Merler, Sylvia, (2015), “Preserving the Greek financial sector: options for recap and assistance”, Bruegel publications, 13 Ιουλίου The draft text discussed in the Eurogroup yesterday suggests that the potential package for Greece would include 10 to 25bn for the banking sector in order to address potential recapitalisation needs. Rumours this morning suggest the banks would then become part of a new asset fund and sold off to pay down debt. …Read More
Greece: Past Critiques and the Path Forward
Blanchard, Olivier, (2015), “Greece: Past Critiques and the Path Forward”, IMF Direct, 9 Ιουλίου All eyes are on Greece, as the parties involved continue to strive for a lasting deal, spurring vigorous debate and some sharp criticisms, including of the IMF.In this context, I thought some reflections on the main critiques could help clarify some key points of contention as well as shine a light on a possible way forward. …Read More
Europe’s Greek Failure
Gros, Daniel, (2015), “Europe’s Greek Failure”, Project Syndicate, 9 Ιουλίου Narratives matter, especially when they are intertwined with hard interests. As Greece and its creditors court catastrophe, we are getting a clear picture of how conflicting narratives can lead to a lose-lose result. The facts are indisputable. In early 2010, when the Greek government could no longer finance itself, it turned to its European partners and the International Monetary Fund …Read More
Βιβλιοθήκη » Ελλάδα » Οικονομία » Πολιτική » Άρθρα Γνώμης
The Greek Vote and the EU Miscalculation
Friedman, George, (2015), “The Greek Vote and the EU Miscalculation“, Stratfor Geopolitical Weekly, 7 Ιουλίου In a result that should surprise no one, the Greeks voted to reject European demands for additional austerity measures as the price for providing funds to allow Greek banks to operate. There are three reasons this should have been no surprise. First, the ruling Coalition of the Radical Left, or Syriza party, is ruling because it …Read More
Βιβλιοθήκη » Ελλάδα » Οικονομία » Πολιτική » Άρθρα Γνώμης
A Few Clarifications About Greece And ELA
Fazi, Thomas, (2015), “A Few Clarifications About Greece And ELA”, Social Europe Journal, 8 Ιουλίου A good part of the media (most notably in Germany) is framing the ECB’s emergency liquidity operations in Greece as ‘the ECB extending credits to Greek banks’. This is a huge misrepresentation of reality. The ECB is actually doing little more than what all central banks do (and, moreover, what it is legally bound to …Read More
Έκθεση της Τράπεζας της Ελλάδος για τη Νομισματική Πολιτική 2014-15
Την περίοδο που συντάχθηκε η παρούσα έκθεση οι εξελίξεις ήταν ιδιαίτερα πυκνές, κυρίως όσον αφορά τις διαπραγματεύσεις για την επίτευξη της συμφωνίας χρηματοδοτικής στήριξης. Σήμερα, οι διαπραγματεύσεις δεν έχουν τελεσφορήσει ακόμη. Όπως έχει ήδη εκτιμήσει η Τράπεζα της Ελλάδος στην Έκθεση του Διοικητή για το 2014, η σύναψη μιας νέας συμφωνίας με τους εταίρους είναι απαραίτητη προκειμένου να αποσοβηθούν οι άμεσοι κίνδυνοι που υπάρχουν σήμερα για την οικονομία, να περιοριστεί …Read More
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Why sovereigns repay debts to external creditors and why it matters
Bulow, J. & Rogoff, K., (2015), “Why sovereigns repay debts to external creditors and why it matters”, Voxeu, 10 Ιουνίου. With Greece on the edge and Argentina confronting adverse legal decisions, thinking about sovereign default is a front-burner issue. This column discusses how recent experience casts light on relative merits of the two main conceptual approaches to modelling sovereign lending and default – the reputation approach and the punishment approach. …Read More
The modern Greek tragedy
Bulow, J. & Rogoff, K., (2015), “The modern Greek tragedy”, Voxeu, 10 Ιουνίου. The conventional wisdom in Greece is that the nation has suffered years of excessive, Troika-imposed austerity in a short-sighted effort to extract maximum repayment. This column argues that, in fact, Greece was a net receiver of Troika funds from 2010 to mid-2014, with a modest reverse flow since Greece stalled on its reforms. Both sides have negotiated …Read More
Ελλάδα: Αλληλεγγύη και προσαρμογή σε συνθήκες κρίσης.
Γιαννίτσης, Τ., Ζωγραφάκης, Ζτ., (2015), “Ελλάδα: Αλληλεγγύη και προσαρμογή σε συνθήκες κρίσης”, ΙΜΚ Macroeconomic Policy Institute. Στην διάρκεια 6 περίπου ετών, η ελληνική κοινωνία γνώρισε την έντονη αποσταθεροποίηση πολύ σημαντικών ισορροπιών της και μια ριζική υποχώρηση του επιπέδου διαβίωσής της. Τα πραγματικά εισοδήματα μειώθηκαν κατά 38%. Τα συμπεράσματα της μελέτης μπορείτε να τα βρείτε εδώ και εδώ. Το πλήρες κείμενο της έκθεσης μπορείτε να το βρείτε εδώ.
Pragmatism, the Greek crisis, and structural reforms: What theory says
Müller Andr., Storesletten K., Zilibotti F., (2015), “Pragmatism, the Greek crisis, and structural reforms: What theory says”, Voxeu, 27 Μαΐου. In the policy circles, there are confronting positions regarding Greece’s assistance programme and the structural reforms it should implement. This column argues that the best response is pragmatism and sequential compromise. Efficiency requires an assistance programme providing the country with debt relief with an intervention of an institution such as …Read More