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On Structural Reforms and Debt Relief

Milas, Costas, Panagiotidis, Theodore, Boumparis, Periklis, (2015), “On Structural Reforms and Debt Relief “, LSE blog, 15 October The recent trip of the Greek Prime Minister to the US was dominated by repeated calls for debt relief. The Greek pile of debt, currently at 177% of the country’s GDP, is undoubtedly high (see here for a recent analysis on the sustainability of the Greek debt). In July 2015, the IMF (one of Greece’s so-called Troika …Read More

Greek debt remains unsustainable: Here is why

Lukkezen, Jasper, (2015), “Greek debt remains unsustainable: Here is why”, Voxeu, 24 September After 2018, Greece should have market access. This column argues that without further debt relief, this is unlikely to happen. Under reasonable assumptions, its debt ratio will likely not decline, and the financing burden will increase again. Private investors will take these risks into account and will ask for a risk premium that Greece cannot afford in the …Read More

No lessons learned

Mody, Ashoka, (2015), “No lessons learned”, Bruegel publications, 23 September In November 2003, former German Finance Minister Hans Eichel explained why the “deal” between Greece and its creditors is virtually certain to fail. Fending off the pressure then on Germany for more fiscal austerity in an economic recession, Eichel wrote in a Financial Times op-ed: “A policy geared solely to attaining quantitative consolidation targets in the short term runs the …Read More

Greek Elections 2015: Quo Vadis, Alexis?

Panagiotarea, Eleni, (2015), “Greek Elections 2015: Quo Vadis, Alexis?”, Heinrich Boll Stiftung publications, 23 September There is no doubt about it: Tsipras proved a real master of the political game. His gamble paid off. In fact, whether by accident or by design, he won more than he staked: a clear victory, following Syriza’s spectacular policy U-turn on ending austerity; a clear mandate to proceed with the implementation of the third …Read More

Thomas Piketty Responds To Surprise Greek Election Result

Piketty, Thomas, (2015), “Thomas Piketty Responds To Surprise Greek Election Result”, Social Europe Journal, 22 September In the wake of a surprise re-election of Alexis Tsipras and Syriza, Thomas Piketty discusses the need for a more active approach from European leaders when it comes to the Greek question – and for a eurozone parliament to be established. Relevant Posts Interview with Thomas Piketty: “The myth of national sovereignty helps big …Read More

Tsipras consolidates power in Greek election

Ruparel, Raoul, (2015), “Tsipras consolidates power in Greek election”, Open Europe blog, 20 September Despite all pre-election and exit polls showing a close run race it now looks as if Syriza and its leader Alexis Tsipras will enjoy a clear win in the Greek election.Open Europe’s Raoul Ruparel examines what this means for Greece and the Eurozone. Relevant Posts Hoffer, Frank, (2015), “What Next After Tsipras Dashed Schäuble’s Hopes For …Read More

Outcome of Greece election looking increasingly uncertain

Ruparel, Raoul, (2015), “Outcome of Greece election looking increasingly uncertain”, Open Europe blog, 2 September The prevailing assumption before the Greece election was called was that outgoing Greek Prime Minister Alexis Tsipras would return as head of the next government in one way or another. However, the latest polling has suggested this is far less certain than assumed. Raising the question of what the outcome of the election might be? …Read More

The third Greek bailout and the challenge to national democracy (in Athens and beyond)

Scarpetta, Vincenzo, (2015), “The third Greek bailout and the challenge to national democracy (in Athens and beyond)”, Open Europe blog, 21 Αυgust The third Greek bailout is officially under way. The ESM, the Eurozone’s bailout fund, has this morning disbursed €13 billion from the first tranche of the new loan. But let’s take a step back and look at what happened in some of the countries where national parliaments held a …Read More

The Greek crisis is merely a symptom of the EU’s inability to deal with recessions

Gangopadhyay,  Partha, (2015), “The Greek crisis is merely a symptom of the EU’s inability to deal with recessions”, 24 Αυgust Fresh elections will be held in Greece following the resignation of Alexis Tsipras as the country’s Prime Minister. Partha Gangopadhyay writes that while this latest twist in Greek domestic politics has raised more uncertainty about Greece’s ability to meet the conditions of its bailout agreement, there is a far wider …Read More

Why Greece Can’t Fulfill Bailout’s Terms

Bershidsky,  Leonid, (2015), “Why Greece Can’t Fulfill Bailout’s Terms”, Bloomberg View, 18 August The debate about the third Greek bailout centers on its political divisiveness and the sustainability of the country’s debt. More important, however, may be the country’s ability to stay any kind of rational economic course, implement reforms and collect taxes. Judging by recent government revenue statistics, the chances of achieving those goals remain remote. Relevant Posts Ruparel, Raoul, (2015), “Third …Read More