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Greek economy: From bailout program exit to recovery?

Theodore Pelagidis, (2019), “Greek economy: From bailout program exit to recovery?”, Brookings, 6 March The recent upgrade of Greece’s long-term foreign credit rating by Moody’s from B3 to B1 is expected to encourage investor uptake of a 10-year, 2.5-billion-euro Greek government bond launching this week. At odds with this cautiously encouraging development was the European Commission’s (EC) enhanced surveillance report issued on February 27. Layered over this are persistent political …Read More

Greece : First Post-Program Monitoring Discussions-Press Release; Staff Report; and Statement by the Executive Director for Greece

International Monetary Fund-European Department, (2019), “Greece : First Post-Program Monitoring Discussions-Press Release; Staff Report; and Statement by the Executive Director for Greece”, Country Report No. 19/73, 12 March The economic recovery in Greece is accelerating and broadening. Growth and job creation in Greece are expected to accelerate further in 2019. Public sector financing needs remain manageable under the baseline due to strong fiscal balances, low debt servicing costs, and a …Read More

Greece Is Back in the Bond Market as Yields Fall to 13-Year Low

James Hirai and John Ainger, (2019), “Greece Is Back in the Bond Market as Yields Fall to 13-Year Low”, Bloomberg, 4 March Greece is selling debt for the second time this year, taking advantage of lower borrowing costs after an upgrade from Moody’s Investors Service. The nation has mandated six banks as lead managers for a new 10-year bond, according to an Athens bourse filing on Monday. The sale is …Read More

Greece and Argentina show why pension reforms should not be used as a quick fix for a financial crisis

Marina Angelaki and Leandro Carrera, (2019), “Greece and Argentina show why pension reforms should not be used as a quick fix for a financial crisis”, LSE EUROPP, 1 March Greece and Argentina both introduced radical pension reforms following the financial crisis. Drawing on recent research, Marina Angelaki and Leandro Carrera argue that while both countries lacked access to international financial markets and had unsustainable pension systems, the reforms have been …Read More

Greece Has Just Days to Fix Things Before Its Next Cash Payment

Viktoria Dendrinou and Sotiris Nikas, (2019), “Greece Has Just Days to Fix Things Before Its Next Cash Payment” Bloomberg, 27 February Greece’s foot-dragging on some key economic reforms is raising creditor concern, putting at risk a planned debt relief measure next month and a rebound in its stock and bond markets. Relevant Posts Sotiris Nikas, (2019), «Risks at Home Mount for Greece in Its First Post-Bailout Year», Bloomberg Economics, 3 …Read More

World Economic Outlook Update, January 2019

IMF, (2019), “World Economic Outlook Update, January 2019”, International Monetary Fund, January 2019 The global expansion has weakened. Global growth for 2018 is estimated at 3.7 percent, as in the October 2018 World Economic Outlook (WEO) forecast, despite weaker performance in some economies, notably Europe and Asia. The global economy is projected to grow at 3.5 percent in 2019 and 3.6 percent in 2020, 0.2 and 0.1 percentage point below last …Read More

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Risks at Home Mount for Greece in Its First Post-Bailout Year

Sotiris Nikas, (2019), “Risks at Home Mount for Greece in Its First Post-Bailout Year”, Bloomberg Economics, 3 January After emerging from its steepest economic crisis in living memory, Greece still has a mountain to climb in 2019 if it’s to consummate its comeback with a sustained return to bond markets. The government plans to issue as much as 7 billion euros ($8 billion) of new debt this year, using part of its …Read More

How to End Greece’s Banking Nightmare

Ferdinando Giugliano, (2018), “How to End Greece’s Banking Nightmare”, Bloomberg Opinion, 13 December If a country has a problem with its banks, the thing to do is to come up with a strategy and execute it swiftly. The trouble with Greece is that it has too many plans — and is taking too long to choose between them. The Greek banking system is saddled with a very large number of non-performing …Read More

Greece Drags Itself Back Toward Normality

Ferdinando Giugliano, (2018), “Greece Drags Itself Back Toward Normality”, Bloomberg Opinion, 7 December As the cradle of democracy, Greece knows better than most countries what politics is all about. Yet, for the last eight years, any discussions between lawmakers from the left and right there have been overshadowed by the country’s economic collapse, and the string of rescue programs put together by the European Union and International Monetary Fund. Athens has …Read More

Greece’s slow reforms may delay return of bond profits – sources

Papadimas Lefteris, (2018), “Greece’s slow reforms may delay return of bond profits – sources”, Reuters, 20 November Athens, Nov 20 (Reuters) – Greece is at risk of missing a first tranche of ECB profit returns on Greek bond holdings due to delays in the pace of privatisations despite over-performance on its fiscal targets, sources told Reuters on Tuesday. About 4.8 billion euros ($5.48 billion) of profits from Greek bonds held by …Read More