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The next step in the Greek debt crisis is naturally — you said it! — delay and procrastination. Now that Europe has sneaked past the Greek austerity vote, they think they’ll go on vacation and put their feet up until… Continue Reading →

Deutsche Bank Chairman Josef Auckerman spoke for all the private banks in Germany concerned with Greek debt when he said, “Banks need to cooperate with European governments to achieve a quantifiable, sustainable solution to Greece’s persistent debt crisis.” One wonders… Continue Reading →

Everybody knows that the Greek Parliament approved the 5-year austerity plan despite protests outside the Parliament building. But observers think that the Greek crisis will erupt again by the latest in September when Greece must meet certain targets to get… Continue Reading →

It doesn’t matter that the Greeks have passed the austerity measures amidst protests outside Parliament. German banks are objecting to a French proposal about the next EU loan to Greece because it is not 100% default-free. They remind the French… Continue Reading →

The Germans will do anything before they will let the Greeks default — except back their loans, which is probably the only thing that will work. The leaders of Germany and the EU know this and thus they are trying… Continue Reading →

There are three options for Germany to deal with Greece’s debts: 1)let them default 2)make the bond holders take a haircut, meaning they will get less 3)guarantee the loans to persuade banks to rollover the old Greek bonds and buy… Continue Reading →

In the Wall Street Journal article of Saturday, June 25, ‘2011, “Swiss Renew Push For Bomb Shelters”, the American reporter criticizes the Swiss government for being paranoid and building way too many bomb shelters.They claim that Switzerland, which is of… Continue Reading →

Germans have a tradition of saving that goes back at least to World War I, World War II, and the hyper-inflation of the 1920’s. It also harkens back to the nineteenth century. Apparently Germans were just as frugal back then…. Continue Reading →

Greece yesterday and today at the summit of European leaders and finance ministers asked to get out of some of the proposed austerity measures. They met wit a resounding no. Merkel addressed the Greeks personally, telling them they would have… Continue Reading →

Germany should know better, but then it is playing politics. It’s going along with a farce invented by Jean-Claude Trichet to pretend that Europe’s best banks are not losing money on Greece’s bonds when they are. Everyone now acts as… Continue Reading →