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Chemicals and the Economy

Sunday is ‘moment of truth’ for Eurozone and Greece

“We should not forget the historic nature of what is at stake. “Its about whether a country can leave the euro zone and what that means for the future of an incomplete and flawed European Monetary Union. “Its about whether there may soon be a failed state in southeastern Europe with all the geopolitical consequences […]

Greece introduces capital controls; IMF says it needs to default

This morning, Greece introduced capital controls.  People can only withdraw €60/day ($65) from their bank accounts.  The government has also called a referendum on Sunday, after Eurozone talks on a new bailout package collapsed. The key issue is that Greece will never be able to repay its debts.  These are currently estimated at €322bn ($365bn) […]

Stimulus proves no solution for today’s economic slowdown

“Central banks have to be mindful that too long a period of very low interest rates can have undesirable consequences in the context of ageing societies. For pensioners, and those saving ahead of retirement, low interest rates may not be an inducement to bring consumption forward. They may on the contrary be an inducement to […]

Greece and the Eurozone head for showdown over debt issue

We all learnt one crucial lesson from Syriza’s victory in the Greek election last week – voters can halt the European Central Bank (ECB).  Or in other words, protest coalitions can trump elite consensus.  In places like Spain and France, this effect may not work through immediately, but it is being absorbed. Thus Greece and the Eurozone crisis […]

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