English Essays

ENDGAME: Europe’s time is up

“If you gaze long into an abyss, the abyss will gaze back into you.” Friedrich Nietzsche’s infamous dictum has never had more purchase than in the current phase of the  eurozone crisis. European leaders have been gazing for more than a year into the abyss of our continent’s triple crisis (banking crisis, debt crisis and […]

English Essays

Ring-fenced Greece: The evolution of a false promise first to an incredible threat and, then, to a dangerous delusion

It all started with a false promise: The Greek ‘bailout’ (i.e. a combination of a gargantuan, expensive loan and severe austerity) would contain the Greek debt mountain and would, in association with the establishment of the EFSF a few days later, ring-fence Greece thus preventing the crisis from spreading to Ireland and the Iberian peninsula.

English Essays

On the Political Economics of Dominic Strauss Kahn's Political Death

This post is about the economic and political significance of Dominic Strauss Kahn’s (DSK hereafter) arrest. It will say nothing about the merits or otherwise of the charges against Dominic Strauss Kahn, the IMF’s Managing Director. All cases of alleged sexual assault brought against high profile men place two equally important  (yet often counter-opposed) demands […]

English Essays

Still optimistic…

Last Friday, after Der Spiegel published a story that “Athens is considering withdrawing from the euro zone” I posted an article in which I chose to be optimistic; to see a gleaming silver lining in the fact that an otherwise upright German publication, with known connections to the German political system, published an inaccurate account that, […]

English Essays

We are all Greek now!

The Friday comico-tragic meeting (that was thrice denied before it was confirmed) in Luxemburg was a first, tentative move to an eye-glaring reality: We are all in it together folks. Whether we like or not (and many certainly do not), we sink or float in unison. Presently, we are sinking. That was the main, helpful, […]

English Essays

On the true agenda behind Der Spiegel's story that Greece is thinking of exiting the euro

The Spiegel story that “Athens is considering withdrawing from the euro zone” is not exactly false – just economical with the truth. Yes, a few weeks or months ago, the Greek government commissioned (as it ought to) several secret studies of the repercussions of various scenaria involving different forms of debt restructure, including one desperate scenario […]

English European Crisis Uncategorized

James Galbraith links that which Bernanke did not say with the European banking crisis

In a recent tv interview (click here) Jamie Galbraith was asked to list the questions that he would have put to Ben Bernanke (were he able to monopolise the Fed Chairman’s press conference). Galbraith made a large number of interesting points (frased in the form of questions), including (a) a brilliant criticism of S&R’s recent […]