What U.S. should learn from Greece about debt

IndyStar.com By Peter G. Peterson 7/9/15 The world watches as the Greek tragedy unfolds, as pensioners continue to line up at shuttered banks, desperately attempting to withdraw some of their life savings. These heartbreaking images show us what a debt crisis really looks like, as Greece’s economy is in free fall and its most vulnerable citizens are so profoundly affected. As a first-generation Greek American, I have more than a passing interest in Greece’s condition (my father changed his name to Peterson from Petropoulos, which means “son of Peter”). But I … Continue reading

Why Greece Matters for Everyone

Like it or not, Greece is a domino that will have ripple effects throughout the rest of the world Time.com By Rana Foroohar 7/6/15 Greece is a tiny country. It’s 0.3 % of the GDP of the world. Most private creditors took their money out of the debt-ridden nation years ago. So why is the possible exit of Greece from the Eurozone rocking markets? Because it represents what could be the end of the biggest, most benevolent experiment in globalization, ever. On Sunday, Greek voters said “no” to Europe’s latest … Continue reading

Presidential candidate Bernie Sanders backs Greek voters

Sanders backs Greek voters

“I applaud the people of Greece for saying ‘no’ to more austerity,” he says.

By Hanna Trudo

Democratic presidential candidate Bernie Sanders expressed support for Greeks who voted against creditors’ calls for austerity measures in exchange for new loans by widely rejecting such demands on Sunday.

“I applaud the people of Greece for saying ‘no’ to more austerity for the poor, the children, the sick and the elderly,” Sanders (I-Vt.) said in a statement on his website.

The referendum was part of broader efforts to back Greek Prime Minister Alexis Tsipras, who is expected to attempt to try to negotiate better terms for his financially beleaguered nation.

“In a world of massive wealth and income inequality, Europe must support Greece’s efforts to build an economy which creates more jobs and income, not more unemployment and suffering,” Sanders’ statement reads.

The Vermont senator, a socialist, has a recent history of speaking out against global stakeholders’ policies that affect Greece.

On Wednesday, he criticized the International Monetary Fund in an interview with The Huffington Post, stating, “It is unacceptable that the International Monetary Fund and European policymakers have refused to work with the Greek government on a sensible plan to improve its economy and pay back its debt.”

Earlier Sunday, Sanders sat for an interview with CNN’s Jake Tapper. Sanders, who has been drawing increased attention as he has gained on front-runner Hillary Clinton in the polls, addressed his own domestic financial priorities, building on the language he has become known for in recent months.

“My Cabinet would not be dominated by representatives of Wall Street,” Sanders said.

“I want a Cabinet that is focused on rebuilding the crumbling middle class, demanding that the wealthiest people and large corporations become part of America, and do not live as an island unto themselves,” he added.

He pointed to former Clinton administration Labor Secretary Robert Reich and New York Times columnist and economist Paul Krugman as knowledgeable sources of information.

Sanders also addressed issues involving tax rate hikes, stating: “In my view, we ought to break up the major financial institutions. We have to do away with these corporate tax havens. And, yes, we have to raise individual tax rates substantially higher than they are today.”

He also spoke about same-sex marriage.

“I voted against the DOMA act, the so-called Defense of Marriage Act, way back in 1996 that was signed by President [Bill] Clinton, because I think, if people are in love, they should be able to get married in this country, in 50 states in America. And I strongly support what the Supreme Court recently said.”

The Greek Catastrophe Is Finally Here (Unless It Isn’t)

Greece is entering a world of pain; the rest of us, a tense waiting game. But the odds favor containment of the crisis. Politico.com By Zachary Karabell 6/29/15 It was a grim weekend in Greece, and it’s likely to be an even grimmer week ahead, both for the Greeks and the European (and possibly world) economy. What would  normally be the beginning of the profitable tourist season—a summer idyll in the lovely Greek islands and crowds piling into the Parthenon—has turned into the next chapter of the slow-motion economic train … Continue reading