News
WSJ | Greece's Credit Non-Event
So after all the weeks of angst and protest, Greece was able to restructure its debt. But it couldn't do so without imposing losses on unwilling creditors, and so late Friday the International Swaps and Derivatives Association declared that Greece had defaulted at last, triggering among other things credit default swaps on Greek debt. The world did not end.
Bloomberg | Greek Bailout Payment Set to Be Approved by Euro Ministers After Debt Deal
Euro-area finance ministers seeking to step past the largest sovereign debt restructuring in history will attempt to gain a foothold this week as they grapple with implementing the latest Greek bailout.
WSJ | Greece Defaults, and Tries to Move On
Greece will reap fast relief from a historic €200 billion ($266 billion) debt restructuring sealed Friday, but the default isn't likely to end the debt-strapped country's epic financial problems.
WSJ | Spain's Move Tests Europe's Mettle on Deficits
Spain's stand-off with Brussels over the size of its 2012 budget deficit has presented officials in the city with a dilemma: How do they preserve the credibility of the tighter fiscal rules without triggering a Greece-style downward economic spiral by forcing Spain to slash its deficit too vigorously?
Econ Comments & Analysis
Washington Times | Backbone in the budget season
Plans for 2013 already have Washington nearing the spending limit set last summer in the Budget Control Act. Congressional Republicans struck that deal with President Obama, letting him raise the debt ceiling by $2.1 trillion in exchange for less spending.
Blogs
Library of Economics | Real Austerity
The lawmakers said they would turn Medicare into a premium support plan that would give seniors the same healthcare plan as members of Congress. They say this would save an estimated $1 trillion over 10 years.
WSJ | Most Borrowers Not Paying Down Student Loans
39%: The percentage of student loan borrowers who were paying down their balances in the third quarter of 2011.
