Chapman, Terrence, Fang, Songying, Stone, Randall, (2015), “Greece illustrates how the politics of lending can undermine its effectiveness”, Lse blog, 18 Σεπτεμβρίου The summer of 2015 marked another period of high drama in the ongoing Greek debt crisis. Amidst continuing negotiations with lenders and European leaders, Greek citizens rejected austerity conditions requested in exchange for yet another bailout by the Troika of the European Commission, the European Central Bank, and the International Monetary Fund. Shortly …Read More
Addressing the immediate needs of the Greek banks
De Groen, Willem Pieter, Gros, Daniel, (2015), “Addressing the immediate needs of the Greek banks”, CEPS Commentary, 31 Ιουλίου. Based on a detailed calculation of the recapitalisation requirements of the Greek banks, we find that the sector needs an infusion of capital, but that the level largely depends on the stringency of the capital requirements applied. An expedient quick fix to comply with the minimum capital requirements could be achieved by a bail-in of existing creditors under …Read More
Five Lessons on Greece
Dabrowski, Marek, (2015), “Five Lessons on Greece”, Bruegel publications, 17 Ιουλίου The agreement reached at the Eurosummit in the early hours of on July 13[1] marks yet another dramatic turning point in the five-year history of attempts to avoid Greece’s sovereign default and its potential exit from the euro area. It is too early to say whether it will be successful or not. Many important details such as fiscal targets, …Read More
Greece and the missing banking union
Gordon, Jeffrey, Ringe, Georg, (2015), “Greece and the missing banking union”, Voxeu, 17 Ιουλίου The Greek Crisis is a crisis rather than a problem due to the vulnerability of Greek banks. While the banks have deep problems, this column argues that these would have been mitigated if a fully operational banking union were in place. A full banking union requires joint banking supervision, joint bank resolution, and joint deposit insurance. The EZ only …Read More
Reforming Greece
Campos, Nauro, Coricelli, Fabrizio, (2015), “Reforming Greece”, Voxeu, 17 Ιουλίου Greece’s reluctance to implement ‘the structural reforms required for debt sustainability’ is a recurrent theme in the debate on the EZ Crisis. This column qualifies this conventional wisdom by reassessing the relationship between Greece and the EU over the past four decades. Although Greece has implemented structural reforms that were substantial enough to bring about a turning point in its relationship with …Read More
Why the ECB should not insist on repayment of its Greek bonds
De Grauwe, Paul, Ji, Yuemei, (2015), ” Why the ECB should not insist on repayment of its Greek bonds”, Voxeu, 16 Ιουλίου When the ECB buys a Eurozone member’s bonds, the government pays interest to the ECB but the ECB rebates it to the government. If Greece repays its ECB-held bonds, it loses this ‘free borrowing’. This column argues that repayment is like ‘reverse QE’. To maintain its QE targets, more bonds from other …Read More
Investment-led Growth, Not More Cuts, Is The Only Way For Greece
Horn, Gustav, (2015), “Investment-led Growth, Not More Cuts, Is The Only Way For Greece”, Social Europe Journal, 15 Ιουλίου The agreement reached in Brussels yesterday between EU governments and Greece came only with a huge loss of mutual trust. It remains to be seen whether the deal in these circumstances will win majority political support. Economically, it would at least offer a small opportunity for a recovery in the Greek …Read More
Will this time be different for Greece? How to assess its ability to deliver on the reform agenda
Beblavý, Μ. (2015) “Will this time be different for Greece? How to assess its ability to deliver on the reform agenda“, Centre for European Policy Studies (CEPS) Commentary, 13 Μαρτίου. Τhis commentary was inspired by the ongoing debate on whether this time will be different for Greece and whether Syriza will deliver on its reform promises to the European partners. It is striking thatthe public debate on such an …Read More
Greece, Its International Creditors and the Euro
Sabri Öncü, T. (2015) “Greece, Its International Creditors and the Euro“, Naked Capitalism Blog, 17 Φεβρουαρίου. Yves here. This is an excellent background piece on how Greece got where it is and how its various bailouts were structured. It also helps explain the past and current roles the various members of the Troika play and discusses the prospects for Greece achieving its aims. By T ([email protected]), a financial economist …Read More
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The maths behind an amended Greek plan – additional ESM financing would allow the Greek primary surplus to be lowered to 3% of GDP
Darvas, Z. (2015) “The maths behind an amended Greek plan – additional ESM financing would allow the Greek primary surplus to be lowered to 3% of GDP“, Bruegel Institute, 11 Φεβρουαρίου. Last week I published my assessment of Greek Finance Minister Yanis Varoufakis’ draft plan, and promised to do some calculations to illustrate its impacts. Mr Varoufakis abandoned the earlier haircut demand of Syriza that I welcomed as a …Read More