Now that the Greek banks have re-opened, the third bailout package is on the way and something vaguely resembling normalcy is returning to Greece, we can finally deal with other things again: the euro crisis, for example.
As government debt in the European periphery becomes a riskier investment, the yields on periphery government yields are not going up as one might expect.
France and Spain give us a taste of what is to come in Europe in the coming decades.
As much as one can understand why liberal economists would like to use the euro as a catalyst for economic reforms, it may result in the precise opposite.
If newspaper reports last weekend are to be believed, Germany is pressuring Spain to accept a European bailout.
There are growing concerns that the Iberians will be the next casualties of the economic crisis.The widening spread between Spanish securities and German bunds as well as the increasing costs …
© Dr Oliver Hartwich