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A Greek Morality Tale

Stiglitz, J. (2015) “A Greek Morality Tale“, Social Europe Journal, 04 Φεβρουαρίου.   When the euro crisis began a half-decade ago, Keynesian economists predicted that the austerity that was being imposed on Greece and the other crisis countries would fail. It would stifle growth and increase unemployment – and even fail to decrease the debt-to-GDP ratio. Others – in the European Commission, the European Central Bank, and a few universities …Read More

Πιθανά Φορολογικά Οφέλη από την Επιτάχυνση της Οικονομικής Ανάπτυξης

Ταγκαλάκης, Α., “Πιθανά Φορολογικά Οφέλη από την Επιτάχυνση της Οικονομικής Ανάπτυξης“, στο Οικονομικό Δελτίο, Τεύχος 40, Τράπεζα της Ελλάδος: Ευρωσύστημα, Δεκέμβριος 2014.   Η Ελλάδα έχει σημειώσει εντυπωσιακή πρόοδο σε δημοσιονομικό επίπεδο τα τελευταία χρόνια. Ειδικότερα το 2013 επιτεύχθηκε πρωτογενές πλεόνασμα (σε όρους του Προγράμματος Οικονομικής Προσαρμογής–ΠΟΠ) ύψους 1,2% του ΑΕΠ (έναντι στόχου στο ΠΟΠ για μηδενικό πρωτογενές αποτέλεσμα) για πρώτη φορά από το 2002. Επιπλέον, το πρωτογενές αποτέλεσμα βελτιώθηκε …Read More

Tsipras’s Debt Plan Sends Athens Stock Market Sliding

Aldermanjan, L. (2015) “Tsipras’s Debt Plan Sends Athens Stock Market Sliding“, The New York Times – International Business, 28 Ιανουαρίου.   Investors made clear on Wednesday the depth of their concerns about Greece’s new leftist-led government, driving up its borrowing costs, pushing down stock prices and highlighting the risks in the country’s banking system. Despite some soothing words from Prime Minister Alexis Tsipras, who at the first meeting of his …Read More

The Greek Stand-By Arrangement

Krugman, P. (2015) “The Greek Stand-By Arrangement“, The New York Times, 25 Ιανουαρίου.   For tomorrow’s column I went back to the original, May 2010 stand-by arrangement for Greece, to see what the troika was demanding and predicting at the beginning of the austerity push, and how it compares with what actually happened. First of all, I quite often encounter people who claim that Greece never really did austerity. I …Read More

Grexit 2015: A primer

Gros, Daniel, (2015), “Grexit 2015: A primer”, CEPS Commentaries, 23 Ιανουαρίου. In the run-up to the Greek elections on January 25th and the subsequent renegotiation of the country’s economic adjustment programme with the troika, Daniel Gros writes in this Commentary that “nobody officially wants Grexit”: not Syriza, which wants Greece to stay in the euro. It is ‘only’ asking for a reduction in Greece’s official debt and an end to …Read More

We should be wary of removing the ECB from the troika to facilitate the use of outright monetary transactions

Otero Iglesias, Μ. (2015) “We should be wary of removing the ECB from the troika to facilitate the use of outright monetary transactions“, LSE EUROPP, 19 Ιανουαρίου.   A key legal debate in the context of the Eurozone crisis is whether so called ‘Outright Monetary Transactions’(OMT), which would allow the European Central Bank (ECB) to buy unlimited numbers of government bonds in secondary markets, are compatible with European law. The …Read More

Why a Grexit is more costly for Germany than a default inside the euro area – Contrary to the IFO institute, we conclude that German losses on both official and private claims would be much higher if Greece exits the euro

Darvas, Z. & Hüttl, P. (2015) “Why a Grexit is more costly for Germany than a default inside the euro area – Contrary to the IFO institute, we conclude that German losses on both official and private claims would be much higher if Greece exits the euro“, Bruegel Institute, 16 Ιανουαρίου.   A few days ago the influential IFO Institute published a short paper suggesting that a Greek default inside …Read More

How to reduce the Greek debt burden?

Darvas, Z. & Hüttl, P. (2015) “How to reduce the Greek debt burden? – There are options to reduce the net present value of Greek public debt servicing costs by more than 15 percent of GDP without incurring losses on creditors, Bruegel Institute Analyses, 09 Ιανουαρίου.   The Greek debt reduction issue has been put back on the table as the 25 January 2015 parliamentary snap elections are approaching. Already in …Read More

Is Greek Public Debt Unsustainable? It’s The (nominal growth rate of the) Economy, Stupid!

Watt, A. (2015) “Is Greek Public Debt Unsustainable? It’s The (nominal growth rate of the) Economy, Stupid!“, Social Europe Journal, Occasional Papers No. 6, Ιανουάριος.   Greece will go to the polls on January 25th and everybody from German conservatives to Greek leftists seems to agree: Greek public debt is unsustainable. A haircut on investors and some form of partial default – more politely known as debt restructuring – is …Read More

Το Grexit έχει λιγότερους κινδύνους για την Ευρωζώνη

Εικονογράφηση: Τιτίνα Χαλματζή, Πηγή: Καθημερινή. Χαλιάσος, Μιχάλης (2015) “Το Grexit έχει λιγότερους κινδύνους για την Ευρωζώνη“, Εφημερίδα Καθημερινή, 11 Ιανουαρίου.   «Εχουμε πάρει απλώς παυσίπονα για να αντιμετωπίσουμε τα συμπτώματα. Δεν έχουμε φτάσει στην αιτία του προβλήματος». Ετσι εξηγεί ο Μιχάλης Χαλιάσος, καθηγητής Οικονομικών στο Πανεπιστήμιο Goethe της Φρανκφούρτης, την αρνητική του απάντηση στο ερώτημα της «Κ» αν τα πλεονάσματα που έχει πετύχει η Ελλάδα, μετά έξι χρόνια ύφεσης και …Read More