Posts Tagged ‘financial times’

Greek Euro Exit Expectations Growing

September 3rd, 2012 Comments off


Chatter about the inevitability of Greece exiting from the European Monetary Union-the euro-continues to gather momentum. A recent Financial Times poll indicated that a majority of Germans expect Greece to abandon the euro, and prefer such an outcome in lieu of continued bailouts of Athens that are largely funded by German taxpayers.

In the United States, major companies are preparing for the impact of a Greek exit from the euro, as reported in The New York Times.  In fact, major corporations globally are assessing the likelihood that Greece will exit-or be “kicked out” of the euro. It is also said that “the market” has priced in the impact of a Greek exit.

The problem with planning for a Greek euro exit or the market supposedly pricing in such a monetary development is that such a move will be unprecedented, and cannot be properly analyzed or accounted for in advance. For one thing, a Greek euro exit is only the first domino, and may open he way for the other PIIGS nations (Portugal, Ireland, Italy and Spain) to sequentially exit the euro after Athens departs from the monetary union. In short, we are sailing into unchartered territory, as the global economic crisis and Eurozone debt crisis enters a new, and potentially far more dangerous state.







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Financial Times Columnist Warns Of Credit Depression

June 7th, 2012 Comments off

In the current issue of the Financial Times, columnist Martin Wolf provides a cogent and timely warning on the credit anomalies proliferating throughout the Eurozone that, in conjunction with feeble policy measures, are contributing to a scenario akin to the credit collapse that unleashed the most virulent stage of the Great Depression of the 1930s. In the column, he observes:

“One would expect feeble demand in such a world. The willingness to implement expansionary monetary policies and tolerate huge fiscal deficits has contained depression and even induced weak recoveries. Yet the fact that unprecedented monetary policies and huge fiscal deficits have not induced strong recoveries shows how powerful the forces depressing economies have been…. Before now, I had never really understood how the 1930s could happen. Now I do.”


In the wake of the unfolding financial and economic disasters unfolding in the Eurozone, the analysis offered by Martin Wolf is must reading for anyone concerned about the global economic crisis. The link to the entirety of Wolf’s piece in the Financial Times is here:





More Warning Signs of Worsening Eurozone Fiscal Crisis

November 12th, 2010 Comments off
The Financial Times is reporting that Ireland’s fiscal debacle, facilitated by the government’s decision to bailout Anglo-Irish Bank at public expense, is beginning to inflict collateral damage on the wider Eurozone. Specifically, Italy and Spain are seeing their government bond yields escalate in lockstep with Ireland.

In effect, as the FT puts it, the bond vigilantes are already expecting Greece, Italy and Portugal to default on their public debt, and that Ireland and Portugal will need to follow Greece in seeking a Eurozone bailout.

As the sovereign debt crisis in Europe remains volatile and unpredictable, how long can the current low yields of U.S. Treasuries last, as bond vigilantes begin to look at recent moves by the Federal Reserve, in particular the second round of quantitative easing? It may not be long before the Eurozone public debt crisis claims not only more European victims, but also migrates to the United States.


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