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Euro area job vacancy rate at 1.9%

Eurostat/Euro area job vacancy rate at 1.9%/15 September 2017 The job vacancy rate in the euro area (EA19) was 1.9% in the second quarter of 2017, stable compared with the previous quarter and up from 1.7% in the second quarter of 2016, according to figures published by Eurostat, the statistical office of the European Union. In the EU28, the job vacancy rate was 2.0% in the second quarter of 2017, up from 1.9% …Read More

Greece Still Hasn’t Turned the Corner

Bloomberg View, (2017), “Greece Still Hasn’t Turned the Corner”, 26 July Greece returned to the private debt market this week for the first time in years, raising 3 billion euros at a relatively affordable interest rate of 4.6 percent. That’s encouraging news — but it doesn’t mean the euro zone’s most flattened economy is on course for sustained growth. Relevant Posts Kuper, Simon, (2017), «How Greeks have adjusted to the forever crisis», …Read More

Fiscal policy relaxation in a depressed economy-Can there be a “Free Lunch” for Greece?

Monokroussos, Platon, (2017), “Fiscal policy relaxation in a depressed economy-Can there be a “Free Lunch” for Greece?”, Eurobank Greece Macro Monitor, 12 July This study leans on the literature on regime-dependent fiscal multipliers and the existence of hysteresis effects to demonstrate that, under certain conditions, a further relaxation of the agreed fiscal targets for Greece could not only benefit the country’s growth outlook, but might also lead to improved (rather …Read More

Commission recommends closing Excessive Deficit Procedure for Greece

European Commission, “Commission recommends closing Excessive Deficit Procedure for Greece”, Press Release, 12 July 2017 The Commission has decided to recommend to the Council to close the Excessive Deficit Procedure (EDP) for Greece. This follows the substantial efforts in recent years made by the country to consolidate its public finances coupled with the progress made in the implementation of the European Stability Mechanism (ESM) support programme for Greece. Relevant Posts …Read More

How Greeks have adjusted to the forever crisis

Kuper, Simon, (2017), “How Greeks have adjusted to the forever crisis”, Financial Times, 6 July One recent balmy evening, a Greek friend took me around Athens on the back of his motorbike. We whizzed through traffic that has thinned during Greece’s eight-years-and-counting Great Depression. Here was the rare European city centre without gentrification: the local lower-middle-class has made way not for hipsters but for migrants from Syria and Pakistan. They …Read More

Greece’s sovereign debt and economic realism

Bulow, Jeremy, Geanakoplos, John, (2017), “Greece’s sovereign debt and economic realism”, VoxEU, 30 June After another six months of discussions, Greek debt negotiations succeeded in once again kicking the can down the road. This column analyses how sophisticated and experienced negotiators like the IMF, the Eurozone leadership, and by now even the Greeks, could have let negotiations drag out for so many years, and goes on to propose a plan …Read More

IMF’s Approval-In-Principle And Greece’s Third Program: An In-Depth Look

Kyriakidis, Alexandros, (2017),  “IMF’s Approval-In-Principle And Greece’s Third Program: An In-Depth Look”, Social Europe, 3 July The Greek case of the Eurozone crisis from 2010 onwards has, by now, turned into a multi-series drama. Another instalment came in the June 2017 Eurogroup discussions on the second review of the third Greek financial assistance program (FAP). The review has limped on for more than a year since the conclusion of the …Read More

The IMF’s New Role in Greece Proves Its Value for Europe and the United States

Gelpern, Anna, (2017), “The IMF’s New Role in Greece Proves Its Value for Europe and the United States”, Peterson Institute for International Economics, 27 June Greece’s economic problems are far from solved, but the International Monetary Fund (IMF) deserves part of the credit for the glimmers of progress on official debt relief in the Eurogroup announcement on June 15(link is external). The IMF is expected to issue its “approval in …Read More

A quantitative assessment of the agreement on Greece reached at the Eurogroup of 15 June 2017

Monokroussos, Platon, (2017), “A quantitative assessment of the agreement on Greece reached at the Eurogroup of 15 June 2017”, Eurobank, June We stress that most of the analysis presented in this document utilizes a number of simplifying, yet necessary assumptions made by the Author to account for some crucial information pieces that are missing from the published official documents. This effectively implies that the estimates and projections provided herein may …Read More

The Eurogroup on Greece: Debt Relief with a Fiscal Straitjacket

Zettelmeyer, Jeromin, (2017), “The Eurogroup on Greece: Debt Relief with a Fiscal Straitjacket”, Peterson Institute for International Economics, 20 June Greece’s latest deal with the Eurogroup—the group of eurozone finance ministers—is bigger news than you might think from the press reactions so far. As expected, Greece got its next disbursement of funds to avoid default, the International Monetary Fund (IMF) gave a symbolic stamp of approval, no actual debt relief …Read More