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Posts Tagged ‘Euro’

“This is a question of whether we remain in the euro zone. This is very clear. It’s clear to everyone” – Papandreou

In Belgian, Capital Shortfall, Cataclysm, Culture, default, Economic Institutions, Environment, European Union, Financing Reconstruction, FX, Global Economics, latin america, macroeconomic factors, MF Global, Multibillion, Nuclear, philanthropy, price volatility in energy, Regulatory demands, selective default, spillover effect, Turbulent Markets on November 3, 2011 at 3:44 am

Ok, here is the itinerary: The ECB is meeting on November 3rd. The G20 is meeting on November 3-4, The Papandreou is attending on the 2nd day. A Eurogroup meeting will follow on November 7th, followed by an EU Ecofin meeting on November 8.
The Troika was meant to disburse the sixth tranche of the first program in the first or second week of November, as Papandreou returns from G20 weaker we may not see this funding pass.

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Effort = f(volume, distance, friction)… The Fiscal Crisis in Greece.

In Uncategorized on January 22, 2010 at 8:51 pm

The fiscal crisis in Greece is deepening, today she stands at a budget deficit of almost 13% of GDP.

I fear that the longer Athens waits to adopt a credible solution to deal with the country’s economic  troubles the worse it will get. The cost of Greek debt has already been blamed for the currency decline of the Euro since its $1.51 high in November 2009, today it is barely over $1.40.  

To explain the title, I refer to the story of “Sisyphus,” a character of Greek mythology who because of his misdeeds was sentenced by the gods to roll a huge stone up a hill for eternity.  This act was futile as Sisyphus would work hard to see it roll back. Lets hope Greece is not condemned to a similar fate.

Yesterday, Finance Minister George Papaconstantinou stressed that the country was capable of dealing with the crisis.

“We’re not expecting anyone to come to our aid,” he said during a conference in Athens. “Greece has neither asked for, nor is it expecting, anything of the sort.”

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