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Posted by Joseph Cotterill on Jun 17 08:09. Comment | Share

Comment, analysis and other offerings from Friday’s FT,Mark Mazower: A sorry end to too fleeting a Greek dream
These are painful days for anyone who loves Greece, writes Mazower, professor of history at Columbia University. More…

Comment, analysis and other offerings from Friday’s FT,

Mark Mazower: A sorry end to too fleeting a Greek dream

These are painful days for anyone who loves Greece, writes Mazower, professor of history at Columbia University. A series of austerity measures, requiring courage and sacrifice, has turned out to be insufficient. The onus is now on Europe’s leaders to rise above the short-termism and the wishful thinking that characterises their responses so far – the latest EU-IMF agreement is more evidence of this – and to frame further assistance as part of a plausible plan for growth. Given their track record, we should not hold our breath.

Thomas Hoenig: Why the sign must say, no UBS in the USA
It is persistently rumoured that some major international banks, including Switzerland’s UBS and Barclays in Britain, are considering moving their investment banking operations to another country, such as the US, writes Hoenig, president of the Federal Reserve Bank of Kansas City. Based on the current US financial structure and regulatory framework, my answer would be a clear “no!”

Gillian Tett: Beware a sticky summer
Anyone drawing up plans for a long summer holiday in July and August had better pray that the current market turmoil finally forces eurozone leaders to produce a rapid resolution – and knocks some sense into Washington over its debt ceiling debate, too. Otherwise, better check that the BlackBerry works on the beach, the FT’s Tett writes. If financial history is any guide, you will need it.

Martin Wolf: Britain’s curiously continental jobs market
“Curiouser and curiouser,” said Alice, in Alice in Wonderland, as she magically grew. That is how I feel about the contrast between the UK’s post-crisis employment performance and those of other high-income countries, particularly the US, the FT columnist writes. Unemployment has risen remarkably little, given the economic collapse. But productivity has fallen sharply.

Lex on Research in Motion
Frostbite is setting in. The two mobile phone makers headquartered up by the Arctic Circle, Canada’s Research in Motion and Finland’s Nokia, are in trouble, Lex says. Yet it is worth bearing in mind that as bad as RIM’s outlook was, Nokia’s was worse, calling for prices and volumes down enough to push handset profits to roughly nothing. RIM is shivering. Nokia has frozen.

Michael Pettis: How to become virtuous and save more
In the debate over global imbalances, moralizers say the high-savings countries are more virtuous than the high-consuming countries. The world needs less moralizing and more focus on why savings rates vary among countries, Pettis, finance professor at Peking University and the chief strategist at Shenyin Wanguo Securities, writes for FT Tilt.

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