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ECB

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Grexodus Again In Time for Brexit

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Another spring and another Greek crisis looms. Not that it was unexpected by anyone; Common Sense certainly called it last year when the EU Imposed another round of “extend and pretend” over the objection of Greeks and even the IMF. The timing is terrible though: with Brexit looming, the British are being gratuitously treated to […]

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Grexodus: One Minute to Midnight

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The bad news: The latest meeting of Euro Finance Ministers broke up on Monday without any agreement between Greece and “the Institutions” on the release of the final tranche of 7.2 billion euros[1]. The good news: No one had expected there to be an agreement, so it really wasn’t much of a surprise (yes, this […]

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If Europe Pushes, Greece Should Jump

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If Europe Pushes, Greece Should Jump The deadline set by the Eurogroup for Greece’s capitulation…excuse me…acceptance of the existing bailout program conditions expires today. Posturing has continued throughout the week in the wake of the collapse of the previous round of talks over the weekend. Eurogroup Chairman Jeroen Djisselbloem has made clear that “it is […]

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Is Mario Draghi Catalonia’s Best Friend?

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Is Mario Draghi Catalonia’s Best Friend? An article in Bloomberg today argues that Mario Draghi’s backstop of EU member state debt is actually fomenting the Catalan Independence movement[1]. As President of the powerful European Central Bank, Mr. Draghi has promised to “do whatever it takes” to save the Euro, emphasizing: “and believe me, it will […]

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Bumbling and Stumbling in Cyprus

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 Burning Down the House On Saturday, March 16th, EU Finance Ministers and IMF representatives announced that a deal had been reached with representatives of Cypriot President Nikos Anastasiades’ government to provide assistance to that nation’s beleaguered banks[1]. That was the good news. The “Men in Black” then disclosed the details of the agreement: Cyprus would receive €10bn […]

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España…Adiós!

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The ECB Governing Council met today, and markets were expectant to see what would result. Last week, Mario Draghi promised to take “any measure” to save the euro, and promised that “it would be enough”. So investors were naturally expectant of some combination of: A promise to buy Spanish and Italian bonds directly on the primary […]

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“Our obligations to our country never cease but with our lives.“

John Adams

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