Daily Archives: February 13, 2012

European Stability Mechanism – the economic prison of EU – updates 9 Dec 2011

Concerning the involvement of the private sector, we will strictly adhere to the well established IMF principles and practices. This will be unambiguously reflected in the preamble of the treaty. We clearly reaffirm that the decisions taken on 21 July and 26/27 October concerning Greek debt are unique and exceptional; standardised and identical Collective Action Clauses will be included, in such a way as to preserve market liquidity, in the terms and conditions of all new euro government bonds.
• In order to ensure that the ESM is in a position to take the necessary decisions in all circumstances, voting rules in the ESM will be changed to include an emergency procedure. The mutual agreement rule will be replaced by a qualified majority of 85 % in
case the Commission and the ECB conclude that an urgent decision related to financial assistance is needed when the financial and economic sustainability of the euro area is threatened

http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/126658.pdf

DEBT CRISIS AND THE WELFARE STATE IN GREECE by Theodoros Sakellaropoulos, Panteion University, Greece

The road chosen in the Greek case is that of internal devaluation. The “internal devaluation” in euro terms as was called the recourse to the price mechanism that is the classic mechanism for tackling real economy crises, in theoretical and practical terms can work to some extent. It cannot though guarantee immediate results, while it also has important direct effects on the economy. A large scale internal devaluation is economically disastrous and jeopardizes social cohesion and peace. Germany experienced a similar situation from 1929 to 1932 in relation to war indemnities and led to the rise in power of the Nazis and war.

via DEBT CRISIS AND THE WELFARE STATE IN GREECE by Theodoros Sakellaropoulos, Panteion University, Greece.

Το Σοκαριστικο Εγχειριδιο του ΟΟΣΑ για την πολιτικη διαχειριση των μετρων

Το Σοκαριστικο Εγχειριδιο του ΟΟΣΑ για την πολιτικη διαχειριση των μετρων με τιτλο:

The Political Feasibility of Adjustment του Christian Morrisson
http://www.oecd.org/dataoecd/24/24/1919076.pdf