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Greece Isn’t a Morality Tale

Buchanan, Mark, (2015), “Greece Isn’t a Morality Tale”, Bloomberg View, 29 July 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 July 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 July 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. Relevant Posts 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  July 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 July 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

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 July 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

Eurozone rebalancing toward broadbased recovery/EY Eurozone Forecast

The immediate economic outlook for Greece continues to be highly uncertain. Although the Syriza-led Government agreed an extension to the existing adjustment program in February, the Greek government and its international creditors have so far failed to agree a reform agenda that would secure the release of much-needed financing. Eurozone rebalancing toward broadbased recovery/EY Eurozone Forecast/June 2015 Relevant Posts Van Hulten, Michiel, (2015), “Why debt relief could save Greece but would destroy the Eurozone”, LSE blog, …Read More

Intentionally or otherwise, Schäuble has killed off the prospect of a Grexit

Otero-Iglesias, Miguel, (2015), “Intentionally or otherwise, Schäuble has killed off the prospect of a Grexit”, LSE blog, 23 July One of the more controversial ideas put forward during the Greek debt crisis has been the suggestion by the German Finance Minister, Wolfgang Schäuble, that Greece could temporarily leave the Eurozone for a period of five years. Miguel Otero-Iglesias writes that while the idea itself has been widely criticised, the hard-line taken …Read More

Why the Greek Deal Will Work

Kaletsly, Anatole, (2015), “Why the Greek Deal Will Work”, Project Syndicate, 22 July Now that Greek banks have reopened and the government has made scheduled payments to the European Central Bank and the International Monetary Fund, does Greece’s near-death experience mark the end of the euro crisis? The conventional answer is a clear no.According to most economists and political commentators, the latest Greek bailout was little more than an analgesic. …Read More

Could there be political contagion from Greece?

Ruparel, Raoul, (2015), “Could there be political contagion from Greece?”, Open Europe blog, 21 July As the dust settles following the latest agreement between Greece and its creditors it is worth stepping back and examining what it, along with Syriza’s time in office so far, might mean for other peripheral countries and other rising populist parties in Europe. Raoul Ruparel looks at the potential for political contagion. Relevant Posts Slaughter, …Read More

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