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New Pact for Europe National Report GREECE

ELIAMEP, (2017), “New Pact for Europe National Report GREECE”, ELIAMEP, June This report is inspired by the discussions of the Greek National Reflection Group enriched by exchanges with National Reflection Groups from France and Estonia. It reflects on the ‘state of the Union’ from a national perspective and discusses the main challenges the EU and its members are facing, taking into account both the European and national perspective. Finally, it proposes …Read More

Infrastructure in Greece-Funding the future

PwC, (2017), “Infrastructure in Greece-Funding the future”, March In Greece, the infrastructure investments were affected by the deep economic recession. The infrastructure investment gap is between 0.8 pp of GDP (against the European average) or 1.4 pp of GDP (against historical performance) translating into 1.1% or € 2bln new spending per year. Infrastructure investments have an economic multiplier of 1.8x** which can boost demand of other sectors. The construction sector will …Read More

From recession to anemic recovery-Investments in Greece

PWC, (2017), “From recession to anemic recovery-Investments in Greece”, 1 June Investments in Greece are historically connected to GDP and from 2009 onwards they collapsed. Historically, Greece has not attracted systematically significant foreign funds and was dependent on domestic capital, leading to an investment gap with negative impact on competitiveness and growth. The systematic inability of Greece to attract significant foreign investments is crucial, since Greece will have to bridge …Read More

The emigration of Greeks and diaspora engagement policies for economic development

Cavounidis , Jennifer, (2017), “The emigration of Greeks and diaspora engagement policies for economic development”, ΚΕPE The Global Economic and Financial Crisis has taken a heavy toll on the Greek economy. One of the direst aspects of the crisis has been the brain drain and the brain waste of the most talented of the young generation. The economy has to cope with the emigration of important segments of the labour force, …Read More

How much relief is actually needed to restore public debt sustainability

Monokroussos, Platon, (2017), “How much relief is actually needed to restore public debt sustainability”, Eurobank, 4 May The material presented herein is based on a number of published official documents that include, inter alia, the European Commission’s compliance report on the first review of Greece’s Third Economic Adjustment Programme (June 2016) and the IMF’s Article IV consultation report (February 2017). The study attempts a replication of the debt sustainability analyses (DSA) …Read More

An investigation of the root causes of the Greek crisis

Hyppolite, Paul-Adrien , (2017), “An investigation of the root causes of the Greek crisis”,  VoxEU, 27 May The Greek crisis is typically seen as a sovereign debt crisis. Using a new dataset, this column explores the dynamics of national wealth accumulation in Greece over the past two decades. It argues that, despite certain idiosyncrasies, the Greek crisis can be better characterised as a balance of payments crisis. This implies that Greece shouldn’t be …Read More

Debt forgiveness is not the solution for Greece

Gros, Daniel, (2017), “Debt forgiveness is not the solution for Greece”, CEPS, 23 May The key to understanding Greece’s debt situation is that most of it is owed to the European institutions, which have already extended the maturity to over 30 years and are charging very low interest rates. Expenditure on interest now amounts to 3.2% of GDP, which is much less than what the Greek government had to spend on …Read More

Greece and the Troika – Lessons from international best practice cases of successful price (and wage) adjustment

Belke, Ansgar, Gros, Daniel, (2017), “Greece and the Troika – Lessons from international best practice cases of successful price (and wage) adjustment”, CEPS, 23 May In this paper we present three international best practice (or those considered as benchmarks) cases of successful price and wage adjustment. In this context we critically evaluate the reforms undertaken within the Greek Adjustment Programme (see, for instance, Alcidi et al., 2014). Among the benchmark practice …Read More

Is there a case for intergenerational transmission of female labour force participation and educational attainment? Evidence from Greece during the crisis

Papapetrou, Evangelia, Tsalaporta, Pinelopi, (2017), “Is there a case for intergenerational transmission of female labour force participation and educational attainment? Evidence from Greece during the crisis”, Bank of Greece, April Using logit regressions techniques for binary response models, fit by maximum likelihood with robust standard errors, the analysis investigates the intergenerational transmission of female labour force participation and the intergenerational transmission of educational outcomes in Greece. To conduct this study, we …Read More

Latest Turn in Greek Debt Crisis Is Kafkaesque: QuickTake Q&A

Dendrinou, Viktoria, Nikas, Sotiris, (2017), “Latest Turn in Greek Debt Crisis Is Kafkaesque: QuickTake Q&A”, Bloomberg, 25 April Greece’s next dollop of bailout money is caught in an international dispute with no clear resolution. The heavily indebted Mediterranean nation needs the next installment of about 7 billion euros ($7.6 billion) to repay lenders in a few months, but some euro-area governments, notably Germany, refuse to supply more money until the International Monetary …Read More

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