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Greek economic tragedy, much of the European view continues to defy economic logic – and for a simple reason

European politicians worry about the domestic political consequences of granting Greece debt relief, especially ahead of Germany’s federal election in September.

Mohamed A. El-Erian, Project Syndicate 21 June 2017

Greece “extend and pretend” - The latest deal on debt won’t work, and everybody knows it.

This protracted game of “extend and pretend” serves nobody’s long-term interests:

not those of the Greek government, the International Monetary Fund or, most of all, the people of Greece.

The Editors, Bloomberg 21 June 2017


ECB rule book for giving emergency loans. Greek banks are still using 44 bn euro of ELA help.

ECB-sanctioned “emergency liquidity assistance” was a lifeline for a clutch of banks that were cut off from normal financing channels during the crisis.

FT 19 June 2017


“Minsky moment,” the point at which excess debt sparks a financial crisis.

The late Hyman Minsky said that such moments arise naturally when a long period of stability and complacency eventually leads to the buildup of excess debt and overleveraging. 

At some point the branch breaks, and gravity takes over. It can happen quickly, too.

Minsky came to mind because in the past week I saw yet more signs that financial markets are overvalued and investors excessively optimistic. Yet I still haven’t seen many references to Minsky. 

That’s a little surprising.

John Mauldin, 17 June 2017


Can We See A Bubble If We're Inside The Bubble?

Greece Compromise deal, IMF join the rescue, but delay providing any money

Under the compromise deal, the IMF is set to formally join the rescue programme, 

but delay providing any money to Athens until the eurozone provides more clarity on what debt relief it is prepared to offer.

FT 15 June 2017


Räddningslånen till Grekland kan inte summeras. Greece bailouts does not add up.

In 2010, when the Greek debt crisis started, Greece received €110bn in bailout money.

And in 2012, the country received a second bailout of €130bn.

In August 2015, the eurozone countries agreed to give Greece a third bailout, of up to €86bn 

The next tranche of that bailout, which Greece needs in order to honour repayments due in July, is being discussed at the eurozone finance ministers' meeting on Thursday.

BBC 15 June 2017

Kommentar av Rolf Englund:

Observera att man inte kan addera dessa summor, eftersom nästan hela de nya lånen används för att lösa in tidigare lån från EU och IMF.

Ja, de första pengarna gick förstås till de tyska och franska banker som gärna lånat ut pengar till Grekland och nu hotades av konkurs.

EU räddade inte Grekland. EU räddade bankerna.

EU did not save Greece. EU saved the banks.


Albert Edwards' Scariest Charts

"Investors Should Be Petrified" Of The Coming Ice Age

The big Ice Age call was that the tight positive correlation between equity yields and bond yields that market participants had enjoyed since 1982, driven by ever-lower inflation, would break down.

zerohedge 7 June 2017