Ruparel, Raoul, (2015), “Bridge financing for Greece – what are the options and should the UK be involved?”, Open Europe blog, 14 July We discussed this briefly on our blog yesterday but a few more options/ideas have emerged since then to raise the €7bn to €12bn which Greece needs immediately. Importantly, as Eurogroup Chief Jeroen Dijsselbloem said this morning, all options come with “disadvantages, impossibilities and legal objections”. Relevant Posts …Read More

Mody, Ashoka, (20150, “Professor Blanchard Writes a Greek Tragedy”, Bruegel publications, 14 July Olivier Blanchard has, with his customary clarity and candor, addressed criticisms of the IMF’s role in Greece’s financial rescue. His is a personal statement. But in writing it, he also presents the IMF’s operating philosophy and mandate.  Blanchard’s statement will, therefore, not only shape our thinking on the evolution of the Greek crisis but it could define …Read More

(2015), “Joseph E. Stiglitz: The U.S. Must Save Greece”, Time Journal, 9 Ιουλίου As the Greek saga continues, many have marveled at Germany’s chutzpah. It received, in real terms, the largest bailout and debt reduction in history andunconditional aid from the U.S. in the Marshall Plan. And yet it refuses even to discuss debt relief. Many, too, have marveled at how Germany has done so well in the propaganda game, …Read More

Fazi, Thomas, (2015), “A Few Clarifications About Greece And ELA”, Social Europe Journal, 8 July A good part of the media (most notably in Germany) is framing the ECB’s emergency liquidity operations in Greece as ‘the ECB extending credits to Greek banks’. This is a huge misrepresentation of reality. The ECB is actually doing little more than what all central banks do (and, moreover, what it is legally bound to …Read More

Bulow, J. & Rogoff, K., (2015), “Why sovereigns repay debts to external creditors and why it matters”, Voxeu, 10 June. With Greece on the edge and Argentina confronting adverse legal decisions, thinking about sovereign default is a front-burner issue. This column discusses how recent experience casts light on relative merits of the two main conceptual approaches to modelling sovereign lending and default – the reputation approach and the punishment approach. …Read More