LyrArc Article Gist
Christopher Power talks to three former IMF officials. If offered the Greece portfolio at the IMF, Simon Johnson, (a former IMF official) says he would ask for a transfer to Iceland, because Greece is incredibly complex, with the IMF unlikely to impose conditions. Especially with IMF chief Dominique Strauss Kahn's aspirations to become President of France. The ECB controls Greek monetary policy and there is no chance of a devaluation with the Greeks in the euro currency. This leaves Greece locked into an unsustainable currency rate. Kenneth Rogoff and Michael Mussa, both agree that the IMF can help buy time for Greece with bridge loans and laying a framework for confidence. Mussa points to the Greek problem- the credit markets won't buy their bonds forever and at the same time its a nasty business to have a sovereign default in the euro currency area. Mussa sees the situation as much like that of GM. Bush bought time for an orderly transition should GM have to declare bankruptcy, which is what happened under Obama. With the European recovery weak, Portugal and Spain fragile, an orderly arrangement is critical not to upset markets. Its like kicking the can down the street, says Mussa, but that can have some advantages. ...

LyrArc Article Gist
It is a summer of surprises, Germany loses to Columbia, Brazil loses to Panama, Italy loses to South Africa, and the American team barely gets away with a draw after an excellent performance by Portugal.

LyrArc Article Gist
This report in WSJ says Liz Truss, the Foreign Secretary, is favored by most Conservative party members to become the next prime minister of Britain.

LyrArc Article Gist
US president Biden sees a bigger push for renewables as the right approach to the shutoff of supplies from the war in Eastern Europe, seeing it as part of the COP26 Glasgow push to check global warming. The US oil industry sees an expansion of fossil fuels, including natural gas during the crisis.