As Tsipras’ options narrow thanks to the revolt in his party, it is also becoming harder for even Merkel to forestall a default.
Read more...As Greece’s cash crunch continues and its negotiations are moving slowing and tending towards an impasse, it becomes more and more likely that the beleaguered borrower will issue some sort of scrip in order to fund operations while remaining in the Eurozone. How and how well might that work?
Read more...Yves here. Das published this post in February and I thought it would be useful to reprise it for three reasons. First, it has held up well to the passage of time. Second, for latecomers to the Greek saga, it summarizes the background, the stances of the parties, and key economic and financial considerations. Third, the section starting “Controlled Warfare” (about 2/3 of the way through the post) summarizes the consequences to the lenders of a Grexit. Those risks are why almost no one thought we’d wind up where we are now, with two sides issuing ultimatums a mere two days before a possible Greek default, and why most of the financial media still believes a deal will get done.
Read more...Le Monde published a defiant op ed by Alex Tsipras over the weekend. The wee problem is that Greece is well past the point where political appeals will work.
Read more...The noose continues to tighten on Greece.
Read more...SEC Commissioner Kara Stein strikes again, this time to object to the SEC giving waivers to recidivist bank bad actors.
Read more...So why shouldn’t banks admit to criminal conduct? They get slap on the writs fines and no one goes to jail.
Read more...Yesterday was a sad day for American citizens. Benjamin Lawsky, the Superintendent of the New York State Department of Financial Services, announced that he was resigning in June.
Read more...A flurry of stories this weekend confirms that Greece and its creditors remain hopelessly at odds. The inertial path is to a Greek default
Read more...Today, Greece blinked. But one unconfirmed report suggests the government got some eyewash.
Read more...A Greek default looms, but what does that mean for Greece and its creditors?
Read more...By David Dayen, a lapsed blogger. Follow him on Twitter @ddayen. Because of the blinkered way we talk about the economy in this country, news that the trade deficit widened in March well above consensus expectations will undoubtedly be met by cries that we must create more free trade deals to counteract that. Of course, […]
Read more...In case you had any doubts that Greece is supposed to act like a good debt vassal, the Eurogroup’s hissy fit over Yanis Varoufakis at last Friday’s meeting, which stoked a raft of unflattering articles, has now led it to demand to that Greek government remove him.
Read more...The Greek negotiations with the Eurogroup are exemplifying the saying, “Things look the darkest before they go completely black.”
Read more...Yet another reason to hate the TPP.
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