Greek Crisis: Why Greece’s Lenders Need to Suffer

Originally posted on Sustainable Development, Economy & Democracy:

These first excerpts from an article by Adam Davidson published in The New York Times Magazine on 28 July 2015 deserves the closest attention of anyone who wishes to have a balanced understanding of the events shaping what we call here the “Greek crisis”.

Bond traders goldman SachsThere is definitive proof, for anyone willing to look, that Greece is not solely or even primarily responsible for its own financial crisis. The proof is not especially exciting: It is a single bond, with the identification code GR0133004177. But a consideration of this bond should end, permanently, any discussion of Greece’s crisis as a moral failing on the part of the Greeks.

GR0133004177 is the technical name for a bond the Greek government sold on Nov. 10, 2009, in a public auction. Every business day, governments and companies hold auctions like this; it is how they borrow money. Bond auctions, though, are not at all…

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Greek Crisis:”Greece must sign a deal now”

Originally posted on Sustainable Development, Economy & Democracy:

Greece line in front of bank 28jun15

In the following op-ed, thirteen prominent economists of Greek origin from around the world call on Greece to sign a credible agreement with the Europeans immediately.

Source: http://www.cnbc.com/2015/06/29/greece-must-sign-a-credible-agreement-with-the-europeans-now-commentary.html 

What would be crucial elements of a good agreement?

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Greek Crisis: Selected international media coverage

Originally posted on Sustainable Development, Economy & Democracy:

greek crisis eading newspapersThe following listing provides links to selected references from international  sources of high quality and with quite different points of view. Access to these sources are, as might be expected, quite uneven.  About half of them require that you pay or subscribe to access full text of particles.  But over these last weeks we have done fairly well with these addresses, offering as they do some quite different perspectives on these unfolding events.

* The Guardian on Greece – http://www.theguardian.com/world/greece

* Der Spiegel on Greece – http://goo.gl/PgxiPs

* Le Monde on Grèce – http://www.lemonde.fr/crise-grecque/

* Financial Times on Greece – https://goo.gl/2lGPNu

* Krugman on Greece –  http://krugman.blogs.nytimes.com/?s=Greece

* The Economist on Greece –  http://goo.gl/LjGsf7

Other SDED coverage here: 

*  SDED on the Greek Crisishere.

*  SDED Facebook Coverage:  – here.

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Greek government-debt crisis timeline *

Originally posted on Sustainable Development, Economy & Democracy:

wikipedia logoEssential reading from Wikipedia on this subject:

This article contains the timeline of events for the Greek government-debt crisis which began in 2009 and is ongoing. During this period many changes have occurred in Greece. The income of many Greeks has declined, levels of unemployment have increased, elections and resignations of politicians have altered the country’s political landscape radically, the Greek parliament has passed many austerity bills, and protests have become common sights throughout the country. A brief summary follows highlighting some key events since the Greek elections of October 2009.

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Greek Crisis: Jean Tirole on Europe’s Future Is Federal

Originally posted on Sustainable Development, Economy & Democracy:

8 July 2015. – http://www.socialeurope.eu/2015/07/europes-future-federal/

jean tirole  FranceNumerous Europeans view Europe as a one-way street: they appreciate its advantages but are little inclined to accept common rules. An increasing number throughout the Union are handing their vote to populist parties – Front National, Syriza, Podemos – that surf on this Eurosceptic wave and rise up against “foreign”- imported constraints.

Embroiled with the Greek crisis, European policymakers will soon have to step back and reflect on the broader issue of the Eurozone’s future. Before envisaging an exit or, on the contrary, more sustained integration, it’s right to reflect upon the consequences of each option.

Oversimplifying, there are three strategies for the Eurozone: (a) a minimalist approach that would see a return to national currencies, while keeping Europe perhaps as a free trade area and retaining a few institutions that have made a real difference such…

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Greek Crisis: Killing the European Project

Originally posted on Sustainable Development, Economy & Democracy:

Killing the European Project

By Paul Krugman. New York Times. JULY 12, 2015

Paul Krugman speakingSuppose you consider Tsipras an incompetent twerp. Suppose you dearly want to see Syriza out of power. Suppose, even, that you welcome the prospect of pushing those annoying Greeks out of the euro.

Even if all of that is true, this Eurogroup list of demands is madness. The trending hashtag ThisIsACoup is exactly right. This goes beyond harsh into pure vindictiveness, complete destruction of national sovereignty, and no hope of relief. It is, presumably, meant to be an offer Greece can’t accept; but even so, it’s a grotesque betrayal of everything the European project was supposed to stand for.

Can anything pull Europe back from the brink?

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