Books English European Crisis Uncategorized

The Modest Proposal for Overcoming the Euro Crisis, Version 2.2

Only a few days’ worth of developments made it necessary to update, yet again, the Modest Proposal. The new text we are putting out today is  quite different from Version 2.1. So much so that we toyed with the idea of labelling it Version 3.0. But we shall keep that label in abeyance for later. […]

English European Crisis Uncategorized

Progress report on The Modest Proposal: Widespread support has come its way. Plus, the Levy Institute has adopted it as a Policy Paper

Since Version 2.1 of the Modest Proposal was published here on 24th March, the demands on our time have been extraordinary. Thus, no posts. But the good news is that the Proposal has, since then, been received with considerable approval in various, largely unexpected, quarters. The Greek Trades Union Council (GSEE) have committed themselves to […]

English European Crisis Uncategorized

Would the implementation of the Modest Proposal 2.0 require a change in the Maastricht and Lisbon Treaties? And what about Bini Smaghi's proposal to create a European agency that issues centrally all government bonds?

These are two questions posed by Jan Toporowski in a recent communication. In this post I offer brief answers:

English European Crisis Greek Crisis Politics and Economics Uncategorized

What should we do with Europe's zombie banks?

I think that regular readers  can predict my answer. It is the one that in fact any banker would, in a fit of honesty, give you: Non-performing loans must be deleted from the banks’ books. Same with derivatives that stand no chance of finding a market/buyer. These nonperforming paper assets weigh banks down and ensure […]

Books English European Crisis Uncategorized

Modest Proposal 2.0, as presented at the European Party of the Left Athens Conference, on 12th March 2011

This post is for those of you who wanted to read my presentation of the Modest Proposal  Version 2.0  at the conference on the Debt Crisis organised by the European Party of the Left, 12th March 2011,  in downtown  Athens. The text follows. (As it happened, a dearth of headphones meant that most of the […]

Books English European Crisis Uncategorized

A MODEST PROPOSAL FOR OVERCOMING THE EURO CRISIS, Version 2.0

A few months ago, Stuart Holland and I tabled our Modest Proposal for Overcoming the Euro Crisis. Then we gave it a redux for the New Year. As the Crisis is deepening, and in view of the forthcoming 25th March EU Summit which, we were promised, was meant to culminate into a Comprehensive Solution for […]

English European Crisis Greek Crisis Uncategorized

Further debate on the Modest Proposal for the Resolution of the Euro Crisis

JG, a regular contributor to this blog (see here and here) and ex City of London banker, suggested to me that Step 1 of the Modest Proposal should be rethought in the context of the experience with Brady bonds; the financial instruments US Treasury Secretary Nicholas Brady devised in order to tackle the Debt Crisis […]

Books English European Crisis Uncategorized

Two challenges to the Modest Proposal Redux

Soon after posting the 2011 version of the Modest Proposal, I received two repudiations: One from a convivial ex banker (whose views have appeared on this blog before) and one from my comrade-in-arms, George Krimpas. Their objections are important and this is why I am posting them here, along with my answers.

Books English European Crisis Uncategorized

The Modest Proposal Redux (a new version for the turbulent 2011)

As the euro crisis will enter its final stages in 2011, and the debate on how to end it will heat up, I thought it important to update the Modest Proposal, in preparation for the debates to come. Click here for a copy. The main difference from the last version concerns the first step: Rather […]

English European Crisis Uncategorized

The Modest Proposal in 600 words

I was just asked to prepare a shortened version (600 words) of the Modest Proposal for publication in the UK Government Gazette. Since some of you may be interested in a handier, punchier version, here it is:

English European Crisis Uncategorized

Echoes of the Modest Proposal begin to reverberate in Germany

An article of immense importance appeared in the Financial Times yesterday, 14th December 2010. Effectively, it signalled a split in the country’s hitherto united front on its vision of the eurozone. Its social democrat authors, Frank-Walter Steinmeier (Germany’s Foreign Minister, 2005-9) and Peer Steinbrück (Germany’s Finance Minister, 2005-9), pinned their colours on the mast of […]

English European Crisis Uncategorized

Stuart Holland on: Where Angela Merkel is right, but should learn up from the New Deal

Jean-Claude Juncker and Giulio Tremonti have broken the wall of silence on Eurobonds and are right to recommend the transfer of a major share of national debt to the Europen Union. As Yanis Varoufakis already has made plain, whether this is 40 per cent or 60 per cent as we have recommended for such a […]

Books English European Crisis Uncategorized

The Modest Proposal and the Juncker-Tremonti Plan: A comparison

France and Germany have ensured that this week’s European Council will not debate the Juncker-Tremonti plan for addressing the current euro crisis by covering part of existing sovereign debt by issuing eurobonds. Nevertheless rumours of the plan’s death are premature overstated. France and Germany know well that something along the JT plan is unavoidable, if […]

Books English European Crisis Uncategorized

The Modest Proposal fully adopted by Europe’s Trades Union Council. And backed, in part, by Jean Claude Juncker in the FT

In the past few days, our Modest Proposal for the resolution of the euro crisis seems to have made headway on two separate, quite disparate, fronts. On Wednesday 2nd December, the European Trades Unions Council (the confederation of Europe’s trades unions) endorsed it fully and unequivocally in its Agenda Item 5c which came under the […]

English European Crisis Interviews Media Radio Uncategorized

Two radio interviews promoting the Modest Proposal for the Euro

In my bid to promote the Modest Proposal for the Euro, I have embarked on a number of interviews. Here are links to two such, rather long, very recent interviews. The first one with Doug Henwood, Radio KPFA Berkeley, and the second one with Karen Coleman of Irish Radio Station Newstalk: 20th November 2010, Doug […]