Recent posts

Thoughts on Ukrainian Debt Restructuring

August 29th, 2015

I was very glad to see Ukraine reach a deal involving reduction in the principal value of its debt with major creditors. This would not have happened without the tenacity and determination of Ukrainian finance minister, Natalie Jaresko, and Ukraine’s political leadership. Congratulations also to the IMF and the U.S. Treasury for their strong efforts. continue

Tomorrow Greece votes

July 4th, 2015

Tomorrow Greece votes. No one can know the outcome yet. Indeed, my bet is that a third of the voters are not yet sure how they will vote. If polls could not get the British election right, I doubt that they can get this one right. Anything can happen, and it would not surprise me if the vote is a landslide, one way or the other. continue

Both sides may get more of what they fear

June 25th, 2015

In an interview with Charlie Rose on June 24, 2015 to discuss the debt crisis in Greece, Summers said, “Both sides are going to get more of what they fear if they aren’t able to reach a deal.” continue