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Five Steps to Solving Europeâs Debt Crisis
Keywords:
Larsen says the EFSF should get the funding it needs to recapitalize troubled European banks, as the first step to solving the eurozone financial crisis. Banks in Spain and Italy that failed stress tests would get funds to build up their capital. Creditor haircuts should be part of the effort to reduce the debt burden of troubled eurozone countries.
The European Union agreement for the eurozone debt crisis in Greece and other countries in July 2011
06/30/2011
The first really workable agreement was finally reached in Brussels after a year of sharp differences between the ECB, EU leaders, Greece government and opposition parties, and leaders of France, Germany and other EU countries. Fears of contagion for Italy and Spain and a sense of the dangers to the EU and the Euro currency itself led to the agreement, with the EU governments coming up with the financial support which will be channelled through the European Financial Stability Facility. The debt ceiling crisis in the U.S. may have added to the urgency to reduce nervousness in the markets about a breakdown in EU governance along with that in the U.S.
Grouped Articles
Wall Street Journal 07/13/2011
Europe Must Choose Currency or Financial Union
New York Times 07/21/2011
Greece Gets New Bailout as U.S. Nears Brink
Wall Street Journal 07/22/2011
A Guide to the New Deal in Athens: How a 'Selective Default' Works
Wall Street Journal 07/22/2011
Wall Street Journal 07/22/2011
Euro Zone's Imperfect Path to Union
Wall Street Journal 07/22/2011
Europe's Banks.
07/09/2010
Issues of European banks, including recapitalization.
Grouped Articles
Europe's Elusive Stash of Cash
Wall Street Journal 07/09/2010
Crisis Awaits Worldâs Banks as Trillions Come Due
New York Times 07/11/2010
European banks: The last idealists
Economist 12/11/2010
French Banks Warned on Their Greek Debt
Wall Street Journal 06/16/2011
Wall Street Journal 07/13/2011
U.S. Bank Stocks Fall on Anxiety About Europe
New York Times 08/18/2011
European Banking Authority E.U. Stress tests for banks in 2010 and 2011
10/02/2009
Stress tests for banks in Europe in July 2010 and in 2011.
Grouped Articles
Wall Street Journal 07/16/2011
Stress Tests Won't Prevent the Next Financial Crisis
Wall Street Journal 03/19/2014
EU's Top Banks Pass Stress Tests
Wall Street Journal 10/02/2009
Document Contradicts EU Bank Statement
Wall Street Journal 10/06/2009
Wall Street Journal 10/03/2009
Moody's Questions Spanish Banks
Wall Street Journal 10/14/2009
Bloomberg Business Week's Peter Coy calls for debt forgiveness- creditor haircuts for sovereign debt in Europe, and bank writedowns of debt in the U.S. housing market
08/10/2011
Peter Coy of Bloomberg Business Week calls for debt forgiveness in the August 2011 issue of Business Week. Stretching out the debt issues without writedowns says Coy, only leads to austerity programs, stagnant growth and drags the issues out over many years. Better solutions can be found by starting anew with writedowns now and arrangements to make this possible, and returning to growth sooner. What about moral hazard? There is moral hazard in letting the banks bear no cost for reckless lending decisions, they are as likely to repeat this behaviour says Coy, as Greece or the underwater mortgage borrower in the U.S., if they did not have to bear the consequences of their decisions.
Grouped Articles
How Righteousness Killed the World Economy
New York Times 10/12/2014
Greece’s new prime minister wants Germany to pay for Nazi war crimes - The Washington Post
Washington Post 01/26/2015
For Europe’s Sake, Keep Greece in the Eurozone
New York Times 07/06/2015
How to Undo the Damage in Greece
New York Times 07/06/2015
Personalities Clashing Over How to Handle New Greek Bailout
New York Times 07/23/2015
BusinessWeek 08/10/2011
Spain's Bankia bank
10/02/2010
The consolidation of a number of Spanish savings banks under government direction led to the creation of Bankia, Spain's third largest bank. Efforts to recapitalize these banks which have large accumulated large debt from the real estate boom is part of the Spanish government's effort to tackle the debt crisis facing Spain. Rodrigo Rato, a former finance minister and managing director of the IMF, heads Bankia and the effort to restore confidence in Spain's banking system.
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
Wall Street Journal 07/13/2011
Investors in Bankia to Sue Bank of Spain Over Losses
New York Times 05/09/2013
Spain's banks: Two cheers, three tiers
Economist 10/02/2010
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
Spain Launches Privatization of Bankia
Wall Street Journal 02/28/2014
A Former IMF Leader Tackles IPO Challenge
Wall Street Journal 06/08/2011
Spain's Cajas savings banks
02/25/2010
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
Wall Street Journal 07/13/2011
New York Times 05/17/2013
The Pain in Spain Falls Mainly on the Cajas
BusinessWeek 02/25/2010
Economist 05/29/2010
Spain's cajas: Thinking outside the box
Economist 07/31/2010
Spain's banks: Two cheers, three tiers
Economist 10/02/2010
Greece: EU, ECB, and EFSF negotiations for a selective default in July 2011
04/19/2010
Grouped Articles
Weber Sees Greece Needing More Aid
Wall Street Journal 04/19/2010
Greece Defaults on IMF Loan Despite New Push for Bailout Aid
Wall Street Journal 07/01/2015
Euro Zone Moves Toward Greek Deal
Wall Street Journal 07/21/2011
Europe Must Choose Currency or Financial Union
New York Times 07/21/2011
Greece Gets New Bailout as U.S. Nears Brink
Wall Street Journal 07/22/2011
A Guide to the New Deal in Athens: How a 'Selective Default' Works
Wall Street Journal 07/22/2011
Fears that Basel III and European Banking Authority E.U. Stress Tests may not adequately reflect the risks on banks balance sheets.
01/21/2010
The situation after bailout of Irish banks in November 2010 by the EU. The Irish banks had passed European stress tests. Portuguese and Spanish banks may face a similar situation.
Grouped Articles
Wall Street Journal 07/16/2011
Europe Fails Another Stress Test
Wall Street Journal 07/16/2011
The Battle Over Bank Rules at Basel III
BusinessWeek 05/27/2010
Wall Street Journal 09/13/2010
Basel Rules Unlikely to Force Capital Raising
Wall Street Journal 09/14/2010
Wall Street Journal 09/14/2010
European Union Financial Stability Facility (EFSF)
07/24/2011
Grouped Articles
Wall Street Journal 08/08/2011
Some Bailout Providers May One Day Need Help Too
New York Times 07/24/2011
The Euro Crisis: Big Rescue, Big Doubts
BusinessWeek 07/28/2011
To Reassure Markets, Europe Needs Bigger Bailout Fund, Says Geithner
Wall Street Journal 08/07/2011
Germany Opposes Larger Rescue Fund
Wall Street Journal 08/08/2011
Five Steps to Solving Europeâs Debt Crisis
New York Times 08/21/2011
John Cochrane and other experts give a no-nonsense view of the bailouts and the financial crises facing Europe
12/02/2010
Insights that the real problem is short term debt financing. The need for the EU to insist on long tem debt financing for governments in Europe. The solution for this crisis is not in bailouts of Greece, Spain, Italy and so on, but to swap the short term debt for debt with longer term maturities, and for bondholders to take a haircut. Similiar to the Brady Plan for Latin America in the late 1980's. The bailout of Ireland in reality not a bailout of Ireland, as a bailout of German and British banks that made risky loans to Irish banks and the Irish government. The U.S. government's debt also tilted to short term debt and problems similar to European problems.
Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
'Contagion' and Other Euro Myths
Wall Street Journal 12/02/2010
As Ireland Flails, Europe Lurches Across the Rubicon
Wall Street Journal 12/27/2010
Running the euro zone: Pact of uncompetitiveness
Economist 02/12/2011
Wall Street Journal 03/11/2011
Europe Needs to Apportion Pain
Wall Street Journal 03/17/2011
Spain's banks
07/09/2010
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
Wall Street Journal 07/13/2011
Spain's banks: Two cheers, three tiers
Economist 10/02/2010
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
Loan Growth Suffers at Spanish Banks
Wall Street Journal 11/13/2015
Spain to Approve Cajas Regulatory Overhaul
Wall Street Journal 07/09/2010
Crisis Awaits Worldâs Banks as Trillions Come Due
New York Times 07/11/2010
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