For me, the article makes a great deal of common sense but I fear that there will be enormous pain for the Greek people before a new political order can be created.
This article from the Economist is well worth a read. Check it out!
Once again, for me, the article highlights the short-sightedness of policy-makers who have singled-mindedly advocated austerity. Lack of vision and leadership from policy-makers has worried the financial markets and consumers, bringing banks to their knees. Personally, I have little time for the banking sector, including both management and unions, with shoddy treatment of customers, with banks in many countries operating as quasi cartels, in my view.
Personally, I would very much like to see a European wide banking union, and a root and branch transformation of banks, removing layer after layer of bureaucracy, and cutting compensation levels down to size. Do you agree with me or have another view?
- Banks Living on Borrowed Money — and Time (nytimes.com)
- Central banks should buy assets other than government bonds, says Bank of England’s Adam Posen (telegraph.co.uk)
- Eurozone bank union: guiding light – FT.com (dralfoldman.wordpress.com)
- Nobel Prize-Winning Economist: Spain Bailout ‘Not Going To Work’ (huffingtonpost.com)
- Germany grows weary of being Europe’s crutch (economywatch.msnbc.msn.com)