eurozone crisis

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What Chapter 9 Bankruptcy means for Detroit

Even wonder what happens when a city goes bankrupt? Does a form of government even control the city anymore? Other questions such as who provides the public services or do the residents still pay tax also come to mind. Since the city of Detroit filed for Chapter 9 bankruptcy protection on the 18th of July 2013 at an estimated $18 billion worth of debt, I guess it is worth talking about it how it could pan out.

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The World this week with ESSA

Hand picked selection of economics content from around the web. This week: Europe, US election coverage, the RBA’s monetary policy and the cost of free range chickens. ESSA, 7 October 2012 World Economy Europe Greek Prime Minister Warns of Societal Collapse Like Weimar Germany; Citizens Storm Defense Ministry; – Global Economic Analysis Greece is politically …

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Achilles and Cheiron

The Greek Epic

The Greek tragedy began with its declining competitiveness in the early 2000’s. Simply put, they were producing far less than they were consuming. Many factors lead to this including their adoption of the Euro (see Hungy’s article here). Some have pointed out the irony of too much Democracy from the people who invented it: pensions rose, retirement age lowered, and public sector salaries increased. This explanation has formed the view of the Greek people as lazy and unproductive, a label which is misinformed.

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