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Ireland And Greece

Wren Lewis, Simon, (2015), “Ireland And Greece”, Social Europe Journal, 20 July Ireland is often regarded as a success story for Eurozone austerity, compared to the total failure of Greece. That can lead to nonsense like this: instead of whingeing, the Greeks should buckle under and get on with it as Ireland has done. An alternative narrative is to explain the different experience of the two economies by looking at structural …Read More

Greece and the missing banking union

Gordon, Jeffrey, Ringe, Georg, (2015), “Greece and the missing banking union”, Voxeu, 17 July 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 July 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 July 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

One Thing Europe Got Right in Greece’s Crisis

Gilbert, Mark, (2015), “One Thing Europe Got Right in Greece’s Crisis”, Bloomberg View, 16 July Greece’s slow-motion economic car crash is an ongoing debacle, but Europe’s success at ring-fencing the disaster has been remarkable. Judging from the currency market, the threat of contagion in Europe has steadily diminished month by month since March.Here’s a chart showing the monthly swings in the euro’s value against the dollar this year. Those trading ranges have …Read More

Greece: And the can keeps on rolling…

Beck, Thorsten, (2015), “Greece: And the can keeps on rolling…”, Voxeu, 15 July Monday’s deal was a political compromise consistent with the political constraints of Greece and its creditors. It is doubtful, however, that it will provide a long-term solution to Greece’s economic crisis. At a minimum, the momentum should be used to eliminate the option of Grexit once and for all. The bank-sovereign ties should be cut to turn …Read More

Bridge financing for Greece – what are the options and should the UK be involved?

Ruparel, Raoul, (2015), “Bridge financing for Greece – what are the options and should the UK be involved?”, Open Europe blog, 14 July We discussed this briefly on our blog yesterday but a few more options/ideas have emerged since then to raise the €7bn to €12bn which Greece needs immediately. Importantly, as Eurogroup Chief Jeroen Dijsselbloem said this morning, all options come with “disadvantages, impossibilities and legal objections”. Relevant Posts …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 July 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

Professor Blanchard Writes a Greek Tragedy

Mody, Ashoka, (20150, “Professor Blanchard Writes a Greek Tragedy”, Bruegel publications, 14 July Olivier Blanchard has, with his customary clarity and candor, addressed criticisms of the IMF’s role in Greece’s financial rescue. His is a personal statement. But in writing it, he also presents the IMF’s operating philosophy and mandate.  Blanchard’s statement will, therefore, not only shape our thinking on the evolution of the Greek crisis but it could define …Read More

Preserving the Greek financial sector: options for recap and assistance

Merler, Sylvia, (2015), “Preserving the Greek financial sector: options for recap and assistance”, Bruegel publications, 13 July The draft text discussed in the Eurogroup yesterday suggests that the potential package for Greece would include 10 to 25bn for the banking sector in order to address potential recapitalisation needs. Rumours this morning suggest the banks would then become part of a new asset fund and sold off to pay down debt. …Read More

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