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A More Ambitious Agenda Needed to Combat Greek Debt

Hyppolite, Paul-Adrien, Roussille, Nina, (2015), “A More Ambitious Agenda Needed to Combat Greek Debt”, Economonitor, 14 November. The July 12th euro area summit ended with a last minute agreement that avoided an imminent ‘Grexit’. Even before negotiating the third bailout program, the Greek government accepted several conditions imposed by its European partners. Among these, the most debated is the creation of a fund to monetize €50bn of public assets through privatizations and other means, …Read More

Alternative measures of government indebtedness

Dias, Daniel A., Wright, Mark L. J., (2015), “Alternative measures of government indebtedness”,Voxeu, 13 November. Measured as a percentage of its GDP, Greece’s debt is higher than that of Portugal and Ireland. This column discusses a range of new techniques for measuring the debts of Greece, Ireland, and Portugal. It argues that plausible alternative measures of indebtedness suggest that Greece is anywhere from as much as 50% more indebted than Portugal and …Read More

Greece as an example of “post-politics” in the eurozone

Chatzistavrou, Filippa, Michalaki, Sofia, (2015), “Greece as an example of “post-politics” in the eurozone”, EPIN Papers, Centre for European Policy Studies (CEPS), Commentary No. 28, 9 November The past six months of negotiations between Greece and the EU/IMF have tested the unity, limits, stamina and financial interdependence of eurozone member states. Greece has emerged wounded from the fray, but Prime Minister Alexis Tsipras has established beyond doubt his dominance in Greek politics, against all odds, …Read More

Prime Ministers in Greece-The Paradox of Power

Featherstone, Kevin,  Papadimitriou, Dimitris, (2015), “Prime Ministers in Greece-The Paradox of Power”, Oxford University Press, July This book is concerned with a large question in one small, but highly problematic case: how can a prime minister establish control and coordination across his or her government? The Greek system of government sustains a ‘paradox of power’ at its very core. The Constitution provides the prime minister with extensive and often unchecked powers. Yet, the …Read More

New Countdown For Greece: A Bank Bail-in Is Looming

Minenna, Marcello, (2015), “New Countdown For Greece: A Bank Bail-in Is Looming”, Social Europe, 4 November. The debt crisis may no longer be in the spotlight but the financial situation in Greece remains complex. Greek banks continue to survive at the edge of bankruptcy, kept afloat only by Emergency Liquidity Assistance (ELA) from the ECB and by still-enforced capital controls. After the August “agreement”, the Troika has promised the Greek government €25 billion …Read More

The Pitfalls of External Dependence: Greece, 1829-2015

Reinhart M., Carmen, Trebesch, Christoph,  (2015), “The pitfalls of external dependence: Greece, 1829-2015”, Brookings Papers on Economic Activity, September. Two centuries of Greek debt crises highlight the pitfalls of relying on external financing. Since its independence in 1829, the Greek government has defaulted four times on its external creditors, and it was bailed out in each crisis. We show that cycles of external crises and dependence are a perennial theme of …Read More

Three days to save the euro

Traynor, Ian, (2015), “Three days to save the euro”, The Guardian, 22 October Late on the afternoon of Friday 10 July, as European finance ministers were packing their bags for Brussels to attend yet another meeting on the Greek debt crisis, a shocking email from Berlin landed in the inboxes of a very small number of top officials. Earlier that week, the Greek prime minister, Alexis Tsipras, had been given an …Read More

Greece budget update – October

Merler, Sylvia, (2015), “Greece budget update – October”, Bruegel publications, 19 October While it has to be stressed that the targets considered in the budget execution bulletins are still those from the old 2015 budget (not the new targets under the new programme), this development is nevertheless an interesting reversal of previous tendencies. Relevant Posts Merler, Sylvia, (2015), “Greece budget update – September”, Bruegel publications, 22 September Merler, Sylvia, (2015), “Greece budget …Read More

On Structural Reforms and Debt Relief

Milas, Costas, Panagiotidis, Theodore, Boumparis, Periklis, (2015), “On Structural Reforms and Debt Relief “, LSE blog, 15 October The recent trip of the Greek Prime Minister to the US was dominated by repeated calls for debt relief. The Greek pile of debt, currently at 177% of the country’s GDP, is undoubtedly high (see here for a recent analysis on the sustainability of the Greek debt). In July 2015, the IMF (one of Greece’s so-called Troika …Read More

Who’s to Blame for Greece?-Austerity in Charge of Saving a Broken Economy

Pelagidis, Theodore, Mitsopoulos, Michael, (2015), “Who’s to Blame for Greece?-Austerity in Charge of Saving a Broken Economy”, International Political Economy Series, Palgrave-Macmillan publications, October The Euro constitutes the crowning achievement of a prolonged process of integration between European states. It incarnates the vision for a united and prosperous Europe: the attainment of major political goals through the promotion of closer economic cooperation. However, the 2009 crisis brought the EU head-to-head again with its perennial …Read More