Category Archives: Doomsday scenarios

A Parallel Currency for Greece: Part II

Yves here. I’m quite interested in reader reactions to this scheme. My big reservation is that the amount of the scrip devised by the authors, the TCC, has to be limited to the an amount of discount of future tax payments that is deemed to be credible. Given that Bill Mitchell has estimated that Greece […]


“Why Syriza Will Blink”

Anatole Kaletsky has a cognent, forcefully argued new article at the Project Syndicate website, Why Syriza Will Blink, which independently comes to the conclusion we’ve reached, that the winning strategy for the creditors is to keep Greece in the sweatbox and use worsening economic and social conditions in Greece to crush domestic support for Syriza. Kaletsky goes further than we have, arguing that this is the course the Troika is taking, and the new coalition should have anticipated this as a likely strategy, since it’s the same one they used successfully against Cyprus two years ago.