asterisk2a + haircut   55

The new European Union | Credit Writedowns
[ EU banking system was too big to bail in case Greece and else would default even in parts on some of its debt and or make no or delay repayment with interest in full ] In conclusion, the conditions asked of Greece are not likely to be met, because they cannot be met. Greece will be blamed for not living up to its commitments, as it has been this time around. Yet, somehow, the notion of asking for the impossible from a country that has no choice but to sign is fundamentally perverse. [...] The mistake was to break the no-bailout clause that was designed to make sure the Eurozone would not find itself in this position. For selfish reasons (i.e. preventing a bank crisis in Europe and the US), Greece was convinced to accept the first bailout in 2010.
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october 2015 by asterisk2a
Why Greece’s European Agreement Is Not a Bailout - YouTube
'Tsipras was digging his own grave.' That he goes home now with that deal that has to be passed by Parliament, this deal after the referendum no on bailout terms less harsh, that is tough. Demuetigung by Eurogroup and Co. To go home with even more stricter terms, the people that elected him on an anti-austerity platform and gave a resounding 61% no to the bailout terms given February 2015 after the election of Syriza.
Greece  Alexis  Tsipras  Yanis  Varoufakis  Syriza  referendum  democracy  bailout  2015  Eurogroup  Angela  Merkel  creditor  Politics  economic  history  IMF  Troika  Great  Depression  Career  Politicians  Wolfgang  Schäuble  ECB  Germany  FrancoisHollande  France  Grexit  austerity  Privatisation  debt  restructuring  haircut  sovereign  debt  crisis  debt  jubilee  common  sense  common  good  solidarity  BIS  World  Bank  ChristineLagarde  Jean-Claude  Juncker  MarioDraghi  European  Union 
july 2015 by asterisk2a
Killing the European Project - The New York Times
[3rd Bailout, post-referendum, even more austerity requests and liberal economic reforms and selling of state assets and privatisation - than Syriza had on its plate after it got elected on an anti-austerity platform, tried to negotioate, Eurogroup didnt budge, referendum was called and corralito/capital controls/bank holiday for now over 2 weeks, ... just to get money to pay off EFSF, IMF and ECB, ... ] Paul Krugman geht in der "New York Times" hart mit der Euro-Gruppe ins Gericht. Deren Forderungen gegenüber Griechenland seien verrückt. "Der Hashtag #ThisIsACoup bringt es genau auf den Punkt", so Krugman. Besonders Deutschland sei dabei, das europäische Projekt zu töten.
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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
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
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
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.
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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.
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.' ]
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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" //
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july 2015 by asterisk2a
Griechenland vor dem Referendum: Banken sind Herd der Krise - SPIEGEL ONLINE
Angesichts dieser Lage würden rationale Menschen den Schaden begrenzen wollen. Die einzige Möglichkeit, die es jetzt noch gibt, wäre ein verhandelter Schuldenschnitt für Griechenland ohne neues Programm, aber mit einer Refinanzierung der griechischen Banken. Mit anderen Worten: Wir müssten die Schmach über uns ergehen lassen, dass wir einem Teilverzicht unserer Forderungen zustimmen und gleichzeitig einen weiteren Kredit vergeben. So irrsinnig, wie sich das anhört, so sinnvoll wäre ein solcher Schritt aus deutscher Sicht. Nicht aus Mitleid oder Verantwortung. Sondern aus Eigennutz. Die Betonung hier liegt auf Teil-Verzicht. // // in the end it was a bank bailout through the backdoor sold to the people as Greece Bailout, the money went to the EU banks. period. so sell it as it is, the fucking pig. isn't politics about compromise? >> THUS LOL by Merkel call for more compromise - bit.ly/1Lyfjsc &! Merkel and Junker is at fault for putting them before Europe at large - bit.ly/1FxypaT
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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
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
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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
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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
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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.
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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
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
John Ralston Saul: Moving Beyond Globalism - YouTube
Deregulators & the people behind intellectual cleansing (ie Larry Summers vs Elizabeth Warren back in deregulation time of Clinton&Bush No. 2), have to be held responsible; economic thought; model, thinking, trickle-down, globalisation, no oversight & consumer protection // capitalism & globalisation are not self limiting // GFC is a symptom, Oil crisis in 70/80s, dot.com, world com, enron // globalisation (trade) doesnt solve growth problem // London banking is soufflé with no hard items (no real wealth creation within economy (income growth)) // shift money to who will spend it (re:bailout) // banks & rootless tax evaders global corps have no shared economic interest // "the globalist model" will work everywhere else, according to the IMF/World Bank, democracy will work in the Middle East. said the same people from the same school of thought // globalisation created oligopolies, not more competition! // climate change=investment w ROI // AfD=symptom // added value, no comp on price
GFC  recovery  Wall  Street  crony  capitalism  corporate  culture  corporate  governance  corporatism  trickle-down  economics  globalisation  globalization  economic  model  economic-thought  economic  history  economic  cycle  economic  growth  income  growth  Super  Rich  1%  Gini  coefficient  western  world  No  Representation  Career  Politicians  bailout  gesellschaft  social  tension  social  cohesion  Bank  IMF  austerity  neoliberal  neoliberalism  neoconservatism  neoconservatives  duopoly  oligarchy  oligopoly  oligopol  policy  folly  policy  error  Makers  lobbyist  lobby  Lobbying  revolving  door  populism  propaganda  AfD  UKIP  Protest  Partei  Protest  Party  European  Election  2014  society  Debt  Super  bubble  bond  bubble  jubilee  restructuring  haircut  sovereign  crisis  monetisation  monetization  consumer  household  debtoverhang  private  public  Fiscal  Pact  Schuldenbremse  Angela  Merkel  Wolfgang  Schäuble  intellectual  honesty  climate  change  pollution  value  creation  added  value  middle  class  income  distribution  disposable  income  income  mobility  social  mobility  education  policy  vocational  education  practical  skills  practical  skill  set  differentiate  differentiation 
may 2015 by asterisk2a
Bargeld: Peter Bofinger will Münzen und Scheine abschaffen - SPIEGEL ONLINE
http://www.spiegel.de/wirtschaft/soziales/bargeld-abschaffen-eine-schraege-debatte-muenchau-kolumne-a-1034256.html // Geld hat exakt drei Funktionen - juristisch wie ökonomisch. Es ist Zahlungsmittel, Zahlungseinheit und ein Mittel zur Wertaufbewahrung. Bei den ersten zwei Funktionen gibt es keinen Unterschied zwischen Bargeld und E-Geld, zumindest keinen prinzipiellen. Ob Sie mit E-Karte bezahlen oder mit Euroscheinen: Ihr Zahlungsmittel ist akzeptiert und die Einheit ist immer der Euro. Wer also von geprägter Freiheit spricht, kann logischerweise nur die dritte Funktion des Geldes meinen, die Wertaufbewahrung. [...] Scheine sind kein Geld, nur ein Versprechen [trust & confidence] // would allow to tax bank and asset accounts in a deposit haircut move like in Cyprus, would be easier to monitor ie spending (anonymized and aggregated) and cash outflows/capital flight &! http://www.bbc.co.uk/news/business-32778196
fiscal  policy  cash  Bargeld  society  economic  history  deposit  haircut  fiat  currency  fiat  money  trustagent  trust  confidence  currency  debasement  Debt  Super  Cycle  monetisation  monetization  ECB  centralbanks  cyber  war  cyber  crime  cyber  security  IT 
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
Another economic crash is coming. How did this happen? – video | Comment is free | The Guardian
David Cameron says a second financial crash is imminent. If he's right, it's because the government bailed out the wrong industry, argues Renegade Economist host Ross Ashcroft. He says the last recession was brought on by too much debt. Today private debt is at the greatest level in recorded human history. By ignoring this and instead focusing on the banks, we are heading for economic armageddon. &! &! &! Global debts rise $57tn since crash - http://www.bbc.co.uk/news/business-31136707 &! &! &! The Dirty Little Debt Secret - http://youtu.be/0ptn-jCDizo "Richard Vague - author of The Next Economic Disaster - about his insights into private debt and why this seems to be forbidden knowledge."
debt  bubble  bond  bubble  sovereign  debt  crisis  debt  monetization  private  debt  Super  Cycle  consumer  debt  debt  jubilee  debt  restructuring  debt  monetisation  household  debt  debtoverhang  public  debt  GFC  ZIRP  NIRP  hunt  for  yield  monetary  transmission  mechanism  liquidity  trap  Bailout  TBTF  toobigtofail  too  big  to  jail  fiat  currency  trust  trustagent  confidence  haircut  OECD  lost  decade  lost  generation  Abenomics  QE  Japan  western  world  UK  USA  book 
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
BBC News - Spain rally: Podemos holds Madrid mass 'March for Change'
Tens of thousands of people have massed in central Madrid for a rally organised by radical Spanish leftists Podemos. The "March for Change" is one of the party's first outdoor mass rallies, as it looks to build on the recent victory of its close allies Syriza in Greece. Podemos leader Pablo Iglesias told the crowd a "wind of change" was starting to blow through Europe. Podemos has surged ahead in opinion polls, and has vowed to write off part of Spain's debt if it comes to power.
Syriza  Podemos  PIGS  Grexit  Greece  haircut  sovereign  debt  crisis  Europe  fiscal  sovereignty  Pact 
february 2015 by asterisk2a
BBC News - ECB unveils massive QE boost for eurozone
The European Central Bank (ECB) says it will inject at least €1.1 trillion into the ailing eurozone economy. The ECB will buy bonds worth €60bn per month until the end of September 2016 and possibly longer, in what is known as quantitative easing (QE). The ECB has also said eurozone interest rates are being held at the record low of 0.05%, where they have been since September 2014. ECB president Mario Draghi said the programme would begin in March. The eurozone is flagging and the ECB is seeking ways to stimulate spending. Mr Draghi said the programme would be conducted "until we see a sustained adjustment in the path of inflation", which the ECB has pledged to maintain at close to 2%. + bit.ly/1GCvd40 &! bit.ly/1Ci5DgR &! bit.ly/1unR0lf &! bit.ly/1JnpsDm
ECB  QE  unconventional  monetary  policy  monetary  policy  deflation  deflationary  recovery  Europe  debt  monetization  debt  monetisation  GFC  deleveraging  Structural  Impediments  imbalance  debtoverhang  balance  sheet  recession  liquidity  trap  sovereign  debt  crisis  Grexit  consumer  debt  private  debt  Super  Cycle  debt  bubble  household  debt  debt  restructuring  haircut  public  debt  zombie  banks  monetary  transmission  mechanism  fiat  currency  fiat  money  monetary  stimulus  monetary  theory  monetary  system  Japan  economic  history  global  economy  2015  faultlines  PIGS  output  gap  productivity  Euro  currency  war  NIRP  ZIRP  hunt  for  yield  unintended  consequences  exit  strategy  MarioDraghi  Wall  Street 
january 2015 by asterisk2a
Anleihekäufe führen nicht zu Inflation: Kolumne von Wolfgang Münchau - SPIEGEL ONLINE
Wenn Sie sich jetzt die Anleihenkäufe der englischen oder der japanischen Zentralbank anschauen, dann ist genau das passiert, was ich gerade beschrieben habe. In beiden Fällen wurde die Geldbasis massiv erhöht. Die Geldmenge bewegte sich nicht. Warum kaufen Zentralbanken die Wertpapiere dann überhaupt? Sie hoffen auf indirekte Effekte, die am Ende einer langen Kette vielleicht doch auf die Geldmenge wirken. [...] Nur leider hat das in Japan zwei Jahrzehnte lang nicht funktioniert. Und bei uns bislang auch nicht. Dafür gibt es verschiedene Gründe: [...] [... overarching trend; a flattening of the curves (of disparity) across the world concerning economic ?pillars?: work type (more advanced work in the supplychain in china & not just labour intensive stuff only. more & more added value done in BRIC, East Europe, ...) #labourmarket, #consumption, #demographics, #edu, savings, social safety net, western style democracy et al) ... fall of Iron Curtain was beginning of process Angleichung]
liquidity  trap  Japan  BOJ  Fed  BOE  ECB  quantitative-easing  QE  ZIRP  NIRP  OMT  TLTRO  LTRO  TARP  POMO  equity  bubble  asset  bubble  asset  allocation  hunt  for  yield  sovereign  debt  crisis  Richard  Koo  lost  decade  economic  history  monetary  transmission  mechanism  monetary  theory  business  confidence  consumer  confidence  zombie  consumer  zombie  banks  business  investment  trust  trustagent  fiscal  policy  austerity  IMF  BIS  centralbanks  confidence  deleveraging  debtoverhang  Super  Cycle  consumer  debt  debt  bubble  debt  monetization  debt  monetisation  debt  restructuring  haircut  monetary  policy  monetary  system  fiat  currency  deflation  deflationary  inflation  targeting  inflation  expectation  flat  world  globalization  globalisation  faultlines  infrastructure  investment  Structural  Impediments  imbalance  competitive  competitiveness  China  BRIC  Frontier  Markets  Developing  global  trade  macroeconomics  microeconomics  labour  market  labour  economics  21stcentury  Software  Is  Eating  The  algorithm  Robotics  automation  Niedriglohnsektor  lohndumping  Lohnzurückhaltung  disposable  income  Mobile  Creative  Mobile  Creatives 
november 2014 by asterisk2a
Eurokrise: Angela Merkel betreibt riskante Rettung - SPIEGEL ONLINE
Es sind die inneren Widersprüche einer Währungsunion, die nur das sein will, aber nicht mehr, die uns jetzt einholen. Anstatt die Schuldenkrise durch eine Schuldenkonferenz zu lösen, verlagern wir das Problem, indem wir komplizierte Auffangschirme schaffen, die die Schulden lediglich von einer Ecke des Systems in die andere hinüberschieben. Das sieht gut aus, ändert aber an der Überschuldung von Griechenland und Portugal nicht einen Deut.
debt  jubilee  Super  Cycle  sovereign  debt  crisis  haircut  PIGS  Europe  Politics  Career  Politicians  policy  folly  policy  error  lost  generation  lost  decade  secular  stagnation  debtoverhang  deleveraging  NPL  balance  sheet  recession  greatrecession  greatdepression  2014  Germany  divergence  faultlines  global  imbalances  structural  imbalance  Impediments  structural  deficit  debt  restructuring  restructuring  infrastructure  investment  Leadership 
august 2014 by asterisk2a
Konjunktur in EU: Analyse des ersten Halbjahrs 2014 - SPIEGEL ONLINE
In anderen Euroländern dagegen ist die Lage bedenklich. Vor allem Frankreich und Italien, die nach Deutschland größten Volkswirtschaften des Währungsraums, haben große strukturelle Probleme. Und in Krisenstaaten wie Griechenland, Spanien und Portugal geht es dank schmerzhafter Spar- und Reformprogramme zwar inzwischen wieder leicht bergauf mit der Wirtschaft. Doch die Gefahr eines Rückfalls in die Krise ist noch immer groß. || http://www.spiegel.de/wirtschaft/unternehmen/eurostat-inflation-in-euro-laendern-sinkt-auf-rekordtief-a-986068.html - Neue Zahlen von der europäischen Statistikbehörde Eurostat: Die Inflation in den 18 Ländern im Euroraum ist so niedrig wie seit fast fünf Jahren nicht mehr. Das Wirtschaftswachstum kommt zum Stillstand. || + http://www.spiegel.de/wirtschaft/soziales/bip-deutsche-wirtschaft-schrumpft-um-0-2-prozent-a-986028.html + http://www.spiegel.de/wirtschaft/unternehmen/diw-chef-fratzscher-hoehere-loehne-und-konjunktur-a-986124.html "Investitionen!"
France  Germany  PIGS  Eurpope  sovereign  debt  crisis  2014  stagflation  secular  stagnation  stagnation  ECB  QE  ZIRP  NIRP  liquidity  trap  monetary  transmission  mechanism  creditcrunch  deleveraging  balance  sheet  recession  debtoverhang  Richard  Koo  economic  history  Structural  Impediments  imbalance  deficit  budget  deficit  liberal  economic  reform  NPL  zombie  banks  Career  Politicians  policy  folly  policy  error  monetary  policy  unconventional  monetary  policy  fiscal  policy  austerity  faultlines  divergence  Super  Cycle  lost  generation  lost  decade  debt  bubble  bond  bubble  hunt  for  yield  infrastructure  investment  investment  debt  monetization  debt  monetisation  haircut  debt  jubilee  debt  restructuring  public  debt  productivity  output  gap  corporatism  crony  capitalism  coward  risk  sentiment  risk  taking  creditrating  creditrisk  working  poor  Gini  coefficient  income  inequality  squeezed  middle  class  social  mobility  income  mobility  inequality 
august 2014 by asterisk2a
Wie Europa Schulden loswerden kann - SPIEGEL ONLINE
[Rogoff & Reinhart advocating financial repression] [...] [Because Austerity didn't work.] Tatsächlich habe die europäische Wirtschaftspolitik - die Haushaltsdefizite senkt und Strukturreformen für mehr Wachstum durchführt - recht wenig getan, um den Schuldenberg wirklich zu verringern. Die Politik könnte die Last für die nächsten Jahre sogar verschlimmert haben, sagen viele Volkswirte. Die Sparpolitik hat das Wachstum überraschend stark beeinträchtigt. Während die Hinweise darauf, dass die Strukturreformen tatsächlich die Wirtschaft beflügeln, eher überschaubar ausfallen. Stattdessen sinken Einkommen, Gewinne und Steuereinnahmen, was die Schuldenlast immer schwerer erträglich macht.
debt  servicing  sovereign  debt  crisis  consumer  debt  Super  Cycle  Europe  zombie  consumer  zombie  corporations  ZIRP  liquidity-trap  QE  KennethRogoff  liberal  economic  reform  economic  history  MarioDraghi  ECB  unconventional  monetary  policy  monetary  theory  monetary  transmission  mechanism  deflation  deflationary  debtoverhang  balance  sheet  recession  GFC  greatrecession  greatdepression  lostdecade  lostgeneration  youth  unemployment  austerity  IMF  Japan  UK  USA  budget  deficit  France  financial  repression  hunt  for  yield  asset  bubble  speculative  bubbles  New  Normal  PIMCO  Mohamed  El-Erian  debt  jubilee  debt  bubble  debt  monetization  debt  monetisation  debt  restructuring  private  debt  public  debt  household  debt  carmenreinhart  WallStreet  inflation  targeting  inflation  expectation  communication  babyboomers  haircut  PIGS  toobigtofail  TBTF  Richardkoo 
january 2014 by asterisk2a
Junk's heyday is here and now - YouTube
http://www.zerohedge.com/news/2013-05-09/deutsche-bank-we-fully-understand-why-authorities-wouldnt-want-free-markets-operate- "We would stress that we fully understand why the authorities wouldn't want free markets to operate today as the risk of a huge global default and unemployment cycle would still be very high. However their intervention has a cost in our opinion. Socially this might be worth paying but we do think it exists."
bankruptcy  cycle  unemployment  monetary  policy  bond  bubble  zombie  banks  fixed  income  miltonfriedman  BOJ  artificial  demand  Insolvenzverschleppung  QE  lostgeneration  demand  and  supply  property  bubble  hayek  debt  monetisation  debt  bubble  bubble  default  greatdepression  zombie  consumer  debt  monetization  centralbanks  insolvency  cycle  Free  Lunch  IMF  default  cycle  GFC  refinancing  corporate  debt  haircut  unintended  consequences  high  yield  debt  Student  Loan  zombie  corporations  ECB  monetary  system  default  rate  credit  bubble  greatrecession  lostdecade  NIRP  Fed  economic  history  financial  repression  Super  monetarism  sovereign  debt  crisis  youth  unemployment  unconventional  monetary  policy  default  scenario  ZIRP  Junk  Bonds 
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
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
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
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
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
Interview with German Economist Peter Bofinger on Perils of Cyprus Bailout - SPIEGEL ONLINE
>> with the example of Cyprus - people having bank accounts @PIGS and or living there - will withdraw money, once the crisis intensifies again. History doesn't repeat, but it rhymes. Italy put a on-off bank levy of 0.6% in 1992 on bank accounts. They called it "solidarity levy." > http://www.lastampa.it/2013/03/19/economia/a-nicosia-l-incubo-atene-giu-le-mani-dai-soldi-oqtF8dECetVT8OjhWFX8UP/pagina.html > http://www.crisisrepublic.com/a-history-of-bank-levies-italys-1992-bank-job/ "the whole Euro periphery is scared to death, since the Cyprus levy crushed the taboo of hitting bank depositors with losses." [What next!?] > http://www.edmundconway.com/2013/03/the-tragedy-of-cyprus/ "The price is a deeply socially-damaging one." >> http://marginalrevolution.com/marginalrevolution/2013/03/a-short-history-of-bank-deposit-and-levies.html
deposit  haircut  trust  economic  history  Europe  haircut  confidence  unintended  consequences  sovereign  debt  crisis  bail-in  history  trustagent  PIIGS  banking  crisis  Cyprus  bankrun  deposit  levy  bank  crisis 
april 2013 by asterisk2a
Eurogroup’s Dijsselbloem Says "Banks Should Save Themselves" | Zero Hedge
"all financial institutions, as well as investors, to think about the risks they are taking on because they will now have to realize that it may also hurt them," [...] While this is upsetting to markets - so used to the visible hand of central planning saving themfrom themselves - this is very positive step for 'real people' as taxpayers appear to be 'off the hook' and the responsible parties beginning to be punished. >> http://www.spiegel.de/wirtschaft/soziales/euro-gruppen-chef-sieht-zypern-als-wendepunkt-der-euro-rettung-a-890863.html
bail-in  banking  crisis  Cyprus  bank  crisis  Europe  haircut  zombie  banks  zombi  banks 
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
Griechenland: Ein Schuldenschnitt würde die Steuerzahler treffen - SPIEGEL ONLINE
IWF und EZB verlangen einen radikalen Schuldenschnitt für Griechenland. Aber wer soll die Kosten tragen? Die meisten Gläubiger haben sich längst abgesichert gegen drohende Verluste - am Ende zahlen die Bürger die Euro-Zone.

[...]

Rund 63 Milliarden Euro würden Griechenland erlassen, wenn die Euro-Partner nach aktuellem Stand auf die Hälfte ihrer Forderungen verzichten würden. Deutschland müsste etwa 17,5 Milliarden Euro beisteuern. Angesichts einer griechischen Gesamtschuldenlast von 304 Milliarden Euro wäre die Entlastung nicht besonders groß.

Experten glauben deshalb, dass langfristig noch mehr nötig sein wird, um Griechenland zu retten. "Ich halte es für illusorisch, jetzt einen großen Schuldenschnitt zu machen und zu glauben, dass es damit getan wäre", sagt Ökonom Fuest. "Aber man könnte dem Land mit einem begrenzten Schnitt zumindest einmal zwei Jahre Luft verschaffen."
confidence  trustagent  trust  Politics  Europe  ESM  EFSF  France  Germany  PIIGS  sovereign  debt  crisis  2012  haircut  bailout  Greece  ECB  IMF 
november 2012 by asterisk2a
Kommentar: Der Schuldenschnitt in Griechenland wird teuer - SPIEGEL ONLINE
Aus Furcht vor den deutschen Wählern sträubt sich Merkels Regierung gegen einen Schuldenschnitt und die Erkenntnis: Wir alle werden für Griechenland zahlen müssen.
[...]
Schon jetzt ist der Unmut gewaltig. Daran sind nicht nur die Schludergriechen schuld, sondern auch die Bundesregierung. Merkel und ihre Koalitionäre haben es lange vernachlässigt, den Menschen zu erklären, warum es sinnvoll ist, für Europa und auch für Griechenland einzutreten. Wie kaum eine andere Regierung haben sie die Stimmung gegen die Griechen geschürt und Argumente geliefert, warum man möglichst hart mit den Schuldensündern umgehen müsse. Nun wird es für sie umso schwerer zu erklären, warum man denselben Griechen plötzlich Geld schenken soll.

Es wird kein Weg daran vorbeiführen, dass Deutschland und andere Gläubigerstaaten für Griechenland zahlen - ob man das dann Schuldenschnitt, Pleite, Schuldenerlass oder Transfer nennt, ist zweitrangig. Wichtig ist nur, dass die verantwortlichen Politiker endlich den Mut..
trustagent  confidence  truth  economics  economic  history  IMF  austerity  greatrecession  2012  bailout  ESM  EFSF  PIIGS  haircut  Greece  angelamerkel  Politics 
november 2012 by asterisk2a
Greece’s default: The wait is over | The Economist
The biggest sovereign-debt restructuring in history allowed Greece to wipe some €100 billion ($130 billion) from its debts of around €350 billion. It will also be the first test of the resilience of the financial system to the payment on sovereign bonds of credit-default swaps (CDSs), a form of insurance against bad debts.

The threat of coercion might explain why big holders like banks and pension funds chose not to contest the terms of the swap. But Greece needed to achieve close to 100% participation in the bond-swap to unlock its second bail-out package from international lenders. That meant it had to force the small group of malcontents to swallow the deal, which in turn meant it could no longer be seen as voluntary. That triggered a “credit event” and started a process that will lead to a payout of CDS insurance on Greek bonds later this month.
ECB  restructuring  sovereign  debt  crisis  2012  haircut  Greece  ISDA  CDS 
march 2012 by asterisk2a
Repairing the Global Plumbing - Mohamed A. El-Erian - Project Syndicate
Unfortunately, the economic outcomes have come nowhere close to matching the intensity of these efforts. Effectively, the central banks have been unconventional bridges to nowhere, owing mainly to their imperfect tools and other government agencies’ inability or unwillingness to act. At some point – and we are nearing it – bridges to nowhere become a standalone risk: they can topple over.
politics  folly  growth  Portugal  Greece  haircut  UK  USA  Europe  crisis  debt  sovereign  GFC  2012  recession  balancesheet  richardkoo  liquidity-trap  liquidity  LTRO  BOE  Fed  ECB  policy  fiscal  monetary 
january 2012 by asterisk2a
ISDA Text: Ultimate Decision on CDS Credit Events by Comte | ForexLive
Based on what we know now, it appears from news reports that the
Eurozone proposal involves a voluntary exchange that would not be
binding on all holders. As such, it does not appear to be likely that
the Eurozone proposal will trigger payments under existing CDS
contracts. However, whether or not it does so will be decided by the DC
on the basis of the specific facts, if a request is made to them.
Greece  haircut  EFSF  bailout  2011  CDS  contract 
october 2011 by asterisk2a
YouTube - Griechenland & das Drehbuch der Deutschen Bank
auf zeit gespielt ...

1. (00:00) Monitor, 16.06.20112. (07:41) Deutscher Bundestag, 115. Sitzung, Freitag, 10.06.2011, Rede Gregor Gysi (Ausschnitt)
Das neue Konzept, mit dem Bundesfinanzminister Wolfgang Schäuble die Auslandsschulden Griechenlands "sanft" umschulden will, geht offensichtlich zurück auf einen Vorschlag der Deutschen Bank. Der Redaktion MONITOR liegen entsprechende Papiere vor. Die Vorschläge der Deutschen Bank wurden demnach fast deckungsgleich in das Konzept des Bundesfinanzministeriums übernommen.http://www.wdr.de/tv/monitor/
http://www.wdr.de/tv/monitor/sendungen/2011/0616/Griechenland.php5
Greece  2011  deutschebank  ECB  germany  default  wallstreet  haircut  sovereign  debt  PIIGS  toxicassets  politics  josefackermann  angelamerkel  IMF  architect 
june 2011 by asterisk2a

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