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IMF, Country Report: Greece

IMF, (2013), Country Report: Greece, N.13/154 June. In the midst of a sharp and socially painful recession, Greece is making important progress in overcoming deep-seated problems. Progress on fiscal adjustment has been exceptional by any standard, with the cyclically-adjusted primary balance having improved cumulatively by about 15 percent of GDP during 2010–12. Labor market reforms are helping to realign nominal wages and productivity; this internal devaluation has reduced the competitiveness …Read More

Why Do Governments Default, And Why Don’t They Default More Often?

Buiter, Willem and Rahbari, Ebrahim, (2013), “Why Do Governments Default, And Why Don’t They Default More Often?”, Centre for Economic Policy Research, Μay. This paper considers the economic and political drivers of sovereign default, focusing on countries rich enough to render sovereign default a ‘won’t pay’ rather than a ‘can’t pay’ phenomenon. Unlike many private contracts, sovereign debt contracts rely almost exclusively on self-enforcement rather than on third-party enforcement. Among …Read More

Greece’s Horizons: Reflecting on the Country’s Assets and Capabilities

Sklias P., Tzifakis N. (eds.) (2013), Greece’s Horizons: Reflecting on the Country’s Assets and Capabilities, Springer. The Greek financial crisis has imperilled the stability of the entire euro-zone, generating much anxiety all over the world. Policy-makers, analysts and media on a day-to-day basis debate the course of the Greek economy, prescribing ways to move forward. The book acknowledges the predominantly domestic causes of the crisis and the need of far-reaching …Read More

Europe’s Troika Should Grow Up

Pisani-Ferry, Jean, (2013) “Europe’s Troika Should Grow Up”, www.project-syndicate.org, 27 May 2013. In early 2010, a group of men (and a few women) in dark suits landed in Athens. They belonged to a global institution, the International Monetary Fund, and to a pair of regional ones, the European Commission and the European Central Bank. Their mission was to negotiate the terms and conditions of a financial bailout of Greece. A …Read More

From Grexit to Growth: On Fiscal Multipliers and How to End Recession in Greece

Nicos, Christodoulakis, (2013), “From Grexit to Growth: On Fiscal Multipliers and How to End Recession in Greece”, National Institute Economic Review, No. 224, pp.66-76.    Three years after the implementation of the Adjustment Programme for Greece, public debt remains at unsustainable levels. Despite recent improvements in meeting deficit targets and the fact that the risk of exit from the Euro Area has subsided, growth is still missing and unemployment has …Read More

Does fairness matter for the success of fiscal consolidation?”

Kaplanoglou, G., Rapanos, V. & Bardakas, I., (2013), “Does fairness matter for the success of fiscal consolidation?” , University of Athens-Department of Economics, Economic Discussion Reports, N. 2013/6. Does it matter for fiscal consolidation programs to be fair in order to be successful? This question has never been empirically addressed despite its profound importance especially since many developed countries have embarked on fiscal consolidation programs, which in many cases have …Read More

EU-IMF assistance to euro area countries: an early assessment

Pisani-Ferry, Jean,  Sapir, André & Wolff, Guntram, (2013), EU-IMF assistance to euro area countries: an early assessment, Bruegel. Three years ago, in May 2010, Greece became the first euro-area country to receive financial assistance from the European Union and the International Monetary Fund in exchange for implementing an economic programme designed by the Troika of the European Commission, the European Central Bank and the IMF. Within a year, Ireland and Portugal went …Read More

Fourth Quarterly Report: Support for growth and jobs in Greece

Task Force for Greece, (2013),  Fourth Quarterly Report: Support for growth and jobs in Greece, April. The report sets out the assistance provided by the Task Force, the Member States, international organisations and other specialist bodies to support Greece in implementing a comprehensive programme of reforms. These include: -Reform of the central administration: a review of the organisation of most Greek Ministries – representing about 206 000 staff – has …Read More

Debt, Growth and the Austerity Debate

Reinhart, Carmen, Rogoff, Kenneth, (2013), “Debt, Growth and the Austerity Debate”, The New York Times, 25 April. In May 2010, we published an academic paper, “Growth in a Time of Debt.” Its main finding, drawing on data from 44 countries over 200 years, was that in both rich and developing countries, high levels of government debt — specifically, gross public debt equaling 90 percent or more of the nation’s annual …Read More