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Sovereign Debt Restructurings 1950-2010; Literature Survey, Data, and Stylized Facts,

IMF, (2012), Sovereign Debt Restructurings 1950-2010; Literature Survey, Data, and Stylized Facts, IMF Working Papers, Monetary and Capital Markets Department, Washington. This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt …Read More

Who lost Greece?

Pisani-Ferry, Jean, (2012) ‘Who lost Greece?’ ,  www.bruegel.org, 21 Φεβρουαρίου. Failing an agreement with its private creditors and public lenders, Athens will not be able to meet the next debt repayment deadline of 20 March. Every day which passes underscores the complexity of the negotiation and ratchets up the risk of it being too late to avert default. Even if, as is likely, a solution is found in extremis, many are …Read More

Debt Crisis and the Welfare State in Greece

Sakellaropoulos, Theodoros, (2012), Debt Crisis and the Welfare State in Greece,  www.isa-sociology.org, 12 Φεβρουαρίου. The current Greek fiscal or debt crisis -putting at risk the euro and the modern welfare state- as well as the policies developed as a response to the crisis can be understood only when taking into consideration firstly some specific characteristics of the development model adopted in Greece since the 19th  century and secondly those phase …Read More

European Member State Elites’ Diverging Visions of the European Union: Diverging Differently since the Economic Crisis and the Libyan Intervention’

Schmidt, Vivien, (2012), ‘European Member State Elites’ Diverging Visions of the European Union: Diverging Differently since the Economic Crisis and the Libyan Intervention’,  Journal of European Integration, Vol. 34, Issue 2, p.p.169-190. In the midst of the EU’s economic crisis and in the heat of the Libyan intervention, immediate concerns have seemingly crowded out consideration of the long-term issues that have been at the center of the major debates, such as …Read More

The Distribution of Full Income in Greece

Koutsampelas, Christos, Tsakloglou, Panos, (2012), ‘The Distribution of Full Income in Greece’, IZA Discussion Papers, N. 6396. Non-cash incomes from either private or public sources can have substantial effects on the distribution of economic welfare. However, standard approaches to inequality measurement either neglect them or take into account only selected non-monetary items. Using data for Greece in the mid 2000s we show that it is possible to incorporate a comprehensive …Read More

Capturing the ECB

Stiglitz, Joseph, (2012), ‘Capturing the ECB’, www.project-syndicate.org, 6 Φεβρουαρίου. Nothing illustrates better the political crosscurrents, special interests, and shortsighted economics now at play in Europe than the debate over the restructuring of Greece’s sovereign debt. Germany insists on a deep restructuring – at least a 50% “haircut” for bondholders – whereas the European Central Bank insists that any debt restructuring must be voluntary.

The Limits of European Integration

Medrano Díez, Juan, (2012), ‘The Limits of European Integration’, Journal of European Integration, Vol. 34, Issue 2,  p.p. 191-204. This article summarizes the special issue’s main findings and analytical contributions, challenges some of the arguments, and suggests ways of pushing the research agenda forward. The contributions to this special issue emphasize the penetration of European institutions by actors set on slowing down or reversing the process of European integration and the …Read More

Europe’s three dimensional crisis

Brown, Gordon, (2012), ‘Europe’s three dimensional crisis’, www.guardian.co.uk, 28 Ιανουαρίου. In the rush to define Europe’s problems as fiscal, our deep-seated banking and competitiveness problems have been largely ignored. In the search for a simple, one-dimensional answer – austerity and, if that fails, more austerity – to what is a three-dimensional crisis, Europe’s leaders are failing to grasp the profound historical forces now reshaping Europe’s role in the world. For without …Read More

Η Ευρώπη σε επικίνδυνο σταυροδρόμι

Τσούκαλης, Λουκάς, (2012), ‘Η Ευρώπη σε επικίνδυνο σταυροδρόμι’,  The Athens Review of Books, Τεύχος 25, 21 Ιανουαρίου. Άλλαξε ριζικά το ευρωπαϊκό σκηνικό τα τελευταία δέκα χρόνια. Από την εποχή της μεγάλης ευρω‐ευφορίας που χαρακτήριζε τις αρχές του νέου αιώνα, τότε που οι περισσότεροι είχαν πιστέψει ότι η Ευρώπη έμπαινε σε μια νέα φάση ταχύτερης ενοποίησης και τίποτε δεν φαινόταν ικανό να την σταματήσει, φτάσαμε τα δύο τελευταία χρόνια να μιλάμε …Read More

The Threats to Greece’s Debt Deal

Stevis, Matina, (2012), ‘The Threats to Greece’s Debt Deal’, blogs.wsj.com, 7 Ιανουαρίου. The process of imposing losses to private-sector holders of Greek debt–known as private-sector involvement or PSI–has dogged policy-makers for months. If the Greek finance minister is to be taken at his word, the first large-scale restructuring of sovereign debt of the euro area is nigh.