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Next Dates: - Introduction to QuantLib Development with Luigi Ballabio, September 2 - 4, 2013 - £1700
Greece, Catharsis and the ECB Moneylenders
Mon, 14 May 2012 01:19:13 GMT
Viciously Circular In the depths of the Great Depression US unemployment hovered around the 25% mark, with 30% of the youth unemployed. Today in Greece the comparable numbers are 22% and a scarcely believable 54% (see: Greek Labour Force Study). Meanwhile another €4.2 billion has been pumped into Greece by the European Central Bank (ECB) via the European Financial Stability Facility, despite the vast protest vote against the externally imposed austerity measures delivered in their recent elections. Unfortunately this money isn't being used to reflate the economy and maintain the social fabric of the county, it's actually allocated to a “segregated debt service account” which, in effect, is used to repay the debt that the Greeks owe to … the European Central Bank. It’s little wonder that voters have exhibited a longing for catharsis: emotional cleansing awaits. Injecting Optimism Much ink has been spilt pointing out that the...
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