Traditions and dogmas rub one another down to a minimum in such centers of varied intercourse; where there are a thousand faiths we are apt to become sceptical of them all. Probably the traders were the first sceptics; they had seen too much to believe too much; and the general disposition of merchants to classify […]

As part of the bailout agreement between Greece and the Troika, the Greek government has agreed to reduce its debt. This is the context behind the latest Greek buyback program, where the Greek government is looking to reduce EUR20 billion worth of debt. While I typically like debt reduction exercise by the public sector, I […]

The Economist supports further debt forgiveness for Greece to get Greece out of the economic disaster it is in now.[1] I support such move. It is essentially a default, but making it consensual between the creditors and the debtors will be important in maintaining some kind of stability in the market. The forgiveness will definitely […]

[2518] Pain wain

Austerity is a pain, with you drawing the wain, but that’s the only way, after your jolly days.

For those who have been following the Greek crisis, they know that March 8 is the deadline for the bond swap that is essential in ensuring an orderly default of Greek bonds. Just 12 days later, Greece is due for repayment that without any haircut to its bondholders, there would be a chaotic default. The […]

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