{"id":50811,"date":"2015-07-15T06:23:37","date_gmt":"2015-07-15T06:23:37","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/john_cochrane_the_grumpy_economist_greece_again\/"},"modified":"2015-07-15T06:23:37","modified_gmt":"2015-07-15T06:23:37","slug":"john_cochrane_the_grumpy_economist_greece_again","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=50811","title":{"rendered":"John Cochrane The Grumpy Economist: Greece Again"},"content":{"rendered":"<p>My main thought: what about the banks? The minute Greece reopens its banks, it&#8217;s a fair bet that every person in Greece will immediately head to the bank and get every cent out. The banks&#8217; assets are largely Greek loans, which many aren&#8217;t paying &#8212; why pay a mortgage to a bank that&#8217;s already closed and will probably be out of business soon anyway &#8212; and Greek government debt; mostly Treasury bills that only roll over because banks hold them. They can&#8217;t sell either, so the banks will instantly be out of cash.<\/p>\n<p>The deal reported in today&#8217;s papers really barely mentions that problem. But that is the problem of the hour.<\/p>\n<p><a href=\"http:\/\/johnhcochrane.blogspot.co.uk\/2015\/07\/greece-again.html\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>My main thought: what about the banks? The minute Greece reopens its banks, it&#8217;s a fair bet that every person in Greece will immediately head to the bank and get every cent out. The banks&#8217; assets are largely Greek loans,<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=50811\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":832,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50,200,454],"tags":[],"class_list":["post-50811","post","type-post","status-publish","format-standard","hentry","category-international-news-commentary","category-europe","category-greece"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/50811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/832"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50811"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/50811\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}