Debt-for-equity swaps offer Greece a better way

14 March, 2014

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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

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Implementation of the Macroeconomic Adjustment Programmes in the Euro Area: State-of-Play

14 March, 2014

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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

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Latvia and Greece: Less is More

11 March, 2014

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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

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The Euro at Age 15 — Is it a Reserve Currency Yet?

10 March, 2014

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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

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If Scotland, why not Greece?

10 March, 2014

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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

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What Makes Greece Special?

7 March, 2014

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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

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Greece’s return to capital markets: Why not try a diaspora bond first?

4 March, 2014

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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

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Greece’s health crisis: from austerity to denialism

26 February, 2014

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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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The long haul: managing exit from financial assistance

21 February, 2014

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Wolff, Β., Darvas, Z. Sapir, A., (2014), “The long haul: managing exit from financial assistance”, Bruegel, 20 February. Countries can make a clean exit from financial assistance, or enter a new programme or a precautionary programme, depending on the sustainability of their public debt and their vulnerability to shocks. Ireland made a clean exit in December 2013, supported by significant budgetary and current-account adjustment and signs of economic recovery. But …Read More

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Greece in Crisis: Austerity, Populism and the Politics of Blame. JCMS: Journal of Common Market Studies

21 February, 2014

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Vasilopoulou, S., Halikiopoulou, D. and Exadaktylos, T. (2014), “Greece in Crisis: Austerity, Populism and the Politics of Blame. JCMS: Journal of Common Market Studies”, 52: 388–402. Within the broader debate on the Greek crisis, the theory of ‘populist democracy’ postulates that populism is fundamental to the sustenance of the Greek political system and is at the heart of Greece’s endemic domestic weaknesses. This article tests this assumption empirically through the …Read More

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