Politics Roundtable

Database Maintenance 7/4/15

Routine database maintenance will induce some duplicated items for the next day or two.

Politics Roundtable

Political blogs of interest to economists.

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A Fistful of Euros

July 31, 2015, 8:18 am, 1519299

Why the Troika and the EU member states find it so difficult to trust Greece

The word “trust” has been mentioned time and again in reports on the tortuous negotiations on Greece. One reason is the persistent deceit in reporting on debt and deficit statistics, including lying about an off market ...

July 26, 2015, 4:18 pm, 1515906

Hans-Werner Sinn has an op-ed in Saturday’s New York Times calling (again) for a Greek exit from the Euro, a recommendation on which he agrees, as he notes, with Paul Krugman and Joseph Stiglitz. Part of his argument is that is that an official lending “bailout” program within the ...

July 17, 2015, 10:18 pm, 1511369

From new IMF report on a certain country –

The case for fiscal adjustment is also grounded in fairness. Without it and with ever more debt, interest payments will soar to some 12 percent of GDP, or about 40 percent of total spending, crowding out essential social programs and infrastructure projects ...

July 16, 2015, 10:18 am, 1510319

Remember Roland Pofalla? Sure ya do. The minister in charge of Angela Merkel’s private office, and therefore Germany’s intelligence services, who vehemently denied anyone had been spied upon when the Snowden leaks hit. Pofalla denied everything, on the basis that the Americans had told him so. When it became clear ...

July 12, 2015, 10:18 pm, 1507727

From that Eurogroup Greece prior actions draft still under discussion in the middle of the night in Brussels –

There are serious concerns regarding the sustainability of Greek debt. This is due to the easing of policies during the last twelve months, which resulted in the recent deterioration in the ...

July 10, 2015, 2:18 pm, 1507045

Many controlling shareholders in China have pledged shares as collaterals for bank loans – this was a common practice in Iceland up to the October 2008 banking collapse. Now, this practice seems to be causing suspensions of trading in shares in China. If this is indeed a widespread Chinese practice ...

July 10, 2015, 12:18 am, 1506658

IMF Chief Economist Olivier Blanchard in a new blog post defending the 2010 Greece program against various criticisms, including the absence of debt restructuring –

Moreover, private creditors were not off the hook, and, in 2012, debt was substantially reduced: The 2012 private sector involvement (PSI) operation led to a ...

July 8, 2015, 12:18 am, 1505331

From address by Professor Cormac O’Gráda, School of Economics, University College Dublin, to the Central Bank of Ireland Whitaker Lecture, 29 June 2011. The context is the Irish Free State’s 1 for 1 currency peg with the pound sterling, a continuation of the pre-1922 UK pound for Ireland –

The ...

July 3, 2015, 10:18 am, 1501147

It’s worth reading Irish state broadcaster RTE’s full story on their astonishing interview with the Greek finance minister.

July 2, 2015, 2:18 pm, 1500761

The IMF has released a preliminary debt sustainability analysis for Greece — undertaken before this week’s cash crisis but after its adjustments to the numbers to take account of the deterioration in the relationship between Greece and its creditors since January. The document can be read cynically as ...