Tag: pensions

More on Greek Tax Anticipation Note IOUs

More on Greek Tax Anticipation Note IOUs

The rumour making the rounds today is that these two paragraphs in a recent Ambrose Evans-Pritchard piece in the Telegraph are what were the final straw for Syriza that cost Yanis Varoufakis his job. I don’t know whether there is any basis to these rumours. However, I do know that Syriza want Greece to remain in the eurozone and that recent decisions by the ECB make it difficult for Greece. So the questions of government IOUs have to asked.

The Greece debt bailout negotiations are really about France, not Greece

The Greece debt bailout negotiations are really about France, not Greece

The situation in Greece is not about Greece at all. It is about enforcing an economic framework onto all Eurozone countries. And because the policy goal is primarily about enforcing this economic framework everywhere in the eurozone, there is less policy space available for compromise. It is this fact that makes the Greece government debt bailout negotiations so difficult.

QE: Euthanasia of the economy?

QE: Euthanasia of the economy?

Over the past couple of years it has gradually become the consensus view that QE has failed because it hasn’t created the economic growth that everyone was hoping for. I find that view overly simplistic and naïve in equal measures. QE – or broadly similar monetary policy initiatives – has saved the world from a nasty and potentially very damaging financial meltdown not once, but twice – following the Lehman bankruptcy in the autumn of 2008 and during the depths of the Eurozone crisis in the second half of 2011.