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Germany and Greece: In Victory, Magnanimity?

Funk Kirkegaard, Jacob, (2015), “Germany and Greece: In Victory, Magnanimity?”, Real Time Economic Issues Watch, Peterson Institute for International Economics, 14 July The agreement between Greece and its international creditors announced on Monday represents a predictable capitulation by the Greek government from a position advanced for weeks by Prime Minister Alexis Tsipras. Faced with the dire repercussions of an exit from euro area institutions—including a collapse of its banking system …Read More

Five Lessons on Greece

Dabrowski, Marek, (2015), “Five Lessons on Greece”, Bruegel publications, 17 July The agreement reached at the Eurosummit in the early hours of on July 13[1] marks yet another dramatic turning point in the five-year history of attempts to avoid Greece’s sovereign default and its potential exit from the euro area. It is too early to say whether it will be successful or not. Many important details such as fiscal targets, …Read More

Greece should prepare for Grexit and then not do it

Wyplosz, Charles, (2015), “Greece should prepare for Grexit and then not do it”, Voxeu, 20 July There is a high likelihood that Grexit will be back on the table. This column argues that Greece can strengthen its negotiating position if it is prepared for exit. Grexit remains a disastrous choice, but it has become the default option for Greece and its creditors. However, preparing for Grexit does not mean leaving the …Read More

Why debt sustains corruption in Greece and vice versa

Koulovatianos, Christos, Tsoukalas,  John, (2015), “Why debt sustains corruption in Greece and vice versa”, Voxeu, 20 July As numerous Greek MEPs opposed the Eurozone summit deal, implementation will require a broad coalition of political parties. This column argues that corruption in Greek politics will prevent the formation of such a coalition. The heavy debt service leads parties to invent extreme ways of responding to super-austerity and to strongly oppose direct reforms that …Read More

Greek Theme Park ‘Dettoland’: A Modest Anti-crisis Proposal

Rossman, Peter, (2015), “Greek Theme Park ‘Dettoland’: A Modest Anti-crisis Proposal”, Social Europe Journal, 20 July Where there’s a will there’s a way, Chancellor Merkel reminds us. Now that the IMF has revisited the numbers and (again) come up with the unsurprising conclusion that Greek debt is hugely unsustainable, it’s time to revisit the proposal for a Greek asset fund. Like the debt sustainability figures based on growth and budget …Read More

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

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