Econoblog
How much money is at stake if Greece exits?
Christian Schulz of Berenberg Bank has calculated that total exposure of the rest of the world is just over €424bn. To put this in context when Lehman Brothers went belly up in September 2008, giving the global economy a heart attack, the US investment bank had liabilities of $613bn, which works out, at present exchange rates, at €476bn.
By Ben Chu | Eagle Eye, Econoblog | Tuesday, 15 May 2012 at 12:27 pm
How spending cuts delivered the double dip
If the Chancellor had cut less on infrastructure and housing, other things being equal, construction would not have fallen by the same degree, GDP growth in the first quarter would have been flat, and Britain would not now be in a double dip recession.
By Ben Chu | Eagle Eye, Econoblog | Friday, 11 May 2012 at 2:21 pm
The survey case for more Quantitative Easing
It’s going to be interesting to see how the Bank of England’s Monetary Policy Committee explains why it didn’t act this month on the very figures that it saw as extremely important four weeks ago.
By Ben Chu | Eagle Eye, Econoblog | Thursday, 10 May 2012 at 6:57 pm
The Tory Chancellor who made the right call on the deficit
Two years ago, the coalition set out its programme for government. Today, the Prime Minister and Deputy Prime Minister reaffirm their commitment to the central element of that programme – cutting the deficit quickly. This is despite the dismal results this strategy has delivered, despite the fact that even the IMF is arguing that there are more sensible alternatives, and despite the growing realisation in the eurozone that austerity is a dead end.
By Jonathan Portes | Eagle Eye, Econoblog | Tuesday, 8 May 2012 at 10:46 am
It was British banks, not British borrowers, that crashed our economy
Be wary of those who confidently assert that our present economic malaise is a consequence of high household debt levels. And certainly don’t accept for a moment the argument that British banks fell over because they lent too much to us.
By Ben Chu | Eagle Eye, Econoblog | Friday, 4 May 2012 at 12:28 pm
Can the UK’s ailing economy learn from Germany?
The UK has now plunged into a double dip recession, according to figures released Wednesday. But in Germany the economic prognosis could not be more different. Why is the German economy showing such stomach for the fight against the global downturn, while Britain staggers from its toxins?
By Sherelle Jacobs | Econoblog | Friday, 27 April 2012 at 11:14 am
George Osborne’s escape route
Wednesday’s growth figures were as bad as anyone could have anticipated. And while there’s a good chance that they’ll change – the recession could yet be revised away – none of this alters the fact that the UK economy is in the doldrums. Being economically becalmed is bad enough, but we’re even slipping into a recession without a meltdown in the Eurozone.
By Ian Mulheirn | Eagle Eye, Econoblog, Opinion | Friday, 27 April 2012 at 10:04 am
Adam Posen: Why I changed my vote
So allow me to explain my vote for no change to policy at the April Monetary Policy Committee meeting. This seems to have surprised people, but it really should not have. I have been saying publicly since the February meeting that there is very little distance between the Committee’s modal forecast and my own forecast – in contrast to last summer before we undertook additional asset purchases.
By Adam Posen | Eagle Eye, Econoblog | Thursday, 19 April 2012 at 3:30 pm
Who wants to tax and spend? The IMF, that’s who..
Since Christine Lagarde took over the IMF at the turn of the year, they’ve made it more and more obvious that they thought a number of countries including the US, Germany and (by implication) the UK, were tightening fiscal policy too fast.
By Jonathan Portes | Eagle Eye, Econoblog | Tuesday, 17 April 2012 at 4:22 pm
The European Central Bank shows its true colours
What stunning self-righteousness. And what hypocrisy too. Where is the punishment for the creditors of those Irish banks – many of them German financial institutions? If Joerg Asmussen is so keen that sinners pay for their mistakes, why is he apparently content for those profligate lenders to get off free of charge?
By Ben Chu | Eagle Eye, Econoblog | Friday, 13 April 2012 at 8:33 pm
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