Monthly Archives: December 2011

Closing 2011 with a minority view

The clear majority view seems to have become that the involvement of private banks in the debt crisis has been the greatest mistake so far. Furthermore, that the refusal so far to issue Eurobonds is the major reason why the … Continue reading

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Bond financing versus loan financing

Very little discussion has taken place so far on the difference between bank loans and bonds as instruments for raising public financing. In times of difficulties, it makes a huge difference whether a borrower’s debt takes the form of loans … Continue reading

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A devastating verdict!

Below is a letter which the Ekathimerini published recently. It devastates all those who have taken advantage of the Euro-party of the last 10 years and concludes with the sentence: “But I do feel sorry for Greeks at the bottom … Continue reading

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The race to lend Greece

Prof. Yanis Varoufakis published in his blog my recent tale about how Greece might have built up so much foreign debt. There were many comments to it and below is my response to them. After reviewing the comments to my … Continue reading

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The bazooka revisited

This interesting article by Avery Goodman makes the recent ECB-bazooka (LTRO) look like it were the best thing since sliced bread. I had taken quite a different view in my recent posting but I had concluded that posting by saying … Continue reading

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Zum Thema "Leistungsbilanzen"

Die Zeiten des mehr oder weniger uneingeschr√§nkten freien Welthandels n√§hern sich einer gewissen Zeitenwende. Die Weltfinanz tut sich zunehmend schwer, die strukturellen Ungleichgewichte in den Handels- und Leistungsbilanzen zu finanzieren. Im Welthandel haben sich “have’s” und “have-not’s” herauskristallisiert. China und … Continue reading

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Fall-out from the crisis of Greece (and the Southern Periphery)

A very dangerous process is under way: with the European debt problem assuming ever increasing dimensions, a mindset seems to gain foothold that all the problems are in the “sick” South and all the answers have to come from the … Continue reading

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