The Lethal Deferral of Greek Debt Restructuring
Written by Yanis Varoufakis
ATHENS – The point of restructuring debt is to reduce the volume of new loans needed to salvage an insolvent entity. Creditors offer debt relief to get more value back and to extend as little new finance to the insolvent entity as possible.
Written by J. Bradford DeLong
BERKELEY – Back in the early days of the ongoing economic crisis, I had a line in my talks that sometimes got applause, usually got a laugh, and always gave people a reason for optimism. Given the experience of Europe and the United States in the 1930s, I would say, policymakers would not make the same mistakes as their predecessors did during the Great Depression. This time, we would make new, different, and, one hoped, lesser mistakes.
Saying No to the Warmongers
Written by Jeffrey D. Sachs
NEW YORK – The accord struck in Vienna to rein in Iran’s nuclear activities has warmongers fulminating. Citizens worldwide should support US President Barack Obama’s brave effort to outmaneuver them, taking heart from the fact that the signatories include not just the United States, but all five permanent members of the UN Security Council plus Germany.
Bottling the Sun
Written by Steven Charles Cowley
LONDON – This December, world leaders will gather in Paris for the United Nations Climate Change Conference, where they will attempt – yet again – to hammer out a global agreement to reduce greenhouse-gas emissions.
From Nuclear Safety to Nuclear Security
Written by Des Browne and Igor S. Ivanov
WASHINGTON, DC/MOSCOW – Four years ago, a devastating tsunami crashed into the coast of Japan. Fifty-foot waves breached the seawall of the Fukushima Daiichi nuclear power plant, cutting off its emergency power supply and disabling its cooling systems.