Relevant and even prescient commentary on news, politics and the economy.

OXI ~ 60%: What now? Greece Open Thread

Greece Interior Ministry Results all regions voting ‘OXI’ = ‘No’ Huffington Post: Live Updates: Greece Votes In Referendum On Bailout Proposal More links as afternoon progresses. This article by Steve Randy Waldman at Interfluidity has been getting a lot of play around the Intertoobz since yesterday (I also linked to it in Comments on the […]

Greek Tale(s)

by Joseph Joyce Greek Tale(s) No matter what new twist the Greek debt crisis takes, there can be no question that it has been a catastrophe for that country and for the entire Eurozone. The Greek economy contracted by over a quarter during the period of 2007 to 2013, the largest decline of any advanced […]

Will the Republicans’ The-Debt-Ceiling-Is-About-Appropriating-NEW-Spending-Measures Disinformation Campaign Succeed? (Well, only if Obama lets it.)

In the wake of the fiscal deal raising taxes only on income over $450,000, Republicans are declaring that the debate over taxes is finished. The next fiscal deal will contain nothing in new revenues. Yesterday, Mitch McConnell said: “The tax issue is finished. Over. Completed. That’s behind us. Now the question is what are we […]

Making the United States More Like Greece

Simon Johnson at Baseline Scenario writes in Making the United States More Like Greece: One of the big problems in Greece over the past decade or so is that the government was not honest with its data. Various people assisted in the matter – including Goldman Sachs with respect to some debt issues – but […]

Default Events, Legal Contracts, Derivatives, and Greece

Barry Ritholtz, who generally knows better, blew a gasket at ISDA for yesterday’s ruling that Greek bonds are not yet in default. Specifically, “The International Swaps and Derivatives Association said on Thursday that based on current evidence the Greek bailout would not prompt payments on the credit default swaps.” > Here is a question for […]

by Mike Kimel I haven’t written anything about Greece, largely because I’ve never been there, haven’t looked at Greek data, and otherwise until now have had no reason to think I have something useful to say about it. But reading this Tyler Cowen post, I realized that perhaps I have an insight to share because […]

A oh, Some in Europe can’t take the pressure

Seems the austerity thingy is starting to hurt where it really counts. Just read via the AP: … and amid growing concern in Europe that austerity aimed at cutting ballooning deficits may also be choking growth. A dozen European Union leaders, including British Prime Minister David Cameron and Italian Premier Mario Monti, called Monday for […]

The 1% are the only beneficiaries of Greek austerity, not ordinary Greeks

by Linda Beale The 1% are the only beneficiaries of Greek austerity, not ordinary Greeks An interesting post over on Naked Capitalism on the Greek austerity measures being demanded by the EU leaders (Germany, mostly) and the IMF: Marshal Auerback: Greece and the Rape by the Rentiers (Feb. 10, 2012). The austerity demands, in order […]