By Ana Swanson The hills of Kalamata, on the southern coast of Greece’s Peloponnese peninsula, produce some of the best olives in the world. When pressed, they produce an oil that is almost fluorescent green and sometimes described as “liquid gold.” But after much of that oil is pressed in Greek processing facilities, tanker trucks come to […]
(Greece) The west made a huge blunder, they cannot hurt oil rich Russia, for one the government is one of the largest producers of oil, secondly the Russian citizens do not live in debt like Americans. They buy cars with cash, their homes and flats too, in Russia you not considered a homeowner if you […]
By Dan Calabrese It’s always dangerous to draw big conclusions when markets react to developments in a crisis. Today we read in USA Today that financial markets are rebounding because a leaked letter from the Greek government indicates they’re ready – if only because they have no choice – to give into to reform demands […]
By Dr. Ileana Johnson Paugh While Americans are eagerly signing petitions to ban the American flag on the heels of Louis Farrakhan’s Nation of Islam leader call to ban the Stars and Stripes “due to its links to racism” or are busily banning anything attached in any way to the Confederate flag and our history, […]
Greece should brace itself for some form of capital controls, say analysts at Credit Suisse. As Greece has closed the door on making a deal with its international creditors, we can expect urgent fiscal control measures to come in from Monday. Here’s more from a Credit Suisse note sent on Friday: “A “No deal” scenario […]
Throughout the showdown between Greece and its creditors, the weak Obama administration has largely sat on the sidelines, issuing the occasional warning about the potential economic impact of a default. Now that Greece is on the verge of bankruptcy, Obama is also starting to worry about the political fallout and the potential for Russia to gain increased influence over […]
May 29 was the anniversary of the conquering and desolation of the great Christian city of Constantinople by the forces of Islam in 1453. The below historical descriptions of the pillaging and destruction by the Muslim invaders is remarkable for its similarity to the actions of the Islamic State and other jihadi groups today, and vividly illustrates […]
Greece has moved closer to default and possible exit from the eurozone after telling the International Monetary Fund it would not be making a debt repayment of €300m (£219m) due on Friday. Greece follows the footsteps of Zambia. A country which eventually ended with debt restructuring. Greeks are digesting the news that they are only the second […]
By Katerina Nikolopoulou Athens (AFP) – Greece warned Sunday it has no money to repay the International Monetary Fund on time in June unless a deal is reached with its creditors, in a stark warning that the country could be just days away from defaulting. Athens already had a close shave in May, when it […]
The U.S. has a $210 trillion “fiscal gap” and “may well be in worse fiscal shape than any developed country, including Greece,” Boston University economist Laurence Kotlikoff told members of the Senate Budget Committee in written and oral testimony on Feb. 25. “The first point I want to get across is that our nation is […]
