Most Aid to Athens Circles Back to Europe
PARIS — Its membership in the euro currency union hanging in the balance, Greece continues to receive billions of euros in emergency assistance from a so-called troika of lenders overseeing its bailout. But almost none of the money is going to the Greek government to pay for vital public services. Instead, it is flowing directly back into the troika’s … Continue reading
Could Germany save eurozone by leaving it?
(CNN) — With Greece probably heading for an exit from the euro, the European and global economies may be facing disaster. However, there is still time for European leaders to reverse this destructive dynamic with one simple, outside-the-box solution: Instead of pushing Greece out of the eurozone, Germany should voluntarily withdraw and reissue its beloved deutsche … Continue reading
Grexit? More like Grout
Greece is on its way out of the euro – messily, haphazardly, and largely irrespective of what happens in the election. In expectation of a currency collapse, taxpayers are delaying payments, damaging government revenues. Withdrawals from Greek banks totalled over €2bn in early May, and by all accounts are now gathering pace. This is a slow-motion … Continue reading
How Big Are the PIIGS? (Bigger than you may realize!)
“PIIGS” we are informed in the current Wikipedia entry “is a pejorative acronym used to refer to the economies of Portugal, Italy, Greece and Spain. Since 2008, the term has included Ireland, either in place of Italy or with an additional I.” With apologies, I am joining the ranks of contributors to such august publications as the New York … Continue reading
Insight: Europe treads a thin line on Greece
BRUSSELS (Reuters) – Two weeks ago, Herman Van Rompuy and Jose Manuel Barroso, the European Union’s top two officials, met for lunch in Van Rompuy’s offices to discuss the deteriorating situation in Greece. Their immediate concern was an uncompromising letter. On May 10, Alexis Tsipras, the 37-year-old leader of Greece’s far-left SYRIZA coalition, had written … Continue reading
ECB rejects Madrid plan to boost Bankia
A Spanish plan to recapitalise Bankia, the troubled lender, by indirectly tapping the European Central Bank for cash, was bluntly rejected as unacceptable by the ECB, reports the Financial Times. News of the rejection came as Spain faces elevated borrowing costs in the bond markets, tries to persuade investors it can contain problems in a … Continue reading
Top CEO pay equals 3,489 years for typical worker
WASHINGTON (AP) — David Simon of Simon Property received a pay package worth more than $137 million for last year, and the typical CEO took home $9.6 million, according to an analysis by The Associated Press. Here are some ways to think about just how much money those salaries represent. Simon’s $137 million is almost … Continue reading
Top CEO pay equals 3,489 years for typical worker
WASHINGTON (AP) — David Simon of Simon Property received a pay package worth more than $137 million for last year, and the typical CEO took home $9.6 million, according to an analysis by The Associated Press. Here are some ways to think about just how much money those salaries represent.
Greek banks, the euro and the ECB
Talk of a run on Greek deposits, and some banks being cut off from European Central Bank (ECB) support, have added a fresh twist to scary talk about Greece and the euro. The details are complicated, and not quite as frightening as they first appear. But the big picture is scary indeed, not least for … Continue reading
As Greece Turns Leftward, Its Tycoons Stay in Background
ATHENS — While money pours out of Greek banks and Europe debates whether or not Greece deserves its next handout, the people potentially in the best position to help shore up the nation’s finances are mainly keeping their heads down. They are among the wealthiest Greeks — whether shipping magnates, whose tax-free status is enshrined in the … Continue reading
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