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16 posts tagged with "Eurozone Crisis"
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I
fully intended to ignore Spain this week. Really, truly I did. I had my letter
all planned, but then a few notes drew my attention, and the more I reflected
on them, the more I realized that the inflection point that I thought the ECB
had pushed down the road for at least a year with...
Last
Monday I was in Paris and was asked to do a spot on CNBC London. I arrived at
the studios an hour early due to a misunderstanding of the time zones, so while
trying to catch up on the news I listened to CNBC. I had just written about
Spain in last week's letter and guessed that was...
…
(December 11, 2009) – Greece's prime minister,
George Papandreou, told reporters in Brussels on Friday that European Central
Bank President Jean-Claude Trichet and Luxembourg Prime Minister Jean-Claude
Juncker see "no possibility" of a Greek default, Bloomberg News
reported....
"Illusions commend themselves to
us because they save us pain and allow us to enjoy pleasure instead. We must
therefore accept it without complaint when they sometimes collide with a bit of
reality against which they are dashed to pieces."
–
Sigmund Freud
Let
me...
"If
we want everything to stay as it is, everything will have to change."
– from The Leopard by Giuseppe Tomasi di
Lampedusa
"The crisis
takes a much longer time coming than you think, and then it happens much faster
than you would have thought, and that's sort of...
One
of the interesting things about being in Hong Kong is that I get to see the
weekend edition of the Financial Times
12 hours early. And the headlines were not all that pleasant. As I promised
last week, we will cast our eyes to Europe and ponder what is in store for
Europe for the...
"Whoever cannot seek the
unforeseen sees nothing for the known way is an impasse."
― Heraclitus, Fragments
Which
path will we take? If we could only grow our way out of our sovereign debt
problems. But growing debt creates even more problems if not dealt with, making
it even more...
Turning and turning in the
widening gyre
The falcon cannot hear the falconer;
Things fall apart; the centre
cannot hold;
Mere anarchy is loosed upon the world,
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
The best lack all conviction, while the worst
Are...
We
have come to the end of yet another European Summit that was supposed to be the
one to fix the problem. If you are confused as to what happened then you are
not alone. Was it something we will look back on in ten years and say, "This
was where it all started," or will it be viewed as...
It is now common to use the term
bazooka when referring the actions of
governments and central banks as they try to avert a credit crisis. And this
week we saw a coordinated effort by central banks to use their bazookas to head
off another 2008-style credit disaster. The market reacted as if the...
Angela
Merkel is leading the call for a rule change, a rewiring of the basic treaty
that binds the EU. But is it both too much and too late? The market action
suggests that time is indeed running out, and so we’ll look at the likely
consequences. Then I glance over the other way and...
Europe
is again at center stage. At conferences and meetings and in private conversations,
it is the topic of the hour. I have thought a lot this week about Europe and
its impact, so once again we delve into what is an evolving situation. This
time, we look at possible impacts on the...
Europe
remains the focus of markets, and rightly so. But the picture is not as clear
as one would like. Different analysts point to different problems – if
only this one problem could be solved, then all this would go away, they tend
to say. Sadly, it is not one problem but three that...
Where is the
peace dividend that was supposed to come after the end of the Cold War? Where
are the fruits of the amazing gains in efficiency that technology has afforded?
It has been eaten by the bureaucracy that manages our every move on this earth.
The voracious and insatiable monster here is...
Just
as only four short years ago it was All Subprime, All the Time, and then it was
the Credit Crisis, now it is Europe. (When) will Greece default and which banks
will implode as a result? Is there another banking crisis in our future? I just
came back from a whirlwind four-country...
“I am
sure the Euro will oblige us to introduce a new set of economic policy
instruments. It is politically impossible to propose that now. But some day
there will be a crisis and new instruments will be created.”
- Romano Prodi, EU Commission President,
December 2001
Prodi
and...
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