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  • Tsipras returns to power in Greece [View news story]
    People consistently miss what Greeks are voting for and why. As I've said since Tsipras first came to power, what Greeks are most looking for is an end to the corruption, clientelism, and captive governments beholden to powerful vested interests of its past. That's what they are voting for with a vote for Syriza and Tsipras, and there has already been a massive upheaval in precisely those areas.

    As for the uninformed observers opining that "nothing is changing" or has changed.... well, clearly they aren't paying any attention. Greece is undergoing massive, deep structural reform to institutions and practices on a level rarely if ever seen by a country without imploding, testament to the strength of Democracy in the country.
    Sep 21, 2015. 04:59 PM | 2 Likes Like |Link to Comment
  • Tsipras calls for snap elections [View news story]
    Just so we're on the same page, both 'debt haircuts' and a 'temporary exit' are not in the rules.

    So it's pretty fascinating watching folks claim that one is somehow a more appropriate solution than the other.

    The only real solutions are full on Grexit and hard default or major debt haircuts. How Greece's credit is getting upgraded in light of that fact is beyond me.
    Aug 20, 2015. 11:44 AM | 4 Likes Like |Link to Comment
  • IMF drops bombshell on Greece [View news story]
    Germany already knew as well. Germany's plan is to get Greece to Grexit without having Germany blamed.

    When Germany proposed the bailout under which Greece is laboring, it was pretty well understood that the terms were either going to be of a nature Greece could not agree to - and yet it did - or designed to force Grexit by making the terms so harsh that Greece would simply have no way of performing on them (especially via increased austerity on the last performing segments of the economy).

    The IMF saw it coming and has been releasing report after report saying as much but the EuroGroup leads and with the IMF having some 30b on the line and rather than face the chance of losing more than that 30b it's saying "no thanks" but as the market current says "IMF staff will still participate in the bailout negotiations under way" because they don't want to lose their existing investment.

    Meanwhile Germany has managed to screw over all of Europe - as in, the countries not in the Eurozone like Great Britain - by making them contribute to that last 8b given Greece to pay the ECB and IMF....
    Jul 31, 2015. 08:52 AM | 1 Like Like |Link to Comment
  • Disability's Disabling Impact On The Labor Market [View article]
    Funny. Or pathetic?

    "The average disability payment in 2000 was $786 per month... And by 2015 it was at $1165 per month. "

    I'm happily making more than $1,165 per month, and will continue to do so, thanks!
    Jul 22, 2015. 07:39 PM | 3 Likes Like |Link to Comment
  • Glut of gas heading south to narrow region's price premium, analysts say [View news story]
    I'd love to see links to "snubs". As far as I can tell NE is expanding nat gas pipeline capacity as fast as it can, and has been for years. With nat gas still cheaper than oil, it continues to be attractive as a heat source and demand growth in the NE should continue unless oil hits the low 40s...
    Jul 22, 2015. 07:31 PM | 6 Likes Like |Link to Comment
  • Greek lawmakers prepare for next vote on bailout reforms [View news story]
    The most interesting thing here is the bail-in clause which combined with the expected continuation of capital controls over the next months/years, the increase in debt-gdp effected by increases in austerity under the new program, and Greece's likely failure to complete the new austerity program and eventual default.... will eviscerate the last of the savings from the economy.
    Jul 22, 2015. 07:40 AM | Likes Like |Link to Comment
  • Greece gets credit rating boost from S&P [View news story]
    Vat increase already reducing commercial activity which should lead to lower GDP and higher debt-GDP.
    Jul 21, 2015. 07:05 PM | Likes Like |Link to Comment
  • Slow progress as Europe ministers hand off to leaders' summit on Greece [View news story]
    Grexit probability at 80%+ now, with the astounding conditions demanded as counter offer by eurogroup.
    Jul 12, 2015. 08:17 PM | Likes Like |Link to Comment
  • Greek crisis talks head into day two [View news story]
    "Nobody is responsible for their own pitiful conduct anymore."

    I know right?

    Even in home mortgages the lender assesses debt coverage ratios. But we just can't seem to blame creditors for creating unsustainable lending profiles no matter how often and how badly they do it.
    Jul 12, 2015. 11:21 AM | 1 Like Like |Link to Comment
  • Greek crisis talks head into day two [View news story]
    Pharma energy and industrial goods are the major imports, so industrial product purchases would stop, the international pricing structure of pharma may see significant shock, and Greece will likely break ranks with the EU on sanctions to Russia/Iran who were major Greek trading partners prior to the sanctions on each of those nations.
    Jul 12, 2015. 10:51 AM | 2 Likes Like |Link to Comment
  • Iran nuclear talks drag on [View news story]
    It sure is, and yet still no deal, deadline after deadline. And I'll still put money on the table on the side of Iran not ceding sovereignty.
    Jul 12, 2015. 10:47 AM | 5 Likes Like |Link to Comment
  • Greek crisis talks head into day two [View news story]
    "The troika wants to bleed Germany and set up a precedent for bleeding Germany for France & Italy."

    Wow, that's some interesting line of thinking. If we were to follow it to its logical conclusion, Germany should exit the EZ post haste! But that doesn't seem to be on their agenda so.... yeah.

    "Tsipras and the Greeks are a little stunned that their fake promises aren't going to get them the money this time."

    Another interesting read. Syriza was precisely looking to "do something" in order to "get money" as you so eloquently phrase it: implement a ground up redesign of the tax authority, raise taxes, embark upon growth oriented policies. So again.... yeah....

    "Every passing day increases the pressure on the Greeks while Germans can lean back and wait for Greece to submit to German demands. "

    And in reality, Greeks are finding every day that they can adjust to yet more "austerity" and the drachma is looking ever more appealing with every passing day...

    So, after the rhetoric and BS, in the *real world* what's going on is Schauble is marking time to 7/20 when Greece will miss its ECB payment forcing the ECB to end ELA, closing the banks, and forcing the Grexit, while making it somehow look like the Greek government is intransigent and the Grexit was its own fault.

    Let's come back here in 8 days and see who was right.
    Jul 12, 2015. 10:34 AM | 3 Likes Like |Link to Comment
  • Greek crisis talks head into day two [View news story]
    The Finns and Slovaks are irrelevant in this context. It is Schauble who is exercising his veto.
    Jul 12, 2015. 10:07 AM | 2 Likes Like |Link to Comment
  • Greek crisis talks head into day two [View news story]
    "Will or can Greece pay back any loan that the Country receives ?"

    No, it cannot till it returns to growth.

    "On a historic basis can the Greek Government has failed to implement changes needed to balance their budget and pay back any loans. "

    After completing and following the creditor austerity programs - it would not have received any cash if it had not - the economy was still expected to need further financing while facing the prospect of a decade or more of prolonged 25%+ unemployment. The changes implemented by the governments were the ones they were required to implement in order to receive funds.
    Jul 12, 2015. 10:02 AM | 1 Like Like |Link to Comment
  • Greek crisis talks head into day two [View news story]
    Germany, Italy and France hold veto in the Eurogroup, one of the 3 members of the Troika.

    It looks highly likely Germany intends to use it.

    Also: Grexit as leading to overall "poorer" Greeks is less an issue than it appears, as Greeks will likely end up purchasing their industrial goods outside the West, and pharma will likely have to lower prices to accommodate Greece, which will impact its international pricing structure.
    Jul 12, 2015. 09:35 AM | 4 Likes Like |Link to Comment