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Greece default 2012

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Debt Crisis Live. Greeks withdraw €3bn in 10 days since election. Greeks are withdrawing large amounts of money fearing their country will leave the eurozone and return to the drachma.

Greeks withdraw €3bn in 10 days since election

Ambrose Evans-Pritchard - Finance and business comments. Greece on brink of collapse. Eurozone debt crisis: how a Greek exit from the euro might unfold. Euro Struggles Traced to Origins of Common Currency. It was shortly before his departure to Brussels when the chancellor was overpowered by the sheer magnitude of the moment.

Euro Struggles Traced to Origins of Common Currency

Helmut Kohl said that the "weight of history" would become palpable on that weekend; the resolution to establish the monetary union, he said, was a reason for "joyful celebration. " Soon afterwards, on May 2, 1998, Kohl and his counterparts reached a momentous decision. Eleven countries were to become part of the new European currency, including Germany, France, the Benelux countries -- and Italy. Now, 14 years later, the weight of history has indeed become extraordinary. European Leaders Warn Greece May Have to Leave Euro Zone. Comments made by Alexis Tsipras, a Greek politician with the Coalition of the Radical Left (SYRIZA) party, declaring previous euro bailout agreements to be "null and void" earlier this week have vexed leaders in Brussels and across Europe, where warnings that Greece may have to leave the common currency are growing louder.

European Leaders Warn Greece May Have to Leave Euro Zone

Speaking in Brussels on Wednesday, German Finance Minister Wolfgang Schäuble said that Athens can't be forced to retain the euro. "Greece must decide for itself if it wants to remain in the euro zone or not," he said. But if Greece wants to remain a member, then it "must form a stabile government and it must adhere to its obligations as well," he added. German Politicians: 'No Alternative' To Austerity. As Greece struggles to form a coalition government in the wake of the May 6 parliamentary elections, several German leaders voiced their demands Wednesday that the country stick with the austerity measures negotiated as part of the most recent bailout package.

German Politicians: 'No Alternative' To Austerity

"Greece must know that there is no alternative to the agreed to restructuring arrangement, if it wants to stay a member of the euro zone," Jörg Asmussen told the German business daily Handelsblatt. Greeks Clearly Reject Austerity in Sunday Elections. Of course they did it.

Greeks Clearly Reject Austerity in Sunday Elections

It had been clear for some time now that, during the first parliamentary election since the debt crisis struck, Greek voters would punish both of the two parties that have traditionally been the country's biggest: the conservative Nea Dimokratia (New Democracy) and the socialist PASOK. After all, the fates of these two parties are too closely linked to the country's catastrophic state. Still, it remained unclear whether this punishment, which had been foretold in every poll, would merely be a warning issued by voters or if it would be a full-blown knockout for the two major parties. Little Chance of Greek Parties Being Able to Form Government. Now the worst case scenario has arrived: Greece threatens to become ungovernable.

Little Chance of Greek Parties Being Able to Form Government

The situation after Sunday's election in Greece looks hopeless. No matter which coalition of parties one calculates, whether big or small, left or right wing, it is impossible to come up with a viable majority government. The Greeks have once again defied their international partners. They have not been cowed by threats, advice or even the prospect of their own bankruptcy. It's unclear where this new twist in the endless Greek drama will take the country. Time to Admit Defeat: Greece Can No Longer Delay Euro Zone Exit. There are many things Alexis Tsipras likes about Germany.

Time to Admit Defeat: Greece Can No Longer Delay Euro Zone Exit

The leader of Greece's Coalition of the Radical Left (Syriza) party drives his BMW motorcycle to work at the Greek parliament in the morning, Germany's über-leftist Oskar Lafontaine is one of his political allies, and when it comes to his daily work, his colleagues have noticed a certain tendency toward Prussian-style perfection. How Keynes would solve the eurozone crisis. How Greece might have a shinier future outside euro's straitjacket. From an economist point of view, it is obvious that Greece has no chance to prosper in the eurozone.

How Greece might have a shinier future outside euro's straitjacket

However, exiting the eurozone still raises a lot of fears and uncertainties. Fortunately, with some imagination, there may be some solutions to make an exit a real opportunity for change in Greece. A Greek exit: How would it work? Updated Fri 18 May 2012, 7:12am AEST Imagine for a moment you live in Greece.

A Greek exit: How would it work?

You wake up one morning to the news your country is no longer part of the eurozone. You were meant to buy groceries and pay bills today, but what happens to your money now? You may feel a glimmer of hope, or you may actually be in the middle of a "financial holocaust". If Greece exited the eurozone, there would be several advantages, but experts say the move would also catapult the country into a chaotic abyss. Amit Kara: German Stimulus Won't Save Europe. James Meadway - Greek austerity: the end of the line. Time to Admit Defeat: Greece Can No Longer Delay Euro Zone Exit. There are many things Alexis Tsipras likes about Germany.

Time to Admit Defeat: Greece Can No Longer Delay Euro Zone Exit

Euro Bond Holders, Beware! - Macrobits by Marshall Auerback. Austerity during a serious recession is economically insane. It is a pro-cyclical policy that makes the recession more severe. A more severe recession is a mass destroyer of wealth and quality of life. It is pure waste. Mettre la spéculation hors la loi.

Au début, la spéculation a généré la crise. Eurogroup Playing Hardball With Greece: Economists - Business News. Défaut de la Grèce et CDS : Stiglitz accuse la BCE. Joseph Stiglitz n'a pas sa langue en poche. Dans , le prix Nobel d'économie égratigne la Banque centrale européenne et son manque de transparence. Dans le dossier grec, Stiglitz estime que la position de l'institution de Francfort a été pour le moins curieuse. Elle s'est ainsi toujours opposée à ce fameux "événement de crédit", lié à un défaut de paiement de la Grèce, qui déclencherait les contrats de CDS.

Que n'a-t-on écrit sur ces "credit default swaps", ces contrats qui permettent de s'assurer contre un défaut de paiement ? Un produit qui a enfoncé des firmes comme AIG et Fortis en pleine tourmente financière en 2008, et qui a ensuite mis à mal des pays, comme la Grèce. Européens tentés de lâcher la Grèce. Greek capitulation « Michael Roberts Blog. As I write, the leaders of the three main parties in the current ‘bankers’ government’ in Greece are preparing to capitulate yet again to the demands of the dreaded ‘troika’ of the IMF, the EU and the ECB to make yet further cuts in the living standards, public services and jobs of the Greek people in order to receive yet another bailout package.

This is a package designed to make Greece pay debts built up by successive governments owed to the banks of Europe and to restore the competitiveness of Greek capitalism so it can stay in the euro. The draft of the bailout includes plans to cut the minimum wage by about 20-22%. This will lower the minimum wage to the level of social benefit. Private sector pensions worth over 1,200 euros a month will be cut by 15-20%. Europe - Greece turns on EU critics. A principled Europe would not leave Greece to bleed. The following correction was printed in the Guardian's Corrections and clarifications column, Thursday 28 January 2010 An error was introduced in the editing of the comment article below. We said the French broke the EU edict not to let debt exceed 3% of GDP, but this rule applies to budget deficits, not debt.

Greece has been condemned by European officialdom for its huge deficits. Wall St. Helped Greece to Mask Debt Fueling Europe’s Crisis - NY. Goldman Sachs Shorted Greek Debt After It Arranged Those Shady S. Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its T. Greeks aren't very welcome in the Rue Alphones Weicker in Luxembourg. It's home to Eurostat, the European Union's statistical office. The number crunchers there are deeply annoyed with Athens. Investigative reports state that important data "cannot be confirmed" or has been requested but "not received. " Creative accounting took priority when it came to totting up government debt.Since 1999, the Maastricht rules threaten to slap hefty fines on euro member countries that exceed the budget deficit limit of three percent of gross domestic product. Total government debt mustn't exceed 60 percent. Goldman Goes Rogue – Special European Audit To Follow « The Base.

At 9:30pm on Sunday, September 21, 2008, Goldman Sachs was saved from imminent collapse by the announcement that the Federal Reserve would allow it to become a bank holding company – implying unfettered access to borrowing from the Fed and other forms of implicit government support, all of which subsequently proved most beneficial. L’affaire d’État « Goldman Sachs » Greece Paid Goldman $300 Million To Help It Hide Its Ballooning. Les marchés financiers américains attaquent l'euro - Coulisses d.

Jour après jour, il apparaît de plus en plus clair que des banques et des fonds spéculatifs américains jouent l’éclatement de la zone euro : d’abord la Grèce avant le Portugal, l’Espagne, etc. Pas par idéologie, mais pour empocher un maximum de bénéfices, à l’image d’un Georges Soros qui, en 1992-93, a eu la peau de la lire italienne et de la livre britannique et a failli avoir celle du franc français… Devenu immensément riche, le banquier américain prêche désormais la moralisation du capitalisme. Le problème est qu’il ne sert plus à rien d’expliquer que la faillite de la Grèce est totalement improbable.

Les marchés sont entrés dans une zone où la rationalité n’est plus de mise. Preuve que l’on est dans l’irrationnel le plus total : l’écart de taux d’intérêt (« spread »)entre la Grèce et l’Allemagne, la signature la plus sûre de l’Union, sur les emprunts à deux ans, a atteint 550 points de base, et 370 sur les emprunts à dix ans, du jamais vu ! Que se passe-t-il réellement ? Goldman Sachs contre, tout contre, la Grèce - Coulisses de Bruxe. Le 6 février, sur ce blog (c’est ici), je vous annonçais que la Grèce était victime d’attaques. Grèce : le bal des hypocrites. Stripping away the disguise of derivatives. More on Wall Street’s Euro Deals - DealBook Blog.

The Greek double whammy: Lehman-ization + Shock Doctrine. Why Greece Sovereign Debt matters to Australia. Europe's Web of Debt - Graphic. How Europe's governments have enronized their debts /Euromoney m. Finance: Salvaging Salomon Brothers. When billionaire financier Warren Buffett announced he was assuming the chairmanship of Salomon Brothers on an interim basis last week, he stepped into a morass that threatened to grow worse for the 81-year-old Wall Street firm before it got better.

In fact, Buffett's salvage job began even before he was able to warm his new seat. The Treasury Department, in an attempt to restore confidence in the market, barred Salomon from bidding at further auctions. EU Seeks Greek Swaps Disclosure After Ministry Probe (Update2) -