Europe needs to look at sharing more of Greece’s pain
If you want to cause major discomfort at a meeting of European policymakers, just try mentioning “OSI”, or official sector involvement. The notion that official creditors may need to accept a reduction...
View ArticleReform denial poses bigger threat to Italy than austerity
An apparently obvious conclusion from last month’s Italian elections is that citizens – ie, voters – don’t like austerity programmes. The question that voters, especially in Italy, may not yet have...
View ArticleCyprus exposes eurozone’s lack of financial stability
Over the past three years the EU has shown a remarkable facility for turning problems into crises and crises into catastrophes. Last summer it seemed that a new leaf had been turned. Mario Draghi, the...
View ArticleAmerica’s debt crisis may drag the eurozone down
US politicians are playing a game of chicken similar to the one European policy makers played during the eurozone debt crisis, bringing the single currency very close to collapse. Continue reading »
View ArticleLet us not miss the point on Chinese defaults
Whenever there is a sign of possible weakness in China’s financial armour there are voices that cry out that a crisis is brewing. The latest example is the recent default on a bond payment by...
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