Category Archives: Debt Default/Restructuring

[UPDATE – Papandreou fires military chiefs] You read it here first: A Greek Coup? Part 3 of a continuing series…


2/November, 2011. EUobserver.com – As government verges on collapse, Papandreou fires military chiefs: …in a development that has stoked fears of a potential military coup in the country, Papandreou on Tuesday also fired the entire high command of the armed … Continue reading

Posted in Civil Disobedience, Civil Rights & Liberties, Debt Default/Restructuring, ECB/IMF, Economy, EU, Euro / Sovereign Money, Geopolitics, Greece, Human Rights, Intelligence / Securocrats, War & Peace | Tagged , , | Leave a comment

Greece is the word…


News from the past seven days… MarketWatch – Greece should default, exit euro, Roubini says; ZeroHedge – Germany Demands “Managed” Greek Default And 50% Bond Haircuts In Exchange For Expanding EFSF, Peripheral “Firewall”; Spiegel – ‘We Won’t Pay’ Greece’s Middle … Continue reading

Posted in Austerity / Cutbacks, Budget, Civil Disobedience, Debt Default/Restructuring, ECB/IMF, Economy, EU, Euro / Sovereign Money, eurozone, Geopolitics, Germany, Greece, Health | Tagged , , | Leave a comment

Yanis Varoufakis in Ireland: Understanding the Euro Crisis


I am in Dublin on a series of talks, interviews and discussions through which I hope (a) to spread the word for the Modest Proposal and (b) to learn from this amazing small country’s experiences. Today’s (personal) highlight was meeting … Continue reading

Posted in Austerity / Cutbacks, Bankers' Bailout, Budget, Debt Default/Restructuring, ECB/IMF, Economy, EU, Euro / Sovereign Money, Eurobonds, Geopolitics, Greece, ireland, Solutions | Tagged , , | Leave a comment

On Vincent Browne: Marshall Auerback – Will Greece Default? Should Ireland Leave the Euro?


http://www.tv3.ie/videos.php?video=40371&locID=1.65.169 Tonight with Vincent Browne Thu 22 Sept: 11.05pm Vincent and his panel of guests debate whether Ireland should abandon the Euro.

Posted in Audio/Video, Debt Default/Restructuring, Economy, EU, Euro / Sovereign Money, Greece, ireland | Tagged , , | Leave a comment

The math of “real mortgage rates” – Schwab.com


From Liz Ann Sonders @ Schwab.com: The math of “real mortgage rates” Back at the peak of the housing bubble in 2005, the 30-year fixed mortgage rate (the nominal rate) was about 6%. To get the “real” mortgage rate, you … Continue reading

Posted in Debt Default/Restructuring, Debt Forgiveness / Personal Bankruptcy, Economy, Housing Bubble | Tagged , , , , , | Leave a comment

Desmond Greaves Summer School: “Economist sees Irish echoes of US crisis” – Irish Times


From The Irish Times – Economist sees Irish echoes of US crisis: “The closest decade to this one as far as real growth in gross domestic product was the 1930s. There was 1.3 per cent growth per year then, and … Continue reading

Posted in Action Stations, Austerity / Cutbacks, Bankers' Bailout, Breaking News, Budget, Civil Rights & Liberties, Debt Default/Restructuring, ECB/IMF, Economy, ESM / European Stability Mechanism, EU, Euro / Sovereign Money, Geopolitics, History, Housing Bubble, Ideology, Independence/Nationalism, ireland, Solutions, Taxation | Tagged , , , , , , , , | Leave a comment

The ECB edges towards being a “bad bank” (People’s Movement)


The European Central Bank announced last week that it had purchased €22 billion in government bonds, with the majority thought to be from Italy and Spain, bringing the total amount spent under the ECB’s bond-buying programme to €96 billion. The … Continue reading

Posted in Bankers' Bailout, Debt Default/Restructuring, ECB/IMF, Economy, EU, Geopolitics | Tagged , | Leave a comment

Auf Wiedersehen… Yet? Is Germany Preparing to Exit the Euro?


New Economic Perspectives / Marshall Auerback – A Tale of Three Germanys: Is Germany Preparing to Exit the Euro?: The Germans were willing to go into a currency union because by construction that agreement removed the weapon exchange rate depreciation … Continue reading

Posted in Austerity / Cutbacks, Bankers' Bailout, Budget, Civil Disobedience, Debt Default/Restructuring, ECB/IMF, Economy, EU, Euro / Sovereign Money, France, Geopolitics, Germany, Greece, Independence/Nationalism, ireland, Solutions | Tagged , , , | Leave a comment

CNBC: “Europe’s Debt Crisis Won’t End Until Greece Defaults”


From CNBC – Europe’s Debt Crisis Won’t End Until Greece Defaults: Allowing deeply indebted European countries the chance to restructure their obligations seems to be the most direct approach to resolving the problem, yet has been met with resistance that … Continue reading

Posted in Debt Default/Restructuring, EFSF / European Financial Stability Fund, EU, France, Greece, Italy, Spain | Tagged , , , , | Leave a comment

San Francisco Chronicle / Bloomberg: “Greece, Ireland, Portugal Should Default on Debt, Hedgefund Says


From the San Francisco Chronicle / Bloomberg – Greece, Ireland, Portugal Should Default on Debt, Pimco Says: Aug. 17 (Bloomberg) — European politicians should let Greece, Ireland and Portugal default while taking steps to ensure Italy and Spain won’t, according … Continue reading

Posted in Bankers' Bailout, Debt Default/Restructuring, ECB/IMF, Economy, Geopolitics, Greece, ireland | Tagged , , , , , , , | Leave a comment

And as for your tiny dreams, my child….


Posted in Accountability, Austerity / Cutbacks, Debt Default/Restructuring, ECB/IMF, Economy, EU, Humour, Ideology, ireland, Youth | Tagged | Leave a comment

Debtocracy


For those who missed the screening of this important documentary by the Progressive Film Club last Saturday: People’s Movement · 25 Shanowen Crescent · Dublin 9 · http://www.people.ie · 087 2308330 · post (at) people (dot) ie   Progressive Film … Continue reading

Posted in Audio/Video, Bankers' Bailout, Budget, Culture & Entertainment, Debt Default/Restructuring, ECB/IMF, Economy, EU, Geopolitics, Housing Bubble, Ideology, ireland | Tagged , | Leave a comment

Euro crisis: “The euro area crisis has reached end game…” (Slugger O’Toole)


From Slugger O’Toole – Euro crisis: “The euro area crisis has reached end game…” The Italian finance minister, Giulio Tremonti, has held crisis talks with  Jean-Claude Juncker, chair of the Eurogroup of finance ministers.  The Spanish Prime Minister,  Jose Luis … Continue reading

Posted in Bankers' Bailout, Debt Default/Restructuring, ECB/IMF, Economy, EU, Euro / Sovereign Money, Geopolitics | Tagged , , | Leave a comment

“In Italy we are seeing not just a run on a bank; this is a run on a country.” – David McWilliams


From David McWilliams – What happens if Germany says enough?: On the main road out of Milan to Lugano in Switzerland, the Italian police, under instruction from the Guardia di Finanza, were stopping everyone. They were searching all cars, trucks … Continue reading

Posted in Bank Run, Breaking News, Civil Disobedience, Debt Default/Restructuring, ECB/IMF, Economy, EFSF / European Financial Stability Fund, ESM / European Stability Mechanism, EU, Euro / Sovereign Money, Italy | Tagged , , , | Leave a comment

The ECB Job (2)


Telegraph – Financial crisis; Italy could tip euro into abyss: The relentless plunge of financial markets will lurch into a more dangerous phase that could take the global economy over the brink of disaster, unless the European Central Bank starts … Continue reading

Posted in Bankers' Bailout, Debt Default/Restructuring, ECB/IMF, Economy, EFSF / European Financial Stability Fund, ESM / European Stability Mechanism, EU, Euro / Sovereign Money, Geopolitics, Greece, ireland, Italy | Tagged , , , , , , , , , , , | Leave a comment

“Ireland needs to leave” Eurozone – Prof. Kinsella, Smurfit Graduate School of Business


From Irish Central – Leading economist urges Ireland to quit the Eurozone ASAP; Kinsella claims lack of leadership will bankrupt Europe: “The economic forecasts on which Ireland’s budgetary policies – and the bailout – have been constructed have now been … Continue reading

Posted in Bankers' Bailout, Budget, Debt Default/Restructuring, ECB/IMF, Economy, EFSF / European Financial Stability Fund, ESM / European Stability Mechanism, EU, Euro / Sovereign Money, eurozone, Geopolitics, Independence/Nationalism, ireland, Solutions | Tagged , , , , , | Leave a comment

“It’s as if Finance has become the new mode of warfare… Neofeudalism – that’s what the European Central Bank is all about” – Michael Hudson


IMF the Economic Hangman “It’s as if Finance has become the new mode of warfare” Michael on the Keiser Report, discussing the role of finance in the EU debt crisis. How does Wall St and the IMF fit into the … Continue reading

Posted in Accountability, Audio/Video, Bankers' Bailout, Budget, Civil Disobedience, Debt Default/Restructuring, ECB/IMF, Economy, EU, Euro / Sovereign Money, Geopolitics, Greece, History, Ideology, imperial, Independence/Nationalism, ireland, Superstate, War & Peace | Tagged , , , , , , , , , , , | Leave a comment

Meanwhile… “Bank of Ireland collapse confirmed” (David Malone/WhistleBlowerIRL)


Never happen. Don’t talk it down. Eh, eh, eh, Oim surproised yiz all don’t, eh, just commit suicoide, eh… From David Malone: This morning [23rd July] this from Reuters saying that “unidentified” investors have bought a €1.1 billion stake in BoI. … Continue reading

Posted in Accountability, Bankers' Bailout, Debt Default/Restructuring, ECB/IMF, EU, Euro / Sovereign Money, ireland | Tagged , , , | Leave a comment

Update: Professor Morgan Kelly @ Kilkenny Arts Festival, Hubert Butler Lecture


From Kilkenny Arts Festival, Hubert Butler Lecture @ Soundcloud.com: On a fateful night in September 2008, the former government urgently needed some good advice. “Astonishingly,” wrote Richard Tol in The Irish Times, they “knocked on David McWilliams’s door.” Many people … Continue reading

Posted in Audio/Video, Budget, Debt Default/Restructuring, ECB/IMF, Economy, EU, Euro / Sovereign Money, Housing Bubble, ireland, Solutions | Tagged , , | Leave a comment

“Italy, Spain tumbling because 1 problematic structure (EFSF) conjured to prop up another (eurozone)” – Varoufakis


From Yanis Varoufakis – Why Italy? Why Spain? And why the EFSF’s size does not matter: Italy and Spain are tumbling because one problematic structure (the European Financial Stability Fund, the EFSF) has been conjured up in order to prop … Continue reading

Posted in Bankers' Bailout, Debt Default/Restructuring, ECB/IMF, Economy, ESM / European Stability Mechanism, EU, Greece, ireland, Italy, Spain | Tagged , , , , | Leave a comment

“People will “flee the euro” unless they find a way to bifurcate the euro” – Hedgefund


From CNBC – Europe on Brink of ‘Major Financial Collapse’: Guggenheim CIO: Europe is a “train wreck” and on the “brink of a major financial crisis,” Scott Minerd, CIO of the fixed-income firm Guggenheim Partners, told CNBC Tuesday. “The way … Continue reading

Posted in Debt Default/Restructuring, ECB/IMF, Economy, ESM / European Stability Mechanism, EU, Euro / Sovereign Money, Geopolitics | Tagged , , | Leave a comment

Update: The Panic of 2011 (2)


Irish Left Review, Michael Burke / Socialist Economic Bulletin – Panic on world markets: European (including British) stations are reporting the Wall Street-led declines as a response to the continued debt crisis in Europe. But this makes no sense. An EU … Continue reading

Posted in Bank Run, Bankers' Bailout, Breaking News, Budget, Debt Default/Restructuring, ECB/IMF, Economy, EFSF / European Financial Stability Fund, ESM / European Stability Mechanism, EU, Euro / Sovereign Money, Geopolitics, Greece, ireland, Italy, Spain, War & Peace | Tagged , , , , , , , , , , | Leave a comment

“Once again Minister Noonan, allow me to confuse you with a couple of facts” (WhistleBlowerIRL)


Via Golem XIV blog aka David Malone, author of The Debt Generation – Guest Post – WhistleblowerIRL – The Show Must Go On: Michael Noonan, our Finance Minister, acknowledges regulatory failures and is proud to present the latest attempt at tooth-less legislation. The motivation? … Continue reading

Posted in Accountability, Bankers' Bailout, Budget, Debt Default/Restructuring, ECB/IMF, Economy, Elections, ESM / European Stability Mechanism, EU, Fraud, Geopolitics, Housing Bubble, ireland | Tagged , , , , , , | Leave a comment

“situation is somewhat analogous to a bank run on sovereign bonds” – Fortune; bank-run in Italy?


From Fortune Magazine website – Thanks a lot, Europe: You know it’s bad when even the banks don’t want your money. So how did this all happen? The farcical debate on the debt ceiling temporarily distracted traders from the slow-motion … Continue reading

Posted in Bank Run, Breaking News, Debt Default/Restructuring, ECB/IMF, Economy, EFSF / European Financial Stability Fund, ESM / European Stability Mechanism, EU, Euro / Sovereign Money, Geopolitics, Italy | Tagged , , , , , | Leave a comment

The ECB Job: Italy, Spain, Belgium on chopping block


RT – “Back to Feudalism”; Bailout Fallout – Italy, Spain next on Eurozone crisis ‘death list’?: In Europe, borrowing costs for Italy and Spain surged drastically, as traders rush to rid themselves of risky investments. Crisis talks beween Italy and … Continue reading

Posted in Bankers' Bailout, Breaking News, Debt Default/Restructuring, ECB/IMF, Economy, ESM / European Stability Mechanism, EU, Euro / Sovereign Money, Fraud, Gardaí / Police, Geopolitics, Italy, Spain | Tagged , , , , , , , , , , , | Leave a comment