They all document with their own words just how fragile the Eurozone has become. Every little thing can break it apart. Democracy itself, instead of being a fundamental strength, is seen as a threat: if the “wrong” party or an anti-establishment populist or an anti-austerity billionaire gains the most votes in one country, the entire 17-nation construct might break apart.
Category: Eurozone
Is Greece In Default Again ?
My feeling is that the answer is no. You can make the argument that this is a coercive distressed exchange, and that coercive distressed exchanges are one way of defaulting. But default is a fraught word, and I don’t think it should be used lightly. In this case, when the exchange is genuinely voluntary for all but the Greek banks, it seems weird to call it a default. Especially when the bonds are trading at their all-time highs.
France Is Running Out of Time to Restrain Germany
So, the argument goes: from now on, Germany is only looking out for its national interests and it is not interested in Europe any more.
Misconstruing Germany Will Prove to Be Death of the Euro
After my introduction, one senior official explained the German position on a banking union in just five words: “We do not want it.” I looked around to see a sea of heads nodding in agreement.
Fiscal Discipline in the Monetary Union
From the perspective of the centralised versus decentralised debate, it is immediately apparent that the compact is a decentralised solution of the US type, even if the decentralised solution is centrally imposed.
Abnormal Capitalist 