Early Headlines: ACA Premium Hikes, Competing Plans for Greece, Snowden Statue in Berlin, India Cuts Interest Rates Again and More

June 3rd, 2015
in News, econ_news, syndication

Early Bird Headlines 03 June 2015

Econintersect: Here are some of the headlines we found to help you start your day. For more headlines see our afternoon feature for GEI members, What We Read Today, which has many more headlines and a number of article discussions to keep you abreast of what we have found interesting.


Follow up:


  • Edward Snowden, Julian Assange and Chelsea Manning statues unveiled in Berlin (Mashable) Created by Italian sculptor Davide Dormino, the life-size, bronze statues were unveiled on Friday in the Alexanderplatz public square in Berlin, Germany. The statues are part of an art project Dormino calls "Anything To Say." Each figure is standing on a chair, while a fourth chair sits empty, which the artist says "is for you [the public]." The statues are not permanently in Berlin but will go on tour,next in Dresden, Germany. On the website for the project, a message states:
"Thanks to Assange, Snowden and Manning, you know the limits of freedom. You know you are spied on every hour of every day. You know how governments kill and torture alleged enemies... We will honour their courage by erecting a monument..."



  • Creditors agree bailout offer for Greece (Financial Times) Greece's bailout lenders have joined forces to push Athens to agree on a rescue plan by the end of this week that will demand difficult economic reforms in return for access to €7.2bn in desperately needed aid. However, Greece is unlikely to accept as proposed because the offer requires primary budget surpluses of 3.5%. Greece submitted its own proposed plan Monday night. Econintersect: For the idiocy of this situation seethe next article which explains the accounting rules clearly not understood by Greece's creditors and the Troika.
  • Repeat after me: sectoral balances must sum to zero (Frances Coppola, Credit Writedowns) It is simple accounting: If the external sector for a country has a negative change (a current account deficit) then then that must come out of the internal accounts. There must be a deficit in either the government balance or the private sector balance, or both, equal to the external deficit. Greece is not only being asked to balance the external deficit but also to run a larger surplus to reduce the country's debt. That requires the private sector to contract to offset the government surplus plus the current account deficit (those rules of accounting again). Thus GDP contracts, debt/GDP ratio increases and increased austerity is indicated by the illogical thinking.






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