Is nomen omen? Last month Cyprus appointed an economist called Panicos Demetriades as central bank governor. On Friday, the euro zone minnow committed to pump 1.8 billion euros, or 10 percent of GDP, into Cyprus Popular Bank (CPB) if its second largest lender can’t raise it privately. What’s more, this may just be a holding operation. If Greece quits the euro, Cypriot banks and the state itself will need more help…
…[L]ooming over everything is what’s happening in Greece. Bank of Cyprus and CPB each have about 10 billion euros of Greek loans, of which already 13 percent and 19 percent respectively are non-performing. In the event of a Greek exit from the euro, they would both need further capital. Although the central bank’s data from the end of March doesn’t show any deposit flight, the lenders might also require help on liquidity.
Even without a Greek exit, the government’s finances are stretched. Last year it had a 6.3 percent budget deficit and received a 2.5 billion euro loan from Russia, with which it has close financial ties. The IMF thinks the economy will shrink 1 percent this year. In the long run, offshore oil deposits may provide some salvation. But if Athens brings back the drachma, Nicosia will be hard-pressed to avoid its own bailout from the euro zone.
The Mueller report is of course about Russian interference in the 2016 election and about the White House's interference in the resulting investigation. But I couldn’t help also reading the report as a window into the manner of administration that characterizes the Trump era, and therefore as another warning ... Read More
Democrats and their media partners owe Bill Barr an apology. He won’t get one, it goes without saying. Just to recap, the attorney general was accused of misrepresenting Mueller’s report; of providing a false summary of the report; of plotting to use grand-jury law and other secrecy provisions as a pretext ... Read More
The U.S. Attorney General is ending asylum seekers’ opportunity to ask for bond in front of an immigration judge. Read More
EDITOR’S NOTE: The following is Jonah Goldberg’s weekly “news”letter, the G-File. Subscribe here to get the G-File delivered to your inbox on Fridays. Dear Reader (Redacted: Harm to Ongoing Matter), One of the things I tell new parents is something that was told to me when my daughter still had that ... Read More
Actors love to think they can play anything, but the job of any half-decent filmmaker is to tell them when they’re not right for a part. If the Rock wants to play Kurt Cobain, try to talk him out of it. Adam Sandler as King Lear is not a great match. And then there’s Joaquin Phoenix. He’s playing Jesus ... Read More
I know that yesterday was almost entirely dedicated to analysis of the Mueller report, but I just can't let this past without comment -- the Post printed another op-ed tying Ben Shapiro to the radical right. On Tuesday, Talia Lavin took to its pages and actually wrote that Ben's statements declaring Notre Dame to ... Read More
I've finished reading the entire Mueller report, and I must confess that even as a longtime, quite open critic of Donald Trump, I was surprised at the sheer scope, scale, and brazenness of the lies, falsehoods, and misdirections detailed by the Special Counsel's Office. We've become accustomed to Trump making up ... Read More
Washington -- The oral arguments the Supreme Court will hear on Tuesday will be more decorous than the gusts of judicial testiness that blew the case up to the nation’s highest tribunal. The case, which raises arcane questions of administrative law but could have widely radiating political and policy ... Read More