From Bloomberg: Athanasios Orphanides, former governor of the Central Bank of Cyprus, talks about a proposed unprecedented levy on Cyprus’s bank deposits and the potential impact on Europe’s financial system. Orphanides speaks with Tom Keene and Sara Eisen on Bloomberg Television’s “Surveillance.” Megan Greene, chief economist at Maverick Intelligence, also speaks.
In the past 30 years a great number of utilities in the developed world have been privatised. That trend seems likely to be reversed. Why? Because the ideology which drove the project—in particular, the notion that the private sector is always more efficient than the public sector—is collapsing. Effective public ownership is being reconsidered not [...]
The global financial and economic crisis has revealed a financial system driven by short-termism, involving speculative and irresponsible behaviour on the part of the banking sector and its investors. When it came to a head in 2008/2009, it triggered widespread reappraisal of governance systems internationally. In the context of the global economic crisis and the [...]