Athens has struggled to get its euro zone creditors to talk about debt relief. That is because it is not the most urgent issue facing Greece. A short-term cash crunch could trigger bankruptcy in the next few weeks. But if the negotiators resolve the immediate crisis – and the omens don’t look good - debt relief should come onto the table.
The Great Debate
Ghost towns tend to start as boomtowns, and contemporary China more than likely has more boomtowns than any other country in history. No economy has ever risen so rapidly and no place has ever built so much so quickly. This rapid growth has resulted in peculiar side effect: ghost cities, everywhere.
MOSCOW – What a difference a plunging ruble makes. A few short days ago, Russian President Vladimir Putin was a strategic genius, outplaying Western leaders everywhere – in the Middle East, in China, and especially in Ukraine. Today, he’s the destroyer of his country and his political life could be in jeopardy.
from Anatole Kaletsky:
The “day of silence” observed this week by the Ukrainian army and its pro-Russian rebel opponents was an event of enormous economic importance for global economics as well as geopolitics.
from Hugo Dixon:
Is the good life possible without economic growth?
Merely raising the question challenges the conventional contemporary wisdom that a society’s prime goal should be to boost its income continually. But it is one that the West, especially Western Europe, may have to confront. Europe is not just suffering the after-effects of a nasty cyclical downturn, it has probably entered an era of low growth.