Unpayable Debts and an Existential EU Financial Crisis – Are Eurozone Central Banks Still Solvent?

Vast liabilities are being switched quietly from private banks and investment funds onto the shoulders of taxpayers across southern Europe. It is a variant of the tragic episode in Greece, but this time on a far larger scale, and with systemic global implications.… Read More Unpayable Debts and an Existential EU Financial Crisis – Are Eurozone Central Banks Still Solvent?

Forgotten History: How Goldman Sachs Helped Greece Destroy Itself

As Greece and the eurozone prepare for the worst (again), Goldman Sachs’ role in the country’s downfall has been largely forgotten, as is the much ignored fact that ECB President Mario Draghi was Vice Chairman and Managing Director at Goldman Sachs International between 2002 and 2005, the period immediately after the infamous swap arrangements were executed for the Greek government. .… Read More Forgotten History: How Goldman Sachs Helped Greece Destroy Itself

What Would it Cost a Country to Leave the Euro? That’s What Everyone Suddenly Wants to Know

Le Pen is campaigning on taking France out of the euro (after holding a referendum) and re-denominating the entire €2.4 trillion pile of French government debt into new franc. Then the government can just print the money it wants to spend… Read More What Would it Cost a Country to Leave the Euro? That’s What Everyone Suddenly Wants to Know

Grexit 4.0? Varoufakis Urges Tsipras: Ditch Negotiations, Adopt “Parallel System”

“In reality there was never a basis for hope that the toxic third bailout would be gradually rationalized, in terms that the European Commission would support Athens so that the austerity and anti-social IMF measures would relax, the IMF would force Berlin to accept debt restructuring and lower primary surpluses, and the ECB would include Greece in the bond purchase program (QE),” Varoufakis wrote… Read More Grexit 4.0? Varoufakis Urges Tsipras: Ditch Negotiations, Adopt “Parallel System”