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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

Third Greek Bailout likely to overcome national hurdles

Ruparel, Raoul, (2015), “Third Greek Bailout likely to overcome national hurdles”, Open Europe blog, 18 Αυγούστου When it comes to issues around the bailouts we often hear the term “national procedures” but it’s not always entirely clear who or what this involves. It refers to the approval of member states of what is agreed at the Eurogroup with regards to the bailouts, however, different countries have different procedures. The large …Read More

How the IMF Failed Greece

Subramanian, Arvind, (2015), “How the IMF Failed Greece”, Project Syndicate, 13 August Democracy is about real choices. But, throughout their country’s crisis, the Greek people have been deprived of them. For this, the Europe Union and especially the International Monetary Fund bear considerable responsibility. Greece was offered two stark choices: Leave the eurozone without financing, or remain and receive support at the price of further austerity. But Greece should have been …Read More

Greek debt sustainability: The devil is in the tails

Consiglio, Andrea, Zenios, Stavros, (2015), “Greek debt sustainability: The devil is in the tails”, Voxeu, 12 August Some experts view Greek debt as sustainable, while others claim it is not sustainable. This column argues that the distinction between tactical and strategic debt sustainability can explain this difference of opinions. Moreover, strategic debt sustainability analysis should account for tail risk. This approach shows that Greek debt is highly unsustainable, but sustainability can be restored …Read More

The Unsettled Greek Revolution

Misik, Robert, (2015), “The Unsettled Greek Revolution”, Social Europe Journal, 12 August While Syriza slowly recovers from the shock of the last few weeks, prime minister Alexis Tsipras is searching for a role. Greece after the referendum, closure of banks and the Brussels diktat. An investigation. Relevant Posts Ruparel, Raoul, (2015), “What will shock Greek referendum mean for the Eurozone and Greece?”, Open Europe blog, 27 June Cowen, T. (2015) “Why …Read More

Greece’s debt burden can and must be lightened within the Euro – There will be no confidence and no growth in Greece without a solution to the debt problem.

von Bogdandy, Armin, Fratzscher, Marcel, Wolff, Guntram B., (2015), “Greece’s debt burden can and must be lightened within the Euro – There will be no confidence and no growth in Greece without a solution to the debt problem.”, Bruegel Institute, 5 August. Perhaps the greatest damage caused by the confrontation with Greece is a general loss of confidence. If we want to get Greece back to growth, people, companies and investors …Read More

Addressing the immediate needs of the Greek banks

De Groen, Willem Pieter, Gros, Daniel, (2015), “Addressing the immediate needs of the Greek banks”, CEPS Commentary, 31 July. Based on a detailed calculation of the recapitalisation requirements of the Greek banks, we find that the sector needs an infusion of capital, but that the level largely depends on the stringency of the capital requirements applied. An expedient quick fix to comply with the minimum capital requirements could be achieved by a bail-in of existing creditors under …Read More

Euro Area Policies Staff Report for the 2015 Article IV Consultation With Member Countries

International Monetary Fund, (2015), “Euro Area Policies Staff Report for the 2015 Article IV Consultation With Member Countries”, IMF Country Report No. 15/204 , July. KEY ISSUES Context. Real output has expanded for four consecutive quarters, and financial market sentiment has improved markedly. But the recovery is weak and uneven. Inflation has been too low for too long, financial markets are still fragmented, and structural gaps persist: these hinder rebalancing and substantial reductions …Read More

The Challenges of the Greek Crisis

Crawford, Dan, (2015), “The Challenges of the Greek Crisis”, US/ Global Economics, Angry Bear Blog, 31 July. The Greek crisis has abated, but not ended. Representatives of the “troika” of the European Commission, the European Central Bank and the International Monetary Fund returned to Athens for talks with the Greek government about a new bailout. This pause allows an accounting of the many challenges that the events in Greece pose to …Read More

A European Union without Greece would be a much diminished force

Charountaki, Marianna, (2015), “A European Union without Greece would be a much diminished force”, LSE blog, 30 July. What would a failure to resolve the Greek debt crisis mean for the EU as a whole? Marianna Charountaki writes that while the debate over Greece has often focused on narrow economic issues, a Grexit would have far wider implications, undermining the foundations of the integration project and necessitating a complete restructuring of the …Read More