Odendahl, Christian, (2015), “Lighten the load”, Centre for European Reform, 26 Αυγούστου The IMF says that Greece’s debt burden is unsustainable. That is why the IMF will not contribute to the third assistance package (recently agreed by Europe and Greece) unless Greek debt is reduced. The problem is that an outright cut in the value of the debt – a haircut – is politically unacceptable, especially to Germany. The other option …Read More
Ο μύθος του παραφουσκωμένου ελληνικού κράτους
Boucoyannis, Deborah, (2015), “Ο μύθος του παραφουσκωμένου ελληνικού κράτους”, Foreign Affairs-The Hellenic Edition, 10 Αυγούστου Από την Αθήνα μέχρι το Βερολίνο και την Ουάσιγκτον, υπάρχει ένα πράγμα για την Ελλάδα για το οποίο πολλοί φαίνεται να συμφωνούν: Το κύριο πρόβλημα της χώρας είναι ένα φουσκωμένο, ακριβοπληρωμένο και διεφθαρμένο κράτος, το οποίο πνίγει τον ιδιωτικό τομέα. Σχετικές Αναρτήσεις Παναγιωταρέα Ελένη, Αλληλεγγύη, εμείς και οι άλλοι, Εφημερίδα Καθημερινή, 17 Μαρτίου 2015. Thomsen, P., …Read More
Greece’s poor growth prospects
Barslund, Mikkel, Barnebeck Andersen, Thomas, (2015), “Greece’s poor growth prospects”, Ceps publications, 21 Αυγούστου Four years ago – almost to the day – when the question of Greece’s debt sustainability was the subject of intense debate, we argued that Greece would face strong headwinds in its effort to ‘grow solvent’ (Gros, Barnebeck & Barslund, 2011). With the third rescue package dealing with the immediate liquidity issues in the works, and concerns being voiced by the IMF …Read More
Back from the brink: Policy reform and debt relief in Greece
Cline, William, (2015), “Back from the brink: Policy reform and debt relief in Greece”, Voxeu, 24 Αυγούστου Economists continue to debate whether – and to what extent – Greek debts should be relieved. This column takes through the details of Greek debt, what relief options are open to Greece, and what the likely consequences of relief might be for all parties. Yet again, there are no easy choices – but that …Read More
How the IMF Failed Greece
Subramanian, Arvind, (2015), “How the IMF Failed Greece”, Project Syndicate, 13 Αυγούστου Democracy is about real choices. But, throughout their country’s crisis, the Greek people have been deprived of them. For this, the Europe Union and especially the International Monetary Fund bear considerable responsibility. Greece was offered two stark choices: Leave the eurozone without financing, or remain and receive support at the price of further austerity. But Greece should have been …Read More
Greek debt sustainability: The devil is in the tails
Consiglio, Andrea, Zenios, Stavros, (2015), “Greek debt sustainability: The devil is in the tails”, Voxeu, 12 Αυγούστου Some experts view Greek debt as sustainable, while others claim it is not sustainable. This column argues that the distinction between tactical and strategic debt sustainability can explain this difference of opinions. Moreover, strategic debt sustainability analysis should account for tail risk. This approach shows that Greek debt is highly unsustainable, but sustainability can be restored …Read More
Addressing the immediate needs of the Greek banks
De Groen, Willem Pieter, Gros, Daniel, (2015), “Addressing the immediate needs of the Greek banks”, CEPS Commentary, 31 Ιουλίου. Based on a detailed calculation of the recapitalisation requirements of the Greek banks, we find that the sector needs an infusion of capital, but that the level largely depends on the stringency of the capital requirements applied. An expedient quick fix to comply with the minimum capital requirements could be achieved by a bail-in of existing creditors under …Read More
Euro Area Policies Staff Report for the 2015 Article IV Consultation With Member Countries
International Monetary Fund, (2015), “Euro Area Policies Staff Report for the 2015 Article IV Consultation With Member Countries”, IMF Country Report No. 15/204 , Ιούλιος. KEY ISSUES Context. Real output has expanded for four consecutive quarters, and financial market sentiment has improved markedly. But the recovery is weak and uneven. Inflation has been too low for too long, financial markets are still fragmented, and structural gaps persist: these hinder rebalancing and substantial reductions …Read More
How could the third Greek bailout change without the IMF?
Ruparel, Raoul, (2015), “How could the third Greek bailout change without the IMF?”, Open Europe blog, 31 Ιουλίου. The IMF has pulled further back from joining the third Greek bailout. How much difference might this make to the funding and nature of the bailout? Could it jeopardise it entirely? Open Europe’s Raoul Ruparel investigates. Σχετικές Αναρτήσεις Galbraith, James, (2015), “The IMF’s “Tough Choices” on Greece”, Project Syndicate, 16 Ιουνίου El-Erian, …Read More
Reform momentum and its impact on Greek growth
Terzi, Alessio, (2015), “Reform momentum and its impact on Greek growth”, Bruegel Institute, 29 Ιουλίου. Greece has an imperfect track-record of structural reform implementation. However, the poor growth outcome of the Greek programmes is also a consequence of the timing and composition of reforms, which were not optimally geared towards a speedy transition to a new growth model based on the private sector. While the main responsibility for this lies …Read More