Friday, June 5, 2015

Friday roundup (06-05-15)

OPEC agrees to keep pumping as oil glut fears persist (Reuters)

Tsipras Declares Creditors’ Debt Proposal for Greece ‘Absurd’ (The New York Times) Greece’s Tsipras rebuffs deal proposal from lenders [The Wall Street Journal via] (Marketwatch) Tsipras won’t back down — for now: Greek prime minister defends his reform proposal in speech to parliament and trashes plan offered by Jean-Claude Juncker. (Politico)

Greece is bankrupt: it must break free from its economic prison: Greece is diverging in ever more extreme fashion from the rest of the eurozone (The Telegraph) Europe is perversely determined to make a losing bet on Greece (The Week) Greece: It's Time For Your Default And Debt Restructuring (Forbes) Greece: The Timeline of a Debt Crisis [from Standard & Poor's] (The Wall Street Journal blogs)

Greece determined to stay in eurozone, says economy minister: George Stathakis explains why the debt-laden country missed a €300m debt repayment to the IMF (The Guardian)

IMF has betrayed its mission in Greece, captive to EMU creditors: The IMF’s Original Sin in Greece was to let Dominique Strauss-Kahn hijack the institution to save Europe's banks and the euro when the crisis erupted, dooming Greece to disaster. by Ambrose Evans-Pritchard (The Telegraph)

Who owes more money - the Irish or the Greeks?: With government debt per head of $60,000, the Irish carry the second largest debt burden in the world behind Japan – but ahead of Greece (The Irish Times)

     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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