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Πρωτογενές πλεόνασμα 3,5% του ΑΕΠ για 10 χρόνια ζητά ο ESM

Δήμητρας Καδδά, (2016), «Πρωτογενές πλεόνασμα 3,5% του ΑΕΠ για 10 χρόνια ζητά ο ESM», Capital.gr, 4 Νοεμβρίου Ο ESM σχεδιάζει (σ.σ. σε συνεννόηση με τους υπόλοιπους θεσμούς) τα σενάρια για τις παρεμβάσεις στο χρέος με βάση πρωτογενή πλεονάσματα «στο 3,5% του ΑΕΠ για μία 10ετία μετά το 2018» και την μείωσή τους στο 1,5% του ΑΕΠ μόνο από «τα μέσα του 2030 και μετά», με παράλληλη υπόθεση για μέσο ΑΕΠ …Read More

Why austerity is easier to implement in some countries than others – and why this was not the case for Greece

Walter, Stefanie, (2016), «Why austerity is easier to implement in some countries than others – and why this was not the case for Greece»,  LSE EUROPP Blog, 17 Οκτωβρίου It is now roughly seven years since the Greek economic crisis first emerged, but why has the crisis in Greece proven so difficult to address in comparison to other Eurozone countries? Based on an analysis of crisis management in several European …Read More

The Political Economy of NPLs resolution: Ownership and conditionality

Panagiotarea, Eleni, (2016), «The Political Economy of NPLs resolution: Ownership and conditionality», Hellenic Observatory LSE, 13 Οκτωβρη Greece’s non-performing exposure ratio is the second highest in Europe, largely linked to the unprecedented contraction of domestic economic activity in recent years. Causality is known to go both ways, with persistently high non-performing loans (NPLs) constituting a drag on credit and GDP growth. Theoretically, Greek governments keen to reduce the debt overhang …Read More

The Greek crisis is a crisis of production, not of public finance

Lyberaki, Antigone, (2016), «The Greek crisis is a crisis of production, not of public finance», LSE Blog, 16 Σεπτεμβρίου The Greek economic crisis is a crisis of production. Its key actor is a unique feature of the economy, the Greek family firm. Seen through that prism, the crisis is simply another episode in the story of how small firms tried to fit into the world economy as that was becoming increasingly …Read More

Grexit and Brexit, past and future: Intertwined tales?

Tinios, Platon, (2016), «Grexit and Brexit, past and future: Intertwined tales?», LSE Greece, 19 Ιουνίου Only one letter separates Grexit from Brexit. Against expectations Grexit (from the Eurozone) did not materialise in 2015. A year later, expectations were also confounded as Brexit (from the EU) inexorably unfolds. The two processes, one contingent and the other all too real, have intertwined in the past: the Greek crisis provided a potent image of what …Read More

No respite: Greece’s relationship with Europe after Brexit

Chryssogelos, Angelos, (2016), «No respite: Greece’s relationship with Europe after Brexit», LSE blog, 27 Ιουνίου The vote for Brexit in the referendum of 23 June has obvious immediate effects for Greece. Increased uncertainty will hamper Greece’s economic recovery. When the UK formally exits the EU, the consequences for Greek workers and students there as well as for Greek tourism will be negative. But it is important to also assess the place …Read More

Greece And Japan: A Tale Of Two Debt Write-Downs

Turner, Adair, (2016), «Greece And Japan: A Tale Of Two Debt Write-Downs», Social Europe, 16 Ιουνίου At the end of 2015, Greece’s public debt was 176% of GDP, while Japan’s debt ratio was 248%. Neither government will ever repay all they owe. Write-offs and monetization are inevitable, putting both countries in a sort of global vanguard. With total public and private debt worldwide at 215% of world GDP and rising, the tools on which Greece and Japan …Read More

The ECB grants debt relief to all Eurozone nations except Greece

De Grauwe, Paul, (2016), «The ECB grants debt relief to all Eurozone nations except Greece», Voxeu, 13 Μαΐου Greece may be about to get some debt relief, although there is still resistance to the idea. This column argues that the ECB has been providing other Eurozone countries with debt relief since early 2015 through its programme of quantitative easing. The reason given for excluding Greece from the QE programme – the ‘quality’ …Read More

Greece in a monetary union: Lessons from 100 years of exchange rate experience, 1841-1939

Morys Matthias, (2016), «Greece in a monetary union: Lessons from 100 years of exchange rate experience, 1841-1939», Voxeu, 10 Μαΐου The first century of modern Greek monetary history has striking parallels to the country’s current crisis, from repeated cycles of entry and exit from the dominant fixed exchange rate system, to government debt built-up and default, to financial supervision by West European countries. This column compares these two episodes in Greece’s monetary …Read More

Is Greek public debt unsustainable?

Darvas, Zsolt, Hutl, Pia, (2016), «Is Greek public debt unsustainable?», Bruegel, 7 Μαϊου Greek public debt does not look sustainable if the country has to return to market borrowing at the end of the third bail-out programme, but could be sustainable if preferential ESM funding continues in the long-term. Our advice is to offer hope for Greece in the form of delayed fiscal adjustment toward a target of 2.5% of …Read More