Devaluation the Savior for Greece

Reuters / Dado Ruvic A debt problem on the scale of Greece isn’t unique. Argentina, Ireland, the Baltic states and Iceland have also suffered similar problems. They all chose different rescue paths, varying from massive…

Greek Lessons: Democracy versus Debt-Bondage

It is a truism to say that democracy began with the Greeks – less so to say that it originated in popular rebellion against debt and debt-bondage. Yet, with the Greek people ensnared once more…

War in the Gulf: real and virtual

Iran’s state-run Press TV announced on February 15 that in response to the EU sanctions Tehran was suspending oil deliveries to France, Italy, Spain, Greece, Portugal and the Netherlands. On the same day Iran`s oil…

Euro zone insists no Greek rescue without reforms

(Reuters) – Euro zone finance ministers told Greece it could not go ahead with an agreed deal to restructure privately held debt until it guaranteed to implement reforms to secure a second financing package from…

The Euro Zone and the Crisis of Sovereign Debt

The creation of the euro zone may have given participants one currency, but it created other problems as well. One interest rate was supposed to fit all. Those sovereigns on the financial periphery of the…