Lee Buchheit, fairy godmother to finance ministers in distress
Lee Buchheit, a lawyer at US firm Cleary Gottlieb, has been present at all the major debt crises of the past three decades. His reputation among investors is as a fearsome and aggressive litigator, but finance ministers in distress see him as something of a fairy godmother.[more inside]
"So when she studies the Greek balance sheet and demands measures she knows may mean women won't have access to a midwife when they give birth, and patients won't get life-saving drugs, and the elderly will die alone for lack of care – does she block all of that out and just look at the sums?" [more inside]
Adam Curtis on The legacy of the Colonels Coup - "What is forgotten is that from 1967 to 1974 the Greek people lived under a harsh and violent dictatorship that tortured and murdered thousands of ordinary people. The Colonels also corrupted the society by handing out vast loans to individuals in towns and villages across the country - to buy their loyalty. At the same time the repression and torture bred a powerful resistance that finally burst out in incredible bravery in 1973." [more inside]
Robert Shiller wants to replace much of existing state debt by selling shares of the “earnings” of national economies, in units of 1/trillon GDP.
Greece gains another €130bn in bailout funds. It's a nice headline, but the reports suggest it still isn't enough and Newsnight paint a picture of a fracturing Greek society.
Albrecht Ritschl (web site / papers) of the London School of Economics says Germans should remember their status as postwar debtors when offering advice to Greece.