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Greece

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The Iran nuclear agreement has less to do with proliferation than it does with geopolitics. The reason Obama wants to ease sanctions on Iran is because he wants to push down oil prices while creating an alternate source of natural gas for Europe. In other words, the real objective here is to hurt Russia which... Read More
Varoufakis vs. the Troika
A disagreement over the terms of a deal to provide a bailout extension for Greece, has set the stage for a final clash between the Eurogroup and members of the Greek ruling party, Syriza. Although the agreement was approved on Tuesday when a list of reforms were submitted by Greek finance minister Yanis Varoufakis to... Read More
A Valiant Effort
It’s not easy to negotiate with a gun to your head. Nevertheless, that’s the situation Greek finance minister Yanis Varoufakis found himself in on Friday preceding a crucial meeting with the Eurogroup. According to one report, the objective of the last-ditch confab “was to prepare a consensus text that would be the basis for the... Read More
Don't Tell Anyone in Berlin
If you haven’t been following developments in the Greek-EU standoff, you’re really missing out. This might be the best story of the year. And what makes it so riveting, is that no one thought that little Greece could face off with the powerful leaders of the EU and make them blink. But that’s exactly what’s... Read More
Monday's Deadline
Monday is a crucial deadline in Greece’s struggle against Brussels-imposed austerity. Eurozone finance ministers are set to meet in the morning to decide whether Greece has made sufficient progress on previous agreements to justify further support. The new leftist government of Greece, Syzira, has rejected provisions in the so-called bailout, saying that the loans have... Read More
Staring into the Abyss
"The Greek economy is finished. The Greek economy is in a great, great depression... There is no power, no force within the Greek economy, within Greek society that can avert it....Imagine if we were in Ohio in 1931 and we were to ask: What can Ohio politicians do to get Ohio out of the Great... Read More
Back to the Drachma?
Europe is a trainwreck. The signs of a credit crunch are popping up in countries on the periphery, a slow-motion bank run is underway in Greece and Spain, the ratings agencies have slashed the ratings on banks in Italy and Spain, and the British money printer, De La Rue, has been contacted to "draw up... Read More
Left to Fend for Itself
The endgame for Greece is now in sight. Attempts to form a unity government have failed and public opposition to austerity is growing. The uncertain political situation has triggered a bank run which drained nearly $900 million in deposits from Greek banks on Monday alone. Panicky Greeks are moving their money out of the country... Read More
Greece Avoids Default, But for How Long?
If Greece's €130 billion loan was going to be used for fiscal stimulus, then it might be worth the commitment. Because that kind of money could put a lot people back to work and kick-start the economy fast. But the loan isn't going to be used for stimulus. It's going to be used to recapitalize... Read More
What's Inside the New "Austerity Measures"
On Sunday, the Greek parliament approved a new round of austerity measures that will further deepen the 5-year depression and sever the last fraying threads of social cohesion. In order to secure a 130 billion euro loan, Greek political leaders agreed to comply with a "Memorandum of Understanding" (MOU) that will not only intensify the... Read More
"No disbursement before implementation" (No Bailout Before Budget Cuts)
While EU banks have borrowed more than $600 billion at rock bottom rates (1 percent) for up to 3 years with no-strings-attached, eurozone finance ministers are threatening to push member-state Greece into default over a paltry 325 million euros. A German-led coalition within the Eurogroup has set a 6-day deadline for Greece to agree to... Read More
Something's Got to Blow
Stocks dropped on Monday as Europe's sovereign-debt crisis deepened and bond yields across the EU periphery headed sharply higher. The euro fell hard against the dollar ($1.40) while the Greek 10-year bond spiked to 17 per cent before mounting a modest comeback. The situation is getting desperate. Most economists now believe that Greece will have... Read More
Slash-and-Burn Economics
Angela Merkel has let a minor brush-fire on the periphery turn into a raging inferno that's sweeping across the continent. Absent Berlin's fumbling diplomatic effort and its ferocious attachment to Hooverian economics, the Greek matter would have been over by now. Instead, the fire continues to burn while the German Chancellor pushes the eurozone closer... Read More
"Thumbs Down" on EU Bailout
Barack Obama must have been very frightened, indeed. Otherwise he never would have inserted himself so forcefully into Greece's debt crisis. The truth is, there's much more at stake then people seem to realize. A Greek default would be a major blow to the banking system and the damage would not be limited just to... Read More
Can Greece Get What It Wants?
Greek Finance Minister George Papaconstantinou has the European Central Bank over a barrel and doesn't even know it. If he had a handle on the situation, he'd thumb his nose at the ECB's austerity measures, and demand a no-strings-attached loan package to help his country get through the current rough patch. Instead, he's carrying on... Read More
Can Greece Get What It Wants?
Greek Finance Minister George Papaconstantinou has the European Central Bank over a barrel and doesn't even know it. If he had a handle on the situation, he'd thumb his nose at the ECB's austerity measures, and demand a no-strings-attached loan package to help his country get through the current rough patch. Instead, he's carrying on... Read More
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