Some Greek Math

With a euro zone update on Greece unfolding (they might lease some islands but we’ll get to that in a moment), here is some Greek math that Michael Lewis presents in Boomerang. Referring to the …

Aging Benefits

When you combine better health care with generous pensions you get (choose one): happy retirees happy politicians insufficiently funded national pension programs the eurozone the United States other &…

Default Deja Vu

Between its independence in 1829 and 2006, Greece has had 5 defaults or debt reschedulings that occupied a total of 50.6 years.  Described by Rogoff and Reinhart in their 2008 paper and book, Thi…

Greece and Argentina

Nobody wants Greece to become Argentina. It all began with what scholars Rogoff and Reinhart called the lending boom of the 1990s. Enjoying the influx of dollars, Argentina borrowed and grew and prosp…

Debt Compromises

This story is about a country that had massive debt. A recent war had been expensive and the economy had big problems. Still though, powerful political leaders opposed the solution that the Secretary …

Greek Haircuts

When people talk about haircuts and Greece, they are no longer referring to the female beauticians that retired at 50 with a generous state pension because their work was “arduous.” Instea…

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