After five weeks of closure, the Athens Stock Exchange reopened on Monday and immediately the trend went sharply down. Investors do not believe that a recovery of the Greek economy could occur soon. Greece’s stock market reopened after five weeks to the most savage wave of selling in decades, underlining a crisis that’s crippled the … Continue reading
The Greek manufacturing industry fell at a record pace and collapsed in July amid capital controls and as uncertainty grows over the country’s future relationship with the Eurozone. A manufacturing gauge by Markit Economics, known as the Purchasing Managers’ Index (PMI), showed that Greek manufacturing plunged to an all-time low of 30.2 in July, from 46.9 in … Continue reading
“My father made him an offer he couldn’t refuse. Luca Brasi held a gun to his head and my father assured him that either his brains, or his signature, would be on the contract.” … Continue reading
Dr. Ludger Schuknecht, senior economist at the Germany Finance Ministry, explains his ministry’s viewpoint regarding Greece. This viewpoint essentially holds that Eurozone countries should live within their means; adjust to their debt burdens; and take their reform medicine as needed. If they do so, they will be successful, as illustrated by Ireland, Spain, and Portugal. Greece … Continue reading
By Michael Snyder Right now, the financial world is focused on the breathtaking stock market crash in China, but don’t forget to keep an eye on what is happening in Europe. Collectively, the European Union has a larger population than the United States, a larger economy than either the U.S. or China, and the banking … Continue reading
By Michael Snyder The President of France has come up with a very creative way of solving the European debt crisis. On Sunday, a piece authored by French President Francois Hollande suggested that the ultimate solution to the problems currently plaguing Europe would be for every member of the eurozone to transfer all of their … Continue reading
By Michael Snyder There has been so much attention on Greece in recent weeks, but the truth is that Greece represents only a very tiny fraction of an unprecedented global debt bomb which threatens to explode at any moment. As you are about to see, there are 24 nations that are currently facing a full-blown … Continue reading
Now that Eurozone leaders have agreed to provide Greece with a new bailout, the economic crisis has seemingly been averted. But as former U.S. presidential candidate Ron Paul points out, this resolution is only a temporary fix, another “crisis is inevitable,” and it could mirror the United States’ own demise. By Ron Paul (originally published July … Continue reading
By Jeff Desjardins, Visual Capitalist The dollar has been a stalwart of international trade over the majority of the last century. Around the time of the formation of the Eurozone, it reached its recent peak at 71.0% of official foreign exchange reserves. Since then, its composition of global reserves has more recently dropped to a more modest … Continue reading
By Michael Snyder The “deal that was designed to fail” has already begun to unravel. The IMF, which was expected to provide a big chunk of the financing, has indicated that it may walk away from the deal unless Greece is granted extensive debt relief. This is something that the Germans and their allies have … Continue reading