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EU debt crisis

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Grexodus: The Death Spiral

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Greece seems to have finally entered the death spiral. After a final session on Saturday – they cannot be called negotiations – Alexis Tsipras’ government refused to accept the Trouka’s diktat. With that, Mr. Tsipras has done two things: 1. Declared a plebiscite to have the Greek people decide whether they will accept the terms […]

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Grexodus: Worse By The Hour

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It looks like endgame has arrived for the EU-Greek negotiations. Alex Tsipras and Co. had avoided defaulting last week on a large IMF payment they didn’t have the money to make by utilizing a perfectly legal, but rarely used protocol that allows debtors to roll-up multiple payments in the same month into one large payment […]

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Grexodus: A Complex Morality Tale

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  The dance between Greece and her creditors has been extended for a few more weeks. The IMF has already confirmed that the Fund’s rules allowing debtor countries to regroup “multiple principal payments falling due in a calendar month.” Those rules were last invoked in the 1970’s by Zambia. Thus the June 5th payment has been delayed until […]

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Europe, Grexit and Terminus

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Time and money run short for Greece. The submission of a new reform package to the Eurogroup has not made much impression; no one has bothered to schedule an earlier meeting than the one already planned for 11 May. Mr. Tsipras has had to work hard to put together even this modest list, with a […]

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Why the Fitch Warning on Catalonia is Totally Wrong

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A full copy of Fitch’s release is included at the end of this post, in the Sources and Notes section. On the 29th of September Fitch Ratings issued a negative warning[1] on bonds pertaining to the Autonomous Community of Catalonia and the Institut Catalá de Finance. This was the same day that the Spanish government […]

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

John Adams

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