Posts Tagged ‘ government debt ’

Sold to the lowest bidder

July 20, 2015
posted by

Idaho Liberty
by Ted Dunlap  

"The banksters loaned the socialist rulers $34,267 per Greek worker -- or a bit over three times what each of them take home in a year -- and this is on top of whatever each Greek is in debt for, like mortgages, vehicles, consumer debt, etcetera. When you or I go to borrow money, the questions revolve around ability to pay it back. Few would bet on the poor Greeks' abilities to service a triple-their-income debt. Were the wealthiest men on the planet spectacularly stupid or was there another plan? Well, let's see how it played out for them." (07/16/15)

http://www.idaholiberty.com/2015/07/16/sold-to-the-lowest-bidder/  

No Comments »

The financial crisis in Greece shows why we need Bitcoin

July 20, 2015
posted by

Students For Liberty
by Elias Garcia  

"By no means is Bitcoin a perfect money. If used poorly, a determined assailant can trace your activity online. If you do not use an online service for storage and unintentionally lose the hard drive storing your Bitcoins, you lose the money forever. But for all of its flaws, it provides an outlet for the high pressure situation found in Greece, and for all those prone to government and private theft alike." (07/17/15)

http://tinyurl.com/nqnvvp2  

No Comments »

Greece and the Eurozone: Holding tight to nurse for fear of something worse

July 16, 2015
posted by

Libertarian Alliance Libertarian Alliance
by Robert Henderson  

"The Greek referendum on the terms for a further financial bailout was potentially a clever move by Alexis Tsipras and Syriza. If the result of the referendum had been YES to the terms put forward to deal with the Greek debt, Tsipras and his government were off the hook for reneging on their election promises. If there was a NO to the conditions, Tsipras could play the democracy card and challenge the Eurozone to go against the democratic will of the Greek people or simply walk away from the mess and pass the poisoned chalice to his political opponents. Having asked for a rejection of the terms offered by the Eurozone in the referendum and got an emphatic 61% vote for rejection, Syriza could have called the Euro elite's bluff from a position of strength. Regrettably for Greece's hope of recovery they have not had the courage to do so." (07/16/15)

http://tinyurl.com/on7sr9b  

No Comments »

Greece: Lawmakers pass austerity bill despite dissent

July 16, 2015
posted by

Altoona Mirror    

"Greek lawmakers voted overwhelmingly early Thursday to approve a harsh austerity bill demanded by bailout creditors, despite significant dissent from members of Prime Minister Alexis Tsipras' own left-wing party. The bill, which imposes sweeping tax hikes and spending cuts, fueled anger in the governing Syriza party and led to a revolt against Tsipras, who has insisted the deal forged after a marathon weekend eurozone summit was the best he could do to prevent Greece from catastrophically crashing out of the euro, Europe's joint currency." (07/16//15)

http://tinyurl.com/odg2orn  

No Comments »

Failing in the future biz

July 16, 2015
posted by

Paul Jacob Common Sense
by Paul Jacob  

"If you can't sell us the future, you're doing it wrong. We all want to get there in one piece. Right now, a horde of Republican presidential candidates and a small cohort of Democrats vie to present themselves as visionaries, leaders. Yet, what they all have in common is that they ignore the most serious issue facing us. Bigger than borders and terror and ISIS and gay marriage and all that, is the financial stability of the United States." (07/15/15)

http://thisiscommonsense.com/2015/07/15/failing-in-the-future-biz/  

No Comments »

An “Austrian” economist’s advice for Greece and the EU

July 14, 2015
posted by

Richard M. Ebeling The Daily Bell
by Richard M Ebeling  

"Greece's and the European Union's economic and political crisis will not be resolved through a new debt deal between the government in Athens and the European authorities. It will be merely one more stop-gap 'solution' to a problem whose nature is endemic to the current ideology and politics of State-Power and collectivism. Its real solution requires something deeper and more comprehensive: a revival of the classical liberal ideal of individualism and the economics of free-market capitalism." (07/14/15)

http://tinyurl.com/opj7kyy  

No Comments »

It’s not just debt: Government spending and easy money fuel the Greek crisis

July 13, 2015
posted by

Frank Shostak Ludwig von Mises Institute
by Frank Shostak  

"[I]t is not debt as such that is behind the current crisis in Greece. Large government outlays and strong increases in the money supply are being ignored in most analyzes of the Greek crisis. Since early 2000, the underlying trend in the growth momentum of government outlays was heading up with the yearly rate of growth closing at 45.5 percent in March 2009. Since then, the trend in the growth momentum has been declining." (07/13/15)

http://tinyurl.com/oqwuet6  

No Comments »

Greece today, America tomorrow?

July 13, 2015
posted by

Ron Paul The Daily Bell
by Ron Paul  

"Despite all the handwringing over how the phony sequestration cuts have weakened America's defenses, the United States military budget remains larger than the combined budgets of the world's next 15 highest spending militaries. Little, if any, of the military budget is spent defending the American people from foreign threats. Instead, the American government wastes billions of dollars on an imperial foreign policy that makes Americans less safe. America will never get its fiscal house in order until we change our foreign policy and stop wasting trillions on unnecessary and unconstitutional wars." (07/13/15)

http://tinyurl.com/p7a8boc  

No Comments »

What Germany and Greece tell us about the future of Europe

July 13, 2015
posted by

Libertarian Alliance Libertarian Alliance
by DJ Webb  

"Greece weakened its hand by refusing to countenance an exit from the eurozone. Only by threatening to leave the euro and repudiate its debts entirely -- thereby crystalling in excess of €300bn in losses elsewhere in the eurozone, plus untold billions in credit default swap liabilities (insurance against a Greek default sold as a financial instrument) -- could Greece negotiate from a position of strength. That would require a willingness to undergo initial pain in the transition to a national currency, before fully regaining national control over their economic affairs." (07/13/15)

http://tinyurl.com/p9nafc3  

No Comments »

The Greek deceit

July 13, 2015
posted by

Liberty Unbound Liberty Unbound
by Wayland Hunter  

"It's remarkable to me, the degree to which reporting on the continuing Greek crisis is sympathetic to the Greek government, whose intention is to continue stiffing its creditors, and hostile to the 'hardline' states (such oppressors as Germany, Finland, Slovakia, and Slovenia), who want to obtain some assurances that if they increase their subsidies to spendthrift Greece, the Greek government won't continue to lie to them." (07/13/15)

http://libertyunbound.com/node/1435  

No Comments »

Greece: Regime agrees to tax hikes, cuts in pension spending

July 10, 2015
posted by

Miami Herald    

"Greece's government has agreed to longstanding demands by creditors to impose sweeping sales tax hikes and cuts in state spending for pensions. In the text of proposals sent by Athens, and seen by The Associated Press, the government concedes to demands it had previously resisted, mostly on moving various categories of goods and services to higher sales tax rates. The proposals were sent in a last-ditch effort to reach a deal with rescue lenders after the country's [politicians'] previous program expired and missed repayments to the International Monetary Fund, and Greece was forced to close banks to prevent their collapse under the weight of mass withdrawals." (07/09/15)

http://tinyurl.com/oj2ay36  

No Comments »

O’Malley has right solution for Puerto Rico’s debt crisis

July 9, 2015
posted by

John Nichols The Nation Blog
by John Nichols  

"Puerto Rico is not Greece. But the United States commonwealth is confronted with a debt crisis. It faces the threat of a brutal round of austerity cuts, which could make a bad circumstance dramatically worse. If ever there was a moment that called for enlightened leadership that recognizes both the economic and social challenges facing the Puerto Rico, this is it. Former Maryland governor Martin O'Malley heard that call as the crisis began to come into focus last month and declared, 'As a nation we must help our fellow US citizens not only because it's the right thing to do, but because our region's economic stability depends on it.'" (07/08/15)

http://tinyurl.com/nnfy53r  

No Comments »

Greece: Regime submits “rescue deal” request

July 8, 2015
posted by

USA Today USA Today    

"Greece has submitted its request for a rescue deal in the first step toward getting a new bailout. Michel Reijns, spokesman for Jeroen Dijsselbloem, the president of the Eurogroup of finance ministers, said Greece submitted the request for a new support program from the European Stability Mechanism on Wednesday morning, the Associated Press reports. ... On Tuesday, European leaders told Greece to reach a new bailout agreement with its creditors by Sunday or face bankruptcy and expulsion from the euro currency system." (07/08/15)

http://tinyurl.com/ogk9uwu  

No Comments »

Greece’s IMF collapse shows America what default looks like

July 7, 2015
posted by

Heartland Institute Heartland Institute
by Kyle Maichle and Emily Zanotti  

"Americans can learn from the Greek default. The United States faces an $18 trillion national debt and a federal budget deficit of $439 billion, brought on by unprecedented government spending. As global financial experts struggle to pinpoint the exact genesis of Greece's troubles, it's clear excessive borrowing and unsustainable spending habits are to blame. The United States, with a debt to gross domestic product ratio of 71 percent, may have time before it faces a Greek-style economic collapse, but it's certainly repeating Greece's financial mistakes." (07/006/15)

http://tinyurl.com/owv9h79  

No Comments »

Think Greece can’t happen here? You’re wrong

July 7, 2015
posted by

Michael D. Tanner Cato Institute
by Michael D Tanner  

"Most Americans look at the rerun of the Greek euro crisis with something between smug amusement and condescending disapproval. When will those profligate Greeks get their economic house in order and stop looking to others to bail them out? But, should people living in glass economic houses really throw stones? After all, just like Greece, the United States government has been living beyond its means, running up an enormous debt that will eventually need to be repaid." (07/06/15)

http://tinyurl.com/qjk22cg  

No Comments »

EU bureaucrat: Greek voters “not legally correct” to tell us to go f–k ourselves

July 7, 2015
posted by

The Telegraph [UK]    

"Greece's referendum was not 'legally correct,' the European Commission has declared. Valdis Dombrovskis, the Latvian-born EU vice president responsible for the euro, said the vote had 'complicated' the work of the creditors and had left the Greek government in a weaker, not stronger, negotiating position. A write-down of Greece's [politicians'] €380 billion (£270 billion) debt mountain is now 'off the table,' he said." (07/06/15)

http://tinyurl.com/ordt7vu  

No Comments »

Washington’s role in Puerto Rico’s mess

July 6, 2015
posted by

Cato Institute Cato Institute
by Nicole Kaeding  

"Puerto Rico's governor announced this week that the small island territory would be unable to repay its $70 billion in outstanding debt. The commonwealth is in its tenth year of a depression and is losing its tax base as thousands of residents relocate to the mainland for better economic opportunities. The Puerto Rican government, which has spent wildly, is principally at fault for the crisis. But Washington, D.C. deserves a large portion of the blame for Puerto Rico's mess." (07/03/15)

http://tinyurl.com/nmz8x9h  

No Comments »

Greece: Poll shows two sides neck and neck before referendum

July 3, 2015
posted by

Lompoc Record    

"The brief but intense campaign in Greece's critical bailout referendum ends Friday, with simultaneous rallies in Athens for 'Yes' and 'No' supporters in what an opinion poll shows will be a very close race. ... Prime Minister Alexis Tsipras called the referendum last weekend, asking Greeks to decide whether they should accept creditor reform proposals in return for vitally needed bailout funds. He is advocating a 'No' vote on Sunday. But those proposals are no longer on the table after negotiations with European creditors broke down last weekend and Greece's bailout expired on Tuesday, meaning the country no longer has access to the rescue loans. The 'Yes' campaign says the referendum is in fact a vote on whether Greece wants to remain in the euro and in Europe. The government rejects this as scaremongering, saying a 'No' vote will put it in a better bargaining position and will not lead Greece to leave the eurozone." (07/03/15)

http://tinyurl.com/q5fvupt  

No Comments »

The euro and Greek blackmail

July 1, 2015
posted by

Alberto Mingardi EconLog
by Alberto Mingardi  

"It might be worth remembering that, when Tsipras won elections a few months ago, the Greek situation certainly wasn't all happy -- but the IMF was estimating positive growth for this year. A few months of socialism and reckless blackmailing attempts by the European creditors have stripped Greece of any hope of returning to growth, however feebly, and have brought the country to the edge of disaster." (06/30/15)

http://econlog.econlib.org/archives/2015/06/the_euro_and_th.html  

No Comments »

Too little too late for Puerto Rico’s debt crisis

July 1, 2015
posted by

Frank Worley-Lopez The Canal
by Frank Worley-Lopez  

"A crisis like the one Puerto Rico currently faces can be used by opportunistic politicians like Garcia Padilla to get elected or for his opponents to get their electoral revenge. It can also spur movements like ours to change the way things are done in a real substantive way." (06/30/15)

http://tinyurl.com/naucw4f  

No Comments »

Greece: Regime will close banks for six days, impose limits on withdrawals

June 29, 2015
posted by

The Washington Post Washington Post    

"Greek citizens on Monday woke to shuttered banks and a closed stock market at the beginning of a fateful week that may determine whether they will be able to hold on to the euro currency. European markets were tumbling sharply after Greek leaders early Monday closed banks for six business days and imposed strict limits on ATM withdrawals, in a bid to stem bank failures as an international bailout was set to expire Tuesday. Greece's creditors and its leaders were poised to keep talking about whether there was any way to pull back from the brink of economic collapse amid anger and recriminations on both sides." (06/29/15)

http://tinyurl.com/omzkbkb  

No Comments »

Puerto Rico: Padilla warns that politicians can’t pay bills they ran up

June 29, 2015
posted by

Fox News Fox News    

"Puerto Rico's governor believes the U.S. territory will not be able to pay back its $72 billion public [sic] debt, a spokesman told the Associated Press late Sunday. Gov. Alejandro Garcia Padilla's spokesman, Jesus Manuel Ortiz, confirmed that the island's government is seeking to defer payments while negotiating with creditors." (06/28/15)

http://tinyurl.com/oh5bdyn  

No Comments »

Greece: Regime offers new proposals to avert default

June 23, 2015
posted by

Reuters Reuters    

"Greece took a step back from the abyss on Monday with the presentation of new budget proposals that euro zone leaders welcomed as a basis for a possible agreement in the coming days to unlock frozen aid and avert a looming default. European Council President Donald Tusk, who chaired an emergency summit of leaders of the 19-nation currency bloc, called the Greek proposals 'a positive step forward.' He said the aim was to have the Eurogroup finance ministers approve a cash-for-reform package on Wednesday evening and put it to euro zone leaders for final endorsement on Thursday morning." (06/22/15)

http://tinyurl.com/ob2t5h6  

No Comments »

Euro falls amid Greek standoff, dollar up ahead of Fed

June 16, 2015
posted by

Reuters Reuters    

"The euro fell on Tuesday as it appeared more likely that debt-stricken Greece would default or have to leave the single currency, while the U.S. dollar rose at the start of a meeting by the Federal Reserve. Stocks mostly rose on the day, with shares in both Europe and the United States rebounding after a two-day decline, though the uncertainty surrounding Greece limited gains." (06/16/15)

http://tinyurl.com/o5u7p6t  

No Comments »

Should we dump the euro?

May 26, 2015
posted by

Mises Canada
by Frank Hollenbeck  

"The Greek drama continues to unfold with the risk of a 'Grexit' becoming increasingly likely. Yet, a large majority of the Greek people want to keep the euro. This would force the Greek government to live within its means, which isn't a bad thing. With anti-austerity parties gaining strength continent wide, Greece may be the first, and not the last, to leave. Yet, the problem in Europe is not the euro, but excessive government regulations, spending, and taxation." (05/25/15)

https://mises.ca/posts/articles/should-we-dump-the-euro/  

No Comments »

Our Sponsors




Making a living off your Drupal site?

Drupal Managed Hosting

Fed up with Maintenance and Hosting companies?