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The maths behind an amended Greek plan – additional ESM financing would allow the Greek primary surplus to be lowered to 3% of GDP

Darvas, Z. (2015) “The maths behind an amended Greek plan – additional ESM financing would allow the Greek primary surplus to be lowered to 3% of GDP“, Bruegel Institute, 11 February.   Last week I published my assessment of Greek Finance Minister Yanis Varoufakis’ draft plan, and promised to do some calculations to illustrate its impacts. Mr Varoufakis abandoned the earlier haircut demand of Syriza that I welcomed as a …Read More

Greece – a Varoufakis Conversion

Cook, C. (2015) “Greece – a Varoufakis Conversion“, Pieria Online, 06 February.   Greece’s new Syriza government has two major economic challenges to address: a Resolution of Greece’s unsustainable debt burden followed by a Transition to a long term sustainable economy. Conventional resolution of sovereign debt is a debt for debt swap: replacing existing debt with new debt which requires a smaller percentage of Greece’s national income and resources to …Read More

Greece: ECB Kicks Syriza in the Face; Syriza Turns the Other Cheek

Weisbrot, M. (2015) “Greece: ECB Kicks Syriza in the Face; Syriza Turns the Other Cheek“, The Huffington Post, 05 February.   On Wednesday the European Central Bank (ECB) announced that it would no longer accept Greek government bonds and government-guaranteed debt as collateral. Although Greece would still be eligible for other, emergency lending from the Central Bank, the immediate effect of the announcement was to raise Greek borrowing costs and …Read More

Je suis Dijsselbloem ou Varoufakis?

Χατζησταύρου, Φ. (2015) “Je suis Dijsselbloem ou Varoufakis?“, Protagon Website, 04 February.   Η πρώτη συνάντηση Βαρουφάκη-Ντάισελμπλουμ φέρνει στη δημόσια συζήτηση ένα θέμα που μέχρι τώρα ήταν αντικείμενο ανάλυσης κυρίως των ενασχολούντων με τη θεσμική λειτουργία της ΕΕ στα οικονομικά θέματα. Ευκαιρία, λοιπόν, να δούμε ποιο είναι το πρόβλημα, γιατί υπάρχει πρόβλημα, και ποιες οι συνέπειές του μέχρι σήμερα. Από το 2010 και μετά οι ευρωπαϊκές κυβερνήσεις ομόφωνα προχώρησαν στην …Read More

A Greek Way Out?

Gros, D. (2015) “A Greek Way Out?“, Economic Policy: Commentaries, Centre for European Policy Studies, 05 February.   In his analysis of the basic compromise that is emerging between the new left-wing government of Greece and its European partners, Daniel Gros emphasises that the key element will be how the real problem, namely liquidity, is dealt with.   Relevant posts: Stockman, D. (2015) “History In the Balance: Why Greece Must …Read More

A Greek Morality Tale

Stiglitz, J. (2015) “A Greek Morality Tale“, Social Europe Journal, 04 February.   When the euro crisis began a half-decade ago, Keynesian economists predicted that the austerity that was being imposed on Greece and the other crisis countries would fail. It would stifle growth and increase unemployment – and even fail to decrease the debt-to-GDP ratio. Others – in the European Commission, the European Central Bank, and a few universities …Read More

History In the Balance: Why Greece Must Repudiate Its “Banker Bailout” Debts And Exit The Euro

Stockman, D. (2015) “History In the Balance: Why Greece Must Repudiate Its “Banker Bailout” Debts And Exit The Euro“, David Stockman’s Contra Corner Blog, 02 February.   Now and again history reaches an inflection point. Statesman and mere politicians, as the case may be, find themselves confronted with fraught circumstances and stark choices. February 2015 is one such moment. For its part, Greece stands at a fork in the road. Syriza can move aggressively to recover Greece’s …Read More

Who’s Unreasonable Now?

Krugman, P. (2015) “Who’s Unreasonable Now?“, The New York Times, 02 February.   OK, so as I understand the latest from the new Greek government, Yanis Varoufakis is saying that he and his colleagues don’t care what happens to the headline value of the debt — if you want to claim that there has been no write-off, OK. What they want instead is substantive but not outrageous relief from the …Read More

Groundhog Day in Greece

Beck, Τ. (2015) “Groundhog Day in Greece, VoxEU Organisation, 02 February.   The Greek-Troika conflict is roiling markets, boardrooms and cabinet offices around the world.  Crises are best solved by recognising losses, allocating them and moving on, so the biggest risk, this column argues, is that a compromise kicks the can further down the road.  As the can rolls on, the scenery becomes politically and socially less attractive – fuelling …Read More

Is SYRIZA just another Greek party that does not know what to do?

Moumoutzis, K. (2015) “Is SYRIZA just another Greek party that does not know what to do?“, Europe on the Strand Blog, 01 February.   Less than a week after SYRIZA’s (Coalition of the Radical Left) electoral victory, uncertainty regarding the newly formed Greek government’s economic policy has increased. In a statement emailed to Bloomberg News, Greek Prime Minister Alexis Tsipras said: ‘we need time to breathe and create our own …Read More

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