‘The Problem Has Only Been Deferred’

Nearly 86 percent of private investors have agreed to join in the debt-swap deal that will help Greece avoid an uncontrolled default. But is that good news? Many experts have their doubts. In a SPIEGEL ONLINE interview, economics professor Harald Hau argues that not only will the plan put the burden on taxpayers, but it will mean an … Continue reading

Eman El-Shenawi: The Eurozone’s coup d’état in Greece is complete

Greece has not been bailed out; the eurozone has. This is an agonizing point analysts are continuing to drum home to a world which eagerly follows the thespian events in the country’s debt saga. Last week, Greece was readying itself to endorse a debt swap with private bondholders to slice €100 billion off the country’s … Continue reading

The Colonization Begins: Germany May Send 160 Tax Collectors To Greece

Since the European colonial state of southern Bavaria Sachs (formerly known as the insolvent Hellenic Republic) no longer even pretends to be anything less than a pass-thru funding colony of its creditors, said creditors (European banks and various insurance companies) are about to send out the first group of colonial scouts in the form of German tax … Continue reading

Merkel has herself to blame if Greece defaults

What will Angela Merkel be doing this morning? Will she be clinging, white-knuckled to her kafe, chasing her Bockwurst round her plate, waiting to hear that the Greeks have passed their austerity budget? If today’s vote in Athens is a vote on Greek bankruptcy and the future of eurozone, it’s because the German Chancellor has … Continue reading

Greece: One step forward, two steps back

NEW YORK (CNNMoney) — The Greek government needs to do more to prove that it is worthy of more bailout money, top eurozone finance officials said late Thursday. The latest package of austerity reforms that Greek political leaders spent the last several days haggling over is not enough to immediately secure a€130 billion bailout, according to … Continue reading

Greece bailout: Eurozone ministers set new conditions

The chairman of a meeting of Eurozone finance ministers says fresh conditions will be attached to a 130bn euro ($170bn; £110bn) bailout for Greece. Jean-Claude Juncker said an extra 325 million euros ($432m; £273m) in savings for 2012 will be needed. The Greek parliament will also have to pass the package of cuts and reforms … Continue reading

Does the Greek Deal Go Far Enough?

The Greek government agreed to fresh austerity measures (NYT) Thursday, paving the way for a new $170 billion EU-IMF bailout, amid growing doubts that such a deal will be sufficient to rein in Greece’s moutain of debt. The European Central Bank said Wednesday that it is prepared to exchange some of its holdings of Greek debt at … Continue reading

Greek deal to cut spending does not end debt drama

FRANKFURT, Germany (AP) — More than two years after it came clean about its addiction to debt, Greece may finally have begun its long and painful road to recovery. Greece’s fractious political leaders struck a deal Thursday to make deep cuts in government jobs and spending to help save the country from a default that … Continue reading

Guest Post: The Eurozone Is Almost Out Of Options

Submitted byu Raoul Ruparel – head of economic research for Open Europe Over the last few weeks, negotiations over a potential write-down of Greece’s debt have taken us here and there, and back again – and at the time of writing, they remain unresolved. But whatever the outcome of the talks between the Greek government and … Continue reading

Greece agrees on bailout terms

Political leaders finally decide on a course that would avert a chaotic default for the debt-choked nation Helena Smith in Athens The Guardian, Thu 9 Feb 2012 01.33 GMT After three days of high drama, political posturing and brinkmanship, Greece’s coalition government reached a tentative agreement on the draconian terms required to unlock €130bn (£109bn) in … Continue reading