A vote of confidence on Prime Minister Papandreou’s reshuffled cabinet and almost EUR 80 billion of proposed Greek budget cuts and asset sales is due later today.  Investors are optimistic he will survive, because a negative vote would precipitate fresh elections and probable Greek default, an outcome that is too difficult to contemplate.  Approval is [...]

According to IMF data, real GDP in the advanced industrialized economies expanded only 1.6% per annum during the eight years to 2010.  That was less than 60% as quick as the pace of expansion during the prior ten year to and including 2002 when GDP increased 2.8% per annum. It’s much easier to identify this [...]