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How to reduce the Greek debt burden?

Darvas, Z. & Hüttl, P. (2015) “How to reduce the Greek debt burden? – There are options to reduce the net present value of Greek public debt servicing costs by more than 15 percent of GDP without incurring losses on creditors, Bruegel Institute Analyses, 09 January.   The Greek debt reduction issue has been put back on the table as the 25 January 2015 parliamentary snap elections are approaching. Already in …Read More

Is Greek Public Debt Unsustainable? It’s The (nominal growth rate of the) Economy, Stupid!

Watt, A. (2015) “Is Greek Public Debt Unsustainable? It’s The (nominal growth rate of the) Economy, Stupid!“, Social Europe Journal, Occasional Papers No. 6, January.   Greece will go to the polls on January 25th and everybody from German conservatives to Greek leftists seems to agree: Greek public debt is unsustainable. A haircut on investors and some form of partial default – more politely known as debt restructuring – is …Read More

Debt relief for Greece is necessary to avoid a crisis in the Eurozone

De Grauwe, Ρ. (2015) “Debt relief for Greece is necessary to avoid a crisis in the Eurozone“, LSE EUROPP, 12 January.   On 25 January Greece will hold parliamentary elections. The elections have generated uncertainty in the Eurozone given the potential for the radical left party Syriza, which has called for a renegotiation of the country’s bailout conditions, to emerge as the largest party. Paul De Grauwe writes that even …Read More

Why Grexit would not help Greece – debunking the myth of exports

Wolff, Β. G. (2015) “Why Grexit would not help Greece – debunking the myth of exports“, Bruegel Institute, 06 January.   The genie is out of the bottle: Europe is again discussing the possibility of Greece leaving the euro. With it, the debate has re-emerged whether this would be helpful or not for Greece and whether there would be contagion to other euro area countries. A big question is, of …Read More

Greece – two alternative views

Mitchell, B. (2014) “Greece – two alternative views“, Bill Mitchell Blog, Modern Monetary Theory… Macroeconomic Reality, 24 December.   When I was in Europe recently, I had interesting discussions about the future of Italy, Greece and Spain with various people, particularly in relation to trying to understand the apparent dissonance between the strong support for the euro and the devastation that membership of the common currency has created in these …Read More

The Greek Turnaround: Mending the Fragility and at What Price

Panagiotarea, E. (2014) “The Greek Turnaround: Mending the Fragility and at What Price“, in: Europe – Surging Ahead, Panorama – Insights into Asian and European Affairs, 02/2014, σσ. 59-70, 19 December.   Introduction Greek economic adjustment was never going to be an easy task. For one, the starting imbalances were grave, hidden from view by years of budgetary misreporting and rudimentary surveillance, while the country’s institutional capacity to undertake and …Read More

Mad as Hellas

Krugman, P. (2014) “Mad as Hellas“, The New York Times Opinion Pages, 11 December.   The Greek fiscal crisis erupted five years ago, and its side effects continue to inflict immense damage on Europe and the world. But I’m not talking about the side effects you may have in mind — spillovers from Greece’s Great Depression-level slump, or financial contagion to other debtors. No, the truly disastrous effect of the …Read More

Is the Greek economy improving?

Walsh, J. (2014) “Is the Greek economy improving?“, The Guardian, 27 November.   The Greek government is keen to trumpet the country’s improved economic outlook, as the country exits recession for the first time in six years. But is any improvement being felt by people on the ground? After a six year slump, Greece finally came out of recession earlier this month. But are there any signs of an improving …Read More

Greece – return to growth demonstrates the role of substantial fiscal deficits

Mitchell, B. (2014) “Greece – return to growth demonstrates the role of substantial fiscal deficits“, Bill Mitchell Blog: Modern Macroeconomic Theory – Macroeconomic Reality, 19 November.   We had news this week that the annual rate of real GDP growth in Greece is finally positive after two quarters of positive growth. The austerity merchants are out in force congratulating themselves on a victory. Some victory. What the official data doesn’t …Read More

How to climb a mountain with both hands tied

Pisani-Ferry, J. (2014) “How to climb a mountain with both hands tied“, VoxEU Organisation, 07 November.   A triple-dip recession in the Eurozone is now a distinct possibility. This column argues that additional monetary stimulus is unlikely to be effective, that the scope for further fiscal stimulus is limited, and that some structural reforms may actually hurt growth in the short run by adding to disinflationary pressures in a liquidity …Read More