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Jeff Sommers and Michael Hudson in Russia discussing the Euro future with journalist Matthew Lynn.

Greece’s chance of default in the next five years has soared to 98 percent. The day of reckoning is now close at hand.

David Blanchflower believes that Europe’s dithering has been fatal to the EMU. In an interview with Bloomberg Television, he said that Europe had an opportunity to get ahead of the sovereign debt crisis when it was just Greece. But now he…

The mood in Germany is still about cutting Greece loose to save Italy and Spain

Clearly, Stark sees the monetisation path the ECB is on as not at all compatible with thee ECB’s mandate. Separately, the noises coming out of the German governing coalition show exasperation with the progress in Greece. Edward Hugh writes…

From Global Economic Intersection Guest author: Keith Jurow is the author of the MVP Housing Market Report. This article was posted at Minyanville with the title “There Is No Housing Bottom in Sight” At the end of June 2011,…

The following is excerpted from today’s UBS research note by Stephane Deo, Paul Donovan and Larry Hatheway on the consequences of a euro break-up. The full note is embedded below.

The Greeks are starting to play hardball on their private sector debt swap warning the deal could crater if the 90 percent participation is not met. We think there are other reasons why it is trouble.

There appear to be no happy outcomes here (although as my friend, Tom Ferguson always reminds me, “If you want to have a happy ending, go see a Disney film”). We appear to be entering most dangerous time for Europe since World War II.

It is also worth stressing that this solution is far from perfect. We do not live in an ideal world. It is only one possible way of breaking the vicious circle into which the Euro Area countries have now fallen. It is one possible way, and…