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ECB Chief Jean-Claude Trichet, in explaining his view of a financial ‘global doctrine’, today cited Germany’s low unemployment rate as justification for the fiscal austerity policies pursued by the EU in regard to the so-called ‘peripheral’ countries. According to Trichet, Germany today has lower unemployment than “before Lehman”, which the central banker claimed was proof … Continue reading
Dateline: Athens Amidst reports that Greek Prime Minister George Papandreou has struck a deal with the so-called ‘troika’ – the EU, ECB and the IMF – to extend the maturities of Greek sovereign debt through 2014 and to throw more money into the ailing country against a promise of increased fiscal austerity, the currency markets today … Continue reading
Moody’s downgraded Greece’s sovereign debt rating to Caa1, with a negative outlook, from its recent low of B1. But apparently we shouldn’t worry too much. Apparently only 50% of countries rated Caa1 default, and that within 5 years. Then again, weren’t Moody’s among the rating agencies who A-rated tons of mortgage-backed securities?
I just came back from a talk given by Dr. Dani Rodrik (Rafiq Hariri Professor of International Political Economy at the JFK School of Government, Harvard) at a meeting of the Harvard Business School Club of Greece. I was left with several impressions, among which were the following: (1) Dr. Rodrik very articulately concludes from his … Continue reading
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