The economic news out of Greece is dreadful, with another quarter of collapse documented that calls into question future bailouts. Frustrated by what is perceived as Greek obstinance, Merkel has threatened to cut off the next tranche of funding leading to renewed fears of a currency collapse. As the chart above shows, the Euro [...]
GDP and Unemployment for selected EU nations Q4 2011
The chart above shows Gross Domestic Product (GDP) and unemployment for five peripheral nations as well as Germany, France and The UK. Greece’s economic problems seem to increase daily even as the nation’s political stability weakens.
Keep in mind this situation didn’t suddenly arise. [...]
200 Year History of Greek Defaults – 1948 to 2008
For the all the angst a possible Greek default raises, I feel obliged to point out that sovereign defaults are NOT rare. The chart above, sourced from This time is different chartbook: Country Histories on Debt, Default and Financial Crises (Reinhart, 2010) shows the [...]
The data provided by Bank of Greece is monthly and published two months in arrears but the fact that deposits are shrinking is unavoidable. The bank run in Greece is starting to attract wider attention even as billions of Euros move to the safety of Swiss banks.
so a deal has been struck, 50% loss to Eurozone banks and 1.4 Euro banks, a feel good moment to be sure but there was a similar plan last summer that unraveled so I’m not convinced …
and the future of The Euro literally is up to Slovakia to decide …