Europe

Two notable events regarding stock and bond markets have occurred in the last twenty-four hours. One is comments from Fed Chair Janet Yellen that suggest she sees U.S. equity prices as elevated. The second is a wide-spread backup in yields…

After the meeting in Riga, it is more clear than ever that the gap between Greece and the Eurogroup finance ministers is wide. Default looks likely and so we have to start thinking about what this means for Greece and for Europe. My base…

It seems that there will be no agreement between Greece and its Eurozone partners. Short of cash, the Greek government will have no choice but to suspend payment of its maturing debts. This column looks at what happens next. In brief, it…

There is an element that links the terrible human tragedy in the Mediterranean and the ongoing Greek crisis. It is Europe's over-emphasis on moral hazard.

Greece is expected to submit a more complete list of reforms in order to free up funds so the country can service its obligations. Four times the Greek government has provided lists and four times the European group of finance minister…

The important point is that returning to growth after the crisis may not be sufficient to facilitate political stability. The damage to the middle class is serious and Rajoy does not appear to appreciate that. The economic cost of…

There is a legal concept called "odious debts." It can be traced back more than a century. The US helped create a precedent for it by denying Cuba's responsibility for the debt incurred under Spanish colonial rule. The concept took on…

Although the euro is now headed up after it overshot to the downside, I believe the European recovery has legs and will continue indefinitely as long as a calamity in Greece doesn’t pull Europe down.

In what can only be seen an unexpected Chinese success, several US allies have agreed to participate in China and India's Asian Infrastructure Investment Bank. The frustration with the US on this issue is palpable. There is another issue…

I support what Yanis Varoufakis is trying to do in Greece. I see him as someone who is trying to change the debate in Europe from a narrow one about fiscal rectitude that brings out all sorts of nationalistic prejudices to a wider debate…