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  • 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
  • Greek crisis talks head into day two  [View news story]
    Um.... scaring off the what? Perplexing comment.... But yes, Euro debt should be interesting....
    Jul 12, 2015. 09:33 AM | Likes Like |Link to Comment
  • Iran nuclear talks drag on  [View news story]
    I don't know that we can call them last minute when they've been extended over and over...

    The failure to reach a deal reminds of the failure of Europe to reach a deal with Greece, but in this case Iran is a sovereign state that has been outside the fold of the Western economy for years.

    Negotiators should try and get a grasp on the fact that access to Western money in exchange for a loss in sovereignty isn't attractive pretty much.... anywhere.

    The policies of exclusion are creating stronger ties in the world ex-USA/Europe.
    Jul 12, 2015. 09:31 AM | 3 Likes Like |Link to Comment
  • Greek crisis talks head into day two  [View news story]
    It is quite unfortunate that Greeks so wholly dislike the notion of leaving the Euro. Tsipras felt his mandate included never risking Grexit and thus walked back his agenda in deference to Greek desire to stick with the Euro.

    A Euro exit for 5 years is very high risk. Should Greece take control of its reform agenda, and successfully grow the economy - highly likely by all accounts - the Eurozone will be dealt a severe blow to its credibility.

    Also, a clear path will have been blazed to the method by which other countries may choose Euro exit. The Euro, already revealed as not much more than a glorified currency peg, will likely appreciate to reflect that reality, and bond yields across the Eurozone should continue to diverge.
    Jul 12, 2015. 09:22 AM | 5 Likes Like |Link to Comment
  • Greek crisis talks head into day two  [View news story]
    Meh. Greece is where it is under the guidance of the creditor austerity programs.
    Jul 12, 2015. 09:11 AM | 3 Likes Like |Link to Comment
  • Greek crisis talks head into day two  [View news story]
    Things scaring off creditors are on the one hand the understanding that even under the current deal another bailout may well be needed since it's really just more austerity and doesn't imply the economy will grow - while the debt burden quite explicitly will thus worsening the debt-GDP - and this also is going hand in hand with the fact that the agreement explicitly requests acknowledgement of Greece's debt as unsustainable and likely in need of restructuring.

    On the other hand is that although Syriza accepted the majority of the creditors proposals, they did so by crossing their "red lines," so they have requested creditors do the same on several key issues. It will be very hard to get the creditor side to do - or more precisely, it will be very hard to get the *Eurogroup* to do so. The EC and the IMF seem to be on board, it is the Eurogroup which is pushing back.

    Add to that the realization that having failed to force regime change on Greece, the creditors face the prospect of implicitly acknowledging Syriza's legitimacy and allowing Syriza to move forward with running the country for the next few years.
    Jul 12, 2015. 09:07 AM | 3 Likes Like |Link to Comment
  • Partial victory for bond insurers in Puerto Rico case  [View news story]
    Fantastic comments here laterre.
    Jul 8, 2015. 07:34 PM | Likes Like |Link to Comment
  • Will Greece be in or out?  [View news story]
    Every comment of yours that I debunk, you simply change topic, and make declarative statements as if they were fact.

    You clearly have a very tenuous grasp of what is going on outside of 'Greeks are profligate spenders!'

    Let me help:

    Their pre-2012 debt is important because, contrary to virtually every restructure in history, they exited the restructure owing more than when they entered it, in solidarity with EZ countries and in order to protect the EZ financial system.

    Greece already had an untenable debt to gdp (as a result of the treatment of its debt, which you can get a better handle on here:, and agreed to undergo Troika led reform to bring its ratio down, and in order to ensure repayment to Troika creditors. The austerity agenda subsequently failed by every metric, bringing its debt-gdp ratio higher as a result of a contracting economy and rising unemployment.

    And here we are, with your phenomenal comment that "Greece borrowed the money and they borrowed the money for a reason; they were broke."
    Jul 8, 2015. 09:47 AM | 1 Like Like |Link to Comment
  • Will Greece be in or out?  [View news story]
    "My bad!! I thought this fiscal irresponsibility started 20 years ago!! Who knew this is a recent, 5 month old development!!"

    It's ok to be wrong when you can admit it.
    Jul 8, 2015. 09:26 AM | 1 Like Like |Link to Comment