Preserving a broken system merely to avoid the pain necessary to fix it only makes the situation worse.
The more they look at the situation, the more I am convinced they will see not only how potentially awful the situation becomes, but that the cost to avoiding it right now are relatively small, and with proper preparation a Grexit can be managed down the road.
Interview with CNN’s Christian Amanpour on the the theme of Europe’s slow suicide by inane austerity.
Only in Greece, can you wipe out €100 billion of debt, and have the new debt that replaces it trade at 20% of face value…
The Greek crisis is being used to find out how far finance can drive down wages and privatize the public sector.
Yanis Varoufakis provides an intimate look at the Greek crisis while deconstructing some of its myths.
Papademos doing everything he is asked to keep Greece in the euro…
Greek citizens will still have to adapt and accept many unpopular changes, but after “screwing” the foreign bankers, they might be that much less reluctant, especially with any signs of growth appearing in the economy.
Unless Rajoy’s bet to go “all in” on austerity is backed by Brussels and Frankfurt, Spain may not end up doing “something similar” to Portugal, but Greece.
If they cannot bribe and blackmail and threaten their way into something they call PSI, then we will see Greece stop making payments, and then the markets will get very ugly in a hurry.
The Greek PSI was always an error in search of a rationale. It gave shadow banking a great new opportunity to profiteer at the expense of Greece and of Europe and escalated the latter’s crisis rather than help tame it.
The anxiety to see Greece and Italy return to the Brussels’ Agreement fold is a sign of the calamity to befall the global economy.