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The Eurozone Has Failed Both Politically And Economically
Karl-Friedrich Israel and Jeff Deist discuss the current situation in Greece from Karl’s perspective as a German. Old hostilities between the north and south in Europe are being inflamed, which calls into question the entire purpose of the Eurozone. Would Greece be better off simply leaving the Euro and resurrecting the drachma? Would the less … Continue reading
Greece Is For Sale – And Everything Must Go
By Nick Dearden I’ve just had sight of the latest privatisation plan for Greece. It’s been issued by something called the Hellenic Republic Asset Development Fund – the vehicle supervised by the European institutions, which has been tasked with selling off an eye-watering €50 billion of Greece’s ‘valuable assets’. The fund was a real sticking point … Continue reading
Greek Economy Unexpectedly Expands In Q2
“Greece’s economy grew in the second quarter in a surprise surge just before the standoff between the government and its creditors forced officials to impose capital controls,” Bloomberg reports. Greece’s GDP grew 0.8% in Q2, according to The Hellenic Statistical Authority. The growth came as a surprise to Bloomberg-surveyed analysts, who were expecting to see a … Continue reading
Currency War Heats Up As China Devalues Yuan For Second Day In A Row
China’s Central Bank, the People’s Bank of China (PBOC), has further devalued the yuan on Wednesday — following a surprise “one-time devaluation” announced by the Central Bank on Tuesday — which is heating up what appears to be a currency war and is thus rattling markets — sending stocks, currencies, and commodities tumbling for a second day in a row. … Continue reading
Germany Made €100 Billion Profit On Greek Crisis According To The Study From Leibniz Institute Of Economic Research
“Germany, which has taken a tough line on Greece, has profited from the country’s crisis to the tune of 100 billion euros ($109 billion), according to a new study,” published on Monday, AFP reports. Each time investors got bad news about Greece, they rushed to the ‘safe haven’ of Germany, with the interest rates on … Continue reading
Greek Crisis: Why The Athens Stock Exchange Plunged On Reopening The 3rd Of August
After five weeks of closure, the Athens Stock Exchange reopened on Monday and immediately the trend went sharply down. Investors do not believe that a recovery of the Greek economy could occur soon. Greece’s stock market reopened after five weeks to the most savage wave of selling in decades, underlining a crisis that’s crippled the … Continue reading
Death By Debt: Yanis Varoufakis Response To The German Finance Ministry, By Jeffrey Sachs
Dr. Ludger Schuknecht, senior economist at the Germany Finance Ministry, explains his ministry’s viewpoint regarding Greece. This viewpoint essentially holds that Eurozone countries should live within their means; adjust to their debt burdens; and take their reform medicine as needed. If they do so, they will be successful, as illustrated by Ireland, Spain, and Portugal. Greece … Continue reading
EU Launches €315 Billion Investment Fund To Revive Europe’s Economy
The European Commission has set up a €315 billion European Fund for Strategic Investments, in which it hopes will revive growth and boost employment across Europe. According to European Commission estimates, taken as a whole, the proposed measures could add €330 – €410 billion to EU GDP and create up to 1.3 million new jobs … Continue reading
Behind Germany’s Refusal To Grant Greece Debt Relief – Op-Ed In The Guardian
Originally posted on Yanis Varoufakis:
Tomorrow’s EU Summit will seal Greece’s fate in the Eurozone. As these lines are being written, Euclid Tsakalotos, my great friend, comrade and successor as Greece’s Finance Ministry is heading for a Eurogroup meeting that will determine whether a last ditch agreement between Greece and our creditors is reached and whether…
European Leaders Promise The Greek Debt Crisis Will Be Resolved One Way Or Another On Sunday
The wait will soon be over. Greece submitted a final compromise plan to its eurozone creditors on Thursday, European finance ministers will meet on Saturday to discuss the proposal, and an emergency summit of all 28 EU nations on Sunday will make a final decision on what to do. The summit on Sunday is being … Continue reading
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