Syriza Commits to Deep Austerity in Its Proposal to Creditors
Greece has already offered to continue with a program of significant austerity. No wonder the creditors are close to agreeing to that part of the government’s proposal.
Read more...Category Archives: Doomsday scenarios
Gaius Publius: Fast Track Will Also Apply to TISA
Fast Track is not just a path to TPP … it’s evil all on its own. There’s now another leaked “trade” deal, called TISA, and Fast Track will “fast-track” that one too. Want your municipal water service privatized? How about your government postal service? Read on
Read more...Tsipras Fighting Two Front War as Revolt Within Syriza Intensifies, Forcing IMF Payment Delay, Cancellation of Negotiating Session
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...The Economics of Parallel Currencies
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...Satyajit Das: My Big Fat Greek Crisis
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...Greece’s Creditors Meet to Prepare Offer (Updated – Creditors Agree on Uncompromising Terms)
Greece’s creditors met to agree on a last-ditch offer. But it turns out “last ditch” reaffirmed their current position and removed IMF’s debt relief proposal.
Read more...Joe Firestone: Get Ready to Call ‘Em Out On the TPP!
The opposition has done vastly better than expected on stymieing Obama’s toxic trade deals. Thinking ahead to how to block them in the House, and if it gets that far, when the Fast Track fix goes to the Senate.
Read more...Why a Greek Default is Likely to Strengthen the Hand of Austerians
Many fear that a Greek default would lead voters elsewhere in Europe to favour default over austerity. In contrast, this column argues that it is more likely to have the opposite effect
Read more...Perry Mehrling: Volcker Alliance Describes How Regulatory Silos, and Also Intellectual Silos, Hold Back Financial Reform
A report by the Volcker Alliance on financial reform is readable and meaty, and curiously dropped from media sight.
Read more...Greece: An Endgame Finally in Sight?
The noose continues to tighten on Greece.
Read more...Michael Klare: Delusional Thinking in Washington, The Desperate Plight of a Declining Superpower
How US superpower overreach has hit the breaking point, yet the officialdom acts as if somehow doing more will succeed.
Read more...Dick Fuld Continues to Exhibit Advanced Case of Wall Street CEO Derangement Syndrome
It appears that having the financial crisis analogue to the captain of the Titanic carry on in the stereotypical super-entitled Wall Street CEO manner was too much for the tender sensibilities of CNBC.
Read more...Perry Mehrling: Derivatives Remain a Blind Spot in the TBTF Debate
Current proposals to deal with the too big to fail problem fall way short as far as disarming derivatives risk is concerned.
Read more...Michael Hudson: Ukraine’s “Operation Vulture” and Labor Protests
Hudson’s so-called “Operation Vulture,” the strip-mining of what little is left of a functioning economy in Ukraine, comes straight out of the neoliberal playbook.
Read more...SEC Vindicates Deutsche Bank Derivatives Whistleblowers Eric Ben-Artzi and Matthew Simpson
Three SEC whistleblowers have been proven right in charging Deutsche Bank with misreporting its biggest derivatives risk,. the bank, predictably, looks to have gotten off easy.
Read more...