Greece...

antrobus

Generali wrote: »

Interesting that they don't mention what he's a professor of in any of these pieces, that is of business taxation.

There is a reasonably detailed biography of the bloke on the ZEW website. Whilst he is indeed a professor of business taxation at the Oxford University Centre for Business Taxation, he does actually appear to be an academic economist.

http://www.zew.de/en/mitarbeiter/mitarbeiter.php3?action=mita&kurz=cfu

P.S. I almost feel motivated to track down a copy of his article entitled 'Endogenous Free Riding and the Decentralized User-Fee Financing of Spillover Goods in a n-Region Economy'.

antrobus

The DT reports;

Creditors will pull the plug on Greece on June 30

The doorstepping is over and the answer from finance ministers of Germany, Slovakia and Finland was clear. There will be no bail-out extension after June 30. This means Greece will be forced to default to the IMF on Tuesday and is poised to implement capital controls by Monday morning to stave off a banking collapse.

antrobus

antrobus wrote: »

The DT reports;

Creditors will pull the plug on Greece on June 30

The doorstepping is over and the answer from finance ministers of Germany, Slovakia and Finland was clear. There will be no bail-out extension after June 30. This means Greece will be forced to default to the IMF on Tuesday and is poised to implement capital controls by Monday morning to stave off a banking collapse.

Confirmation from the BBC;

Eurozone finance ministers have rejected a Greek request to extend a bailout programme beyond 30 June.

http://www.bbc.co.uk/news/world-europe-33300543

We are now waiting to see what the ECB will do.

cepheus

A reality check on Greece and UK debt levels.



https://twitter.com/ConversationUK/status/614863307388792833/photo/1

So why are we (in the UK) trying to cut back the public deficit again, and indeed making it legally binding, thereby restricting the options for any future democratically elected government whilst interest rates are so low? This isn't democracy it's autocracy!

michaels

Of course the eur govt debt ceiling is 60% of gdp.....

Any way word is ecb have tightened the screw by denying greek banks any more euro so we will see...

antrobus

The BBC is reporting that it "understands" that the ECB is to end ELA to Greece.

http://www.bbc.co.uk/news/world-europe-33303105

antrobus

antrobus wrote: »

The BBC is reporting that it "understands" that the ECB is to end ELA to Greece.

http://www.bbc.co.uk/news/world-europe-33303105

Other sources appear skeptical, however. The FT bloke at Brussels says he will 'eat his shorts' if it happens.

lvader

cepheus wrote: »

A reality check on Greece and UK debt levels.



So why are we (in the UK) trying to cut back the public deficit again, and indeed making it legally binding, thereby restricting the options for any future democratically elected government whilst interest rates are so low? This isn't democracy it's autocracy!

Because once interest rates shoot up again it will be impossible to turn around and do something about it. Also we still have a deficit of about 5% of GDP while in the the Eurozone overall it's less than 2.5%. i.e. we are still living way beyond our means at a time when the economy is doing quite well.

Generali

cepheus wrote: »

A reality check on Greece and UK debt levels.



https://twitter.com/ConversationUK/status/614863307388792833/photo/1

So why are we (in the UK) trying to cut back the public deficit again, and indeed making it legally binding, thereby restricting the options for any future democratically elected government whilst interest rates are so low? This isn't democracy it's autocracy!

The current UK Government can't make a legally binding anything on a future Government.

As for Greece, the blue bit of the line is the problem. As you can see, it's quite a bit longer than the blue line of any other country. That's the bit the Government owes and the Government has run out of cash to service the blue line.

antrobus

lvader wrote: »

Because once interest rates shoot up again it will be impossible to turn around and do something about it. Also we still have a deficit of about 5% of GDP while in the the Eurozone overall it's less than 2.5%. i.e. we are still living way beyond our means at a time when the economy is doing quite well.

Well, yes, bascially.:)

But then the poster concerned clearly does not understand that the two words 'debt' and 'deficit' have different meanings.