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How Greeks have adjusted to the forever crisis

Kuper, Simon, (2017), “How Greeks have adjusted to the forever crisis”, Financial Times, 6 July One recent balmy evening, a Greek friend took me around Athens on the back of his motorbike. We whizzed through traffic that has thinned during Greece’s eight-years-and-counting Great Depression. Here was the rare European city centre without gentrification: the local lower-middle-class has made way not for hipsters but for migrants from Syria and Pakistan. They …Read More

Greece’s sovereign debt and economic realism

Bulow, Jeremy, Geanakoplos, John, (2017), “Greece’s sovereign debt and economic realism”, VoxEU, 30 June After another six months of discussions, Greek debt negotiations succeeded in once again kicking the can down the road. This column analyses how sophisticated and experienced negotiators like the IMF, the Eurozone leadership, and by now even the Greeks, could have let negotiations drag out for so many years, and goes on to propose a plan …Read More

IMF’s Approval-In-Principle And Greece’s Third Program: An In-Depth Look

Kyriakidis, Alexandros, (2017),  “IMF’s Approval-In-Principle And Greece’s Third Program: An In-Depth Look”, Social Europe, 3 July The Greek case of the Eurozone crisis from 2010 onwards has, by now, turned into a multi-series drama. Another instalment came in the June 2017 Eurogroup discussions on the second review of the third Greek financial assistance program (FAP). The review has limped on for more than a year since the conclusion of the …Read More

The IMF’s New Role in Greece Proves Its Value for Europe and the United States

Gelpern, Anna, (2017), “The IMF’s New Role in Greece Proves Its Value for Europe and the United States”, Peterson Institute for International Economics, 27 June Greece’s economic problems are far from solved, but the International Monetary Fund (IMF) deserves part of the credit for the glimmers of progress on official debt relief in the Eurogroup announcement on June 15(link is external). The IMF is expected to issue its “approval in …Read More

The Eurogroup on Greece: Debt Relief with a Fiscal Straitjacket

Zettelmeyer, Jeromin, (2017), “The Eurogroup on Greece: Debt Relief with a Fiscal Straitjacket”, Peterson Institute for International Economics, 20 June Greece’s latest deal with the Eurogroup—the group of eurozone finance ministers—is bigger news than you might think from the press reactions so far. As expected, Greece got its next disbursement of funds to avoid default, the International Monetary Fund (IMF) gave a symbolic stamp of approval, no actual debt relief …Read More

Europe’s Unserious Plan for Greece

Bloomberg View, (2017), “Europe’s Unserious Plan for Greece”, 21 June The deal struck last week between Greece and its euro-zone creditors is business as usual — and that’s not a good thing. This protracted game of “extend and pretend” serves nobody’s long-term interests: not those of the Greek government, the International Monetary Fund or, most of all, the people of Greece. Relevant Posts Gros, Daniel, (2017), «Debt forgiveness is not …Read More

Debt forgiveness is not the solution for Greece

Gros, Daniel, (2017), “Debt forgiveness is not the solution for Greece”, CEPS, 23 May The key to understanding Greece’s debt situation is that most of it is owed to the European institutions, which have already extended the maturity to over 30 years and are charging very low interest rates. Expenditure on interest now amounts to 3.2% of GDP, which is much less than what the Greek government had to spend on …Read More

Greece and the Troika – Lessons from international best practice cases of successful price (and wage) adjustment

Belke, Ansgar, Gros, Daniel, (2017), “Greece and the Troika – Lessons from international best practice cases of successful price (and wage) adjustment”, CEPS, 23 May In this paper we present three international best practice (or those considered as benchmarks) cases of successful price and wage adjustment. In this context we critically evaluate the reforms undertaken within the Greek Adjustment Programme (see, for instance, Alcidi et al., 2014). Among the benchmark practice …Read More

Latest Turn in Greek Debt Crisis Is Kafkaesque: QuickTake Q&A

Dendrinou, Viktoria, Nikas, Sotiris, (2017), “Latest Turn in Greek Debt Crisis Is Kafkaesque: QuickTake Q&A”, Bloomberg, 25 April Greece’s next dollop of bailout money is caught in an international dispute with no clear resolution. The heavily indebted Mediterranean nation needs the next installment of about 7 billion euros ($7.6 billion) to repay lenders in a few months, but some euro-area governments, notably Germany, refuse to supply more money until the International Monetary …Read More

Boomerang Kids in Contemporary Greece: Young People’s Experience of Coming Home Again

Tsekeris, Charalambos, Ntali, Evdokia, Koutrias, Apostolos, Chatzoulis, Athena, (2017),   “Boomerang Kids in Contemporary Greece: Young People’s Experience of Coming Home Again”, LSE Hellenic Observatory, April 2017 Under the burden of the severe and protracted Greek crisis, it seems that Greek youngsters face an increasingly precarious situation of suffering and transition. This affects them in multiple ways, concerning both the external socio-economic conditions and their internalised sense of self-biographical continuity. …Read More