The Ukrainian Spring

How long can one stand at the crossroads? Well, quite a long time, at least this is the case of Ukraine, a vast country of over 600,000 square kilometers and approximately 45 million people, strategically positioned between the West and the East. While history supposedly had ended twenty years ago, in Ukraine it continues, with […]

Culture and Development: Clash of Civilizations or Global Melting Pot?

I don’t think there is a structural contradiction between globalization and respect for cultural freedom. The world in which we now live is a global cultural melting pot, and not a ‘clash of civilizations’ or ‘macdonaldization’, as I argue in my book “Truth, Errors, and Lies: Politics and Economics in a Volatile World” ( Although […]

The Cairo Consensus

If one travels frequently, as I do, one often finds stereotypes to be rampant, and thus, much of the discourse on certain important issues and regions of our volatile world tends to be biased.  This often leads to intellectual short-cuts (i.e. laziness), misinterpretation, and bad policy advice, most often of the erroneous kind of “one […]

The Greek Syndrome

How much is enough, or how much is not enough? This is the question… The Greek drama evolves before our eyes like a slow motion train crash. On the one hand, there are the irrational expectations of the foreigners – be it the Eurozone finance ministers or the IMF, the private banks, driven by reckless […]

An Unorthodox Crisis Calls for Unorthodox Action

Let’s face the truth: it is not possible to overcome sensibly – and socially peacefully – the more and more dangerous debt crisis. Indulging in idle chatter by shifting the debt from the private to the public sector, from the member-countries to the European Union, is not a way to reduce debt, but only a […]

Europe: Falling off the Volatile Bull?

For quite a long time I’ve been arguing in favor of writing off a proper amount of the Greek debt, since Greece is insolvent, and not just having problems with liquidity, like some other European countries. And now – it’s quite late, but still not too late – it looks that the European Union at […]

The Greek Syndrome: A Prelude to Revolution?

Time to go to Greece! I should have already been there, but due to the general strike I have been forced to reschedule my flight for this morning. Hopefully, I will be there soon. It shouldn’t come as a surprise that the Greek people are on general strike again – not the first time and, […]

Emerging Markets to the Rescue?

Even at a time of world crisis and evolving institutional and political chaos – at a time when the US and Italy’s debt has been downgraded by the rating agencies and the European Union time and again shows that it is not up to the challenge of the mounting financial crunch – there is some […]

The Greek Crisis: Time Is More Precious Than Money

And we’ve got yet more news… “The leaders of Germany and France have said that they want a new rescue package for debt-laden Greece to be agreed as soon as possible…. But Angela Merkel and Nicolas Sarkozy said any private sector involvement should be “voluntary” not compulsory. It was unclear under what terms private investors […]