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Grexit’: Who would pay for it?

Alcidi, Cinzia, Giovannini, Alessandro, Gros, Daniel, (2012), ‘Grexit’: Who would pay for it?’,  www.ceps.eu,  25 Μαίου. The eurozone countries are currently sitting on an aggregate exposure to Greece exceeding €300 billion. If the country were to exit the eurozone, it would certainly not be able to service its debt in the short run when the exchange rate overshoots. Over the longer run, however, the exchange rate is likely to return to a …Read More

Who is Responsible for the Greek Tragedy?

El-Erian, Mohamed, (2012), ‘Who is Responsible for the Greek Tragedy?’, www.project-syndicate.org, 19 Μαίου. Greece is following the road taken by several other crisis-ridden emerging economies over the past 30 years. Indeed, as I argued earlier this year, there are stunning similarities between this once-proud eurozone member and Argentina prior to its default in 2001. With an equally traumatic implosion – economic, financial, political, and social – now taking place, we …Read More

Χρεοκοπία και οικονομική κρίση

Αργείτης, Γιώργος, 2012, Χρεοκοπία και οικονομική κρίση, Αθήνα: Αλεξάνδρεια. Στο βιβλίο επιχειρείται η αποδόμηση της νέας δανειακής συμφωνίας και του πλαισίου οικονομικής πολιτικής του Μνημονίου ΙΙ ως βιώσιμης στρατηγικής εξόδου της Ελλάδας από την «παγίδα χρεοκοπίας». Η υλοποίησή τους ωθεί την Ελλάδα σε διαδικασία δομικού μετασχηματισμού προς ένα laissez faire μοντέλο ασταθούς χρηματοπιστωτικού καπιταλισμού με μικρό κράτος, συρρικνωμένο και αποδυναμωμένο σύστημα παραγωγής, πολύ υψηλή ανεργία, πολύ χαμηλούς μισθούς και χαμηλό …Read More

Dimitris A. Sotiropoulos: The paradox of non-reform in a reform-ripe environment: lessons from post-authoritarian Greece

Sotiropoulos, A., Dimitris, (2012), “The paradox of non-reform in a reform-ripe environment: lessons from post-authoritarian Greece”, Kalyvas, St., Pagoulatos, G., and Tsoukas, H., (eds), From Stagnation to Forced Adjustment: Reforms in Greece, 1974-2010, London and New York: Hurst Co. and Columbia University Press. In May 2010, following the Memorandum of Understanding between the Greek government and the Troika (IMF, EU and ECB), a rescue package was offered to Greece, in …Read More

Greece needs plans for growth, not eurozone exit

Katsikas, Dimitris, (2012), ‘Greece needs plans for growth, not eurozone exit’, www.publicserviceeurope.com, 23 Μαρτίου. The second bail-out agreement for Greece has been hailed by the political elites in Europe and the parties of the Greek governing coalition as a historic achievement that paves the way for the country’s return to normalcy. Nonetheless, as soon as it was signed, a number of analysts criticised it as insufficient and predicted that in …Read More

The Logic and Fairness of Greece’s Program

Blanchard, Olivier, (2012), ‘The Logic and Fairness of Greece’s Program’, blog-imfdirect.imf.org, 20 Μαρτίου. Some countries have been able to work down heavy public debt burdens. Those that were successful did it through sustained high growth. But in Greece’s case, it had become clear that high growth—let alone sustained high growth—was not going to come soon enough.   

What Is It About Greece?

Stevis, Matina, (2012), ‘What Is It About Greece?’, blogs.wsj.com, 9 Μαρτίου. The Greek debt restructuring, now in its final stretch, is “being as closely watched as a U.S. presidential election,” a market participant quips. But, why, one might ask, are people prepared to put themselves through the process of memorizing acronyms, learning about complicated legal maneuvers and following what has been an exhausting process, if they’re not getting paid to do …Read More