Do Welfare States Incur Odious Debts?
We think single currencies really require single governments…There’s nowhere in the world that has more of a single currency without having more of a single government. British PM David Cameron (HT: The Daily Mail).
The Greek Debt Swap: Is it a Default, or isn’t it?
While you were watching imported Chinese fireworks yesterday, the Europeans were shooting off some home-grown ones. The euro has been trading down for most of the last 24 hours, as S&P and Fitch announced that they would consider the French-led rollover plan for Greek debt a “selective” default. What’s really going on is that a negotiation is taking place over what should be the credit | Read More »