Janssen, Ρ. (2014) “DG ECFIN And The Missing Greek Exports“, Social Europe Journal, 02 July.   Economists at DG ECFIN are starting to notice something we have pointed out already some time ago: Despite an enormous cut in wage costs, Greek exports have firmly stayed put in recessionary territory and hopes for an export-led recovery have proven to be illusive. Troubled by this failure of Greek exports to lift off, DG …Read More

Horne, J. P. (2014) “Greece Taps The Market“, The European Institute.   The Greek government borrowed on the international bond market last week, the first time in over four years.[1] The bond issue comes just five years after Greece’s severe economic and financial crisis had become an existential threat to the euro itself. The fact that Greece was able to borrow €3 billion for five years at 4.75%, with orders …Read More

Anastasatos, T. & Stamatiou, T. (2014) “Is Deflation a Risk for Greece?,  Economy and Markets, Eurobank Research, Vol. IX, Issue 3, April.   Deflation is the occurrence of negative inflation, i.e. the situation in which prices of goods and services are falling in an economy. By contrast, disinflation is a slow-down in the inflation rate. In technical terms, deflation is considered to have occurred when CPI or the GDP deflator …Read More

Galenianos, M. (2014) “The Greek Crisis: Origins and Implications“, Greek Economists for Reform.com, 07 April.   This paper argues that the deep causes of the Greek and Eurozone crisis are the large external imbalances (trade deficits) of the countries of the European periphery. Their fiscal imbalances exacerbated but did not cause the crisis and therefore fiscal adjustment is a necessary but not sufficient condition for economic recovery. For their economies …Read More

Gros, D., Alcidi, C., Belke, A. Coutinho, L. & Giovannini, A. (2014) “Implementation of the Macroeconomic Adjustment Programmes in the Euro Area: State-of-Play“, Economic Policy, CEPS Paperbacks, 11 March.   Two of the four macroeconomic adjustment programmes – in Portugal and Ireland – can be considered a success in the sense that the initial expectations in terms of adjustment, both fiscal and external, were broadly fulfilled. A rebound based on …Read More

Kritikos, A. and Cartalos, O., (2013), “Attracting top research and innovation performers as the way forward to exit the Greek crisis”, Greek Economists for Reform Blog, Working Paper, December. M. Haliassos writes: Alexander Kritikos and Odysseas Kartalos argue forcefully that, for Greece, the way out of the current economic crisis is not austerity but a long-term plan focusing on innovative industries with high added value. However, in comparison to other …Read More