08-11-2015, 10:40 PM
Professor James Galbraith from Texas University - who played a key role in the Greek plans and is now himself under fire - said Syriza's experiment over the past five months has demonstrated for all to see that it is impossible for a state on the EMU periphery to change the policy regime by force of argument alone, even if the prescriptions of debt-deflation and fiscal overkill imposed upon them have been self-evidently calamitous.
European 'alliance of national liberation fronts' emerges to avenge Greek defeat - Telegraph
Although the European Financial Stability Facility had officially declared Greece bankrupt on July 3, the eurozone’s leaders kicked the insolvency can down the road yet again. The latest agreement did halt, or at least interrupt, the eurozone’s biggest crisis to date, culminating in an unprecedented period of antipathy, opprobrium, humiliation, pestering, and blackmail within Europe. Indeed, Greece came within a hair’s breadth of leaving the eurozone.
Don’t Lend to Your Euro Friends by Hans-Werner Sinn - Project Syndicate
Europe will face many such conflicts in the future if it continues to apply the same approach to its debt problems that it used in the Greek case. The fundamental error occurred in April and May 2010, when official lenders – in the form of other eurozone member states – replaced Greece’s private creditors.
Don’t Lend to Your Euro Friends by Hans-Werner Sinn - Project Syndicate
For the last eighteen months or so, Berlin appeared to be the calm and resolute eye of a perfect storm brewing over Europe: persistent economic distress and mass youth unemployment in the southern EU states, an undeclared war between Ukraine and Russia, and conflict in North Africa and the Middle East driving record waves of refugees onto the shores of the continent. After the rancorous third Greek bailout last week—and torrents of recrimination heaped on Germany from around the world—the weather front hit the capital. It turned into what Germans call ein shitstorm.
Germany's big fat Greek angst | Brookings Institution
Rehabilitating the country's banks poses a difficult question. Should the euro zone take a stake in the lenders, first requiring bondholders and even big depositors to shoulder a loss, or should the bill for fixing the banks instead be added to Greece's debt mountain? Answering this could hold up agreement on a third bailout deal for Greece that negotiators want to conclude within weeks.
Debt conundrum to keep Greek banks in months-long freeze - Yahoo Finance
Former Greek Finance Minister Yanis Varoufakis has acknowledged his part in plans for a parallel currency system to be introduced by hacking into the Greek finance ministry's software.
Yanis Varoufakis' plan to bring back the drachma - Business Insider