Jun
26th
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26th
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Slice of MIT
Baseline Scenario
It prevailed in a bidding war for Greece’s Emporiki, a money-losing, government-owned lender. A senior Crédit Agricole executive said at the time that the deal reflected “the confidence we have in the Greek economy and the superior growth of the Greek banking sector.
Jun
24th
Thu
24th
The euro may fall as much as 28 percent if France fails to repay investors, while a default by the Spanish government would trigger a 20 percent currency devaluation, Italy a 17 percent drop and Germany a 25 percent decline, according to Citigroup.
Jun
8th
Tue
8th
The Spanish government faces what Mr Parenteau calls “the paradox of public thrift”: the less it borrows, the more it will end up owing.
May
31st
Mon
31st
What we are currently experiencing is a crisis of public finances in advanced economies. It started with Greece, and the euro, because of the specific institutional framework which prevents Greece and the other euro area countries from using the inflation tax to overcome their budgetary problems. This will force euro area countries to address their fiscal positions earlier. It’s not easy. But it will be done, because it can be done and it has to be done in any case. And, last but not least, because there are no alternatives.
May
30th
Sun
30th
In Japan and Western Europe, where the birthrate is way below the replacement rate and immigration is either severely restricted or not well assimilated into the society, the burden of the aged rises so dramatically that their social structures might collapse under the strain.
May
18th
Tue
18th
WAGES IN THE PERIPHERY NEED TO FALL 20-30 PERCENT RELATIVE TO GERMANY.
May
6th
Thu
6th
Excellent article by FT’s Martin Wolf as usual.
Greece needs a haircut.
May
5th
Wed
5th
Should the deal fail, Greece “might do a kind of dual currency in which they use their scarce euros to meet their external commitments and in the meantime use an internal IOU, rather as Californian and some of the Argentinian states did, in order to meet their internal commitments” Goodhart said. “It would be a dual currency and the internal currency would fluctuate compared to the euro.
