Galenianos, M. (2014) “The Greek Crisis: Origins and Implications“, Greek Economists for Reform.com, 07 April. This paper argues that the deep causes of the Greek and Eurozone crisis are the large external imbalances (trade deficits) of the countries of the European periphery. Their fiscal imbalances exacerbated but did not cause the crisis and therefore fiscal adjustment is a necessary but not sufficient condition for economic recovery. For their economies …Read More
What Explains the Rise in Non-Performing Loans (NPLs) in the Euro Area following the Outbreak of the Global Financial Crisis: Greece Case Study
Eurobank (2014) “What Explains the Rise in Non-Performing Loans (NPLs) in the Euro Area following the Outbreak of the Global Financial Crisis: Greece Case Study“, Eurobank Global Markets Research, Greece Macro-Monitor, 14 February. Preface The present study utilizes a number of empirical methodologies to explain the evolution of NPLs in a large group of advanced and emerging market economies in the period before and after the global financial crisis, …Read More
Debt-for-equity swaps offer Greece a better way
Allen, P., Eichengreen, B. & Evans, G. (2014) “Debt-for-equity swaps offer Greece a better way“, VOX EU Organisation, 28 February. Greece needs debt reduction. This column argues that instead of offering another lengthening of maturities and reduction in interest rates, Eurozone leaders should seize the occasion and implement debt-for-equity swaps that would encourage foreign investment, speed privatisation and jumpstart the Greek economy. Last week, Eurogroup finance ministers in their …Read More
Library » Greece » Economy » Policy Papers
Implementation of the Macroeconomic Adjustment Programmes in the Euro Area: State-of-Play
Gros, D., Alcidi, C., Belke, A. Coutinho, L. & Giovannini, A. (2014) “Implementation of the Macroeconomic Adjustment Programmes in the Euro Area: State-of-Play“, Economic Policy, CEPS Paperbacks, 11 March. Two of the four macroeconomic adjustment programmes – in Portugal and Ireland – can be considered a success in the sense that the initial expectations in terms of adjustment, both fiscal and external, were broadly fulfilled. A rebound based on …Read More
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
What Makes Greece Special?
Gros, N., (2014), “What Makes Greece Special?”, Project Syndicate, 6 March. The euro crisis seems to be largely over. Risk premiums continue to fall across the board, and two countries – Ireland and Portugal – have already exited their adjustment programs. They can now finance themselves in the market, and their economies seem to have started growing again. By contrast, Greece is still having problems fulfilling the goals of its adjustment program and …Read More
Greece’s return to capital markets: Why not try a diaspora bond first?
Bastian, J., (2014), “Greece’s return to capital markets: Why not try a diaspora bond first?”, macropolis.gr, 4 March. Greece’s return to international capital markets during the course of 2014 is currently the talk of town in Athens. Sandwiched between Greece’s six-month EU presidency and reports of a primary budget surplus, whose size appears to be changing on a weekly basis, the objective of returning to capital markets is taking on …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
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