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Alternative measures of government indebtedness

Dias, Daniel A., Wright, Mark L. J., (2015), “Alternative measures of government indebtedness”,Voxeu, 13 Νοεμβρίου. Measured as a percentage of its GDP, Greece’s debt is higher than that of Portugal and Ireland. This column discusses a range of new techniques for measuring the debts of Greece, Ireland, and Portugal. It argues that plausible alternative measures of indebtedness suggest that Greece is anywhere from as much as 50% more indebted than Portugal and …Read More

Greece as an example of “post-politics” in the eurozone

Chatzistavrou, Filippa, Michalaki, Sofia, (2015), “Greece as an example of “post-politics” in the eurozone”, EPIN Papers, Centre for European Policy Studies (CEPS), Commentary No. 28, 9 Νοεμβρίου The past six months of negotiations between Greece and the EU/IMF have tested the unity, limits, stamina and financial interdependence of eurozone member states. Greece has emerged wounded from the fray, but Prime Minister Alexis Tsipras has established beyond doubt his dominance in Greek politics, against all odds, …Read More

New Countdown For Greece: A Bank Bail-in Is Looming

Minenna, Marcello, (2015), “New Countdown For Greece: A Bank Bail-in Is Looming”, Social Europe, 4 Νοεμβρίου. The debt crisis may no longer be in the spotlight but the financial situation in Greece remains complex. Greek banks continue to survive at the edge of bankruptcy, kept afloat only by Emergency Liquidity Assistance (ELA) from the ECB and by still-enforced capital controls. After the August “agreement”, the Troika has promised the Greek government €25 billion …Read More

Δύο αιώνες μνημόνια για την Ελλάδα

Παλαιολόγος, Γιάννης, (2015), “Δύο αιώνες μνημόνια για την Ελλάδα”, Εφημερίδα Η ΚΑΘΗΜΕΡΙΝΗ, 1 Νοεμβρίου. Εύγλωττες ομοιότητες μεταξύ της τρέχουσας ελληνικής κρίσης και των προηγούμενων τριών επεισοδίων κρατικής χρεοκοπίας στη νεότερη ιστορία της Ελλάδας αποκαλύπτει νέα επιστημονική εργασία των Κάρμεν Ράινχαρτ (Harvard) και Κρίστοφ Τρεμπές (Πανεπιστήμιο του Μονάχου), που παρουσιάστηκε στα μέσα Σεπτεμβρίου σε συνέδριο του ινστιτούτου Brookings στις Ηνωμένες Πολιτείες. Σχετικές Αναρτήσεις Βασιλάκη, Χριστίνα, (2015), “Σε τροχιά αξιολόγησης η υλοποίηση του …Read More

Three days to save the euro

Traynor, Ian, (2015), “Three days to save the euro”, The Guardian, 22 Οκτωβρίου Late on the afternoon of Friday 10 July, as European finance ministers were packing their bags for Brussels to attend yet another meeting on the Greek debt crisis, a shocking email from Berlin landed in the inboxes of a very small number of top officials. Earlier that week, the Greek prime minister, Alexis Tsipras, had been given …Read More

On Structural Reforms and Debt Relief

Milas, Costas, Panagiotidis, Theodore, Boumparis, Periklis, (2015), “On Structural Reforms and Debt Relief “, LSE blog, 15 Οκτωβρίου The recent trip of the Greek Prime Minister to the US was dominated by repeated calls for debt relief. The Greek pile of debt, currently at 177% of the country’s GDP, is undoubtedly high (see here for a recent analysis on the sustainability of the Greek debt). In July 2015, the IMF (one of Greece’s so-called Troika …Read More

Greek debt remains unsustainable: Here is why

Lukkezen, Jasper, (2015), “Greek debt remains unsustainable: Here is why”, Voxeu, 24 Σεπτεμβρίου After 2018, Greece should have market access. This column argues that without further debt relief, this is unlikely to happen. Under reasonable assumptions, its debt ratio will likely not decline, and the financing burden will increase again. Private investors will take these risks into account and will ask for a risk premium that Greece cannot afford in the …Read More

No lessons learned

Mody, Ashoka, (2015), “No lessons learned”, Bruegel publications, 23 Σεπτεμβρίου In November 2003, former German Finance Minister Hans Eichel explained why the “deal” between Greece and its creditors is virtually certain to fail. Fending off the pressure then on Germany for more fiscal austerity in an economic recession, Eichel wrote in a Financial Times op-ed: “A policy geared solely to attaining quantitative consolidation targets in the short term runs the …Read More

Greek Elections 2015: Quo Vadis, Alexis?

Panagiotarea, Eleni, (2015), “Greek Elections 2015: Quo Vadis, Alexis?”, Heinrich Boll Stiftung publications, 23 Σεπτεμβρίου There is no doubt about it: Tsipras proved a real master of the political game. His gamble paid off. In fact, whether by accident or by design, he won more than he staked: a clear victory, following Syriza’s spectacular policy U-turn on ending austerity; a clear mandate to proceed with the implementation of the third …Read More

Thomas Piketty Responds To Surprise Greek Election Result

Piketty, Thomas, (2015), “Thomas Piketty Responds To Surprise Greek Election Result”, Social Europe Journal, 22 Σεπτεμβρίου In the wake of a surprise re-election of Alexis Tsipras and Syriza, Thomas Piketty discusses the need for a more active approach from European leaders when it comes to the Greek question – and for a eurozone parliament to be established. Σχετικές Αναρτήσεις Interview with Thomas Piketty: “The myth of national sovereignty helps big …Read More