Euromoney (May 21)
As the European currency crisis continues to unfold, the spotlight shifts. “Spain’s economic political future hangs in the balance, as fears over Greece’s exit from the eurozone leave the credibility of its financial stabilization plans in tatters without urgent redress from eurozone policymakers.” And if Spain falls to contagion, there’s no telling where the downward spiral will end, though Italy would probably be the next to fall.
The Guardian (May 14)
“Europe’s ruling elite is now openly talking about whether Greece might leave the euro, breaking a two and a half year taboo. German chancellor Angela Merkel and EU president José Manuel Barroso were among those saying that if Athens could not abide by the rules, Greece would have to leave.” But of what would ensue, no one is sure. It could lead to “collapsing banks, soaring inflation, but possible salvation.”
“Europe’s ruling elite is now openly talking about whether Greece might leave the euro, breaking a two and a half year taboo. German chancellor Angela Merkel and EU president José Manuel Barroso were among those saying that if Athens could not abide by the rules, Greece would have to leave.” But of what would ensue, no one is sure. It could lead to “collapsing banks, soaring inflation, but possible salvation.”
Boston Herald (May 13)Boston Herald (May 13)
“The failure of any party to form a new government following Greek national elections means the end of the euro currency there is almost a certainty. Thus dies the illusion that a common European currency would cure all ills…. Greece faces a grim future.” For Italy, Spain, Portugal and the rest of Europe “nothing is certain.”
“The failure of any party to form a new government following Greek national elections means the end of the euro currency there is almost a certainty. Thus dies the illusion that a common European currency would cure all ills…. Greece faces a grim future.” For Italy, Spain, Portugal and the rest of Europe “nothing is certain.”
The Economist (May 12)
“Amid growing risk of a Greek exit, the euro zone has yet to face up to the task of saving the single currency itself…. The idea of a chaotic Greek departure from the euro at a time of Franco-German disunion should terrify everyone it touches…. Like some dreadful joke, the euro needs French reform, German extravagance and Italian political maturity.”
Bloomberg (May 7)
Greece’s election “raised the risk that the nation will exit the euro and prompted calls for policies to boost European economic growth.” The likelihood that Greece will quit the euro in the next 12-18 months has risen to 50%-75% according to Citigroup Inc. economists Guillaume Menuet and Juergen Michels.
Greece’s election “raised the risk that the nation will exit the euro and prompted calls for policies to boost European economic growth.” The likelihood that Greece will quit the euro in the next 12-18 months has risen to 50%-75% according to Citigroup Inc. economists Guillaume Menuet and Juergen Michels.
Tags: Ecoonomists, euro, Exit, Greece, Risk
Wall Street Journal (March 13, 2012)
Is California a Greek tragedy in the making? “The state lurches from fiscal tragedy to fiscal farce, running deficits in good times as well as bad.” Spending has soared and deficits are routine. Making the problem worse, “California’s economy, which used to outperform the rest of the country, now substantially underperforms. The unemployment rate, at 10.9%, is higher than every other state except Nevada and Rhode Island. With 12% of America’s population, California has one third of the nation’s welfare recipients.”
Tags: California, Deficit, Economy, Greece, Unemployment, Welfare
Los Angeles Times (February 26, 2012)
The Parthenon, Delphi and other heritage sites will generate revenue as sets for ads, films and other promotions. Some modern Greeks find this unsavory. Yet, 2,500 years ago similar measures were taken by Greeks confronting an earlier financial crisis. “Pericles would no doubt admire modern Greeks for using cherished relics to bootstrap themselves out of crisis. So would Thucydides, Pericles’ great fan and chronicler. Both men were modernists and pragmatists, willing to regard even a sacred shrine as a revenue stream. In tough times, they understood, a brave nation does what must be done.”
The Parthenon, Delphi and other heritage sites will generate revenue as sets for ads, films and other promotions. Some modern Greeks find this unsavory. Yet, 2,500 years ago similar measures were taken by Greeks confronting an earlier financial crisis. “Pericles would no doubt admire modern Greeks for using cherished relics to bootstrap themselves out of crisis. So would Thucydides, Pericles’ great fan and chronicler. Both men were modernists and pragmatists, willing to regard even a sacred shrine as a revenue stream. In tough times, they understood, a brave nation does what must be done.”
Tags: Delphi, Financial Crisis, Greece, Parthenon, Pericles, Revenue, Thucydides
The Economist (February 25, 2012)
Advanced economies have gone backwards by a decade as a result of the crisis.” Looking at seven indicators of economic health, The Economist concludes Greece’s economic clock was turned back 12 years, America’s by ten years, and Britain’s by eight years as a result of the 2007 financial crisis.
Tags: Financial Crisis, Greece, U.S., UK, UK Financial Crisis
Financial Times (February 23, 2012)Financial Times (February 23, 2012)
“Japan has somehow managed to creep by with its problems untouched.” Will Japan’s “happy depression” end as the Greek crisis settles down? Jim O’Neil of Goldman Sachs believes there’s reason to worry. “Japan’s outstanding debt to gross domestic product stands at a whopping 230 per cent and makes Greece’s latest 120 per cent by 2020 target seem like a picnic by comparison.”“Japan has somehow managed to creep by with its problems untouched.” Will Japan’s “happy depression” end as the Greek crisis settles down? Jim O’Neil of Goldman Sachs believes there’s reason to worry. “Japan’s outstanding debt to gross domestic product stands at a whopping 230 per cent and makes Greece’s latest 120 per cent by 2020 target seem like a picnic by comparison.”
Wall Street Journal (February 14, 2012)
“Athens has agreed to carve €3.3 billion out of this year’s budget (including €300 million out of pensions), slash the minimum wage by 22%, and eliminate 150,000 government jobs by 2015.” This will not put out the fires and rioting. The Greek crisis will continue. “The larger question is whether the rest of Europe and America will learn from Greece’s chaos before they experience the same fate.”
