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#aGreekment in the Twittersphere

Bauchowitz,  Stefan, Hänska, Max, (2015), “#aGreekment in the Twittersphere“, LSE blog, 6 October To what extent does twitter provide a platform for the emergence of a European public sphere? Around 47% of Europeans use social media at least once a week, making it a potentially important source of information and a promising platform for debate. Indeed, it has sometimes been suggested that the interactive affordance of social media may provide the ideal platform for a …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

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

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

Why Greeks voted the way they did in the bailout referendum

Jurado,  Ignacio, Konstantinidis,  Nikitas, Walter, Stefanie, (2015), “Why Greeks voted the way they did in the bailout referendum”, LSE blog, 20 July The recent ‘Greferendum’ on a draft bailout proposal submitted by the European Commission highlights the confounding effects of economic and political interdependence on democratic politics. Whereas the British electorate will be given up to two years in order to deliberate and decide over British membershipin the EU (having already opted out …Read More

Five Lessons on Greece

Dabrowski, Marek, (2015), “Five Lessons on Greece”, Bruegel publications, 17 July The agreement reached at the Eurosummit in the early hours of on July 13[1] marks yet another dramatic turning point in the five-year history of attempts to avoid Greece’s sovereign default and its potential exit from the euro area. It is too early to say whether it will be successful or not. Many important details such as fiscal targets, …Read More

Greece and the missing banking union

Gordon, Jeffrey, Ringe, Georg, (2015), “Greece and the missing banking union”, Voxeu, 17 July The Greek Crisis is a crisis rather than a problem due to the vulnerability of Greek banks. While the banks have deep problems, this column argues that these would have been mitigated if a fully operational banking union were in place. A full banking union requires joint banking supervision, joint bank resolution, and joint deposit insurance. The EZ only …Read More

Reforming Greece

Campos, Nauro, Coricelli, Fabrizio,  (2015), “Reforming Greece”, Voxeu, 17 July Greece’s reluctance to implement ‘the structural reforms required for debt sustainability’ is a recurrent theme in the debate on the EZ Crisis. This column qualifies this conventional wisdom by reassessing the relationship between Greece and the EU over the past four decades. Although Greece has implemented structural reforms that were substantial enough to bring about a turning point in its relationship with …Read More

Why the ECB should not insist on repayment of its Greek bonds

De Grauwe, Paul, Ji, Yuemei, (2015), ” Why the ECB should not insist on repayment of its Greek bonds”, Voxeu, 16 July When the ECB buys a Eurozone member’s bonds, the government pays interest to the ECB but the ECB rebates it to the government. If Greece repays its ECB-held bonds, it loses this ‘free borrowing’. This column argues that repayment is like ‘reverse QE’. To maintain its QE targets, more bonds from other …Read More

Investment-led Growth, Not More Cuts, Is The Only Way For Greece

Horn, Gustav, (2015), “Investment-led Growth, Not More Cuts, Is The Only Way For Greece”, Social Europe Journal, 15 July The agreement reached in Brussels yesterday between EU governments and Greece came only with a huge loss of mutual trust. It remains to be seen whether the deal in these circumstances will win majority political support. Economically, it would at least offer a small opportunity for a recovery in the Greek …Read More