" Griechenlands spricht, richtet moralisch. An solcher Berichterstattung zeigt sich, wie manipulativ ein Journalismus agiert, der vor allem von deutschen Interessen handelt. Propaganda, sagt Edward Bernays, der den Begriff geprägt hat, ist die Reduktion der komplexen Wirklichkeit auf einige wenige, leicht zu verstehende Erklärungen, und es ist dabei letztlich egal, ob diese Erklärungen auch stimmen. [...] Denn in seinem Sinn ist zum Beispiel jeder Artikel, der die Euro-Krise darauf reduziert, dass Merkel oder Schäuble oder Brüssel oder sonst irgendjemand Griechenland "rettet", nichts anderes als Propaganda. "Merkel rettet die Banken" Seit Jahren ist "Rettung" das Wort, das viele Journalisten benutzen, um die Geschichte dieser Krise zu erzählen: Mit einem Wort wird etabliert, wer etwas tut & wer nichts tut, wer aktiv ist & wer passiv, wer am Abgrund steht & wer mit der helfenden Hand herbeieilt. [language shapes thoughts, reactionary] & bit.ly/1Htt0IU
Grexit  Brexit  PIGS  sovereign  debt  crisis  zombie  banks  GFC  recovery  bailout  Lügenpresse  national  interest  manufactured  consent  language  communication  Career  Politicians  propaganda  No  Representation  trust  trustagent  Greece  European  Union  Noam  Chomsky  Chris  Hedges  media  conglomerate  spin  doctor  PR  public  relations  crony  capitalism  capitalism  haircut  lobbyist  lobby  Lobbying  Wall  Street  vested  interest  interest  groups  democracy  corruption  bribery  transparency  oversight  manipulation 
june 2015 by asterisk2a
Griechenland: Varoufakis sagt Wahrheit über Schuldenschnitt - SPIEGEL ONLINE
Gebärden sich die Griechen bei den Verhandlungen mit ihren Gläubigern als rücksichtslose Zocker? Nein, im Gegenteil, sie argumentieren bewundernswert stringent: Ohne Schuldenschnitt kann es keine sinnvolle Einigung geben. [...] Was erklärt diese Irrationalität? Aus meiner Sicht sind es die Lügenmärchen, die wir uns seit Jahren immer wieder erzählen: dass der Euro so stark ist wie die Mark, dass eine Währungsunion auch ohne einen gemeinsamen Haushalt funktionieren kann und dass die Griechen ihre Kredite zurückzahlen. Wir hängen jetzt im Netz unserer eigenen Märchen fest. Die eine Wahrheit ist, dass die Währungsunion zerbricht oder eine Fiskalunion erzwingt. Die andere Wahrheit ist, dass die Griechen pleite sind. Und eine dritte Wahrheit ist, dass der Schuldenschnitt kommt, so oder so.
haircut  Grexit  Greece  sovereign  debt  crisis  zombie  banks  bailout  economic  history  debt  jubilee  Super  Cycle  debt  bubble  debt  restructuring  IMF  Troika  ECB  monetary  union  fiscal  union  Pact  Schuldenbremse  banking  union  Euro 
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
US-Ratingagentur Standard & Poor's: Rundumschlag gegen europäische Banken - SPIEGEL ONLINE
Die amerikanische Ratingagentur Standard & Poor's hält viele europäische Geldhäuser für weniger kreditwürdig. Die Bonitätswächter stuften die Deutsche Bank um zwei Noten zurück. Sie liegt nun nur noch knapp über Ramschniveau. [...] Hintergrund des Rundumschlags sind die neuen EU-Regeln, wonach Banken nicht mehr wie in der Finanzkrise darauf zählen können, vom Staat gerettet zu werden. Aus diesem Grund hatte Mitte Mai bereits die Ratingagentur Fitch die Kreditwürdigkeit mehrerer Banken herabgestuft. [ vs USA which has no no-bailout law. ]
EuropeanSystemicRiskBoard  zombie  banks  Europe  PIGS  Grexit  Brexit  sovereign  debt  crisis  austerity  Fiscal  Pact  Schuldenbremse  Angela  Merkel  Wolfgang  Schäuble  IMF  Troika  economic  history  GFC  recovery  ZIRP  NIRP  TLTRO  LTRO  debt  monetisation  debt  monetization  ECB  policy  monetary  policy  toobigtofail  TBTF  investment  banking  bailout  systemicrisk  banking  crisis  banking  union  sovereignty  Gramny  France 
june 2015 by asterisk2a
Eurozone still in denial about Greece - BBC News
In the highly unlikely event that Greece could generate a 2% or 3% surplus year-in and year-out without its economy shrinking further (which few economists would anticipate), it would take around half a century for Greek public sector debt to fall to a level regarded as sustainable. A half century of austerity? In what modern democracy would that be regarded as a realistic option? So all these fraught talks about a release of the last 7.2bn of cash from the current rescue facility can probably be seen as displacement activity. And if there is agreement in the next day or so on a framework to release that cash, this should be seen as no more than a short-term temporary fix. [...] Or to put it another way, it is all about whether the IMF and eurozone can keep up the pretence that Greece is a sound and solvent debtor. [...] relatively small and weak private sector will ever have the capacity to pay it back.
Grexit  economic  history  PIGS  austerity  Fiscal  Pact  sovereign  debt  crisis  Super  Cycle  Europe  bailout  zombie  banks  Troika  IMF  Angela  Merkel  Wolfgang  Schäuble  Germany  bank  jog  bank  run  ECB  European  Union  banking  solvency  insolvency  insolvent  Insolvenzverschleppung  Career  Politicians  No  Representation  short-term  thinking  short-term  view  Greece  debt  jubilee  haircut  debt  bubble  bond  bubble  debt  restructuring  debt  monetisation  debt  monetization  monetary  policy  unconventional  monetary  policy  monetary  system  monetary  transmission  mechanism  Great  Depression  2015  lost  decade  lost  generation  liquidity  trap  balance  sheet  recession  deleveraging  debtoverhang  GFC  GoldmanSachs 
june 2015 by asterisk2a
Will the ECB play its trump card over Greece's future? - BBC News
The ECB did publicly threaten to put a stop to ELA for the Cypriot banks, unless there was an international bailout that would ensure they were solvent. There was a similar threat to Ireland in correspondence which has since been published. As for the Greek banks today, the ECB's president Mario Draghi has said they will continue to receive funding as long they remain solvent and have adequate collateral. The view at the ECB appears to be that the banks are in temporary difficulty. Executive board member Peter Praet said in April: "The assessment that we get is that [Greek] banks are solvent, but it is true that it is a stressful situation".
bank  run  bank  jog  ELA  ECB  Grexit  capital  outflow  Greece  2015 
june 2015 by asterisk2a
Who Will Be Hurt Most When The Tech Bubble Bursts? Not VCs | TechCrunch
In a nutshell, FOMO is driving many investors in a hustle to be a part of the next Facebook or Twitter and put in huge investments for a fraction of stake. And, they don’t see much risk in it as long as they get the downside protection. [ growth round = rocket fuel splashed onto stuff to acquire more customers and market share (basically, but not always) ] [...] Someday, pretty soon, these will be put to the test, and valuations based on visibility of earnings will matter again. A few will succeed of course, but several others will fall – it remains to be seen how miserably. VCs will most likely walk away with their invested money, if not more. It’s the employees and founders who will see their million-dollar dreams crash and burn. [living beyond ur means & betting dollars you dont have on a time that seems further away than u can even guess (secular stagnation)] [lack of income growth (across the western world) thus disposable income (discretionary spending) is also not helping]
Silicon  Valley  burn  rate  operations  Bill  Gurley  Unicorn  runway  FOMO  Venture  Capital  growth  round  termsheet  liquidation  preferences  Private  Market  Private  Equity  SPV  bubble  distortion  QE  ZIRP  NIRP  disinflation  secular  stagnation  deflationary  deflation  western  world  business  model  revenue  revenues  fiscal  policy  income  growth  USA  OECD  sovereign  debt  crisis  austerity  disposable  income  policy  error  Taper  policy  folly  monetary  policy  productive  investment  underinvestment  infrastructure  investment  1%  Super  Rich  on-demand  convenience  Share  Economy  labour  labour  economics  discretionary  spending  Schuldenbremse  PIGS  Brexit  Grexit  currency  war  macroeconomics  Pact  Europe  productivity  Lohnzurückhaltung  job  creation  globalisation  globalization  Niedriglohn  Niedriglohnsektor  Service  Sector  Jobs  flat  world  borderless  competitive  Future  of  Work  Industrial  Revolution  2.0  economic  history  speculative  bubbles  speculative  speculation  demographic  bubble  Super  Cycle  consumer  debt  zombie  consumer  zombie  banks 
may 2015 by asterisk2a
Griechenland-Krise: Europa braucht neue Regeln - SPIEGEL ONLINE
Man kann mit Recht fragen, ob dieser Kurs ökonomisch richtig ist. Politisch aber ist er bislang erfolgreich [...] Bislang erfolgreich, diese Einschränkung ist wichtig. Denn sobald die Eurozone - und damit das europäische Integrationsprojekt - insgesamt ins Wanken gerät, sind die Kosten für Deutschland politisch und wirtschaftlich desaströs hoch. [...] Dass Deutschland, der "zögerliche Hegemon", wie ihn die britische Zeitschrift "The Economist" bezeichnet, auf Dauer die Eurozone beherrschen kann, ist weder politisch erträglich noch ökonomisch tragbar. Nur eine föderale Lösung kann deshalb der Eurozone dauerhafte Stabilität garantieren. &! &! Bailout money not for Greece, but to serve Greece's credits, from European Banks ... its and was always also a Bank Bailout of TBTF & zombie banks - youtu,be/2_inmuTL9PU
game  theory  compromise  Career  Politicians  austerity  economic  history  IMF  sovereign  debt  crisis  PIGS  Grexit  European  Union  Fiscal  Pact  Wolfgang  Schäuble  Angela  Merkel  Germany  hegemony  European  haircut 
february 2015 by asterisk2a
Finanzhilfen für Griechenland: Brief an den deutschen Steuerzahler - SPIEGEL ONLINE
Dann ist da die mögliche Kettenreaktion: Wenn Griechenland den Euro verlässt, dann könnten ihm andere Euro-Schwächlinge folgen – sogar freiwillig. Wie der US-Ökonom Paul Krugman dargelegt hat, könnte Griechenland ohne Euro zum Erfolgsmodell werden, das andere Länder imitieren wollen. Die Rückkehr zur Drachme hätte nämlich nicht nur den Vorteil, dass man sie abwerten kann, sondern auch, dass die griechische Zentralbank ungebremst Geld drucken darf. Für Deutschland wäre das katastrophal: Der Euro würde immens aufwerten, und die Wirtschaftsstärke Ihres Landes stark abschwächen. Deutschland würde viele innereuropäische Handelsmärkte verlieren und damit auch den Titel "Europas Motor".
Grexit 
february 2015 by asterisk2a
Greece Struggles to Get Europe to Change Course on Austerity - SPIEGEL ONLINE
The new government in Athens is intent on forcing Europe to change its approach to Greek debt -- thus far in vain. A confrontation is brewing, and both sides stand to lose. &! &! European Commission President Jean-Claude Juncker is challenging Angela Merkel in her de facto role as the most powerful leader in Europe. The election of Greece's Alexis Tsipras may help him in his fight against rigid German austerity policies. - http://www.spiegel.de/international/europe/jean-claude-juncker-poses-challenge-to-merkel-and-austerity-policies-a-1017505.html &! &!
Grexit  sovereign  debt  crisis  austerity  Angela  Merkel  Wolfgang  Schäuble  Greece  PIGS  Syriza  Podemos  European  Union  Fiscal  Pact  policy  IMF  Troika 
february 2015 by asterisk2a
Griechenland: Tsipras hält Rettungsprogramm für gescheitert - SPIEGEL ONLINE
Griechenlands Ministerpräsident Tsipras hat die Rettungspolitik von EU und IWF für gescheitert erklärt. Seine Regierung werde keine Verlängerung der Kredite beantragen - Fehler dürften nicht verlängert werden.
Grexit  Greece  Troika  IMF  austerity 
february 2015 by asterisk2a
BBC News - UK planning for possible Greece exit from the eurozone
There was agreement that the probability of Greece adopting a new currency had increased, as per my column of this morning. However those attending still believe that some kind of compromise between Athens and other eurozone governments can be reached to keep Greece in the euro.
Grexit 
february 2015 by asterisk2a
Die Fakten über Griechenland - Undankbare Faulenzer? - Monitor 05.02.2015 - Bananenrepublik - YouTube
http://www.spiegel.de/kultur/gesellschaft/deutschland-in-der-eurokrise-ist-merkel-wie-bismarck-a-1016336.html - Deutsche Vorherrschaft in Europa: "Ein neuer Wirtschaftsnationalismus" Die "deutsche Frage" ist zurück: Der Wissenschaftler Hans Kundnani vergleicht Merkels Bundesrepublik mit dem Kaiserreich unter Bismarck. Hier erklärt er, wie er darauf kommt. [...] Herr Kundnani, Sie haben ein Buch über Deutschlands Rolle in der Eurokrise geschrieben, das im Jahr 1871 beginnt. Warum? [...] Publizisten wie George Soros und Martin Wolf schreiben sogar von einem neuen "German Empire". (( Hans Kundnani ist Research Director am European Council on Foreign Relations, wo er vor allem zu deutscher Außenpolitik forscht. )) &! http://www.spiegel.de/kultur/gesellschaft/otto-von-bismarck-bismarck-jahr-wegen-200-geburtstag-a-1011970.html - Bismarck-Jahr 2015: Der deutsche Traum als Schrecken Europas
Grexit  Greece  populism  Career  Politicians  Angela  Merkel  IMF  austerity  economic  history  Wolfgang  Schäuble  European  Union  Troika  Bailout  haircut  PIGS  Syriza  Podemos  Spain  humanitarian  crisis  human  tragedy  Politics  lost  generation  lost  decade  sovereign  debt  crisis  fiscal  sovereignty  greatrecession  GFC  recovery  Germany  Eurokriese  book  Europe  European  Exportweltmeister  Soziale  Marktwirtschaft  national  identity  identity  culture  Nationalismus  Nationalism  history  foreign  affairs  faultlines  Structural  Impediments  imbalance 
february 2015 by asterisk2a
Yanis Varoufakis Newsnight interview - YouTube
youtu.be/VBsIwmRTZgY (2011) &! Yanis Varoufakis ... TEDxAcademy - Yanis Varoufakis - A Modest Proposal for Transforming Europe (2011) - youtu.be/CRRWaEPRlb4 &! The Global Minotaur: The Crash of 2008 and the Euro-Zone Crisis in Historical Perspective - youtu.be/iVxaTC7Qp44 &! &! youtu.be/FJP1Ysx47fo (Pre-Appointment to Finance Minister) "We are going to destroy the Greek oligarchy system" &! Yanis Varoufakis: Confessions of an Erratic Marxist (2013) - youtu.be/A3uNIgDmqwI &! Alexis Tsipras & Slavoj Žižek /// The Role of the European Left (2013) - youtu.be/aUh96oXYt18 &! http://youtu.be/PelAe0xrIL4 (2013) &! bbc.co.uk/news/world-europe-31147112 - Greece's new finance minister has urged Germany to help end the "gross indignity" of the Greek debt crisis. [...] Wolfgang Schaeuble said a reduction of Greece's debt was off the agenda.
Greece  Syriza  Yanis  Varoufakis  Wolfgang  Schäuble  Angela  Merkel  austerity  democracy  European  Union  fiscal  sovereignty  sovereign  debt  crisis  PIGS  Grexit  economic  history  monetary  system  monetary  IMF  Troika  economic  model  Soziale  Marktwirtschaft  academia  academics  ideology  stakeholder  Truth 
february 2015 by asterisk2a
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