Previously I posted Denial is a river . . . in Europe (part 1); now for part 2:
Europe’s Two Years of Denials Trapped Greece - NYTimes.com: "THE warning was clear: Greece was spiraling out of control.
But the alarm, sounded in mid-2009, in a draft report from the International Monetary Fund, never reached the outside world.
Greek officials saw the draft and complained to the I.M.F. So the final report, while critical, played down the risks that Athens might one day default, with disastrous consequences for all of Europe.
What is so remarkable about this episode is that it wasn’t so remarkable at all. The reversal at the I.M.F. was just one small piece of a broad pattern of denial that helped push Greece to the brink and now threatens to pull apart the euro. Politicians, policy makers, bankers — all underestimated dangers that seem clear enough in hindsight. Time and again over the last two years, many of those in charge offered solutions that, rather than fix the problems in Greece, simply let them fester. . . . "
Tweet Follow @johnmpoole
The Big Picture
Financial Crisis - The Telegraph
JohnTheCrowd.com | The Sailing Website
Craig Newmark - craigconnects
- ► 2015 (131)
- ► 2014 (368)
- ► 2013 (380)
- ► 2012 (423)
- Finding your passion (video)
- Why a Stimulating Job Can Improve Your IQ (video)
- Germany: Going Down with the Ship
- The Rich get Richer (and Bigger) thanks to the Fed
- Saving a dinosaur, part 2: Overhauling the Post Of...
- Saving a dinosaur: the US Postal Service (video)
- Yankeegroup: Facebook Falls Low on Consumers' List...
- Pick Your Poison: ECB as lender of last resort
- Eurocontagion: caveat emptor!
- Pimco's El-Erian Calls U.S. Economy `Terrifying' (...
- Eurozone: the confidence fairy’s not coming
- Why the U.S. desperately needs tax reform
- When Government is the Problem, Entrepreneurs will...
- Yes Fiscal Policy Matters, but What Kind of Stimulus?
- Money Quote of the Week
- Angela Merkel to Europe: "You vill obey!"
- Google Stands Up for Internet Freedom
- Stop SOPA
- The 2 things you need to know about Newt Gingrich ...
- PIMCO's Mohamed El-Erian: politicians need to reco...
- Warren Buffett on the deficit: spending has to com...
- Warren Buffett: Romney is strongest GOP candidate
- Romney leads--Republicans coming to their senses
- B&N asks DOJ to investigate Microsoft
- The euro, it turns out, was not a good idea
- Cuba Today: The Struggle Continues
- Debate wrap-up and what most media missed
- Now for the Italian Job
- ZDNet: Chrome is the best web browser
- The Giant of Redmond Is Not Sleeping--Why Microsof...
- Italy: end game time
- Denial is a river . . . in Europe, part 2
- To the 'Occupy London Stock Exchange' protesters, ...
- Denial is a river . . . in Europe
- David Cameron: "There is a global storm in the wor...
- ▼ November (35)