Category: Sovereign bankruptcy

Financially hollowed out

7 January, 2013 (16:29) | Capital markets, Economics, Euro, Global news, Greece, Sovereign bankruptcy, Speculation |

By:David A. Smith   Frostbite and gangrene attack the extremities first, as the body sacrifices bits of itself to keep the core alive.  That affliction is slowing withering the economy, sovereignty, and society of Europe’s southern members – Greece and Spain in particular – as they continue to pursue the impossible, of staying in the […]

Eight desperate tries for when money disappears: Part 2, break your contracts

3 January, 2013 (10:00) | Capital markets, Eurozone, Global news, Insolvency, Money, Sovereign bankruptcy, Spain, Speculation |

[Continued from yesterday’s Part 1.]   By:David A. Smith   Yesterday’s post on the grim realities of Spain’s economy, using a New York  Times (December 17, 2012) article, organized the ways in which an insolvent entity that has run out of cash can try to avert complete collapse and presented the first three: stretch accounts […]

Eight desperate tries for when money disappears: Part 3, break your country

2 January, 2013 (16:06) | Capital markets, Eurozone, Global news, Insolvency, Money, Sovereign bankruptcy, Spain, Speculation |

[Continued from yesterday’s Part 2 and the preceding Part 1.]   By:David A. Smith   In the two days so far, using a New York  Times (December 17, 2012) article on Spain’s fiscal seizures, we’ve seen that  even going bankrupt is no relief from the intractable problem of having no cash, and no money economy.   […]

Eight desperate tries for when money disappears: Part 1, break your promises

2 January, 2013 (15:53) | Capital markets, Eurozone, Global news, Insolvency, Money, Sovereign bankruptcy, Spain, Speculation |

By:David A. Smith   In extreme starvation, a human body will in desperation consume itself, burning up muscle for food, a self-cannibalism that can happen to nations as well, as reported in this scary tale of economic collapse in the New York  Times (December 17, 2012):   Ana Maria Molina Cuevas, with her husband, who […]

Societal bankruptcy: Part 2, the rise of disorder

11 December, 2012 (09:35) | Bankruptcy, Economics, Euro, Global news, Greece, Sovereign bankruptcy, Speculation |

By:David A. Smith   [Continued from yesterday’s Part 1.]   Yesterday’s post on the societal collapse of Greece, under forced austerity to preserve its connection to the euro currency, as shown in this Associated Press (November 1, 2012) story, demonstrated that the established institutions by which citizens judge their government – hospitals, courts, public services […]