G. G. Bain Asbury Park, Jersey Shore 1914 • Greece Files Formal Request For Eurozone Loan (Reuters) • Why Greece May Have Already Won (CNN) • [Chinese] People Are Selling Everything In Sight To Get Their Hands On Cash (BBG) • China Stocks Hit Four-Month Lows On Panic Selling (Reuters) • China Tries Japan’s Approach to a Stock Bubble (Pesek) • Greece Debacle Is Only A ‘Minor Rehearsal’ For Coming Crash: Hague (DM) • Greece ‘A Sideshow To China Meltdown’
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DPC Main Street, Buffalo, NY 1900 • ECB Turns The Screws On Greek Banks (Kathimerini) • Greece Should Immediately Begin To Print Drachma (Martin Armstrong) • Giving In To Greece Could ‘Blow Apart’ The Euro, Warns Merkel (DM) • Merkel Warns Greece Time Is Running Out to Save Place in Euro (Bloomberg) • Be Bold, Frau Merkel (Philippe Legrain) • Europe: The Paradox Of The Superego (New Statesman) • Yanis Varoufakis: The Economist Who Wouldn’t Play Politics (Paul Mason) •
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DPC ‘On the beach, Palm Beach’ 1905 • Minister No More! (Yanis Varoufakis) • Our NO Is A Majestic, Big YES To A Democratic, Rational Europe! (Varoufakis) • Yanis Varoufakis: Why Bold, Brash Greek Finance Minister Had To Go (Guardian) • Discussing Syriza’s Stunning Victory On The BBC (Steve Keen) • Defiant Greeks Reject EU Demands As Syriza Readies IOU Currency (AEP) • Yanis Varoufakis: Greece’s ‘Erratic Marxist’ (AFP) • What Are the Geostrategic Implications of a Grexit? (Foreign Policy)
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Dorothea Lange ‘A season’s work in the beans’, Marion County, Oregon 1939 Now that Yanis Varoufakis has resigned, in the kind of unique fashion and timing that shows us who the real men are, it’s time to clear the other side of the table as well. The new finance minister, Euclid Tsakalotos, should not have to face the same faces that led to Europe’s painful defeat in yesterday’s Greek referendum. That would be an utter disgrace, and the EU would
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Unknown Magazine and cannonballs at Battery Rodgers, Alexandria 1863 I hardly ever go out in the morning, the first 7-8 hours of every single day are taken up by reading and writing. But today I did, to feel the mood in the city. Not sure I got it, though. Everything’s quiet. It may not help that I’m staying smack in the middle of the Acropolis tourist area (still haven’t figured out why 90% of them are American). Not sure if
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NPC Wilkins-Rogers Milling Co., Washington, DC 1926 • Germany vs Greece: “Marx Is Claiming It Was Offside” (WaPo) • In Bad Faith (Ashoka Mody) • EU Warns Of Armageddon If Greek Voters Reject Terms (AEP) • Why I’d Vote ‘No’ On Greece’s Referendum (Brett Arends) • How a Greek Default Could Hammer Bonds (Carl B. Weinberg) • Quartet Of Crises Threatens Europe’s Core (Reuters) • Europe Can’t Afford To Let Athens Go Under, Says Varoufakis (Reuters) • Mirage of Economic
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NPC George W. Cochran & Co., 709 14th Street NW, Washington DC 1920 • Stop Lying To The Greeks — Life Without The Euro Is Great (MarketWatch) • This Euro Is Destroying The European Dream (Guardian) • Whatever Happens To Greece, The Euro Is Unsustainable (Kohler) • NSA Leak: Both Merkel And Schauble Saw Greek Debt As Unsustainable in 2011 (ZH) • Varoufakis Prepares For Economic Siege As Companies Issue Private Currencies (AEP) • Yanis Varoufakis, Are You Staying Put?
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Walker Evans Waterfront in New Orleans. French market sidewalk scene 1935 The IMF Debt Sustainability Analysis report on Greece that came out this week has caused a big stir. We now know that the Fund’s analysts confirm what Syriza has been saying ever since they came to power 5 months ago: Greece needs debt relief, lots of it, and fast. We also know that Europe tried to silence the report. But what’s most interesting is that this has been going
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Harris&Ewing Buying Army surplus food sold at fish market 1919 • Greek Banks Down To €500 Million In Cash Reserves As Economy Crashes (AEP) • Cash Crunch Hits Everyday Life in Greece (WSJ) • Troika Maneuvering to Rig Greek Referendum (Martin Armstrong) • Greece’s Highest Court To Rule On Legality Of Referendum (Guardian) • When Greece Forgave Germany’s Debt (AP) • Greece Shows ECB’s Stress Tests Were Nonsense (FT) • Only the No Can Save the Euro (James K. Galbraith)
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Dorothea Lange Miserable poverty. Elm Grove, Oklahoma County, OK 1936 So now they do it. Now the IMF comes out with a report that says Greece needs hefty debt restructuring. Mind you, their numbers are still way off the mark, in the end it’s going to be easily double what they claim. Not even a Yanis Varoufakis haircut will do the trick. But at least they now have preliminary numbers out. The reason why they have is inevitably linked to
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