Mar
6th
Sat
6th
Austerity measures induced social unrest in Greece via When Storming The Bastille Is Not An Option, The Parliament Will Do | zero hedge
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Slice of MIT
Baseline Scenario
Mar
5th
Fri
5th
A bankrupt party must use everything he has to make money and serve his creditors,” said Josef Schlarmann, a member of Chancellor Angela Merkel’s Christian Democratic Union, who heads a lobby representing 40,000 business owners and managers allied to the party. “Greece owns buildings, companies and several uninhabited islands, which can now be used to repay debt.
Italy is by far the biggest sovereign debt issuer in Europe in 2010 via Greci? Come si diceva… - Daniele Della Seta - FriendFeed
Source: Barclays Capital
Mar
3rd
Wed
3rd
The 2001 currency-swap deal arranged by Goldman trimmed Greece’s deficit by about a 10th of a percentage point of GDP for that year. By comparison, Greece failed to book €1.6 billion ($2.2 billion) of military expenses in 2001—10 times what was saved with the swap, according to Eurostat, the EU’s statistics authority.
Feb
12th
Fri
12th
That leaves just three possibilities: one of the most excruciating fiscal squeezes in modern European history – reducing the deficit from 13 per cent to 3 per cent of gross domestic product within just three years; outright default on all or part of the Greek government’s debt; or (most likely, as signalled by German officials on Wednesday) some kind of bail-out led by Berlin.
Feb
1st
Mon
1st
The shift in the investment characterization of Greece, from being primarily an interest rate exposure to a credit exposure, has happened in such a way as to allow for little orderly repositioning. Many investors are trapped and the phenomenon has been accentuated by the recent evaporation of market liquidity.
Dec
10th
Thu
10th
Guess Which EU-15 Country Last Defaulted?
Germany did, in 1948.
“They’ll probably go to the IMF, have a credible standby program and then aid from Brussels and bilateral aid from selected sovereign governments in Europe and the U.S. will be available,” Buiter said in a Bloomberg Television interview. “We could see the first all EU-15 sovereign default since Germany had it in 1948.”
Source: Almunia Says EU Ready to Assist Greece in Budget Plan (Bloomberg)
Nov
24th
Tue
24th
Hard Times For EU Grasshoppers
Ambrose Evans-Pritchard talks about Greece coming sovereign debt crisis, but could as well be talking about Italy:
Euro membership blocks every plausible way out of the crisis, other than EU beggary. This is what happens when a facile political elite signs up to a currency union for reasons of prestige or to snatch windfall gains without understanding the terms of its Faustian contract.
