De Grauwe, Paul, (2016), “The ECB grants debt relief to all Eurozone nations except Greece”, Voxeu, 13 Μαΐου Greece may be about to get some debt relief, although there is still resistance to the idea. This column argues that the ECB has been providing other Eurozone countries with debt relief since early 2015 through its programme of quantitative easing. The reason given for excluding Greece from the QE programme – the ‘quality’ …Read More

Morys Matthias, (2016), “Greece in a monetary union: Lessons from 100 years of exchange rate experience, 1841-1939”, Voxeu, 10 Μαΐου The first century of modern Greek monetary history has striking parallels to the country’s current crisis, from repeated cycles of entry and exit from the dominant fixed exchange rate system, to government debt built-up and default, to financial supervision by West European countries. This column compares these two episodes in Greece’s monetary …Read More

Darvas, Zsolt, Hutl, Pia, (2016), “Is Greek public debt unsustainable?”, Bruegel, 7 Μαϊου Greek public debt does not look sustainable if the country has to return to market borrowing at the end of the third bail-out programme, but could be sustainable if preferential ESM funding continues in the long-term. Our advice is to offer hope for Greece in the form of delayed fiscal adjustment toward a target of 2.5% of …Read More

El-Arian, Mohamed A., (2016), “Time for Debt Reduction in Greece”, Project Syndicate, 22 Απριλίου Once again, Greece is at an inflection point. With its cash balances severely stressed, it seems unlikely to be able to pay the cascading debt payments that are falling due over the next few months. So yet another round of contentious and protracted discussions with its creditors is underway – one that may well produce yet another …Read More