This post makes important observations about how the elite levels of Greece engage in rent-seeking, aka corruption, and can continue those strategies even in the face of economic collapse, to the detriment to the rest of Greek society.
Read more...Macroeconomic policy focused on inflation targeting is likely to deliver neither macroeconomic stability nor economic development, aka sustainable growth.
Read more...The IMF has dropped a big shoe before the Greek government has passed any of the legislation required as part of its pending bailout. But if this development leads to more wrangling, that means an even longer delay before Greek banks get any liquidity, which means continued strangulation of the Greek economy.
Read more...Nathan Tankus talks to YSI INET about a Grexit and Greece
Read more...The BIS shellacks Bernanke’s savings glut hypothesis and stresses that financial fragility is still a big risk.
Read more...Most Latin American countries—including those, like Chile and Brazil, where democratically elected leftist governments were overthrown in the 1960s and 1970s. reversed course to adopt “neoliberal” economic policies. How well did that work?
Read more...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...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 alarming part of the deadlock between Greece and its lenders is the lack of a plan on the creditor side to develop a Plan B, a sort of mirror image of the Greek government’s claim that its has bet everything on securing a favorable agreement.
Read more...Greece’s creditors are not pleased, and perhaps more important, the Greek government has lost one of its few remaining advocates, Jean-Claude Juncker of the European Commission. The Eurocrats are finally waking up to the degree to which the two sides have talking past each other. The implication is that it is far less likely than they had believed.
Read more...Varoufakis was part of a panel discussion on the future of Greece within the EU last night, organised by the IMK.
Read more...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...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...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...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
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