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Reform momentum and its impact on Greek growth

Terzi, Alessio, (2015), “Reform momentum and its impact on Greek growth”, Bruegel Institute, 29 Ιουλίου. Greece has an imperfect track-record of structural reform implementation. However, the poor growth outcome of the Greek programmes is also a consequence of the timing and composition of reforms, which were not optimally geared towards a speedy transition to a new growth model based on the private sector. While the main responsibility for this lies …Read More

The Greek bailout drama: Is this time different?

Pelagidis, Theodore, (2015), “The Greek bailout drama: Is this time different?”, Brookings Institute, 27 Ιουλίου Economists and analysts around the world, believing a Grexit almost inevitable just a month ago, now insist that the proposed deal between the Greek government and the creditors is only band aid for Greece’s economy and so, it will not work. Well, of course, after five years of depression, having the troika back in Athens to …Read More

Greece Isn’t a Morality Tale

Buchanan, Mark, (2015), “Greece Isn’t a Morality Tale”, Bloomberg View, 29 Ιουλίου One of the more troubling elements of the recent drama over Greece’s debt was the urge by many to see a deficiency of national character, rather than euro-zone economics, as the problem. Right-leaning opinion, not only in Germany but around the world, put the trouble down to Greek corruption and, worse, laziness:  The bad people of Greece retire too …Read More

The Lethal Deferral of Greek Debt Restructuring

Varoufakis, Yanis, (2015), “The Lethal Deferral of Greek Debt Restructuring”, Project Syndicate, 28 Ιουλίου The point of restructuring debt is to reduce the volume of new loans needed to salvage an insolvent entity. Creditors offer debt relief to get more value back and to extend as little new finance to the insolvent entity as possible. Remarkably, Greece’s creditors seem unable to appreciate this sound financial principle. Where Greek debt is …Read More

How to keep Greece in

Odendahl, Christian, (2015), “How to keep Greece in”, Center for European Reform, 27 Ιουλίου A paralysed banking system and a lingering threat of exit from the eurozone would hurt any economy. Greece needs swift action to restore its financial sector, an end to all threats of Grexit, a bigger EU investment programme than currently planned, debt relief and a Greek-led cross-party plan on institutional reforms. Σχετικές Αναρτήσεις Eichengreen, Barry, Evans, Gary, Αllen, Peter, (2015), …Read More

Escaping the Greek Debt Trap

Eichengreen, Barry, Evans, Gary, Αllen, Peter, (2015), “Escaping the Greek Debt Trap”, Βloomberg View,  27  Ιουλίου Greece’s debt is unsustainable. The International Monetary Fund has said so, and it’s hard to find anyone who disagrees. The Greek government sees structural reform without debt reduction as politically and economically toxic. The main governing party, Syriza, has made debt reduction a central plank of its electoral platform and will find it hard to hold on …Read More

What Next After Tsipras Dashed Schäuble’s Hopes For Grexit?

Hoffer, Frank, (2015), “What Next After Tsipras Dashed Schäuble’s Hopes For Grexit?”, Social Europe Journal, 27 Ιουλίου A Greek government forced to bow to the impossible, a referendum brushed aside, the Franco-German partnership damaged, European compromise diplomacy replaced by ultimatums, the euro in limbo, large parts of Europe swept by anti-German fear and resentment and another €83bn sunk into a doomed “rescue package”. Not quite how successful policies are supposed …Read More

Why I’ve Changed My Mind About Grexit

Munevar, Daniel, (2015), “Why I’ve Changed My Mind About Grexit”, Social Europe Journal, 23 Ιουλίου Well, first of all it’s still not clear that there will be an actual agreement – there are several parliaments that need to approve their country’s participation in an ESM bailout. And even if they somehow reach an agreement, there is simply no way it can work. The economics of the program are just insane. …Read More

Η Ελληνική Οικονομία 2/15, Τριμηνιαία Έκθεση

Ίδρυμα Οικονομικών και Βιομηχανικών Ερευνών (ΙΟΒΕ), Η Ελληνική Οικονομία 2/15, Τριμηνιαία Έκθεση, Αρ. Τεύχους 80, Ιούλιος 2015. Η δημοσίευση της τριμηνιαίας έκθεσης του ΙΟΒΕ βρίσκει την ελληνική οικονομία βαρύτατα τραυματισμένη. Έχοντας γλυτώσει, μόλις για λίγο, από την καταστροφική εξέλιξη που θα συνεπαγόταν μια ανεξέλεγκτη χρεοκοπία και έξοδος από την ευρωζώνη, πλέον αναζητά επειγόντως κατεύθυνση και μια νέα πορεία. Ασφαλώς αυτή θα προσδιοριστεί κατευθείαν από τις επιλογές της οικονομικής πολιτικής. Οι συνθήκες για μια θετική πορεία ανάπτυξης υπάρχουν, …Read More

The Euro Summit deal: defeat or victory? A response to Robert Howse

Ioannidis, Michael, (2015), “The Euro Summit deal: defeat or victory? A response to Robert Howse”, Verfassungsblog.de, 16 Ιουλίου The prevailing perception of last Monday’s Euro Summit Agreement is that it amounts to a humiliating defeat of the Greek government. In a thought-provoking piece published on Verfassungsblog, Professor Robert Howse argues the opposite. He invites us to read the Agreement as the outcome of a successful strategy of the Greek side. …Read More