August 20, 2017
Ireland is the Stakhanovite of the Troika. The accepted narrative is that the Irish, unlike those untrustworthy Greeks, realised the errors of their ways, accepted an EU/IMF Programme of Financial Support and implemented difficult reforms, and have since been rewarded by a surge of economic growth. Ireland began to post impressive figures for GDP […]
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August 9, 2017
You cannot rescue a bankrupt by lending them more money. The only way to move beyond bankruptcy is to default on existing liabilities, push losses onto the creditors and thus reduce significantly the debt burden. This basic reality has been ignored by the Troika (the EU, the ECB and IMF) in its dealings with […]
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