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Browsing Category
Political Economy
Stephen Roach on America’s other 87 deficits
Here are a few excerpts from Stephen Roach’s latest at Project Syndicate.
Sarkozy: Greece should never have been allowed into the euro zone
The French paper L’Express live-blogged the event and I just wanted to fill you in on the critical passage right at the outset of the interview that everyone has been talking about regarding the Greek default, the CDS and the euro. My…
Roger Bootle on the European Crisis Deal: Get Austere or Die Trying
Here's Roger Bootle talking to Bloomberg's Maryam Nemazee about the deal hammered out yesterday to 'save Greece.' He is quite sceptical. First, the 120% debt to GDP figure that the deal is predicated on reaching is still high and assumes a…
How the latest emergency euro summit addresses the sovereign debt crisis
Markets’ initial reaction to the latest EU emergency summit has been positive. Risk assets are trading up, risk-sensitive currencies are up, European bank stocks are up, and the broader stock market is as well. This relief rally is…
Berlusconi has his priorities straight
Watch the video. It plays Silvio Berlusconi’s encounter with Danish Premier Helle Thorning-Schmidt a second time in slow-motion so you can see where Berlusconi’s real priorities are.
Full Text: Euro Summit Statement on Greek Hard Restructuring
We have highlighted in bold the important bits. (We now have an analysis of the deal. See "How the latest emergency euro summit addresses the sovereign debt crisis".)
Note that while the statement says in point 12 that the notional…
Was the IMF programme in Iceland successful?
According to the IMF, Iceland has graduated from its Fund-supported programme with unqualified success. This column begs to differ.
Europe’s Non-Solution
Let’s not get bogged down in numbers. The EFSF could have 440 billion euros behind, 1 trillion, 2 trillion, even 10 trillion euros, but it all comes back to the funding sources. The French are right: it makes no sense to implement this…
Berlusconi Cuts Deal: Et Tu Brute
Controversial Italian Prime Minister Berlusconi appears to have finally capitulated to international and domestic pressure. Press reports indicate that he has agreed to step down by January. This in turn will bring forward elections,…
China will help Europe if it is recognised as a ‘market economy’
In China’s fight against the United States as an alleged currency manipulator, it is now trying to draw in the embattled euro zone. Agence France Press says that the Chinese are willing to contribute to the leveraged EFSF now set to be…