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Greece Without Illusions

Varoufakis, Yanis, (2015), “Greece Without Illusions”, Project Syndicate, 5 Οκτωβρίου “The costliest minor government reshuffle in Greece’s history.” That is at least one way to describe the result of the Greek general election on September 20. Indeed, with few exceptions, the same ministers have returned to the same offices as part of an administration backed by the same odd pair of parties (the left-wing Syriza and the smaller right-wing Independent …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

The Greek elections and the third bailout programme: Why it could work this time round

Alcidi, Cinzia, Gros, Daniel, (2015), “The Greek elections and the third bailout programme: Why it could work this time round”, Ceps publications, 21 Σεπτεμβρίου Following the decisive victory won by the Syriza party in Greece’s general election on September 20th, this commentary explores the key question of whether the third bailout programme can work, where the previous two programmes failed. Whereas most observers argue that the third one cannot work because it merely …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

Emergency liquidity assistance and Greek banks’ bankruptcy

R. Götz, Martin, Haselmann, Rainer, Krahnen, Jan Pieter, Steffen, Sascha, (2015), “Emergency liquidity assistance and Greek banks’ bankruptcy”, Voxeu publications, 25 Σεπτεμβρίου Discussions continue in some circles as to whether the ECB’s emergency liquidity assistance for Greek banks is legitimate. This column assesses the underlying economics of the emergency liquidity assistance programme and the complex interrelationship between the EU, the ECB and the Greek banks. Economists must focus on the political economy of a monetary union with …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

Greece illustrates how the politics of lending can undermine its effectiveness

Chapman, Terrence, Fang, Songying, Stone, Randall, (2015), “Greece illustrates how the politics of lending can undermine its effectiveness”, Lse blog, 18 Σεπτεμβρίου The summer of 2015 marked another period of high drama in the ongoing Greek debt crisis. Amidst continuing negotiations with lenders and European leaders, Greek citizens rejected austerity conditions requested in exchange for yet another bailout by the Troika of the European Commission, the European Central Bank, and the International Monetary Fund. Shortly …Read More

Poland Versus Greece

Krugman, Paul, (2015), “Poland Versus Greece”, New York Times blog, 11 Σεπτεμβρίου Yannis Ioannides and Christopher Pissarides, in a new Brookings Paper, talk about the ways lack of structural reform hurts Greek productivity and competitiveness. I have no reason to doubt that there are big things that should change, and that Greece would be much better off if it could somehow break the political barriers to making these changes. Σχετικές …Read More

A New Chance for Greece

Papantoniou, Yannos, (2015), “A New Chance for Greece”, Project Syndicate, 9 Σεπτεμβρίου On September 20, Greek voters will go to the polls – yet again – in a snap election called by Prime Minister Alexis Tsipras. The early poll was no surprise: almost a third of Tsipras’s colleagues in his leftist Syriza Party refused to endorse the bailout he had negotiated with the country’s creditors. In a parliamentary vote on …Read More

The Foundations of Greece’s Failed Economy

Phelps, Edmund, (2015), “The Foundations of Greece’s Failed Economy”, Project Syndicate, 4 Σεπτεμβρίου Too many politicians and economists blame austerity – urged by Greece’s creditors – for the collapse of the Greek economy. But the data show neither marked austerity by historical standards nor government cutbacks severe enough to explain the huge job losses. What the data do show are economic ills rooted in the values and beliefs of Greek …Read More