Tag: euro zone

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Down to the wire for Greece, weekend deadline set

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Talks between Greece and the Euro zone leaders still at a stalemate. In Thursday’s meeting, Euro leaders stood their ground, and pretty much rejected Alexis Tsipiras’ Monday proposal.  It’s not just the Euro bloc. Back in Athens, Tsipiras is facing political headwinds against the Greek proposal offered on Monday. Greece is at the brink of defaulting on a €1.6bn payment due to the International Monetary Fund (IMF) on June 30, and needs to reach a compromise agreement with the Euro block to receive bailout funds to meet this obligation. Timing is tight for Tsipiras now. The Euro bloc is throwing the … Continue reading Down to the wire for Greece, weekend deadline set

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How will Greece affect Asia?

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Big meeting in Europe today as the Eurogroup is to meet and figure out how to solve a problem called Greece. Is this a “sink-or-swim” situation for Greece and the Eurozone? Greece is broke.The country is close to defaulting on on its USD1.7 billion payment to the  IMF due on June 30. S&P has rated the country “CCC” with a ‘negative’ outlook – pretty much at the bottom of the pile. (PDF) The Euro zone is requiring austerity measures that would take the form of pension cuts by Greece. Greece is holding out, refusing to agree to these cuts. Most pundits expect a “no … Continue reading How will Greece affect Asia?

crisis, economy, EuropeLeave a comment

George Soros: Remarks at the Festival of Economics, Trento Italy

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Ever since the Crash of 2008 there has been a widespread recognition, both among economists and the general public, that economic theory has failed. But there is no consensus on the causes and the extent of that failure. I believe that the failure is more profound than generally recognized. It goes back to the foundations of economic theory. Economics tried to model itself on Newtonian physics. It sought to establish universally and timelessly valid laws governing reality. But economics is a social science and there is a fundamental difference between the natural and social sciences. Social phenomena have thinking participants … Continue reading George Soros: Remarks at the Festival of Economics, Trento Italy