Tsipras Accepts Most Creditor Terms as Merkel Insists on Referendum
Post-bailout expiration dynamics are likely to produce even worse outcomes for Greece than it had on offer from the creditors last month.
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The Decisions of July: The European Elite Goes to War in 1914
Elite decision-making before “the Guns of August,” with suggestive parallels to decision-making in the Greek Debt Crisis.
Read more...Greece Asks for Last Minute Deal Before Bailout Expires
So much for that referendum! Just kidding!
Read more...Ed Harrison: Some Thoughts on the Coming Defaults of Greece
Lambert here: This post is a 30,000-foot view of the unfolding Greek crisis, written after the Eurozone finance minister’s meeting at Riga in April, but still good, and republished, today. tl;dr: The opera ain’t over ’til the ECB sings. Ruthlessly oversimplifying one aspect of Harrison’s post, Grexit is “arduous,” because the EU is a Rube […]
Read more...Wolf Richter: Panicked Hedge Funds Now Praying for a Miracle in Greece
Hedge funds, the ultimate “smart money”, are twisting in the wind.
Read more...My Big Fat Greek Bank Black Hole: No Deposit Insurance
It’s hard to find an official who is comporting himself very well in the wake of the Tsipras surprise announcement of a referendum on July 5 for a then-defunct bailout offer.
Read more...Consent of the Governed, Tsipras Style (Updated)
Tsipras has already taken the decision to miss the €1.6 billion IMF payment due June 30 and the €3.5 billion ECB payment that falls on July 20, while falsely telling Greek citizens that they have a say in this momentous choice.
Read more...BBC: ECB to Stop Emergency Support of Greek Banks on Monday; Bank Holiday Likely
The ECB has decided to lower the boom on Greece.
Read more...Tsipras’ Bailout Referendum Sham
At 1:00 AM in Athens on Saturday morning, Greek prime minister Alex Tsipras announced that Greece would hold a referendum on July 5 on whether to accept the terms provided by the creditors in order for Greece to obtain €7.2 billion in “bailout” funds as the final part of a loan package provided to Greece in 2012.
The bailout in fact expires on June 30. It is too late for Greek voters to have any say on the Greek government’s posture in the negotiations. So what was this ploy meant to achieve?
Read more...What if the Euro Area Falls into Serious Deflation?
Why structural reforms will not ward off deflation in Europe.
Read more...Deal With Greece Still Looks Wobbly
Negotiations with Greece remain fraught. Only a narrow path has been opened to getting a deal done, and it is far too easy for the parties, for reasons good and bad, to stray from it.
Read more...Short Greece Proposal Update: Greece Folds
More details on the Greece proposal to its creditors.
Read more...Scotland: the Moldovan Connection
How modest homes in some of Scotland’s poorest areas became prolific ‘company factories’, and how those companies were used in a giant Moldovan bank fraud
Read more...Greek Government Preparing Plans to Cross Red Lines to Avert Default
Greek government officials are preparing plans that would cross Syriza’s famed red lines in order to avert a default. Will Tsipras capitulate?
Read more...The Russian Pipeline Waltz
An analysis of possible Russian pipelines in Europe as strategic bargaining chips.
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