Mish's Global Economic Trend Analysis |
- Beppe Grillo Supports "Referendum on the Euro Within a year"
- Discussion in Spain on Leaving the Euro; Euro Exit Manifest
- Greek Debt Unchanged Since 2010; EU to Give Greece Still More Time; More Time Is Useless
- Another Look at Bernanke's Employment Recovery in Chart Form
| Beppe Grillo Supports "Referendum on the Euro Within a year" Posted: 24 May 2013 04:17 PM PDT Via google translate from Corriere Della Sera, Beppe Grillo is in favor of a "Referendum on the Euro Within a year" "Europe needs to be rethought. We consider just one year of information and then hold a referendum to say yes or no to the euro and yes or no to Europe. " Beppe Grillo to ride a strong theme of the last election campaign the 5 Star Movement. "Europe on the euro and the British teach us democracy. No party can claim the right to decide for 60 million people. "Sooner or later this sentiment is going to catch fire. And the sooner the better for Europe when it does. Also see Discussion in Spain on Leaving the Euro; Euro Exit Manifest. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
| Discussion in Spain on Leaving the Euro; Euro Exit Manifest Posted: 24 May 2013 11:07 AM PDT Some common sense discussion is taking place in Spain regarding the necessity of Spain exiting the eurozone. For example, please consider Opposition to the euro breaks: first manifesto to leave the single currency as translated from El Economista. The political opposition that Spain remains part of the euro begins to crystallize. And the tool to achieve that end-Spain output of the single currency is again signing a manifest public that, for the moment, has already been signed by around 1,000 professionals convinced "the risks of deterioration and degradation that there are the enormous social suffering caused by the persistence of adjustment policies, austerity and privatization of the public "."Spain Must Have a Plan to Exit the Euro" Also note an article on El Econimista Jose Carlos Diez: "Spain Must Have a Plan to Exit the Euro" Jose Carlos Diez, chief economist at Intermoney, feels Spain should not be the first country to leave but "should have a plan to do it." This was pointed out in a meeting he had with el Economista.Euro Exit Manifest The talk has started. That is the first step. Inquiring minds may wish to read the Euro Exit Manifest mentioned in the first link. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
| Greek Debt Unchanged Since 2010; EU to Give Greece Still More Time; More Time Is Useless Posted: 24 May 2013 08:11 AM PDT Greece was supposed to get it's debt to GDP ratio to 100% by 2012, then 100% by 2013, then 110% by 2014. Now Jeroen Dijsselbloem, president of the Eurogroup finance ministers, says Greece May Get Still More Time to meet fiscal targets. And the alleged level of debt sustainability keeps rising all the while. The euro zone may give Greece more time to meet fiscal targets agreed under its international bailout, the chairman of the euro zone finance ministers said in an interview published today.Greek Debt Unchanged After Massive Bailouts and Haircuts Note that the sustainable level of debt is now 124% of GDP, ratcheted up numerous times in the past couple of years.. Keep Talking Greece has some rather interesting facts about Greek debt in its report 2 bailouts + 1 haircut = Greek public debt at €309.4 billion in 1Q 2013, as much as in 2010 Two bailout agreements, total aid of 240 billion euro, and one bonds' 'haircut' later…. Greek public debt remains as high as it was in 2010 – the year in which Greece sought the 'rescue' by the International Monetary Fund.More Time Is Useless By now it should be readily apparent the situation is totally and completely hopeless. Greece will not reduce debt to 124 percent of GDP by 2020 from an estimated 173 percent this year, unless of course Greece defaults. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
| Another Look at Bernanke's Employment Recovery in Chart Form Posted: 24 May 2013 12:38 AM PDT Reader Tim Wallace took note of Bernanke's testimony on jobs (see Bernanke's Semi-Annual Tap-Dance of Distortions, Half-truths, Lies, and Hypocrisy to U.S. Congress) and sent me the following chart. April Employment vs. April Employment in Previous Years  click on chart for sharper image Tim writes ... Hello MishMike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
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