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Giorgio Bertini

It Became Necessary to Destroy the Periphery in Order to Save the Core's Bank... - 0 views

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    The EU is not lending money to Ireland, Greece, and Portugal to help those nations' citizens. The EU is lending those nations money because if they don't those nations and their citizens and corporations will be unable to repay their debts to banks in the core. That will make public the fact that the core banks are actually insolvent. When the Germans and French realize that their banks are insolvent the result will be "severe banking crises and a return to recession in the core of the eurozone." The core, not simply the periphery, will be in crisis. The ECB and the EU's leadership would be happy to throw the periphery under the bus, but the EU core's largest banks are chained to the periphery by their imprudent loans.
Giorgio Bertini

America's role in this Greek tragedy « Learning Political Economy - 0 views

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    Greece faces unacceptable conditions for a new bailout. If it defaults, the US had better be ready for the economic shock. The European authorities are playing a dangerous game of "chicken" with Greece right now. It is overdue for US members of Congress to exercise some oversight as to what our government's role is in this process, and how we might be preparing for a Greek debt default. Depending on how it happens, this default could have serious repercussions for the international financial system, the US economy and, indeed, the world economy.
Giorgio Bertini

Derivatives Cloud the Possible Fallout From a Greek Default « Learning Politi... - 0 views

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    In years past, when financial crises in Argentina and Russia left those countries unable to make good on their government debts, they simply defaulted. But this time around, swaps and other sorts of contracts have become so common and so intertwined in the financial markets that there are fears among regulators and financial players about how a Greek default would play out among derivatives holders.

    No one seems to be sure, in large part because the world of derivatives is so murky. But the possibility that some company out there may have insured billions of dollars of European debt has added a new tension to the sovereign default debate.
Giorgio Bertini

As Greece Ponders Default, Lessons From Argentina « Learning Political Economy - 0 views

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    Despite the financing challenges, Argentina's economy has grown by more than 8 percent a year since 2003, and many industries have benefited from the devaluation. Argentina has resumed exporting cars to Brazil. Tourism has flourished from an influx of Brazilians and other foreigners.

    In the end, Argentina may have one more lesson to teach Greece: the danger of fatalism.

    "A lot of people were saying that Argentina would never recover, that the peso would never regain value, that this country was damned," said Mr. Kerner, the analyst. "And it didn't happen."
Giorgio Bertini

How Financial Oligarchy Replaces Democracy « Learning Political Economy - 0 views

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    European banks have hog-tied their governments, replacing Parliamentary democracy with dictatorship by the ECB, which is blocked constitutionally from creating credit for governments - until German and French banks found it in their own interest for it to do so.
thinkahol *

Report: Military coup possible in Greece - Hurriyet Daily News and Economic Review - 0 views

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    The U.S. Central Intelligence Agency warned in a report that the tough austerity measures and the dire situation could escalate and even lead to a military coup, according to a report by Germany's popular daily Bild.

Giorgio Bertini

Explaining Europe's Debt Crisis - Video - 0 views

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    As fear continues to spread over the impact of the Greek debt crisis, more people are questioning how such a small country could impact markets around the world.
Giorgio Bertini

Greece should look for alternatives before it leaps - 0 views

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    Before making a commitment to indefinite recession and slow recovery, Greece may want to consider the alternatives
Giorgio Bertini

Germany, Greece and Exiting the Eurozone - 0 views

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    Rumors of the imminent collapse of the eurozone continue to swirl despite the Europeans' best efforts to hold the currency union together. Some accounts in the financial world have even suggested that Germany's frustration with the crisis could cause Berlin to quit the eurozone - as soon as this past weekend, according to some - while at the most recent gathering of European leaders French President Nicolas Sarkozy apparently threatened to bolt the bloc if Berlin did not help Greece. Meanwhile, many in Germany - including Chancellor Angela Merkel herself at one point - have called for the creation of a mechanism by which Greece - or the eurozone's other over-indebted, uncompetitive economies - could be kicked out of the eurozone in the future should they not mend their "irresponsible" spending habits.
Giorgio Bertini

Greece - Bailout Plan Is All About 'Rescuing Banks and Rich Greeks' - 0 views

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    The 750 billion euro package the European Union passed last week to prop up the common currency has been heavily criticized in Germany. Former Bundesbank head Karl Otto Pöhl told SPIEGEL that Greece may ultimately have to opt out, and that the foundation of the euro has been fundamentally weakened.
Giorgio Bertini

Ackermann interview sparks debate on Greek rescue - 0 views

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    Greece will unlikely be able to pay off its nearly 300 billion euro debt, but the rescue package will enable it to hold out for a few more years, according to Heinemann. "In the end, there will be a restructuring of Greece's debt… but in the meantime before that happens, other countries will make such progress that the danger of a meltdown will no longer exist," he told Deutsche Welle. "This means maybe in 2012 a restructuring of Greece's debt can be undertaken without shock waves being triggered."
Giorgio Bertini

Is It Already Too Late to Save Greece? - 0 views

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    The International Monetary Fund and the European Union are coming to Greece's aid with a financial commitment worth billions. But is it already too late to rescue the cash-strapped country?
Giorgio Bertini

The Greek spirit of resistance turns its guns on the IMF - 0 views

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    Years of national denial about looming bankruptcy have turned to resentment as Greece is told how it must tackle its debt crisis
Giorgio Bertini

Risk Seen for Europe's Banks if Cuts Freeze Credit - 0 views

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    Analysts and investors have begun to focus on the risks to European banks if severe budget cuts by debt-ridden countries freeze credit markets and cause a double-dip recession.
Giorgio Bertini

Europeans Move to Head Off Spread of Crisis - 0 views

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    Leaders from the euro zone countries signed off on a support package for Greece on Friday night and pledged to take steps to stanch a spreading debt crisis before markets opened on Monday morning.
Giorgio Bertini

Chancellor Merkel fails to win opposition support for Greece bailout - 1 views

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    The German government has failed to win backing from opposition parties for its bill to participate in the Greece bailout.
Giorgio Bertini

Stability fears spread after Greek bail-out - 0 views

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    Emergency moves by the European Central Bank on Monday and the €110bn ($145bn) international rescue package agreed over the weekend have failed to quell investor fears about the future of the eurozone as concerns have risen about other member countries' stability.
Giorgio Bertini

Greek rescue fears hit global stock markets - 0 views

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    Concerns €110bn bailout will not be enough. NYSE 200 points lower; FTSE 100 down 2.5%. Spain's stock market falls 5%; Germany 2%.
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