World News Insights
1-3 Minute Gist
Search, personalize, or simply browse. Follow the world around you from gist and context to insights.
Who we are | Our Credo | Ways of using Lyrarc | FAQ | Send Feedback | First Letter From the Editor
Sign up. It's free and easy to use
Create an account
to personalize your feed of articles and topics.
All Topics Article
The Euro Trap
Keywords:
Tags:
The simple fact that countries like Greece and Portugal cannot adjust their exchange rates under the existing euro currency arrangement remains a critical problem says Krugman. Krugman points out that till 2007 Greece's budget deficit was no higher than America's as ashare of GDP than the deficits America ran in the 1980's, and Spain actually ran a surplus. The global financial crisis changed all that as inflows of capital dried up, revenues plunged and deficits jumped. Now membership in the euro area becomes a sort of trap in that Greek costs which rose quickly in the boom years now need to come down in relation to German costs, and the only feasible way of doing that would be to devalue the Greek currency, now impossible under the euro currency arrangement. The euro currency he says is in serious danger unless forceful action is taken to avoid a chain reaction that starts with a Greek default.
Greece: prospect of default on debt.
12/29/2009
Grouped Articles
Greece Defaults on IMF Loan Despite New Push for Bailout Aid
Wall Street Journal 07/01/2015
Greece, Missing I.M.F. Payment, Is Called Effectively in Default
New York Times 06/30/2015
Unknown 12/29/2009
Unknown 12/29/2009
The Worst May Not Be Over for Europe
New York Times 12/31/2009
New York Times 02/15/2010
Simon Johnson and other experts on the debt crisis in Europe.
04/15/2010
Simon Johnson, Peter Boone and other experts unravel the debt crisis in Greece and in other European countries to give a lucid explanation of what happened and what to expect.
Grouped Articles
New York Times 04/29/2010
Greece, the Latest and Greatest Bubble.
New York Times 04/29/2010
As Greek Drama Plays Out, Where Is Europe?
New York Times 04/29/2010
New York Times 04/30/2010
BusinessWeek 04/15/2010
Economist 04/29/2010
The European Union plans for aid to Greece.
02/10/2010
Resistance in Germany to bailing out Greece.
Grouped Articles
Germany Clears Rescue for Greece
New York Times 05/03/2010
Athens's Love Affair With the Euro Persists
Wall Street Journal 11/04/2013
Germany, Forced to Buoy Greece, Rues Euro Shift
New York Times 02/11/2010
Wall Street Journal 02/12/2010
Wall Street Journal 02/11/2010
Berlin's Wall Around Greek Ruins?
Wall Street Journal 02/10/2010
The debt crisis that Portugal faces, after the crisis in Greece.
04/30/2010
Greece and Portugal are in much riskier shape than Argentina was when it defaulted in 2001, argues Simon Johnson.
Grouped Articles
Portugal Returns to Bond Market
Wall Street Journal 05/08/2013
Idea of Euro Exit Finds Currency in Portugal
Wall Street Journal 05/27/2013
Wall Street Journal 02/11/2014
Greece Defaults on IMF Loan Despite New Push for Bailout Aid
Wall Street Journal 07/01/2015
Greece, Missing I.M.F. Payment, Is Called Effectively in Default
New York Times 06/30/2015
Portugal on Road to Recovery Post-Bailout, But Scars Remain
Wall Street Journal 07/20/2015
We took a different way to help millions around the world build educated informed mindsets that affects and shapes their lives. For a future that is open, global and digital, with everyone having access to high quality information. We believe in the renewal of America, renewal of Europe, the renewal of India, the rest of Asia, Latin America and Africa. The renewal of our supply chains, health, education, infrastructure, as we rebuild our countries after the pandemic. Literacy and knowledge we believe cannot thrive and grow in a world of web bots, web crawlers, or AI. This requires human curiosity, human learning, and human imagination. We take as inspiration the saying- “One has to be free, and as broad as sky. One has to have a mind that is crystal clear, only then can truth shine in it.” Every contribution whether big or small is precious- in this crisis and ahead.
Support Lyrarc from as small as $1
Terms and Conditions | Copyright Policy | Privacy Policy | Contact Us