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Greece was able to float enough new debt to pay its old debt and avoid default. What a charade. They got the money from the bailout fund and used it to pay back the bailout fund: The auction, which attracted more than €4.2 billion in bids, was more show than substance, mainly reflecting Greek banks’ [...] “The rise in the [Spanish] 10-year yield well beyond 7% carries a very distinct reminder of events in Greece in April 2010, Ireland in October 2010 and Portugal in February 2011,” said analysts at Bank of New York Mellon. “In each case, a decisive move beyond 7% signaled the start of a collapse in [...] More research notes from Deutsche Bank’s DB Research on Spain, the Eurozone crisis, and QE for the U.S. If you are interested, here is a note on the growing world economic decline as well. It is worth listening to what they think whether we agree or not. Perhaps they should be thinking more about [...] Here are some recent research notes from DB Research of Deutsche Bank Group. I noticed that Thomas Mayer, the former Chief Economist for Deutsche Bank no longer is listed as the author of these notes. In fact, he has been replaced as Chief Economist and is now listed as “Senior Economic Advisor” to the [...] The debate on how to deal with false or misguiding campaign speech is neither new nor likely to be resolved soon, but as Europe’s economic crisis continues to deepen, and as social and political tensions rise, elemental questions of democracy once limited to seemingly distant European Union institutions are now spilling over to national governments. In the [...] Open Europe put together a collection of famous last words by the promoters and founders of the Eurozone. It is a rather lengthy collection but here are a few which reveal how clueless they were when they launched the euro. You might enjoy going through the document. “The Community shall not be liable for or [...] The European Commission’s bureaucrats are wetting their pants over the renewed talk of a greater fiscal union between EU member states. This is the moment they have dreamed of. Instead of being useless functionaries (as seen by most EU citizens), they could have more importance by having control on a supranational basis over member states. [...] This headline out of Greece today, “Greece Agrees on Tax Cuts, Other Stimulus“. If I’m not mistaken, I think I’ve heard this before. In fact I’ve heard it from Italy, Spain, Portugal, France, and from our own government. It promises to make spending cuts too. But, if Greece didn’t live up to its original agreements, [...] It just keeps getting worse in Greece. With the leaders of the eurozone all exhaling after the election of “centrist” Antonis Samaras, thinking that maybe the Greeks will toe the line set by the Germans, they learn who the new Greek finance minister is: Antonis Samaras, the Greek centre-right leader, has made a surprise appointment [...] |
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