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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

The Greek elections and the third bailout programme: Why it could work this time round

Alcidi, Cinzia, Gros, Daniel, (2015), “The Greek elections and the third bailout programme: Why it could work this time round”, Ceps publications, 21 September Following the decisive victory won by the Syriza party in Greece’s general election on September 20th, this commentary explores the key question of whether the third bailout programme can work, where the previous two programmes failed. Whereas most observers argue that the third one cannot work because it merely …Read More

Greek elections: How Syriza managed to sign a bailout agreement yet retain its support base

Kiapidou, Nikoleta, (2015)), “Greek elections: How Syriza managed to sign a bailout agreement yet retain its support base”, LSE blog, 24 September On 20 September, the Greek people were asked to vote in a general election for the fourth time since 2009, after Prime Minister and Syriza leader Alexis Tsipras resigned on 20 August. Mr Tsipras’ resignation came after only seven months in office and was prompted by the rebellion …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

Emergency liquidity assistance and Greek banks’ bankruptcy

R. Götz, Martin, Haselmann, Rainer, Krahnen, Jan Pieter, Steffen, Sascha, (2015), “Emergency liquidity assistance and Greek banks’ bankruptcy”, Voxeu publications, 25 September Discussions continue in some circles as to whether the ECB’s emergency liquidity assistance for Greek banks is legitimate. This column assesses the underlying economics of the emergency liquidity assistance programme and the complex interrelationship between the EU, the ECB and the Greek banks. Economists must focus on the political economy of a monetary union with …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

Greece illustrates how the politics of lending can undermine its effectiveness

Chapman, Terrence, Fang, Songying, Stone, Randall, (2015), “Greece illustrates how the politics of lending can undermine its effectiveness”, Lse blog, 18 September The summer of 2015 marked another period of high drama in the ongoing Greek debt crisis. Amidst continuing negotiations with lenders and European leaders, Greek citizens rejected austerity conditions requested in exchange for yet another bailout by the Troika of the European Commission, the European Central Bank, and the International Monetary Fund. Shortly after …Read More

Poland Versus Greece

Krugman, Paul, (2015), “Poland Versus Greece”, New York Times blog, 11 September Yannis Ioannides and Christopher Pissarides, in a new Brookings Paper, talk about the ways lack of structural reform hurts Greek productivity and competitiveness. I have no reason to doubt that there are big things that should change, and that Greece would be much better off if it could somehow break the political barriers to making these changes. Relevant …Read More