After 23 hours of talks, Greece and its international creditors reached a tentative agreement for an 85 billion euro bailout on Tuesday, Reuters reports. “There remains work to be done with details,” cautioned Finland’s Finance Minister. “We must take one step at a time. Agreement is a big word.”…
"What Are You Talking About? Generous?": Piketty's German Interview
Thomas Piketty, the French economist and author of Capital in the 21st Century (reviewed here by A Dog), has given an searing interview about the European debt crisis to the German newspaper Die Zeit. (Hamilton Nolan has written it up here.) Unfortunately, the only English translation, an unofficial one posted to…
Greece Rejects Austerity, Votes "No" to Bailout Terms
On Sunday, Greece overwhelmingly rejected the bailout terms proposed by its European creditors, with a projected 61% of the country voting “no” to further austerity measures via a national referendum, the Associated Press reports.http://gawker.com/greece-misses-…
Greece Misses IMF Payment, Making Deadbeat History
On Tuesday night, Greece missed the deadline for a $1.8 billion debt payment to the International Monetary Fund, becoming the first developed country to do so and joining a club of delinquent borrowers that includes the nations of Sudan, Somalia and Zimbabwe, the Associated Press reports.
Europe Will Not Collapse After All, Probably
Late-night talks between Illuminatis and Reptilians over Europe's debt crisis resulted in a "three-pronged deal" that will likely avert complete catastrophe: Banks will accept a 50 percent loss and raise more capital, while the eurozone will increase its bailout fund.
