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Latvia and Greece: Less is More

Biggs, M. & Mayer, T. (2014) “Latvia and Greece: Less is More“, Economic Policy, CEPS High-Briefs, 12 February 2014 Key Points: Despite considerable differences, there were also many similarities in economic performance between Latvia and Greece before their respective adjustment crises. After the immediate crisis, however, economic activity rebounded sharply in Latvia but continued to contract in Greece. This paper argues that this difference was due primarily to developments in …Read More

The Euro at Age 15 — Is it a Reserve Currency Yet?

Horne, P. (2014) “The Euro at Age 15 – Is it a Reserve Currency Yet?”, The European Institute, February 2014. The euro was welcomed at birth on Jan. 1, 1999, as a new financial currency (coins and banknotes were issued three years later) and hoped by its promoters to be an alternative to the dollar, which had reigned as the world’s primary reserve currency since the 1944 Bretton Woods agreement.   …Read More

If Scotland, why not Greece?

Varoufakis, Y. (2014) “If Scotland, why not Greece?“, Yannis Varoufakis Thoughts for the post-2008 World, 10 March Why an independent Scotland should get out of sterling, but Greece should not volunteer to exit the Eurozone Scotland should state its intention to decouple from sterling, once independent, rather than petitioning for a continuation of its subservient role in an asymmetrical sterling union. Or so I argued in the Scottish Times in ‘Scotland …Read More

Greece’s health crisis: from austerity to denialism

Kentikelenis, A., Karanikolos, M., Reeves, A., McKee, M., and Stuckler,D., (2014), “Greece’s health crisis: from austerity to denialism”, The Lancet, Volume 383, Issue 9918, Pages 748 – 753, 22 February. Greece’s economic crisis has deepened since it was bailed out by the international community in 2010. The country underwent the sixth consecutive year of economic contraction in 2013, with its economy shrinking by 20% between 2008 and 2012, and anaemic …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, February 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

The political challenges of institutional reform in Greece

Featherstone, K., (2014), “The political challenges of institutional reform in Greece”, Policy Network, 11 February. Since 2010, Greece has endured deep social and economic pain.  Indeed, its recession is now comparable to that of the Wall Street crash.  No other European state has undergone such pain in the last fifty years or more.  And, of course, Germany followed a more benign path towards the GDR than it has insisted upon …Read More

The Myth of the Greek Economy ‘Success Story’

Polychroniou, C. J., (2014), “The Myth of the Greek Economy ‘Success Story’”. Levy Economics Institute of Bard College, Policy Note, February 2014. In 2001, a three-year, multicountry study by the Structural Adjustment Participatory Review International Network (SAPRIN), prepared in cooperation with the World Bank, national governments, and civil society organizations, offered a damning indictment of the policies of structural adjustment reform pursued by the IMF and the World Bank in …Read More

Tax evasion and austerity-plan failure

Pappadà, Fr., Zylberberg, Y., (2014), “Tax evasion and austerity-plan failure”,, 3 February. Greece’s austerity package included an unprecedented increase in the VAT rate, but the resulting increase in revenue was much lower than expected. This column links this disappointing result to the ‘transparency response’ of firms to higher tax rates. In countries like Greece with poor tax monitoring, firms face a tradeoff when deciding whether to declare their activity. …Read More

Greece: Signs of Growth as Austerity eases

Weisbrot, M., (2014), “Greece: Signs of Growth as Austerity eases”, The Guardian, 23 January It was nearly four years ago that the Greek government negotiated its agreement with the IMF for a harsh austerity program that was ostensibly designed to resolve its budget problems.  Many economists, when we saw the plan, knew immediately that Greece was beginning a long journey into darkness that would last for many years.  This was …Read More

A Dutch Cure for the Dutch Disease

Boskin, M., (2014), “A Dutch Cure for the Dutch Disease”, Project Syndicate, 16 January. Far too few governments rein in their countries’ bloated welfare states before disaster strikes. As a result, some citizens eventually suffer the economic equivalent of a heart attack: wrenching declines in living standards as they are victimized by unsustainable programs’ endgame. Greece and the city of Detroit are only the most recent grim examples. Relevant Posts …Read More