During his speech at the European Parliament today, Prime Minister Tsipras, exposed a common argument heard very often from his national and international supporters: he accused the international creditors of the fact that their loans only served to payback (German and French) banks, rather than help the Greek people. (“The money that was given to […]
Default. Europe
Entrepreneurs
Worried about yout bank account after Cyprus? The ultimate business idea for the crisis: a mattress with a built-in safe” The ultimate business idea for the crisis: a mattress with a built-in safe A Spanish entrepreneur is selling viscoelastic mattresses with a built-in state-of-the-art safe deposit box, El Mundo reported last week. The inventor explains: […]
Contagion in Europe
Today I am presenting in Bologna my paper on Contagion in Europe: Evidence from the Sovereign Debt CDS Market, coauthored with Luca Zavalloni of Warwick University. The paper forms the basis of many of the things I have been writing on this issue (in lavoce, voxeu, linkiesta and on this blog). A summary of the […]
Two Lessons from the Greek Crisis
(da voxeu ) The new rescue plan for Greece signed in Brussels last week and accepted today by private investors combines “new money” (130 billion from the EU and the IMF) with “debt forgiveness”. Private holders of the 177 billion Greek debt issued under Greek law (out of 206 billion of private debt) will take […]