Thomas Piketty is calling out Germany, describing the country’s strident moral position on Greece’s debt as hypocritical and a “huge joke.”
Yanis Varoufakis, Greece’s flamboyant finance minister, abruptly resigned Monday morning despite a national referendum that delivered a rousing endorsement to his anti-austerity policies just hours earlier.
The resounding rejection of an international bailout deal by voters in Greece raised fears Sunday of the collapse of the country’s banking system, a catastrophic government default, an eventual exit from the euro and potential social unrest.
A last-minute request by Athens for an extension of its current bailout, which expired late Tuesday, was rejected by the other 18 nations that use the euro currency.
As Greece once again peers over the precipice of expulsion from the Eurozone common currency club, millions worldwide are wondering what consequences lie ahead for other countries and investors if, as now appears likely, Athens defaults on its bailout debts on Tuesday.
As the Greek debt drama hurtles toward a nail-biting climax, fears are mounting that the outcome could sink not just Greece but the euro and the idea of the European Union itself.
The Federal Reserve Chairman sounded almost befuddled yesterday when during a press conference yesterday where he explained the central bank’s recent decision to keep interest rates low. “We don’t have a precise read on why this slower pace of growth is persisting,” he told reporters. The gloomy official statement from the bank referred to the […]