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Publications

This section contains original papers written exclusively for the Crisis Observatory. The Observatory hosts three different publication series: opinion articles, policy papers and research papers. Authors interested in contributing a paper in any category can find instructions here. Access to the Crisis Observatory papers is free.

Pavlos Efthymiou: After the UK Referendum, the Main Trial: Save Europe!

People in Britain were heavily misinformed vis-à-vis the ‘costs’ and ‘burdens’ of the EU, and this issue was only partially tackled and very late in the course of the campaign. All in all, the kind of anti-establishment, anti-elitist, anti-globalisation, anti-immigration rhetoric which has been gaining ground continentally, is populism at its worst. The ‘decent’, ‘hardworking’, ‘every-day’ people whose best interests European populists claim to have at heart are, sadly, in …Read More

Paul-Adrien Hyppolite:Towards a Theory on the Causes of the Greek Depression: An Investigation of National Balance Sheet Data (1997-2014)

Drawing on a new dataset, I explore the dynamics of national wealth accumulation in Greece since 1997, and suggest a thought-provoking narrative on the causes of the Greek depression. I show that about two-thirds of the increase in external public debt during the pre-crisis period inside the euro area can be attributed to factors other than fiscal indiscipline. A positive wealth effect tied to the housing bubble resulted in a …Read More

Charalambos Tsekeris, Maria Pinguli, Elpida Georga: Young People’s Perception of Economic Crisis in Contemporary Greece: A Social Psychological Pilot Study

Contemporary Greece is currently in a turbulent process of crisis and recession. Arguably, one segment of the Greek society is experiencing more suffering than most: young people. It is thus of great importance to understand young generation’s needs and attitudes in order to alleviate pain, to build up active inclusion strategies and to enhance civic participation. The present social psychological pilot study aims to show how Greek young adults perceive …Read More

George Tzogopoulos: Assessing the Image of Germany in the Greek Media Visual analysis of Greek Media Reports on the Role of Germany in the Greek Crisis

This study attempts to analyse the representation of Germany in the Greek press during the ongoing economic crisis covering the period 2010-2013. In so doing, it starts with a discussion on the main theoretical aspects explaining the relationship between media and politics in the relevant literature of political communication. It then concentrates on the issue of the European public sphere which is concerned with potential ‘European frames’ in the portrayal of Germany in the Greek …Read More

Antonis Kamaras: The tragedy and last minute triumph of the Greek commons

The tragedy of the commons ‘denotes a situation where individuals acting independently and rationally according to each’s self-interest behave contrary to the best interests of the whole group by depleting some common resource’. This article will make two points. First, that Greece coming so close to exit from the Eurozone, reflects typical ‘tragedy of the commons’ dynamics. Second, that the near certainty of euro exit, catalyzed by the resounding ‘no’ …Read More

Dimitris Katsikas: The final mistake in a bad negotiation

The decision to hold a referendum on the creditors’ proposal is the final act in a drama that started five months ago, when the new Greek government initiated a new round of negotiations with the country’s creditors.In my view, the decision to hold a referendum is a mistake, maybe the last one, in an overall bad negotiation. The Greek government made three key negotiating mistakes. Someone with basic knowledge of the history …Read More

George Lilis: Latest developments make an interim agreement a little more tangible

Several developments in recent weeks have led to a change of circumstances and thereby the strategy of both sides is bound to change as well. On the one hand, they are trying to avoid a possible crisis of the Eurozone edifice as a result of a new Greek bankruptcy and a possible Grexit. On the other hand, they wish to avoid the strengthening of extremist parties in the EU and …Read More

Thomas Papadopoulos: Privatized companies, golden shares and property ownership in the Euro crisis era: A discussion after Commission v. Greece

In Commission v. Greece, the Court of Justice of the European Union examined Article 345 TFEU (ex Article 295 EC) on property ownership, in the context of golden shares of privatized companies. The neutrality of the EU towards privatizations is questioned. The scope and the outer limits of Article 345 TFEU are also scrutinized and a few distinctions are drawn. The decision whether to privatize and to introduce golden shares …Read More

Dimitris Psarrakis: How much tax harmonization is enough? The quest for an efficient EU tax regime

The financial crisis revealed the need for a sound fiscal policy in the EU. Taxation is a critical component for fiscal deepening in the common market. The LuxLeacks cases made clear that it is impossible for the common market to function without distortions unless a more coherent rule-based approach is in place. According to the European Scoreboard of Macroeconomic Imbalances, the EU corporate investments attractiveness in the post-crisis period was …Read More

Yiannis Kitromilides and Thanos Skouras: “Greece and the Eurozone Crisis: Two Narratives”

The ‘Greek story’ is in accord with and conveniently lends support to the widely-held view, especially in northern Europe, according to which the euro crisis is due to fiscal imprudence and excessive sovereign debt. The alternative and correct narrative recognizes the financial origin and the market malfunctioning, specifically in banking and construction, that caused the crisis. Moreover, it attributes the crisis to the Eurozone’s flawed architecture, which lacks the appropriate …Read More