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How to End Greece’s Banking Nightmare

Ferdinando Giugliano, (2018), “How to End Greece’s Banking Nightmare”, Bloomberg Opinion, 13 December If a country has a problem with its banks, the thing to do is to come up with a strategy and execute it swiftly. The trouble with Greece is that it has too many plans — and is taking too long to choose between them. The Greek banking system is saddled with a very large number of non-performing …Read More

Greece Drags Itself Back Toward Normality

Ferdinando Giugliano, (2018), “Greece Drags Itself Back Toward Normality”, Bloomberg Opinion, 7 December As the cradle of democracy, Greece knows better than most countries what politics is all about. Yet, for the last eight years, any discussions between lawmakers from the left and right there have been overshadowed by the country’s economic collapse, and the string of rescue programs put together by the European Union and International Monetary Fund. Athens has …Read More

Greece’s slow reforms may delay return of bond profits – sources

Papadimas Lefteris, (2018), “Greece’s slow reforms may delay return of bond profits – sources”, Reuters, 20 November Athens, Nov 20 (Reuters) – Greece is at risk of missing a first tranche of ECB profit returns on Greek bond holdings due to delays in the pace of privatisations despite over-performance on its fiscal targets, sources told Reuters on Tuesday. About 4.8 billion euros ($5.48 billion) of profits from Greek bonds held by …Read More

Ideology (not economics) explains why the Troika treated Ireland less harshly than Greece

Judith Clifton, Daniel Díaz-Fuentes and Ana Lara Gómez, (2018), “Ideology (not economics) explains why the Troika treated Ireland less harshly than Greece”, LSE, European Politics & Policy, 14 November The Troika terminated its harsh and protracted intervention into Greece in August this year. The third – and last – “Economic Adjustment Programme” that had run for three years imposing strict austerity measures is over, at last. However, opinion among policy-makers at …Read More

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Greek Banks Inch Toward Bad-Loan Relief With Complex Plans

Nikos Chrysoloras, Tom Beardsworth, Christos Ziotis, and Sotiris Nikas, (2018), “Greek Banks Inch Toward Bad-Loan Relief With Complex Plans”, Bloomberg, 13 November Greek authorities are moving forward with two different plans to save their banks from a downward spiral. Some would-be investors think they’re too clever by half. To reduce non-performing loans, the Greek central bank is proposing a special-purpose vehicle created with the stricken lenders’ tax credits — themselves an …Read More

Lessons from the 2000–2002 Crisis in Argentina for the Sustainability of the Euro

Jeromin Zettelmeyer, (2018), “Lessons from the 2000–2002 Crisis in Argentina for the Sustainability of the Euro”, Peterson Institute for International Economics, 30 September n December of 2001, after two years of recession and increasingly desperate attempts to forestall a debt crisis through IMF financial support, fiscal adjustment and debt management operations, Argentina defaulted on its external debt. A few days later, on 2 January 2002, it discontinued its “convertibility regime” …Read More

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European Economic Forecast. Autumn 2018. Greece

European Commission, (2018), “European Economic Forecast. Autumn 2018. Greece”, Economic and Financial Affairs, Institutional Paper 089, 8 November Greece has exited its European Stability Mechanism programme and economic growth is taking hold, though vulnerabilities remain. Sustaining the reform momentum will be instrumental in underpinning investment and convergence. Employment is recovering and exports are expected to perform well by historical standards. Solid growth, in combination with low borrowing needs and high primary fiscal surpluses should help …Read More

European Economic Forecast. Autumn 2018

European Commission, (2018), “European Economic Forecast. Autumn 2018”, Economic and Financial Affairs, Institutional Paper 089, 8 November Growth in the euro area is forecast to ease from a 10-year high of 2.4% in 2017 to 2.1% in 2018 before moderating further to 1.9% in 2019 and 1.7% in 2020. The same pattern is expected for the EU27, with growth forecast at 2.1% in 2018, 2.0% in 2019 and 1.9% in …Read More

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Boosting investment in Greece

Barkas, P. and M. Pisu (2018), “Boosting investment in Greece”, OECD Economics Department Working Papers, No. 1506, OECD Publishing, Paris Aggregate investment has declined markedly over the crisis and has yet to recover. Reviving domestic and foreign investment is crucial to supporting the economic recovery, deepen Greece’s integration into global value chains and raising living standards. This will hinge primarily on improving the business environment, by lifting barriers to product …Read More

Generating employment, raising incomes and addressing poverty in Greece

Bulman, T. and M. Pisu, (2018), “Generating employment, raising incomes and addressing poverty in Greece”, OECD Economics Department Working Papers, No. 1505, OECD Publishing, Paris Employment is pivotal to strengthening Greece’s economic recovery, increasing social welfare and redressing poverty. Jobs are returning, making inroads into high unemployment, but their wages and skill levels are lower than many that were lost during the crisis. Greece’s hiring is benefiting from more flexible arrangements. …Read More