Excellent Summary of Greece’s Debt Burden in The New Yorker

I normally steer clear of politics on this blog, but I couldn’t not share this excellent article in The New Yorker about the Greece’s debt burden. It’s rather brief, but makes a few points that I think are very important:

  1. Tür der KämmereiGreece’s debt dynamics are unsustainable.
  2. Dragging out the negotiations hasn’t helped this, but to suggest that Syriza is to blame for Greece’s debt load being unsustainable is silly.
  3. The bailout was more about protecting German banks, but especially the French banks, from debt write-offs than helping the Greek people.
  4. European leaders were concerned that writing off some of Greece’s debts would set a precedent for other heavily indebted countries. This is true, but it’s probably too late now.
  5. Germany has benefited from debt relief after World War II, so it might be time to return the favor.

This is the kind of harsh realities I would like to hear from my government and other European leaders.

Pictures from London Part 2

Continuing from part 1, here are the remaining pictures from my recent trip to London. These were taken while going up the Thames on a boat from Canary Wharf towards the London Eye.

This boat ride is a very interesting one, because it is so full of contrast. On the one hand, there are these hyper-modern skyscrapers in Canary Wharf and the City. On the other hand, there are some industrial buildings (mostly converted to residential use) serving as reminders of what London used to be like.

Additionally, on this day the weather was alternating between sunshine and rain very quickly. I hope some of the pictures capture the weird lighting this resulted in: one half of the sky blue, and the other almost black. Some buildings in the dark, others in bright light.

Canary Wharf von der Themse aus

Industriegebäude vor Canary Wharf (2)

Industriegebäude

Regenbogen

Regenbogen über St. Pauls

Blick aus dem London Eye

London Eye

More pictures in part 3.