Insight and inspiration in turbulent times.
We all know one thing that Greece, Cyprus, and Puerto Rico have in common–severe financial problems. There is something else that they have in common–a high proportion of their energy use is from oil.
The noose around Greece’s neck is this: the ECB will not accept Greek bonds as collateral for the central bank liquidity all banks need, until the new Syriza government accepts the very stringent austerity program imposed by the troika (the EU Commission, ECB and IMF).
It’s impossible to tell how the stand-off between Syriza, Germany, and the ECB will turn out, and events are shifting daily.
