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The Greek Crisis and the Search for Political Leadership

Katsikas, Dimitris, (2012), ‘The Greek Crisis and the Search for Political Leadership’, The International Spectator: Italian Journal of International Affairs, Volume 47, Issue 4, pp. 49-56. Despite two bailout agreements of unprecedented size and the implementation of a harsh austerity programme, no solution to the Greek crisis is in sight. As a result, Greece continues to be a hotspot, sending sporadic tremors to a fragile eurozone. The outcome so far …Read More

The Eurozone’s Arrested Adolescence: Sketching a Way Out of the Crisis

 Erixon, Fredrik, (2012), “The Eurozone’s Arrested Adolescence: Sketching a Way Out of the Crisis”, The European Centre for International Political Economy Policy Brief, Ν. 06/2012. The Eurozone crisis has been reinforced and prolonged by leaders’ inability to agree on robust and credible crisis responses. Individual governments are experiencing sovereign deficit and debt crises, but not the Eurozone at large. Its fiscal position is manageable. The Eurozone is rather going through …Read More

Greece: Caught Fast in the Troika’s Austerity Trap

Argitis, Giorgos, (2012), ‘Greece: Caught Fast in the Troika’s Austerity Trap’ , The Levy Economics Institute of Bard College, December. On November 27, 2012, the Eurogroup reached a new “Greek deal” that once more discloses that there is no political will to address Greece’s debt crisis, or the country’s economic and social catastrophe. This fact increasingly makes Greeks think that the sovereign debt crisis incorporates significant geoeconomic and geopolitical interests …Read More

The never-ending greek crisis: A tragedy without a catharsis

Katsikas, Dimitrios, (2012), “The never-ending greek crisis: A tragedy without a catharsis”, Revista de Estudios Europeos, no 60 Jul-Dec, pp.33-52. This article presents an overview and analysis of the crisis in Greece. It is argued that the origins of the crisis lie with deep structural problems of the Greek economy and state, which had been left unresolved for too long. The global financial crisis exposed these problems and led Greece …Read More

Smart choices for growth

Ζachmann, George, (2012), ‘Smart choices for growth’,  Bruegel, 28 November. Recovery in Greece, Italy, Portugal and Spain is held back in part by structural barriers. Overcoming these requires structural reform and public investment. Given the limited availability of political and financial capital, prioritising reform efforts and spending is important, but difficult. The different success factors for individual sectors are complementary. Using the example of the high-tech industry, we make the case …Read More

Why Greece is a Model of Economic Mismanagement

Yves Smith, (2012), ‘Why Greece is a Model of Economic Mismanagement’,, 21 November. I note that we still haven’t heard from the Euro group meeting about what the exact plan is for Greece. As I said, my expectations are that a ‘deal’ will be stitched together at the last minute to ‘kick the can’ further down the road because I can’t see northern creditors having the political will to …Read More

“Exhausted” Greeks start to see extremism as a way out of crisis

Katsikas, Dimitris, (2012), ‘”Exhausted” Greeks start to see extremism as a way out of crisis’,, 16 November. For the Greek people, these past few weeks have been an emotional rollercoaster ride. Following weariness from protracted and bitter negotiations with the Troika – the International Monetary Fund, European Central Bank and European Commission – which often threatened the cohesion of the governing coalition, came the distress of realising the severity …Read More

The Greek debt trap: an escape plan

Darvas, Zsolt, (2012), ‘The Greek debt trap: an escape plan’,, 9 November. Without corrective measures, Greek public debt will exceed 190 percent of GDP, instead of peaking at the anyway too-high target ratio of 167 percent of GDP of the March 2012 financial assistance programme. The rise is largely due to a negative feedback loop between high public debt and the collapse in GDP, and endangers Greek membership of …Read More

Macroeconomic Imbalance Scoreboard – A Visual Ranking Among 11 EZ Countries

Capone-Parisi, Elisa, (2012), ‘Macroeconomic Imbalance Scoreboard – A Visual Ranking Among 11 EZ Countries’,, 9 November. According to the EU Commission’s website, the Macroeconomic Imbalance Procedure (MIP) is a surveillance mechanism that aims to prevent and correct macroeconomic imbalances within the EU. It relies on an alert system that uses a scoreboard of indicators and in-depth country studies, strict rules in the form of a new Excessive Imbalance Procedure (EIP) …Read More