The Corner

Collateral Damage

The Finnish demand that their portion of the second Greek bailout be adequately collateralized (which could well mean that any net transfer of cash from Helsinki to Athens would be severely reduced) continues to cause ructions. Open Europe’s blog has an excellent round-up here.


In particular it is worth noting.that this demand cannot be waived except by a vote in the Finnish parliament, a building filled with MPs extremely conscious of the ever-increastng popularity of the eurosceptic True Finns. At the same time, Greece’s agreement to provide the Finns with collateral will have (one way or another) to be approved by all Eurozone parliaments. As things now stand, that will not happen.


Oh yes, the IMF also (reportedly) opposes collateralization (it runs against its senior creditor status).


Tick tock.

Most Popular

Politics & Policy

O’Rourke’s America

With apologies to Margaret Atwood and a thousand other dystopian novelists, we do not have to theorize about what an American police state would look like, because we know what it looks like: the airport, that familiar totalitarian environment where Americans are disarmed, stripped of their privacy, divested of ... Read More

Is America Becoming Sinicized?

A little over 40 years ago, Chinese Communist strongman and reformer Deng Xiaoping began 15 years of sweeping economic reforms. They were designed to end the disastrous, even murderous planned economy of Mao Zedong, who died in 1976. The results of Deng’s revolution astonished the world. In four decades, ... Read More

Kurdish, Syrian, and Turkish Ironies

Outrage met Donald Trump’s supposedly rash decision to pull back U.S. troops from possible confrontational zones between our Kurdish friends in Syria and Recep Erdogan’s expeditionary forces. Turkey claims that it will punish the Syrian Kurds for a variety of supposed provocations, including aiding and ... Read More

LeBron James Looks Like a Fraud

So, LeBron James claimed that Houston Rockets GM Daryl Morey was simply “misinformed or not really educated on the situation” when he tweeted his support for pro-democracy protesters in Hong Kong. “I don’t want to get into a feud with Daryl Morey, but I believe he wasn’t educated on the situation at ... Read More