Mitchell, B. (2014) “Greece – return to growth demonstrates the role of substantial fiscal deficits“, Bill Mitchell Blog: Modern Macroeconomic Theory – Macroeconomic Reality, 19 Νοεμβρίου. We had news this week that the annual rate of real GDP growth in Greece is finally positive after two quarters of positive growth. The austerity merchants are out in force congratulating themselves on a victory. Some victory. What the official data doesn’t …Read More
Επιχειρηματική Ανατροπή: Ώρα Να Γεννηθεί το Καινούριο
Ευθυμίου, Π. (2014) “Επιχειρηματική Ανατροπή: Ώρα Να Γεννηθεί το Καινούριο“, News 247: «Γνώμες», 06 Νοεμβρίου. Η πολυπόθητη ανάπτυξη δεν θα έρθει εξ ουρανού, ούτε από τη μια μέρα στην άλλη με μια κεντρική παρέμβαση η Ευρωπαϊκή χάρη. Για να χτίσουμε πρέπει να γκρεμίσουμε. Για να πετύχουμε πρέπει να δοκιμάσουμε. Η επιτυχία είναι τις περισσότερες φορές δρόμος μετ’ εμποδίων. Το ζήτημα είναι όταν πέφτουμε να ξανασηκωνόμαστε και να ξαναδοκιμάζουμε. Με …Read More
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How to climb a mountain with both hands tied
Pisani-Ferry, J. (2014) “How to climb a mountain with both hands tied“, VoxEU Organisation, 07 Νοεμβρίου. A triple-dip recession in the Eurozone is now a distinct possibility. This column argues that additional monetary stimulus is unlikely to be effective, that the scope for further fiscal stimulus is limited, and that some structural reforms may actually hurt growth in the short run by adding to disinflationary pressures in a liquidity …Read More
Economic and financial changes since the onset of the global and euro area crises
Louri-Dendrinou, Ε. (2014) “Economic and financial changes since the onset of the global and euro area crises“, LSE EUROPP Blog, Greece: Taking Stock, 06 Νοεμβρίου. With the introduction of the euro and the mispricing of sovereign (Greek) risk, a flux of funding inundated Greece and helped fuel an impressive growth rate (averaging 4%) in 2000-2008. Growth, combined with low inflation since monetary policy was managed by the European Central …Read More
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David Einhorn on Pireus Bank: now I know what He thinks
David Einhorn on Pireus Bank: now I know what He thinks, ViennaCapitalist Blog, 05 Νοεμβρίου. I am grateful to reader IAthinker who commented on my recent Pireus bank post providing a link to David Einhorn’s presentation he gave at the recent Robin Hood conference, an annual gathering of Hedge Fund managers. At the conference, Einhorn reiterated his bullish stance on Pireus and Alpha bank, two of the biggest banks in Greece. As regular readers know, …Read More
Lower levels of clientelism in Portuguese politics explain why Portugal handled austerity better than Greece during the crisis
Afonso, A., Zartaloudis, S. & Papadopoulos, Y. (2014) “Lower levels of clientelism in Portuguese politics explain why Portugal handled austerity better than Greece during the crisis“, LSE EUROPP, 27 Οκτωβρίου. Greece and Portugal were two of the worst hit countries by the Eurozone crisis, yet the domestic political reaction within each state was notably different. While in Greece there were difficulties agreeing to austerity policies and the party system …Read More
Greece’s Economic and Political Traps
Konstandaras, N. (2014) “Greece’s Economic and Political Traps“, The New York Times Opinion Pages, 26 Οκτωβρίου. Five years into the Greek crisis, it is becoming increasingly difficult to hope that it will end anytime soon. Perhaps we expected too much: that the largest international bailout in history would help set the economy back on its feet within a couple of years; that we could put the problems that had …Read More
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Greece’s shadow economy: The treasures of darkness
“Greece’s shadow economy: The treasures of darkness“, The Economist, 10 Οκτωβρίου. Getting Greeks to pay more tax is not just hard, but risky TWO out of three Greek workers either understate their earnings or fail to disclose them to the taxman altogether, according to Stephen Hall, an adviser to the Bank of Greece. Last year an estimated 24% of all economic activity in Greece went undeclared to evade tax …Read More
Private Bad Debt Buildup Casts Shadow on Greek Rebound
Chrepa, E. & Chrysoloras, N. (2014) “Private Bad Debt Buildup Casts Shadow on Greek Rebound“, Bloomberg News, 29 Σεπτεμβρίου. To Aristides Belles, it’s clear what’s blocking Greece’s recovery: a quiet build-up of about 164 billion euros ($208 billion) in bad loans. “The inability of Greek companies to repay their loans to banks and their dues to the state is clearly holding back Greece’s return to growth,” said the chief …Read More
Economic Impact of Late Payments
Connell, W. (2014) Economic Impact of Late Payments, European Commission – European Economy, Economic Papers 531|Σεπτέμβριος 2014. Delays in payments in Business to Business (B2B) and Government to Business (G2B) transactions generally have an adverse effect on the cash-flow of firm and can cause firms, particularly small ones, to seek extensions of their overdraft facilities and increase their borrowing. Late payment of commercial debt can play a significant role …Read More