Hollande and Merkel Meet as Greek Woes Continue

By: Wednesday May 16, 2012 7:45 am

German Chancellor Angela Merkel and French President Francois Hollande met yesterday in Berlin, in what was kind of an awkward summit. But they did appear united on one point: that Greece must keep their promises and stay in the Eurozone. Both spelt out their concern that Greece should remain a full member of the common [...]

Revealed Preferences: Evidence Points to Banks Owning the Place

By: Thursday April 19, 2012 8:15 am

Steve Randy Waldman had a much remarked-upon piece about how policymakers choose to have recessions and depressions, because they have been captured by an elite rentier class. It becomes much easier to understand the decisions made in government with this perspective. We are in a depression, but not because we don’t know how to remedy [...]

Public Suicide in Greece Symptomatic of Country’s Troubles

By: Wednesday April 4, 2012 12:55 pm

Talking about the “human cost” of austerity is a bit too anodyne to get across the reality of the situation. It’s not just that those subjected to budget cutbacks will have to pay a bit more in taxes or do with a bit less in revenue. It’s that the total effect of austerity causes suffering. [...]

Greek Debt Swap Gets Majority Participation from Bondholders

By: Thursday March 8, 2012 12:22 pm

Between 75-80% of Greek bondholders have agreed to the debt restructuring plan that will facilitate the second bailout and cut bond payments by up to 70%. The Greek government is expected to announce the results of the two-week campaign to win over private investors on Friday morning, but senior Greek officials and bankers briefed on [...]

Some Eurozone Finance Ministers Call for Greek Exit From Monetary Union – Good Idea!

By: Wednesday February 15, 2012 7:34 am

New statistics out of Greece show that austerity shrunk the economy more than expected last year. GDP in Greece fell 6.8% in 2011, and a slightly faster 7% in the fourth quarter. The country is in a fifth straight year of recession, and the numbers are rapidly approaching a full-on depression. So of course, the [...]

Greek Austerity Measures Sure to Impoverish Country for Many Years

By: Monday February 13, 2012 9:35 am

As I mentioned on Sunday, the Greek Parliament agreed to a bailout deal that exchanges funds from Europe for new austerity measures that will sink the economy even further. Via David Atkins, Talos has some of the specifics of what this will entail for the Greek people: Greece is already a “labor wasteland” where jobs [...]

Greece Nears Deal on Bailout, Will Accept More Crushing Austerity

By: Wednesday February 8, 2012 7:35 am

The Greek leadership closed in on a bailout deal yesterday that would add more austerity to the economically ravaged country. The negotiation consisted of the technocrat Prime Minister Lucas Papademos forcing the parties in his unity government to accept the terms. After a drama-filled few days as discussions were repeatedly delayed, (Papademos) had to persuade [...]

Britain Faring Worse in Great Recession Than They Did During Great Depression

By: Thursday January 26, 2012 11:00 am

This chart above is making the rounds today. As Brad DeLong explains, it shows recessions and recoveries in Britain over the past century, and you can see that the current recession, from 2008 to the present, is currently worse than at this point during the Great Depression. The British economy was on the rebound about [...]

Yes, Greek Austerity Kills the Greek Economy

By: Wednesday January 11, 2012 6:17 am

Maybe we need a “Ya Think?” of the day, going to the article that shows the best grasp of the obvious. If so, the article with the headline In Greece, fears that austerity is killing the economy would win: Deeply indebted and nearly bankrupt, this Mediterranean nation was forced to adopt tough austerity measures to [...]

Europe’s Painful Suffering – Austerity is the Cause

By: Monday January 9, 2012 7:53 am

We’ve talked about how austerity simply doesn’t work in the midst of a recession. It certainly doesn’t help bring back the economy, and it can make deficits larger, because revenues collapse when austerity creates a deeper recession or depression. So when you see editorials like this, claiming that the “least bad option” for Greece would [...]

The Remarkable Public Sector Depression

By: Monday January 9, 2012 6:15 am

It irks me to hear Democratic officials hail “private sector jobs numbers” or the “rebound in the private sector,” as if there are somehow two economies out there, and the amount of jobs up or down in the one where governments happen to sign the paychecks somehow has no bearing on the other. When cops [...]

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