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Greek voters may have though that they were voting on an immediate ending of the austerity. But that never was on offer, and difficult choices are just beginning with the vote.

Employment Booms and busts, in a single chart.   Source: BLS, Eurostat, own calculations With some surprises: USA and Eurozone overall labor market performances are not that different – so far. You would not have guessed, France is actually looking better on this chart than US as a whole. Italy is also better than what […]

The European periphery is replaying the Great Depression in slow motion. This means that eventually the Euro may fall apart, despite the recent loosening by the ECB.

The Eurozone will need a better functioning labor market to keep the monetary union

From Before Cyprus to After Dijsselbloem? The Eurogroup leader whose name starts with a D showed how to become a swearword from obscurity in a single day. But was he actually onto something important? A modest proposal.

Cypriot banks will not fully reopen any time soon. Not even next Tuesday. Capital controls are likely, and potentially not just in Cyprus. The simple morale of the story is that never ever keep money in a banking system/country which is broke….

“Banking union” is a backdoor to fiscal union. That is why it will not come any time soon. The Eurozone crisis is potentially worse than the Great Depression for peripheral countries (including Spain and Italy). Policymakers still underestimate the risks, to put it mildly.