Early Headlines: Greek Suicide, Rich Californians' Privilege, Renewable Energy Replacing Coal, Dead Comet Lander Revives and More

June 15th, 2015
in News, econ_news, syndication

Early Bird Headlines 15 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:


  • Renewable power will overtake coal if climate pledges are kept (Financial Times) Wind, solar and other types of renewable power will overtake coal to become the world's top source of electricity in just 15 years if the pledges countries are making for a global climate change deal this year are met. Econintersect: Pledges have little to do with it; solar and wind are already competitive with coal on base costs and they are declining in cost while coal is going up. Economics will drive the world to the renewables decision. If externalities are included the cost race is over by a mile already.



  • Lost comet lander awakes, sends 'hello' from space (CNN) Hat tip to Alun Hill. The Philae comet lander fell silent 7 months ago after failing to "stick" a comet landing and discharging its batteries. Yesterday, after moving closer to the sun and recharging with energy from solar collectors, Philae sent a Tweet to earth: "Hello @ESA_Rosetta! I'm awake! How long have I been asleep? #Lifeonacomet."



  • Greece's latest attempt to reach deal with creditors collapses (The Guardian) Exit from eurozone a step closer as EU officials dismiss Alexis Tsipras's reforms as incomplete, with talks halted after less than an hour. Econintersect: Is this the 21st century version of 19th century debtors' prison?
  • Greeks Who Want to Keep Euro Are Tired of Tsipras's Brinksmanship (Bloomberg) Greeks are increasingly weary of the roundabout of talks with creditors that's left companies short of cash, forced savers to hoard money under mattresses and has tipped the economy back into recession. Last week, a poll showed a majority of the 1,000 Greeks surveyed were unhappy with the government's tactics, with 77 percent urging Tsipras to seal a deal with creditors.
  • A Greek Suicide? (Anatole Kaletsky, Project Syndicate) Hat tip to Rob Carter. See also next article. Kaletsky thinks Greece holds no cards in the negotiation game:
To judge by Tsipras's belligerence, he firmly believes that Europe needs Greece as desperately as Greece needs Europe. This is the true "absurdity" in the present negotiations, and Tsipras' misapprehension of his bargaining power now risks catastrophe for his country, humiliation for his Syriza party, or both.
  • Greece has nothing to lose by saying no to creditors (Financial Times) If Greece were to default on its official-sector debt, France and Germany stand to forfeit €160 billion. If Greece were to accept the offer on the table this article provides a calculation of cumulative hit to GDP of 12.6% and debt -to-GDP ratio approaching 200 after four years. Contrary to the article above which argues that refusing the offer is suicide for Greece, this article says that accepting it is suicide. Econintersect: Is this really a Cornelian dilemma? We say only because idiots are involved.





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