We are possibly entering end game territory in the coming months. The news from bond markets about Greece resembles bulletins about Alpine peeks, not sovereign debt priced within reasonable parameters. Greek three-year bond yields jumped to over 22 per cent this week. Such surreal yield levels are pricing in the restructuring option to […]
Posted by Bastian Jens
A mechanism of continuous restructuring and forced savings for the Euro zone Since its conception, the European Union has always been about reconciling seemingly irreconcilable positions among its members. In the current environment of the peripheral euro debt crisis, there is one such deadlock on the question of how dearly should the so-called peripheral euro […]
Posted by Kostis Papadimitriou
* Someone who chooses to receive the benefits of a “public good” or a positive “externality” without contributing to paying the costs of producing those benefits.
The world is facing the most severe financial and economic crisis in the post-war decades. International organisations, like the OECD and IMF, in their latest projections, anticipate that the contraction […]
Posted by Stylianos Petsas
There is no doubt left: it is the worst crisis of global capitalism, at least since the 1930s. The International Monetary Fund forecasts the harshest global recession of the last sixty years. The “masters of the universe”, Wall Street’s golden boys and their indolent regulatory authorities, could have hardly made a worse mess.
Captive to the […]
Posted by George Pagoulatos