02-11-2015, 01:58 PM
Deflationary conditions are causing interest costs to rise faster than nominal GDP in Italy, Spain, and Portugal, automatically pushing public debt ratios ever higher. Berkeley economist Barry Eichengreen warns that Grexit would be “Lehman squared”, setting off a calamitous chain reaction with worldwide consequences.
Greece's leaders stun Europe with escalating defiance - Telegraph
The art of Game Theory brinkmanship is to convince opponents that you are utterly defiant, almost insane, and willing to bring the temple crashing down on everybody’s heads. Then you smile and talk turkey. Greece’s Syriza radicals are proving good at this, at least in demonstrating, or feigning, madness. Finance minister Yanis Varoufakis – by all reports the new heart-throb for the thinking German woman – is a theorist on the subject. He wrote a book, “Game Theory: A Critical Text” in 1995. Now he is putting it into practice with great relish.
Greece's last minute offer to Brussels changes absolutely nothing - Telegraph