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Browsing Category
Political Economy
The Greek capitulation puts nationalism centre stage
Over the past week, European institutions have shown no qualms about bullying, arm-twisting, and humiliating a sovereign nation and its people. This is no union – this is a fiasco.
Grexit is much closer than we think
The Greek government has now been boxed in by the “no” referendum vote and is unable to make the kinds of concessions a “yes” vote would have allowed. Meanwhile, the Eurogroup’s thinking about the manageability of Grexit is coalescing…
More on Greek Tax Anticipation Note IOUs
The rumour making the rounds today is that these two paragraphs in a recent Ambrose Evans-Pritchard piece in the Telegraph are what were the final straw for Syriza that cost Yanis Varoufakis his job. I don’t know whether there is any basis…
Institutions’ negotiating stance now untenable
In the wake of the decisive “No” referendum vote by the Greek electorate and related events, the negotiating landscape has shifted substantially. The negotiating position of the institutions now looks untenable. But this by no way changes…
Now that Greece has defaulted, what comes next?
The easy part of gauging likely outcomes in the Greek sovereign debt crisis was predicting default within the eurozone. But now that this has happened, the situation becomes murkier and it is unclear what will happen next. Below I will put…
The Euro is a failure
When I was discussing the Greek economic crisis last night with my colleague Ameera David, she asked me who I blame for the mess we are in. I told her I blame the euro because the euro is a monetary union created for political reasons…
Greek default and Grexit now increasing in probability
At this point, default within the eurozone is the best case scenario for Greece. Grexit is still a distinct possibility. All potential best case scenarios are out the window. Below is my assessment on how we got here.
Morality in the Greek Crisis
I know I keep saying that economics is not a morality play. But when it comes to Greece, I can find no other satisfactory explanation for what is going on. I've reminded everyone before about Irving Fisher's famous observation: "The more…
Grexit: The staggering cost of central bank dependence
This weekend’s dramatic events saw the ECB capping emergency assistance to Greece. This column argues that the ECB’s decision is the last of a long string of ECB mistakes in this crisis. Beyond triggering Greece’s Eurozone exit – thus…
This is the Framework of a Potential Greek Compromise Taking Shape
By Marc Chandler
Through the venomous comments and erosion of trust, the broad framework of what couple prove to be a workable compromise over Greece's financial crisis may be emerging. This is not to suggest that the eurozone finance…