Can Greece really defy austerity?: The Big Question: Now that Greece has called a snap election, which may well see Left-wing Syriza coming to power with a promise to repeal austerity, Alexandre Afonso asks whether this really can be done (The Telegraph)
Greek expulsion from the euro would demolish EMU’s contagion firewall: Should EMU leaders choose to cut off liquidity support for the Greek banking system they might find that their contagion defences are a fiction by Ambrose Evans-Pritchard (The Telegraph)
The new spectre haunting Europe: Greece's Syriza (France24)
Fed should heed market view of deflation risk: Minneapolis Fed chief (Reuters)
Greenspan Throws a Wet Blanket on Hopes for Growth Breakout (Bloomberg)
[UK's] City Link announces 2,356 job losses after rescue talks fail (The BBC) Administrators of collapsed courier firm City Link make 2,350 workers redundant after rescue bid fails (The Daily Mail)
The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.