Things got pretty intense.
While we all watch with shock as Greece goes into an economic death spiral, much bigger waters are stirring with long term consequences for all of us.
Although the eurozone is better equipped than it was in the past, it is still a highly imperfect monetary union. In fact, if Greece exits, new vulnerabilities will emerge, and there is no certainty other weak southern periphery economies will actually be protected. This may add to the many reasons for the two parties to reach an agreement this week, allowing Greece to remain in the eurozone. The alternative could be the beginning of the end of the euro.
DUBLIN -- The decisive nature of the No vote should persuade European leaders to set aside their hopes of forcing regime change and to focus their minds on the practical implications of a Grexit. They need to acknowledge something that is widely accepted: that Greece cannot pay back all of the money loaned by Europe. Pushing Greece towards a euro exit is probably the strategy that will ultimately minimize the return of money to the creditors.
Why Congress Holding the IMF Accountable for Failed Policies in Greece Could Actually Make a Difference
Unlike many letters from Congress that are ignored by the executive branch, this one might be taken more seriously by the IMF and the U.S. Treasury department -- which is the IMF's most powerful overseer. One reason is that the IMF has been trying for five years to enact reforms in its governance structure that are very important to the Fund and Treasury -- reforms that can't be enacted unless they are approved by Congress.
A little over twenty-five years ago I made my first trek to Greece and Cyprus. One of the things I recall younger Greeks criticizing their elders for was their lacking of belief in the newly introduced 'every-man's' banking system.
European leaders are finally beginning to reveal the true nature of the ongoing debt dispute, and the answer is not pleasant: it is about power and democracy much more than money and economics.
Tsipras made the address hours after the European Central Bank stated it would not increase the levels of emergency credit
By George Georgiopoulos and Lefteris Papadimas Though that was below the level of over 1 billion euros seen on some days
When banks are in distress, it is important to assess how easily the bank's capital cushion can absorb potential losses from troubled assets. To do this, I performed an analysis using Texas Ratios for Greece's four largest banks.