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“A Greek exit is a possibility,” Lagarde told the German newspaper in an advance extract of an interview due to be published on Friday. She said such a scenario would not be “a walk in the park” for the Eurozone but would “probably not be an end to the euro,” she said.

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I'll be honest. Sharing this solely to wind up Gilles who thinks Once in the euro, there is no way out. For anyone.

Not big, not clever but sometimes these things are necessary. 
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Run on Greek Banks Accelerates; ECB Halts Emergency Funding Hike; Untangling the Lies
The curious story of the day is back-to-back reports, minutes apart, by the same news agency, saying different things. I commented on that reporting in Greece Says Creditor Agreement Deal Close, Senior Eurozone Official Says "I Wish it Were True" . There is...
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The problem is simple: Greece’s creditors insist on even greater austerity for this year and beyond – an approach that would impede recovery, obstruct growth, worsen the debt-deflationary cycle, and, in the end, erode Greeks’ willingness and ability to see through the reform agenda that the country so desperately needs. Our government cannot – and will not – accept a cure that has proven itself over five long years to be worse than the disease.

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Greece’s government is eager to implement an agenda that includes all of the economic reforms that its creditors expect, and is uniquely able to maintain the public’s support for a sound economic program. What it will not do is embrace a cure – deeper austerity – that kills the patient.
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A nearly bankrupt Greece is taking desperate measures to preserve cash. Absent a last-minute deal with its creditors, the nation will run out of money early next month.
Two weeks ago, Greece nearly defaulted on a debt payment of 750 million euros, or about $825 million, to the International Monetary Fund.
For the rest of this month, Greece should be able to cover daily cash deficits of around 100 million euros, government ministers say. Starting June 5, however, these shortfalls will rise sharply, to around 400 million euros as another I.M.F. obligation comes due. They will then double in size on June 8 and 9.
“At that point it is all over,” said a senior Greek finance official who spoke on the condition of anonymity.
#greece   #eurozone   #grexit  
The government’s call to conserve funds has been far-reaching, with cities sending any surplus cash to Athens, while hospitals and schools face strict orders not to hire people.
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Only a few years ago, the European Central Bank was regarded as relatively powerless when compared with its counterpart in the United States. But as it has struggled to hold the eurozone together, the bank has become more like the Federal Reserve. 
The de facto expansion of the European Central Bank’s mandate has occurred without any enabling legislation or formal endorsement from elected leaders. Some of the economic specialists in Sintra warned that the central bank risked a backlash at a time of widespread public disenchantment with the European Union.
#ecb   #eurozone   #federalreserve  
Top central bankers and economists convened this weekend to discuss unemployment and other economic issues that extended beyond the bank’s edict to contain inflation.
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A more thoughtful response comes from Frans Timmermans, a former Dutch minister now safely insulated from voters as the first vice-president of the European Commission. The problem with Eurosceptics, Mr Timmermans says, is not that their assessment of Europe’s deficiencies is wrong, but that it is often right. For many, particularly the jobless young, the EU has come to represent little more than managed decline. The politicians who have overseen its growth have little to say to those that resent it.

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STROLLING around the European Parliament in Brussels recently Charlemagne asked his companion, an MEP’s assistant, if the success of anti-European parties in last...
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April Greek Capital Flight €5 Billion; Eurozone Liabilities Hit €115 Billion
Chalk up another €5 billion in capital flight from Greece in April. Total eurozone exposure to Greek currency liabilities now sits at €115 Billion, not counting accelerated capital flight in recent weeks. The following two charts produced with data from Eur...
Mish's financial blog covers global news and macroeconomic events regarding the world economy. The blog's primary focus is inflation, deflation, and hyperinflation topics, especially currencies, gold, silver, crude, oil, energy and precious metals. Other macro discussion topics include interest rates, China, commodities, the US dollar, Euro, Yuan, Yen, stagflation, emerging markets, politics, Congressional and statewide political policy decisions...
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Tensions over the future of the euro have been laid bare as Spain has put forward a radical proposal for the ECB to expand its role in preventing dangerous imbalances building up in the currency union.
Madrid has also urged eurozone authorities to adopt a common budget for use in emergency rescues and issue debt in the form of eurobonds, according to a list of proposals reported in El Pais.

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Madrid proposes European Central Bank adopt a "Federal Reserve-style" mandate to prevent dangerous imbalances in the single currency
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A Greek exit from the Eurozone would be a major problem as the very nature of the single currency would be damaged, European Economics Commissioner Pierre Moscovici has warned.

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What should happen now is what should have happened in 2010 and 2012 when the first and second Greek loan programmes were agreed. Athens should have been allowed to default. Instead, the creditors offered the country a dangerous pact: we help you roll over the debt; you run excessive primary surpluses in the future.

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It is all up to Alexis Tsipras now. The Greek prime minister will decide soon whether or not he wants a deal with his creditors that would allow Athens to service its debt. If he says “no”, Greece will default. At that point, it is possible the
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"The demographics in most major economies – including the US, in Europe and Japan - are a major issue – and present us with the question of how we are going to pay down the huge debt burden. With life expectancy increasing rapidly, we no longer have the young, working populations required to sustain a debt-driven economic model in the same way as we've managed to do in the past."
The Organisation of Economic Co-operation and Development (OECD) has also sounded out a warning about Japan's growing debt pile. The Paris-based think-tank said gross government debt was on course to balloon to more than 400pc by 2040 if the government did not carry out reforms.
Others have warned privately that Japan's debt mountain is unsustainable. "The crunch point is when it starts to run a current account deficit," said one senior banker. "When they stop running a current account surplus and they need our money to survive, we're not going to lend to them at 30 or 40 basis points."
Ageing populations mean countries' debt piles risk growing out of control, warns European head of Goldman Sachs Asset Management
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Have them in circles
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News items from the worlds media about the current euro crisis
Introduction
This page contains a running list of news articles about the current crisis in the Euro zone.
These are mostly whatever I stumble upon...