asterisk2a + troika   93

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
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.
bank  crisis  banking  crisis  European  Election  2014  sovereign  debt  crisis  austerity  Grexit  Yanis  Varoufakis  Tsipras  Syriza  Brussels  Wolfgang  Schäuble  Angela  Merkel  GFC  Great  Depression  credit  crisis  credit  creation  Super  Cycle  debt  overhang  liquidity  trap  ECB  Troika  MarioDraghi  economic  history  Richard  Koo  leverage  recovery  deflation  deflationary  Fiscal  Pact  Schuldenbremse  Germany  underinvestment  Super  Rich  reflate  reflation  Generationengerechtigkeit  1%  oligarchy  plutocracy  No  Representation  Career  Politicians  balance  sheet  recession  Euro  Gold  Standard  ESM  IMF  OECD  banking  union  EEA  Economics  Academia  Academics  Economists  Scholars  Soziale  Marktwirtschaft  income  distribution  inequality  Gini  coefficient  Gesellschaft  society  Yanis  Varoufakis  financial  crisis  economic  model  econometrics  social  theory  monetary  union  Chicago  School  poverty  economic  history  austerity  George  Osborne  David  Cameron  UK  nasty  party  Richard  Koo  macroeconomics  macroeconomic  policy  macroprudential  policy  aggregate  demand  Capital  Expenditure  income  tax  receipts  deflation  deflationary  Universal  Basic  class  warfare 
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
The Privatising Industry in Europe
Do you wonder why the 'Troika' persists in its privatisation agenda despite the evidence of its failures and the growing economic and social costs?
The report “The Privatising Industry in Europe”, written by Sol Trumbo Vila and Matthijs Peters for the Transnational Institute, TNI, suggests two possible motives and shows who the ‪#‎BigWinners‬ of those privatisations are. - https://www.tni.org/en/publication/the-privatising-industry-in-europe - The rationale put forward by advocates of privatisation does not stand up to the evidence. Privatisation has failed to provide promised revenue as only profitable firms are being sold and consistently at undervalued prices. Meanwhile the latest research by the IMF and by European universities show that there is no evidence that the privatised firms are more efficient than state-owned firms. [...] Privatisation in Europe has encouraged a growth in corruption,
Privatisation  austerity  Troika  neoliberal  neoliberalism  trickle-down  economics  oligarchy  plutocracy  1%  Super  Rich  shareholder  capitalism  shareholder  value  profit  maximisation  profit  maximization  Wall  Street  Main  Street  budget  deficit  Richard  Koo  exploitation  revolving  door  Career  Politicians  Wolfgang  Schäuble  Angela  Merkel  Yanis  Varoufakis  IMF  World  Bank  economic  history  dogma  ideology  Royal  Mail  white-collar  crime  white-collar  fraud  corruption  bribery  nepotism  Schwarze  Kassen  Schwarzkasse  Chicago  School  free  market  self-regulation 
march 2016 by asterisk2a
International Focus - A History of Austerity - YouTube
fallacy of composition problem // short-term profit seeking and rent-seeking behaviour, underinvestment, no productive investment - especially long-term. // this underinvestment - public and private sector + market forces and technological progess will level the world and the China/Asia/LatAm rises up to the western world level while western world stays stagnant (loss of standard/quality of living competitively) because of being behind - software is eating the world, 3D printing, uncompetitive manufacturing and heavy industry/goods because of higher energy prices because of lack of investment in energy storage systems that are realized right now and backing off in investment in renewable energy and energy efficiency schemes (especially UK budget2015), automation, robotics, lack knowledge workforce to fill future digital/STEM/knowledge jobs, because of low social mobility, student debt, cuts in education - vocational - professional, as well as giving up on child poverty targets.
rent-seeking  austerity  economic  history  recovery  GFC  secular  stagnation  ideology  dogma  European  Union  UK  USA  2015  underinvestment  productive  investment  asset  allocation  short-term  thinking  short-term  view  hunt  for  yield  QE  ZIRP  NIRP  asset  bubble  speculative  bubbles  equity  bubble  bond  bubble  public  investment  infrastructure  investment  long-term  view  long-term  thinking  Career  Politicians  neoliberalism  neoliberal  No  Representation  academia  academics  Angela  Merkel  Wolfgang  Schäuble  Troika  IMF  OECD  ChristineLagarde  Richard  Koo  Paul  Krugman  Robert  Reich  Joseph  Stiglitz  sovereign  debt  crisis  zombie  banks  TBTF  too  big  to  jail  toobigtofail  bank  bailout  NPL  ECB  Fed  BOE  fiscal  policy  Pact  Schuldenbremse  manufactured  consent  corporate  state  propaganda  corporate  media  populism  PR  spin  doctor  Eurogroup  EuroFin  democracy  Generationengerechtigkeit  fairness  social  contract  crony  capitalism  deregulation  self-regulation  regulation  regulators  lobbyist  lobby  Lobbying  revolving  door  unintended  consequences  unknown  unkown  lost  decade  lost  generation  western  world  Developing  developed  world  Gini  coefficient  social  mobility  income  mobility  policy  in 
august 2015 by asterisk2a
Austerity: The History of a Dangerous Idea - YouTube
faith in capitalism can only be sustained, according to Adam Smith, if we can better ourself (vs winner takes all) & talent diversion into Finance, not Climate Change, STEM, education, sw, hw & rogoff/reinhart called 4 fiscal stimulus in 2014. &! its a banking problem, not overspend, its corporate state (Tories) PR and spin doctors, manufacturing consent, propaganda/populism! change conversation away from banks! // youtu.be/a-8ySh6nUsA // &! The Austerity Delusion - youtu.be/NQGCoiakycQ // &! Is Austerity a Dangerous Idea? - youtu.be/2v8m-J8sgik // &! youtu.be/JQuHSQXxsjM // &! Mackenzie Lecture 2015 - youtu.be/B6vV8_uQmxs // &! After the Financial Crisis: How to Tell the Forest from the Trees - youtu.be/V3FPmu2_J_0 // &! Book Panel 2013 - youtu.be/Xz4FW8GDwG4 - "debt gets cured by growth." & austerity is ideological war on welfare state & class // &! youtu.be/iM2cnMhJZyg // &! youtu.be/in5M65566iw // &! What I Learned and (Un-Learned) at the Financial Crisis - youtu.be/lhldDOp77QA /
austerity  economic  history  Gini  coefficient  social  mobility  income  mobility  downward  mobility  inequality  apathy  voter  turnout  crony  capitalism  ideology  dogma  GFC  IMF  OECD  ChristineLagarde  George  Osborne  David  Cameron  Angela  Merkel  Troika  Wolfgang  Schäuble  Conservative  Party  Schuldenbremse  Fiscal  Pact  UK  Europe  Generationengerechtigkeit  fairness  lost  generation  lost  decade  Japan  ZIRP  NIRP  QE  unintended  consequences  asset  allocation  hunt  for  yield  speculative  bubbles  property  bubble  unknown  unkown  Taper  KennethRogoff  carmenreinhart  Thomas  Piketty  debtoverhang  balance  sheet  recession  sovereign  debt  crisis  deleveraging  Richard  Koo  trickle-down  economics  neoliberalism  neoliberal  Privatisation  industrial  policy  Revolution  2.0  deflationary  deflation  secular  stagnation  globalisation  globalization  Eurogroup  Paul  Krugman  Joseph  Stiglitz  reflate  recovery  reflation  bond  bubble  asset  bubble  faultlines  structural  imbalance  Impediments  BOE  macroeconomic  policy  microeconomic  policy  short-term  Career  Politicians  political  theory  social  contract  Gesellschaft  No  Representation  Rechtsruck  stagnation  social 
august 2015 by asterisk2a
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
BBC Radio 4 - Today, 13/07/2015, Syriza MP: "the Europe of austerity has won"
[ECB, the silent enforcer ] Eurozone leaders have reached an agreement on the Greek debt crisis after 17 hours of talks in Brussels. The President of the European Council, Donald Tusk, said the deal would pave the way for the Athens government to secure a third international bailout to prevent it defaulting on its debts, under the plans, he said Greece would have to make serious reforms. Giorgos Katrougalos, the Greek minister in charge of reform, said that clearly "the Europe of austerity" had won. "Either we're going to accept these draconian measures or it is the sudden death of our economy through the continued closure of our banks. So it is an agreement that is practically forced upon us," he added. [...] "The political murder of our economy through blackmail."
ECB  austerity  2015  Syriza  Troika  IMF  Eurogroup  Yanis  Varoufakis  Alexis  Tsipras  fiscal  sovereignty  sovereign  debt  crisis  Angela  Merkel  Wolfgang  Schäuble  ChristineLagarde  Career  Politicians  No  Representation  dogma  ideology  economic  history  democracy  European  European  Union 
july 2015 by asterisk2a
Former Greek finance minister Yanis Varoufakis says EU deal is a 'new Treaty of Versailles’ | News | The National
THE bailout deal forced upon Greece by its eurozone creditors was dubbed “a new treaty of Versailles” last night by the country’s former finance minister. [...] the deal comes with years of enforced austerity and privatisation of state assets. Yanis Varoufakis, who quit last week after falling out with his European counterparts, spoke of the “politics of humiliation”. He said the lenders were taking revenge on prime minister Alexis Tsipras. “It is an impossible deal,” he added. “A deal that is simply not viable.” [...] “This has nothing to do with economics. It has nothing to do with putting Greece back on the rails towards recovery. This is a new Versailles Treaty that is haunting Europe again, and the prime minister knows it. He knows that he’s damned if he does and he’s damned if he doesn’t.” [...] “It’s not that it didn’t go down well – there was point-blank refusal to engage in economic arguments. Point blank.
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
Mark Blyth Mackenzie Lecture 2015 – Austerity and the Politics of Money - YouTube
too big to bail, thus stick it to the countries individually. // Draghi Put - LTRO, LTRO 2, ELA, what ever it takes, TLTRO, // 5trn (40% of EU GDP) put into banks since the crisis (as of 2013). // NPL (via stress test) - 1.22trn in NPL in EU banking system as of 2013. // TINA - there is no alternative (same with UK budget2015) - bbc.in/1N3hrdu &! Angela Merkel "Alternativlos" // bailed out the assets (income for banks via mortgages, loans, businesses loans and credit lines, insurance policies, 401ks, pension fund contributions) of the top 20-30% of the income distribution. austerity is put on the bottom 70-20% of the income distribution. a bailout not just of the banks, the system, but also the top 20-30%, the Super Rich, 1%, the Establishment, the Privileged, the babyboomers, the pensioners. ... and add QE, you really reflate/bail out the 1% ... 10% ... 20%, their pensions, investments, and so forth. // this was and still is a Class specific Put Option for those with assets!
Mark  Blyth  austerity  bailout  book  GFC  ECB  toobigtofail  TBTF  bank  bailout  too  big  to  bail  sovereign  debt  crisis  PIIGSFB  zombie  banks  ZIRP  NIRP  QE  financial  repression  economic  history  dogma  ideology  crony  capitalism  European  Union  Troika  Eurogroup  NPL  reflate  reflation  unknown  unkown  unintended  consequences  deregulation  self-regulation  regulation  regulators  complexity  oversight  investment  banking  shadow  banking  banking  crisis  financial  literacy  financial  market  financial  crisis  Wolfgang  Schäuble  MarioDraghi  equity  bubble  asset  allocation  distortion  inflation  targeting  inflation  expectation  European  Commission  European  Parliament  Angela  Merkel  GroKo  lenderoflastresort  Germany  banking  EuroFin  IMF  OECD  academia  academics  M3  monetary  policy  monetary  transmission  mechanism  Richard  Koo  debtoverhang  deleveraging  balance  sheet  recession  fiscal  stimulus  fiscal  policy  Pact  Schuldenbremse  spin  doctor  PR  manufactured  consent  propaganda  Lügenpresse  populism  corporate  media  deflationary  deflation  secular  stagnation  debt  monetisation  debt  monetization  Super  Cycle  budget2015  George  Osborne  Tories  Conservative  Party  Generationengerechtigkeit  fairness  No  bubble  asset  bubble  R 
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
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
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.
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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).
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july 2015 by asterisk2a
Athens capitulates to creditors - BBC News
"Greece: Prior Actions - Policy Commitments and Actions to be taken in consultation with the EC/ECB/IMF staff", it feels very familiar. That familiarity stems from its great similarity to the bailout proposals put to Greece by the creditors - the eurozone governments, the European Central Bank and the IMF - last month. Pretty much everything wanted by the creditors is there - with the odd tweak or softening, but nothing which looks as though it ought to be noxious to them. So there is a pledge for budget surpluses rising in steps to 3.5% of GDP or national income by 2018 [< in their dreams only]. // The referendum was a last ditch effort by Syriza to get better deal. Eurogroup, Troika, IMF, ECB called it a bluff and accepted a possible Grexit and according to Juncker did prepare for it. No we are where we were when Syriza was elected and had to negotiate for a new bailout tranche, to pay off other bailout tranches re-payment coming up (IMF, EFSF, ECB) &! bbc.in/1INY5Gu MPs to deceide
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july 2015 by asterisk2a
Germany won’t spare Greek pain – it has an interest in breaking us | Yanis Varoufakis | Comment is free | The Guardian
Debt restructuring has always been our aim in negotiations – but for some eurozone leaders Grexit is the goal [...] To frame the cynical transfer of irretrievable private losses on to the shoulders of taxpayers as an exercise in “tough love”, record austerity was imposed on Greece, whose national income, in turn – from which new and old debts had to be repaid – diminished by more than a quarter. It takes the mathematical expertise of a smart eight-year-old to know that this process could not end well. [...] In my first week as minister for finance I was visited by Jeroen Dijsselbloem, president of the Eurogroup (the eurozone finance ministers), who put a stark choice to me: accept the bailout’s “logic” and drop any demands for debt restructuring or your loan agreement will “crash” – the unsaid repercussion being that Greece’s banks would be boarded up. [...] Wolfgang Schäuble, decided that Grexit’s costs were a worthwhile “investment” as a way of disciplining France et al,
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july 2015 by asterisk2a
IMF Slams Germany, Says Greece "Needs Debt Restructuring" | Zero Hedge
on the ticker. IMF'S LAGARDE SAYS DEBT RESTRUCTURING NEEDED IN GREECE. IMF'S LAGARDE SAYS FUND REMAINS 'FULLY ENGAGED' WITH GREECE. IMF'S LAGARDE SAYS IMF CANNOT GIVE GREECE SPECIAL TREATMENT // Earlier today, confirming that Germany sternly refuses to change its tune about a Greek debt haircut or even a debt "reprofiling" of Greece and would not budge an inch on Tsipras tacit request for at least some debt leeway, we reported that "the German government does not see any reason to grant Greece either a classic debt haircut or any other measures that would slash the value of money on loan to the crisis-ridden country, a spokesman for the finance ministry said on Wednesday." // IMF has admitted it was wrong to advocate for austerity, now IMF admits it was wrong to hope that its approach (together with Troika) would help Greece. // an economic model is an economic model, not the real world and especially not able to predict the future. // "Alternativlos."
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july 2015 by asterisk2a
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
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
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july 2015 by asterisk2a
Münchau: Merkel zwischen Schuldenkonferenz und Grexit - SPIEGEL ONLINE
[ Groesste feigheit und intelectual cynicism of EU history. "Alternativlos." BIS warned, time was wasted. ] Mit ideologischer Verbohrtheit beharren die Deutschen darauf, dass Griechenland all seine Kredite zurückzahlen muss - was so oder so nicht geschehen wird. Höchste Zeit also für eine Schuldenkonferenz! // Case of history - Treaty of Versailles = Nationalism (Nazi) and Rechtsruck! Happened in Greece and Co. and in Germany. // People learned and after WW2 and came together to give Europe a chance! >> London Debt Agreement (German: Londoner Schuldenabkommen) "An important term of the agreement was that repayments were only due while West Germany ran a trade surplus, and that repayments were limited to 3% of export earnings. This gave Germany’s creditors a powerful incentive to import German goods, assisting reconstruction." - bit.ly/1exF0vY bit.ly/1ep1dvW - also periphery countries like France, Italy, Spain and Portugal were encouraged by Allies not to demand war reparations.
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july 2015 by asterisk2a
Griechenland: Slavoj Zizek im Interview über Tripras - SPIEGEL ONLINE
Mehr Europa: Im Interview verteidigt der Slowene Slavoj Zizek die Tsipras-Regierung - und deren Idee eines Referendums. Von Philip Kaleta [...] Zizek: Die griechische Regierung hat wiederholt ihre Absicht klar gemacht, Griechenland sowohl in der EU als auch in der Eurozone halten zu wollen. Diese Haltung ist völlig eindeutig, Referendum hin oder her. Es geht heute darum, ob der Sparkurs weiterverfolgt wird oder neue Wege eingeschlagen werden. Die Kritiker von Tsipras versuchen, den Kern des Referendums in eine Schicksalsfrage umzudeuten. [...] Ohne einen solchen Plan [oekonomischer neuanfang] würde sich die Krise letztlich immer wieder reproduzieren. [...] Sogar der IWF hat eingeräumt, dass Griechenland einen groß angelegten Schuldenerlass braucht, um "Raum zum Atmen" zu schaffen und die Wirtschaft wieder zum Laufen zu bringen. [...] In Ihrem aktuellen Buch plädieren Sie für eine europäische Leitkultur, ... [ bailout = socialism for tbtf/jail and donors, lobby & country club ]
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july 2015 by asterisk2a
James Rickards - The Death of Money - 04-30-15 - YouTube
distribution of risk (bell curve, wrong) & talebs black swan! / 'dismal science alone doesn't do the world and people justice.' / IMF is the central bank of the world (funded, special drawing right - SDR; out of thin air - backed by national central banks as reference (basket) but not backed by anything. printed money.) / Hungary's crisis - people borrowing in Swiss Franc ... SDR marry go round paying someone off with the help of IMF ... / IMF is transparent non-transparent. Try reading it. Need to be an expert. / AIIB able to issue bonds and got billions in capital - China/Asia Development Bank. Everybody joined because they want those contracts for their local/national companies ... except USA. Asia (China led) World Bank equivalent. - bit.ly/1Mxz1Dp &! bit.ly/1x04SZv / China wants to be in IMF & be part of basket of SDR / China may back its currency with Gold eventually once theyve got enough & leverage then its position. / US wants Yuan to be pegged to $ / m44 debt sustainability
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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.
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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.' ]
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july 2015 by asterisk2a
Gregor Gysi, DIE LINKE: »Sie wollen die linke Regierung in Griechenland beseitigen« - YouTube
[ "Alternativlos" & 'Jeder fuer sich selbst.' ] Die Rettungspakete galten nie den Bürgerinnen und Bürgern, sondern immer den Banken. Auch bei uns wurden 480 Milliarden Euro binnen einer Woche für die Rettung der Banken beschlossen. Wenn man mal 1 Million Euro für einen kulturellen oder sozialen Zweck braucht, dann bekommt man ein Nein, aber bei den Banken gibt es immer nur ein Ja. [...] Ich habe Ihnen zugehört, Frau Bundeskanzlerin. Ihre Rede kann ich wie folgt zusammenfassen: Die griechische Regierung hat alles falsch gemacht, und Sie, Herr Schäuble und die europäischen Institutionen, also der Internationale Währungsfonds, die Europäische Kommission und die Europäische Zentralbank, haben alles richtig gemacht. // via bit.ly/1R6V2yA
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july 2015 by asterisk2a
Griechenland: 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
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 ]
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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
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
Die Lüge vom Wirtschaftswunder - Marshall Plan, D Mark, die Korruption des Ludwig Erhard - YouTube
Brain drain from east to west Germany! most important in Germany's post-war economic history! human capital and intellectual property. // 2nd - 50% debt jubilee for Germany & other European countries did forgoe war reparations bc USA pressured them and promised them Germany will produce machinery and material (enabled by war time industrial parks) that will rebuild Europe. // https://youtu.be/g9PLXtIHG0E - Mythos Trümmerfrauen - Mehr Wunsch als Wirklichkeit
Troika  IMF  World  Bank  Wirtschaftswunder  Marshall  Plan  Germany  economic  history  Europe  European  Soziale  Marktwirtschaft  PIGS  bailout  propaganda  Made  in  Germany  Brand  stereotype  productivity  WW2  WWII  brain  drain  human  capital  intellectual  property  Exportweltmeister 
may 2015 by asterisk2a
Naomi Klein on Global Neoliberalism - YouTube
history doesn't repeat, but it rhymes // use of crisis for political ends // crisis is required to push through those policies // effect - rise if inequality - gini coefficient // history shows - capital flight // net capital flight out of UK from 2008-2015 !? // mixed economy ! // Naomi Klein and Joseph Stiglitz on Economic Power - youtu.be/qkErO-TwOeo &! Naomi Klein, Raj Patel, Amy Goodman: Crisis Capitalism - youtu.be/8Ji_8tI0sbY youtu.be/wmHOj0FT5l0 &! Joseph Stiglitz (2014) - Why Capitalism is Failing - youtu.be/b7wIw1VNjSk &! [Chrystia Freeland] Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else (Full Session) - youtu.be/S9LIVa3WVPo --- GFC did not end plutocracy (Fortune/Forbes list) it propelled them - QE, bailouts, NIRP etc - it was a recovery for the 1% - Carlos Slim is richest person ever lived (based on labour cost/hr of home country). &! Matt Taibbi and Chrystia Freeland on the One Percent's Power and Privileges - youtu.be/rvIM6-BGx8I
Naomi  Klein  neoliberal  neoliberalism  PIGS  austerity  Wasserprivatisierung  Privatisation  liberal  economic  reform  IMF  USA  economic  history  World  Bank  trickle-down  economics  Troika  sovereign  debt  crisis  Gini  coefficient  inequality  Wall  Street  book  welfare  state  social  safety  net  Services  Public  Services  welfare  GFC  UK  fiscal  policy  policy  folly  policy  error  Davos  Makers  Career  Politicians  microeconomic  policy  macroeconomic  policy  economic  model  economic  damage  oligarchy  plutocracy  Super  Rich  1%  Establishment  Privileged  income  inequality  capital  gains  squeezed  middle  class  working  poor  globalisation  globalization  flat  borderless  precarious  work  Precariat  contractor  Zero  Hour  Contract  Leiharbeit  Zeitarbeit  Minijob  Werkvertrag  recovery  No  Representation  Industrial  Revolution  2.0  oligopoly  oligopol  crony  capitalism  rent-seeking  rentier  human  capital  income  growth  social  mobility  income  mobility  meritocracy  meritocratic  lobbyist  lobby  Lobbying  revolving  door  tax  evasion  tax  avoidance  political  economy  ethical  beliefs  ethical  machine  moral  beliefs  profit  maximisation  shareholder  value  American  Dream  Great  Gatsby  curve  intellectual  honesty  social  tension  social  working  class  Egalitaria 
may 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
WDR Kinozeit Dokumentarfilm Agora: Sendung vom 05.02.2015 - YouTube
Die Eurokrise aus griechischer Sicht: "AGORÁ - Von der Demokratie zum Markt" // &! Post-democracy (Themes for the 21st Century Series) Paperback – 23 Jun 2004 by Colin Crouch &! Making Capitalism Fit For Society Paperback – 6 Sep 2013 - by Colin Crouch "The aim of this book is to show that the acceptance of capitalism and the market does not require us to accept the full neoliberal agenda of unrestrained markets, insecurity in our working lives, and neglect of the environment and of public services."
documentary  Greece  sovereign  debt  crisis  Eurokriese  GFC  economic  history  fractional  reserve  banking  banking  crisis  TBTF  toobigtofail  Career  Politicians  oligopoly  oligopol  systemicrisk  systemic  risk  crony  capitalism  capitalism  Wall  Street  shareholder  value  Bailout  haircut  austerity  fiscal  sovereignty  IMF  Troika  book  European  European  Union  PIGS  democracy  liberal  economic  reform  Indignados  Indignants  Social  Media  lehmanbrothers  Lehman  Brothers  Yanis  Varoufakis  neoliberal  neoliberalism  deregulation  regulators  regulation  self-regulation  game  theory  No  Representation  1%  Establishment  Super  Rich  Super  Cycle  debt  bubble  bond  bubble  Privileged  Pact  carmenreinhart  KennethRogoff  Carmen  Reinhart  Kenneth  Rogoff  greatrecession  lost  decade  lost  generation  Lobbying  lobbyist  lobby  interest  groups  inequality  Gini  coefficient  economic  damage  trickle-down  economics  UK  George  Osborne  David  Cameron  Angela  Merkel  Wolfgang  Schäuble 
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
Wolfgang Münchau - SPIEGEL ONLINE
Der Austritt Griechenlands aus dem Euro dürfte einen noch größeren Finanzschock auslösen als die Pleite von Lehman Brothers. Und indirekt könnte der Grexit sogar Moskau zu einem Vetorecht im EU-Rat verhelfen. [...] So wie Varoufakis die Troika abgeschafft hat, unterzog der italienische Ministerpräsident Matteo Renzi zuvor den Fiskalpakt einem Fenstersturz. Deutschland hatte ja selbst die alten Stabilitätspakte ausgehebelt, als man nationale Interessen durchsetzen wollte. [...] Die direkten Ausfallrisiken sind in der Tat nicht mehr so groß. Das von Gabriel und seinen Beratern unterschätzte Problem sind die durch einen griechischen Austritt erzeugten Dominoeffekte, auch die sicherheitspolitischen. [...] Deutschland ist mit seinem Beharren auf der Sparpolitik inzwischen international isoliert.
Grexit  2015  Troika  Fiscal  Pact  PIGS  Italy  European  Union  sovereignty  financial  market  Angela  Merkel  Career  Politicians  IMF  austerity  Wolfgang  Schäuble  Germany 
february 2015 by asterisk2a
What The ECB's "Unprecedented" Forward Guidance Means | Zero Hedge
Europe struck in credit crisis - liquidity trap. & other problems - Politics / Brussels - one to mention. >> "The move clearly marks an innovative step in the ECB's communication and policy strategy for a bank that previously had always refused to pre-commit on interest rates." >> Problem is - ECB will have it hard to maneuver out of the measures, end schemes, etc. "Monetary Policy is no Panacea." Ben Bernanke. + >> http://www.zerohedge.com/news/2013-07-04/diminishing-effects-qe-programs
unemployment  monetary  policy  modern  monetary  theory  Europe  M3  zombie  banks  monetary  transmission  mechanism  banking  crisis  Structural  Impediments  creditcrisis  QE  PIGS  debt  monetisation  imbalance  political  error  creditcrunch  forward  guidance  trustagent  austerity  Taper  greatdepression  zombie  consumer  deleveraging  debt  monetization  balance  sheet  recession  Politics  PIIGSFB  GFC  MarioDraghi  output-gap  European  Commission  Euro  liquidity-trap  Troika  ECB  monetary  system  political  folly  bank  crisis  greatrecession  debtoverhang  OMT  NIRP  communication  trust  economic  history  Super  Cycle  confidence  sovereign  debt  crisis  unconventional  monetary  policy  escape  velocity  ZIRP  PIIGS  Germany 
july 2013 by asterisk2a
What's Next For Portugal? | Zero Hedge
The Portuguese economy cannot afford further delays Under the optimistic scenario forecast by the EU/IMF/ECB Troika, Portuguese debt is still expected to peak at 124% of GDP in 2014. Any delays will likely see this rise quickly, especially with growth already underperforming. Portuguese ten year borrowing costs have already shot up a staggering 1.5% since Gaspar’s resignation, reaching close to 8%. This highlights the fragility of the economic situation. Only a month ago, there was widespread talk of Portugal returning to the markets ahead of schedule – now it is difficult to see how it will exit its bailout programme in spring 2014 without any further assistance (the ECB’s bond buying programme, the OMT, still remains the most likely candidate).
Portugal  debtoverhang  OMT  2013  PIGS  Europe  European  Commission  sovereign  debt  crisis  bail-in  austerity  Troika  PIIGS  greatdepression  ECB  policy  error  greatrecession  policy  folly  bailout 
july 2013 by asterisk2a
IMF Admits Mistakes on Greece Bailout - WSJ.com
"The International Monetary Fund is set to admit to major missteps over the past three years in its handling of the bailout of Greece, the first spark in a debt crisis that spread across Europe." > http://www.zerohedge.com/news/2013-06-05/imf-admits-it-idiot-and-liar "" The greater beneficiary of the 2010 bailout wasn't so much Greece as the wider euro-zone, the document suggested. It described the rescue as a "holding operation" that "gave the euro area time to build a firewall to protect other vulnerable members and averted potentially severe effects on the global economy." "" >> + http://www.spiegel.de/wirtschaft/oecd-und-eu-kommission-gegen-euro-sparpolitik-und-fuer-mehr-inflation-a-903575.html
monetary  policy  Politics  GFC  monetary  theory  Europe  accountability  accounting  European  Commission  GoldmanSachs  Euro  Troika  Brussels  ECB  political  folly  policy  error  greatrecession  policy  folly  debtoverhang  ChristineLagarde  trust  economic  history  fiscal  policy  Debt  Super  Cycle  confidence  political  error  sovereign  crisis  trustagent  austerity  PIIGS  fiscal  theory  greatdepression  balance  sheet  recession  IMF  bailout 
june 2013 by asterisk2a
Wolfgang Münchau: EU-Pläne zum Sparkurs helfen nicht - SPIEGEL ONLINE
Der EU-Plan zur Aufweichung des Sparkurses ist weder politisch, rechtlich noch moralisch akzeptabel - er löst nicht einmal das Problem der Krise. Die neuen Taschenspielertricks aus Brüssel sind der Höhepunkt der Verlogenheit. [...] Die Angst geht um in Brüssel. Nach zwei Jahren harter internationaler Kritik gegen den wirtschaftspolitischen Sparkurs knickt die EU-Kommission jetzt ein. Sie will von der Austerität abweichen und auf Wachstum setzen.
unemployment  PIIGSFB  GFC  Europe  accounting  zombie  banks  Troika  banking  crisis  bank  crisis  greatrecession  debtoverhang  2013  economic  history  Debt  Super  Cycle  PIGS  budget  deficit  sovereign  crisis  youth  unemployment  austerity  PIIGS  greatdepression  zombie  consumer  deleveraging  Germany  IMF  balance  sheet  recession 
may 2013 by asterisk2a
Wolfgang Münchau über die Pläne für eine Bankenunion - SPIEGEL ONLINE
Die geplante Bankenunion kommt zu spät für die gegenwärtige Krise - denn ohne eine Änderung der EU-Verträge wird sie nicht funktionieren. Der Euro-Zone droht ein Jahrzehnt der Stagnation, weil es für Unternehmen in Südeuropa kaum noch Kredite gibt.
Politics  GFC  Europe  European  Commission  zombie  banks  recapitalisation  New  Normal  liquidity-trap  europeanunion  Troika  banking  union  banking  crisis  ECB  zombie  corporations  political  folly  lostdecade  policy  error  policy  folly  lostgeneration  economic  history  financial  repression  creditcrunch  political  error  sovereign  debt  crisis  EuropeanSystemicRiskBoard  austerity  USA  deleveraging  toobigtofail  systemicrisk  Richardkoo  Japan  balance  sheet  recession 
may 2013 by asterisk2a
Saxo Bank CEO On The 'Eurozone Minefield': "This Crisis Will Not Pass" | Zero Hedge
Cyprus was indeed a template for bail ins and that outright confiscatory wealth taxes, disguised as solidarity payments, could be used to raise funds. "The governments of Europe need money, and the private sector has it. It is as simple as that. Be very paranoid," he said, warning investors that the mattress may be a safer place to deposit money over the weekend than their bank accounts. "Frankly, it is a complete mess. And it is a mess that gets worse and worse every day," is how the outspoken truthiness begins, adding, "anyone with a rational view of the world now sees the currency collaboration as a historic failure that can lead to even further fatal consequences for Europe and the continent’s competitiveness vis-à-vis the rest of the world."
currency  union  2013  Politics  lostgeneration  economic  history  Europe  Saxo  Bank  unintended  consequences  Political  error  Lars  Seier  Christensen  Euro  Policy  bail-in  europeanunion  Troika  greatdepression  folly  Cyprus  NiallFerguson  greatrecession  lostdecade  folly 
may 2013 by asterisk2a
Krise in Slowenien: Angst vor der Pleite - YouTube
Lange Zeit galt Slowenien als der Musterschüler in Südosteuropa. Doch das ist Vergangenheit. Die Währungs- und Schuldenkrise erschüttert nun auch das Zwei-Millionen-Einwohnerland.
east-europe  divergence  Slovenia  trust  deposit  haircut  NPL  property  bubble  Europe  confidence  bail-in  trustagent  Troika  banking  crisis  ECB  Cyprus  deposit  levy  bank  crisis  bailout 
may 2013 by asterisk2a
Economic policy: Paved with good intentions | The Economist
Although the debate [austerity] relates to the UK, I think it has a much wider resonance. And indeed, to a student of history, it has fascinating parallels; economic policy-making was rethought in the mid-1970s, but the same debates are popping up again. [...] Margaret Thatcher on ZIRP & QE "Let us print the money instead. Because what that is saying is let us quietly steal a cerain amount from every pound saved in building societies, in national savings, from every person who has been thrifty." [...] [ZIRP & QE is no free lunch - it has consequences, known and unknown, unintended.]
infrastructure  investment  monetary  policy  Margaret  Thatcher  Mark  Carney  Europe  reflation  zombie  banks  New  Normal  BOE  deflation  macroeconomics  macroeconomic  policy  QE  intellectual  fiscal  policy  free  lunch  UK  PIGS  debt  monetisation  Martin  Wolf  austerity  greatdepression  zombie  consumer  economic-thought  deleveraging  economics  debt  monetization  Richardkoo  liberal  economic  reform  IMF  GFC  output-gap  unintended  consequences  margaretthatcher  Troika  davidcameron  greatrecession  debtoverhang  economic  history  financial  repression  Super  Cycle  sovereign  debt  crisis  monetarism  ZIRP  demand-curve  PIIGS  fiscal  theory  supply-demand  MervynKing  GeorgeOsborne 
may 2013 by asterisk2a
Krisenländer: Barroso fordert eine Lockerung der Sparpolitik - SPIEGEL ONLINE
Der britische Ökonom Simon Wren-Lewis hat vor einiger Zeit eine sehr hilfreiche Analyse veröffentlicht. Er vergleicht dabei die sogenannten strukturellen Primärüberschüsse. Das Wort "strukturell" meint hier, dass man den Konjunkturzyklus berücksichtigt. Das Wort "primär" bedeutet, dass man die Haushaltsbilanz vor der Zahlung von Zinsen betrachtet. Das tut man, weil man damit den Teil der Haushaltspolitik isoliert, auf den die Politik Einfluss hat. Der Euro-Raum insgesamt hat einen strukturellen Primärüberschuss von 2,2 Prozent der Wirtschaftsleistung, was angesichts der Rezession außerordentlich viel ist. Wren-Lewis errechnete dann, wie hoch eine optimale strukturelle Primärbilanz für den langfristigen Schuldenabbau momentan wäre. Das Ergebnis: ein Überschuss von nur 0,3 Prozent.
academics  Barroso  Europe  European  Commission  academia  Kenneth  Rogoff  Troika  carmenreinhart  political  folly  macroeconomics  policy  folly  Simon  Wren-Lewis  macroeconomic  policy  political  theory  economic  history  fiscal  policy  PIGS  UK  KennethRogoff  Schuldenbremse  error  austerity  Carmen  Reinhart  PIIGS  fiscal  theory  Germany  IMF 
april 2013 by asterisk2a
The Chart Making The Fed Nervous | Zero Hedge
http://www.zerohedge.com/news/2013-04-19/fed-governor-stein-warns-when-tbtf-bank-fails-depositors-will-be-cyprused "all too clear that part of the Dodd-Frank resolution authority guidelines, a bailout is no longer an option." Cyprus was the first, and will not be the last incident of bail-in solution for TBTF >> this whole this is a replay of Japan 90s and 2000s
monetary  policy  deposit  haircut  Europe  reflation  zombie  banks  BOE  banking  crisis  deflation  BOJ  Cyprus  deposit  levy  policy  folly  QE  SIFI  PIGS  UK  Error  bail-in  trustagent  austerity  greatdepression  zombie  consumer  inflation  expectation  deleveraging  IMF  balance  sheet  recession  GFC  monetary  theory  output-gap  haircut  derivatives  liquidity-trap  Troika  ECB  Insured  Bank  Deposits  political  folly  crisis  greatrecession  lostdecade  debtoverhang  FDIC  LTRO  OMT  Fed  trust  economic  history  confidence  sovereign  debt  crisis  ZIRP  USA  PIIGS  toobigtofail  POMO  Japan 
april 2013 by asterisk2a
More Children in Greece Start to Go Hungry - NYTimes.com
Last year, an estimated 10 percent of Greek elementary and middle school students suffered from what public health professionals call “food insecurity,” ... “When it comes to food insecurity, Greece has now fallen to the level of some African countries,” she said.
angelamerkel  Greece  2013  Politics  lostgeneration  human  tragedy  Europe  European  Commission  Policy  Error  austerity  Troika  greatdepression  political  folly  lostdecade  IMF  folly 
april 2013 by asterisk2a
IMF Warns Spanish Debt-Load Is Unsustainable | Zero Hedge
The IMF warns Spain "will need to undertake unprecedented fiscal efforts to bring their debt ratios to traditional norms," as most countries have never experienced debt levels similar to current ones; and seemed to think a debt restructuring is more likely and will "entail substantial and long-lasting economic and social costs."
2013  lostgeneration  Spain  deposit  haircut  economic  history  haircut  European  Commission  sovereign  debt  crisis  austerity  Troika  greatdepression  debt  restructuring  deposit  levy  lostdecade  greatrecession  IMF 
april 2013 by asterisk2a
Umfrage im Mittelstand: Deutsche Unternehmer schreiben Euro-Zone ab - SPIEGEL ONLINE
Unternehmer als Wachstumskritiker Deutschlands Mittelständler zeigen sich in der Umfrage sogar als Wachstumskritiker. 88 Prozent unterschrieben die Aussage, die deutsche Volkswirtschaft müsse sich auf Grenzen des Wachstums einstellen. Nach Ansicht der Commerzbank-Analystin Ulrike Rondorf spiegelt sich darin auch die derzeitige Kapitalismusdebatte. "Ich denke, dass diese Einschätzung der Unternehmer der breiten Öffentlichkeit entspricht, die ein Streben nach höherem Wachstum und Gewinnen ablehnt." > but without growth, you can't serve existing debt burden.
academics  Politics  GFC  Europe  academia  European  Commission  fault  lines  Troika  Structural  Impediments  greatrecession  policy  folly  debtoverhang  2013  economic  history  PIGS  imbalance  debt  bubble  sovereign  debt  crisis  Error  austerity  PIIGS  greatdepression  economic-thought  deleveraging  global  imbalances  mittelstand  Germany  faultlines  balance  sheet  recession  IMF 
april 2013 by asterisk2a
Carmen Reinhart: "No Doubt. Our Pensions Are Screwed." | Zero Hedge
Only when inflation picks up, which is ultimately going to happen, will it become obvious that central banks have become subservient to governments." [...] Nations "seldom just grow themselves out of debt," as so many believe is possible, "you need a combination of austerity, so that you don't add further to the pile of debt, and higher inflation, which is effectively a subtle form of taxation," with the consequence that people are going to lose their savings. Reinhart succinctly summarizes, "no doubt, our pensions are screwed." [...] http://www.spiegel.de/international/business/interview-with-harvard-economist-carmen-reinhart-on-financial-repression-a-893213.html / http://www.spiegel.de/international/europe/how-central-banks-are-threatening-the-savings-of-normal-germans-a-860021.html
monetization  unemployment  monetary  policy  deposit  haircut  modern  monetary  theory  transferring-wealth  reflation  academia  zombie  banks  New  Normal  BOE  carmenreinhart  banking  crisis  deflation  BOJ  deposit  levy  creditcrisis  QE  2013  moralhazard  debt  monetisation  debt  bubble  creditcrunch  bail-in  austerity  greatdepression  zombie  consumer  deleveraging  inflation  centralbanks  debt  monetization  balance  sheet  recession  GFC  debt  jubilee  haircut  unintended  consequences  Troika  negative  real  interest  rate  ECB  debt  restructuring  bank  crisis  Abenomics  greatrecession  debtoverhang  Fed  economic  history  financial  repression  sovereign  debt  crisis  ZIRP  bailout 
april 2013 by asterisk2a
BBC News - Cost of Cyprus bailout 'rises to 23bn euros'
The original cost of the bailout was put at 17.5bn euros. But the new total, disclosed in a document seen by news agencies, means Cyprus will have to find 13bn euros to secure 10bn euros from the European Union and the IMF. Previously it was thought that Cyprus would have to raise 7.5bn euros.
bail-in  austerity  Troika  ECB  Cyprus  European  Commission  IMF 
april 2013 by asterisk2a
Cyprus Suspends Probe Into Who Withdrew Money Early | Zero Hedge
In a day full of stunners, we next get news from Cyprus, where a few weeks after the start of the "investigation" into who pulled their cash out of the country's doomed banking system in advance of the confiscation news on March 16 (and where even the current president was implicated in transferring over €20 milion in family money to London) the parliamentary committee tasked with tracking down the leaks, has suspended its probe. >> + http://www.zerohedge.com/news/2013-04-10/here-we-go-cyprus-sell-%E2%82%AC400-million-gold-finance-part-its-bailout http://www.zerohedge.com/news/2013-04-10/europe-extends-confiscatory-non-template-template-interbank-deposits >> + in reality plans continue to push ahead to indeed 'legalize' bail-in template from Cyprus
Politics  deposit  haircut  capital  controls  Europe  haircut  accountability  European  Commission  transparency  Troika  banking  crisis  ECB  Cyprus  bankrun  deposit  levy  bank  crisis  trust  economic  history  PIGS  confidence  Laiki  sovereign  debt  crisis  trustagent  bail-in  offshore  banking  austerity  capital  flight  PIIGS  corruption  of  Cyprus  IMF 
april 2013 by asterisk2a
Steuerparadies: Zypern ist überall - YouTube
- Europe got half a dozen low tax countries, which people with money and corporations use. Europe is one big mess. Tax policy across Europe is one.
Politics  economic  history  Europe  Laiki  Bank  taxevasion  Policy  Error  bail-in  offshore  banking  Troika  banking  crisis  Cyprus  political  folly  Bank  of  Cyprus  crisis  folly 
april 2013 by asterisk2a
Folgen des Zehn-Milliarden-Euro-Kredits: Zyperns gefährlicher Sparkurs - SPIEGEL ONLINE
Zwangsabgabe auf Bankguthaben, Stellenstreichungen, Privatisierungen, Steuererhöhungen: Zypern muss für einen Zehn-Milliarden-Euro-Kredit ein hartes Sparpaket umsetzen. Experten befürchten, dass die Maßnahmen die Wirtschaft endgültig in den Abgrund treiben.
bail-in  austerity  Troika  Cyprus  bailout 
april 2013 by asterisk2a
Krise in Zypern: Das flüchtige Geld der Sparer - SPIEGEL ONLINE
Das System basiert auf dem Glauben an den Wert des Geldes Ein schmerzhafter Weckruf, der zeigt: Formal gesehen sind die Bankkunden, die ihr Geld auf einem Giro- oder Sparkonto horten, Gläubiger ihrer Bank. Wenn ein Finanzinstitut pleitegeht, ist somit mindestens ein Teil des Geldes weg - es sei denn, ein privates oder staatliches Sicherungssystem steht dafür ein. Das Vertrauen, dass diese Systeme im Zweifelsfall auch halten werden, hat in der vergangenen Woche einen Knacks bekommen.
fiatmoney  communication  fiat  currency  trust  Europe  confidence  unintended  consequences  Laiki  Bank  zombie  banks  sovereign  debt  crisis  wealth  management  bail-in  trustagent  Troika  fiat  money  banking  crisis  deleveraging  Cyprus  Bank  of  Cyprus  crisis  balance  sheet  recession 
march 2013 by asterisk2a
Keep A Close Eye On This FX Pair | Zero Hedge
Wondering why the Euro is losing steam so quickly this morning after the Eurogroup 'saved' Cyprus? Perhaps this FX cross is the reason... >> unintended consequences :: Russian Oligarchs pulling money out of Europe.   Perhaps this is why Italian and Spanish financials and bonds are weaker... >> http://www.zerohedge.com/news/2013-03-25/european-markets-sliding-fast >> http://www.zerohedge.com/news/2013-03-25/word-out-place-sends-europe-tumbling "" accounts with more than 100,000 euros, face losses of 4.2 billion euros. "" And now, the scramble to pull uninsured deposits out of banks everywhere begins. "" !!!
Laiki  ESM  EFSF  trust  bank  restructuring  haircut  confidence  unintended  consequences  European  Commission  zombie  banks  trustagent  bail-in  Troika  ELA  ECB  restructuring  Cyprus  of  Cyprus  bank  crisis  toobigtofail  Russia  zombi  banks  bailout 
march 2013 by asterisk2a
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