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Tsipras’s Debt Plan Sends Athens Stock Market Sliding

Aldermanjan, L. (2015) “Tsipras’s Debt Plan Sends Athens Stock Market Sliding“, The New York Times – International Business, 28 Ιανουαρίου.   Investors made clear on Wednesday the depth of their concerns about Greece’s new leftist-led government, driving up its borrowing costs, pushing down stock prices and highlighting the risks in the country’s banking system. Despite some soothing words from Prime Minister Alexis Tsipras, who at the first meeting of his …Read More

Why a Grexit is more costly for Germany than a default inside the euro area – Contrary to the IFO institute, we conclude that German losses on both official and private claims would be much higher if Greece exits the euro

Darvas, Z. & Hüttl, P. (2015) “Why a Grexit is more costly for Germany than a default inside the euro area – Contrary to the IFO institute, we conclude that German losses on both official and private claims would be much higher if Greece exits the euro“, Bruegel Institute, 16 Ιανουαρίου.   A few days ago the influential IFO Institute published a short paper suggesting that a Greek default inside …Read More

How to reduce the Greek debt burden?

Darvas, Z. & Hüttl, P. (2015) “How to reduce the Greek debt burden? – There are options to reduce the net present value of Greek public debt servicing costs by more than 15 percent of GDP without incurring losses on creditors, Bruegel Institute Analyses, 09 Ιανουαρίου.   The Greek debt reduction issue has been put back on the table as the 25 January 2015 parliamentary snap elections are approaching. Already in …Read More

Debt relief for Greece is necessary to avoid a crisis in the Eurozone

De Grauwe, Ρ. (2015) “Debt relief for Greece is necessary to avoid a crisis in the Eurozone“, LSE EUROPP, 12 Ιανουαρίου.   On 25 January Greece will hold parliamentary elections. The elections have generated uncertainty in the Eurozone given the potential for the radical left party Syriza, which has called for a renegotiation of the country’s bailout conditions, to emerge as the largest party. Paul De Grauwe writes that even …Read More

Greece – two alternative views

Mitchell, B. (2014) “Greece – two alternative views“, Bill Mitchell Blog, Modern Monetary Theory… Macroeconomic Reality, 24 Δεκεμβρίου.   When I was in Europe recently, I had interesting discussions about the future of Italy, Greece and Spain with various people, particularly in relation to trying to understand the apparent dissonance between the strong support for the euro and the devastation that membership of the common currency has created in these …Read More

Απολογισμός μιας πενταετίας κρίσης: ΤΙΝΑ και ξεΤΙΝΑ

Λυμπεράκη, Α. & Τήνιος, Π. (2014) “Απολογισμός μιας πενταετίας κρίσης: ΤΙΝΑ και ξεΤΙΝΑ“, The Athens Review of Books – Αθηναϊκή Επιθεώρηση του Βιβλίου, 01 Δεκεμβρίου.   Από τι θα κριθούν και τι θα κρίνουν οι επόμενες εκλογές; Όσο και να προσπαθούν τα παραπολιτικά να μας πείσουν για συνωμοσίες και κρυφούς άσσους, οι εκλογές θα κριθούν από καθαρές απαντήσεις στα μεγάλα θέματα. Αυτά, δηλαδή, που αντιμετωπίζονται με μισόλογα και υπεκφυγές στον …Read More

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

«Παράθυρο ευκαιρίας» για την ελληνική οικονομία, Προς ένα νέο αναπτυξιακό πρότυπο για την χώρα

Τσακανίκας, Α. (2014) “«Παράθυρο ευκαιρίας» για την ελληνική οικονομία, Προς ένα νέο αναπτυξιακό πρότυπο για την χώρα“, Foreign Affairs Hellenic Edition, 25 Ιουνίου.   Η επιστροφή στην ανάπτυξη από το τρέχον έτος είναι πλέον ένας στόχος εφικτός. Αλλά, μια ανάπτυξη μεσοπρόθεσμα σταθερή και σε υψηλό επίπεδο δεν μπορεί να επιτευχθεί χωρίς την δημιουργία συνθηκών που να προσελκύουν επενδυτές και χωρίς ουσιαστική αλλαγή τού τρόπου λειτουργίας τής ελληνικής οικονομίας. Η 15ετία …Read More

Debt-for-equity swaps offer Greece a better way

Allen, P., Eichengreen, B. & Evans, G. (2014) “Debt-for-equity swaps offer Greece a better way“, VOX EU Organisation, 28 Φεβρουαρίου.   Greece needs debt reduction. This column argues that instead of offering another lengthening of maturities and reduction in interest rates, Eurozone leaders should seize the occasion and implement debt-for-equity swaps that would encourage foreign investment, speed privatisation and jumpstart the Greek economy. Last week, Eurogroup finance ministers in their …Read More

Prospects and Policies for the Greek Economy

Papadimitriou, D., Nikiforos, M. and Zezza, G., (2014), “Prospects and Policies for the Greek Economy”, Levy Economics Institute Strategic Analysis, Φεβρουάριος 2014. In this report, we discuss alternative scenarios for restoring growth and increasing employment in the Greek economy, evaluating alternative policy options through our specially constructed macroeconometric model (LIMG). After reviewing recent events in 2013 that confirm our previous projections for an increase in the unemployment rate, we examine …Read More