Friday, February 20, 2015

Friday roundup (02-20-15)

Eurozone ministers give Greece a four-month bailout extension (The Los Angeles Times) Greece bailout extended for four months (euronews)

Greece averts bankruptcy and softens austerity in last-ditch deal: Greece claims to have defeated 'exhorbitant demands' for more cuts and averted suffocating primary surpluses that would choke growth for years by Ambrose Evans-Pritchard (The Telegraph)

Greece deal is first step on the road back to austerity: The extension of the Greek bailout with barely a concession to Yanis Varoufakis’s demands proves only that Europe wants him to stick with the programme (The Guardian) Austerity Won't Work in Greece: Blanchflower: Dartmouth College's David "Danny" Blanchflower discusses the euro-area finance ministers reaching an accord that would keep bailout funds flowing to Greece in return for a commitment to meet certain conditions. He speaks with Bloomberg's Pimm Fox on "Taking Stock." [VIDEO] (Bloomberg)

ECB rules out Greek capital controls after bailout extension (Reuters)

Russia's debt downgraded to junk by Moody's: Move follows S&P’s downrating as agency predicts Ukraine crisis, falling oil price and rouble plunge will bring further gloom (The Guardian)

What’s Wrong with David Leonhardt’s NYT Piece on Inequality? (New Economic Perspectives)

     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.

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