Category: Greece

Month in Review, August 2015: Part 2, Lingering debts

25 September, 2015 (10:00) | Actuaries, Bankruptcy, Berlin, Boston, de Blasio, Economic development, Essential posts, Greece, Housing, Illinois, Month in review, Olympics, Pension funds, Puerto Rico, Urbanization |

By: David A. Smith [Continued from yesterday’s Part 1.] The true mystery of capital lies in its mutability: property can be turned into money, money into chattel, chattel into property, and all through the chemical reaction of markets; moreover, money can be created (value greater than cost) and money can be lost (cost greater than […]

Month in Review, August 2015: Part 1, Enduring assets

24 September, 2015 (10:00) | Actuaries, Bankruptcy, Berlin, Boston, de Blasio, Economic development, Essential posts, Greece, Housing, Illinois, Month in review, Olympics, Pension funds, Puerto Rico, Urbanization |

By: David A. Smith For a month in which normal people (e.g. those not obsessed with blogging) go on vacation, August contained plenty of material related to affordable housing, starting with the ever-inventive Mayor Bill de Blasio in the ever-political city of Gotham, with the city’s attempt to create its own home-rule version of the […]

America’s Greece? Part 5, Six for six on advantages

7 August, 2015 (10:00) | Capital markets, Default, Euro, Finance, Greece, Immigration, Municipal bankruptcy, Puerto Rico, Recapitalization, Sovereign bankruptcy, Sub-sovereign entities, US News |

[Continued from yesterday’s Part 4 and the preceding Part 1, Part 2, and Part 3.] By: David A. Smith By now readers will have gleaned that by contrast with Greece, which wanted its debts restructured (but when it came to the crunch wasn’t willing to flip the switch and go drachma), Puerto Rico not only […]

America’s Greece? Part 4, A friend of the debtor is a friend of mine

6 August, 2015 (10:00) | Capital markets, Default, Euro, Finance, Greece, Immigration, Municipal bankruptcy, Puerto Rico, Recapitalization, Sovereign bankruptcy, Sub-sovereign entities, US News |

[Continued from yesterday’s Part 3 and the preceding Part 1 and Part 2.] By: David A. Smith In these earliest days of Puerto Rico’s unofficial bankruptcy, the offstage maneuvering is taking place; aside from posturing and various legal salvos, negotiations will take place, but as long as bankruptcy is unavailable, the restructuring will be catch-as-catch-can […]

America’s Greece? Part 3, Better hired at five than not hired at seven

5 August, 2015 (10:00) | Capital markets, Default, Euro, Finance, Greece, Immigration, Municipal bankruptcy, Puerto Rico, Recapitalization, Sovereign bankruptcy, Sub-sovereign entities, US News |

[Continued from yesterday’s Part 2 and the preceding Part 1.]   By: David A. Smith As the two earlier posts have shown, Puerto Rico is insolvent, and in default, and its history of continuous budget deficits, some of them quite large, going back fifteen years demonstrates that the problems are structural, not simply financial.  In […]