In what may be an important development the Financial Times reports that, in return for accepting much larger ‘haircuts’ (imposed losses on the value of the bonds they own) bondholders are demanding that there must be a growth strategy for Greece. In a piece headlined ‘Bondholders Demand Greek Growth Plan’ the paper quotes the Managing Director and chief […]
Posts Tagged ‘Eurozone’
UK stagnation is home grown & down to government
Oct 11th, 2011 by Michael Burke.George Osborne and other Tories as well as their supporters in the media are now promoting the idea that the stagnation of the British economy is a function of the turmoil in the Eurozone economy and financial markets. The main channel for economic weakness in the Eurozone to be expressed in British economic activity is […]
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RBS bail out: Not again. This time, nationalise
Oct 7th, 2011 by Richard Murphy.The FT warns this morning that there are widespread fears the the government will have to bail out RBS, again. RBS passed the so-called European stress test in July, but that test failed to take into account the likely failure of Greek and other debt. Now that failure is likely and the EU is demanding new stress tests then RBS […]
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There’s no avoiding doom for the Eurozone now
Oct 5th, 2011 by Michael Meacher.The 3-notch downgrade of Italy’s credit rating by Moody’s. The near-collapse of the French-Belgian bank Dexia despite the stress tests it passed only 3 months ago. The growing consensus that only a 50% haircut imposed on investors in Greek debt can save the country from insolvency. The drastic fall in share prices in the UK, […]
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If Greece goes pear-shaped, Britain may go too
Oct 4th, 2011 by David Osler.The righteous have their work done for them by others, the old Jewish proverb insists. Now that newspapers from the Daily Mail through to the Financial Times routinely run headlines describing ‘capitalism in crisis’, what purpose can possibly be served by rising at the crack of dawn to sell Socialist Worker to the early shift? […]
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Recession: the opportunity traders dream about, in their own words
Oct 2nd, 2011 by Jon Lansman.Alessio Rastani, a trader, was interviewed by the BBC about the eurozone crisis. It is rare that one of what Ed Miliband this week called “predators” is quite so honest and open about what they think and do. Asked about what would work in response to the Eurozone crisis, he said
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Greece as whipping boy for ‘Troika’ bullies
Sep 24th, 2011 by Ann Pettifor.As mayhem breaks out on stock markets; as Eurozone banks freeze up; and as the global financial system approaches a frightening ‘danger zone,’ the champions of the globalised ‘free market’ and of the Euro are in search of a scapegoat. Instead of accepting that it is the broken banking system; the de-regulated financial Eurozone, and […]
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Let them default
Sep 20th, 2011 by Ann Pettifor.I recorded this interview with Australia Broadcasting ’s daily show. This went out on 15th September.
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Argentina/Greece: De-fault lines?
Sep 16th, 2011 by Ann Pettifor.So, five of the world’s biggest central banks have decided on co-ordinated action to bail out – once again – the European private banking sector. In other words, central bankers are hoping to shore up private bankers, help them defer their losses, and prevent them being disciplined by market forces for their reckless lending to EU […]
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The euro lurches towards the abyss, does the Left have a Plan B?
Sep 14th, 2011 by Ann Pettifor.The eurogame is up. The banking crisis that started with the unpayable debts of the US sub-prime sector, and has now moved on to include the unpayable debts of sovereigns. It is increasingly clear there is declining political and institutional support for further private bank bailouts.
