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Category Archives: European financial stability fund
A tale of two bankruptcies: Washington Mutual versus Laiki Bank
According to Alan Blinder, a former vice chair of the Federal reserve and professor of Economics at Princeton and a Keynesian when Washington Mutual one of the largest banks in the U.S. with assets of $328 billion went bankrupt in … Continue reading
Eurozone allows stabilization fund to inject capital into private banks: Spain, Italy and France win partial victory
After late night negotiations it has been decided to permit the European stability fund to purchase directly the assets offered by banks in Spain and and Italian sovereign bonds and by so doing permit European funds to be injected directly … Continue reading
Supreme Court upholds Obama Care; Europe continues to debate how to rescue economy from bond market blackmail
The Supreme Court in a 5 to 4 decision with Chief Justice Roberts siding with the majority has upheld most of the Affordable Care Act by ruling its provisions constitutional under the federal powers of taxation. Four of the liberal … Continue reading
Coalition building in Greece:A coalition may require Pasok &New Democracy party factions to co-operate with the left.
The head of the the second most sucessful party , Syriza , the coalition of the Left , Alexis Tipras has now been given the task of trying to form a government around an anti austerity position, after New Democracy … Continue reading
S+P Downgrade Warning on European Sovereign Debt May throw Spanner in the Works
When it really counted in the past in the lead-up to the financial crisis S+P and other ratings agencies failed to warn about the quality or lack thereof of the asset backed financial derivatives that caused so much disaster in … Continue reading
The euro sovereign debt crisis and the irrationality of the bond markets:the need for a lender of last resort
Throughout the history of the capitalist system the markets have played a pivotal role. Of course, the Walrasian conception of markets that inevitably clear temporary gluts and misallocations through the process of tatonnement and the invisible auctioneer is obviously a … Continue reading
Trade balances, debt to GDP and unemployment rates of some European countries of interest
Trade as a percentage of the GDP and unemployment rates selected European countries, and debt to GDP ratios. X Country … Continue reading
George Papandreou has won the non confidence vote
Prime Minister George Papandreou has won the vote of non confidence in the Greek Parliament by a margin of 153 to 145 votes .Papandreou will now seek to form some sort of cross party government to broaden the base of … Continue reading
Papandreou reverses position:no referendum, confidence vote takes place this evening
Premier George Papandreou after coming under heavy pressure from European leaders and the perhaps temporary desertion of several of his Parliamentary colleagues reversed his position on holding a referendum. In exchange, he may have persuaded some of the opposition party … Continue reading
Posted in austerity, business cycles, classical economics, deficit hysteria, deficits and debt, European debt crisis, European financial stability fund, Greek sovereign debt crisis, J.M.Keynes, monetary policy, quantitative easing, treasury view, Uncategorized, unemployment
Tagged Greece and the ECB
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Greek Government seeks referendum approval of latest measures:panic among some lenders at prospect of democracy
Prime Minister Papandreou has apparently shocked some European leaders by announcing that he and his cabinet have decided to submit the latest bail-out and austerity package to a democratic referendum. In the crucible of democracy this seems wholly appropriate since … Continue reading
