Tag Archives: Euro

Crack-up: Greece On The Verge of Default.

In the Business Insider, we read: Greece is preparing to take the dramatic step of declaring a debt default unless it can reach a deal with its international creditors by the end of April, according to people briefed on the radical leftist government’s thinking. The government, which is rapidly running out of funds to pay […]

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What Happens if Greece Leaves the Euro…

In an Associated Press report, we read: PARIS (AP) — France’s president has raised the possibility of Greece leaving the shared euro currency, but says that’s a decision for “Greece alone” to make. Some in Europe have expressed concern that if the left-wing Syriza party wins this month’s general election in Greece, the new government […]

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Europe, Breaking Keynesian Rules: Deflation But No Recession?

On the Wall Street Journal, we read: The European Central Bank has the option of engaging in large-scale asset purchases, known as quantitative easing, but such a policy is not needed at present after the bank unveiled extraordinary measures to fight too-low inflation last week, a top ECB official said Friday. “It’s in the toolbox. […]

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Kiev is Burning: 13 Dead in Ukrainian Protests.

Anti-Government protests in the Ukrainian capital of Kiev have left 13 confirmed dead thus far, 6 of them being police officers. The current riots, as part of the weeks-long ongoing protests, have seen thousands of protestors and rioters pitted against government security forces in a battle for control of the city center. This the worst […]

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Greek Labor Ministry Contemplates Seizing Private Assets

Greece is in deep trouble. They are in the midst of their worst depression in history. Unfortunately for the Greeks, it could get a lot worse. The greek Labor and Social Insurance Ministry is contemplating “drastic measures”  in order to bring some sense of solvency to the troubled nation’s government-run Social Security system, which includes […]

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Lost Generation: Greece Youth Unemployment hits 65%.

According to the most recent labor force survey released by the Greek government, nearly 65% of all Greeks aged 15-24 years old are unemployed. This is an increase over last April’s report of 54%. I am unsure, but this may be an all-time youth unemployment record for a “developed” nation. I have discussed this before: […]

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Bank of Cyprus Depositors to Lose 47% of Account Holdings.

The government of the tiny and troubled island nation of Cyprus has announced that depositors with accounts holding over 100,000 euros will face a staggering loss of 47% of their assets. As CBC reports: “Losses at Bank of Cyprus were initially estimated at 37.5 per cent. Another 22.5 per cent of the deposits remained tied […]

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Battle For the Soul of Europe: Seed Silliness.

  The European Commission, a law-making body of the European Union, has proposed a new law which would make illegal the “growth, reproduction, or trade” of any vegetable seeds not “tested, approved, and accepted” by the newly created EU Plant Variety Agency. The proposed law is titled the Plant Reproductive Material Law, and if passed, […]

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The Soap Opera of Spanish Debt.

Oh dear. This is one of the more distressing charts I’ve seen in a while. This chart depicts Spain’s debt-to-GDP ratio. Spain has reached levels of debt-to-GDP not seen in over 100 years. The last time things were this bad was in the late 1800s. They had just lost the Spanish-American War, and were suffering […]

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“The Whole Thing Is Doomed”, Says Eurobank CEO.

Yikes. Lars Christensen, CEO of Denmark’s Saxo Bank, gave this candid appraisal of his opinion on the financial crisis facing the European Union in an interview with Bloomberg: “The whole thing is doomed,” Christensen said yesterday in an interview at the bank’s Dubai office. “Right now we’re in one of those fake solutions where people […]

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