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Supplemental Memorandum of Understanding Fourth Review of the ESM Programme DRAFT – 23 May 2018

Supplemental Memorandum of Understanding/ Fourth Review of the ESM Programme/ DRAFT – 23 May 2018 • Implementation of the reform agenda provides the basis for a sustainable recovery, and the policies are built around four pillars:Restoring fiscal sustainability (section 2): Greece will target a medium-term primary surplus of 3.5 percent of GDP. This is supported by an ambitious programme to strengthen tax compliance and public financial management, and fight tax …Read More

IMF – World Economic Outlook report – April 2018

IMF, (2018), “World Economic Outlook report -Cyclical Upswing, Structural Change”, April The global economic upswing that began around mid-2016 has become broader and stronger. This new World Economic Outlook report projects that advanced economies as a group will continue to expand above their potential growth rates this year and next before decelerating, while growth in emerging market and developing economies will rise before leveling off. For most countries, current favorable …Read More


Elstat: The Greek Economy, 13 April 2018 The Greek Economy publication aims to provide the latest key economic information on Greece in a clear and comprehensive manner. Written in both the Greek and English languages, it is designed for users of statistics who seek updated information on recent economic developments, as well as long-term economic trends. It provides information on major economic indicators and time series compiled mostly by the …Read More

Independent report on the Greek official debt

Emilios Avgouleas, Barry Eichengreen, Ugo Panizza, Miguel Poiares Maduro, Richard Portes,Beatrice Weder di Mauro, Charles Wyplosz, Jeromin Zettelmeyer, (2018),  “ Independent report on the Greek official debt”, CEPR Policy Insight No 92, Tuesday 20 March Although Greece’s third economic programme gives reason for cautious optimism, the country will require further debt relief. The scale and mechanism of its delivery, however, remain controversial. This Policy Insight addresses these issues, arguing that any further debt relief …Read More

Crisis Management in Greece

Giannitsis, Tassos and Zografakis Stavros, (2018), ” Crisis Management in Greece”, Macroeconomic Policy Institute, Study No. 58, January The aim of this study is to explore the impact of the crisis and crisis-induced policies on incomes, inequality and poverty in Greece, to detect the types of adjustment and to show why prevailing perceptions and attitudes caused a heavy economic, social and political cost. Based on extensive income and tax data …Read More

Why Greece Could Have Returned To Financial Markets Much Earlier

Theodore Koutsobinas,(2018), “Why Greece Could Have Returned To Financial Markets Much Earlier”, Social Europe, 22 January Α few weeks ago Athens persuaded private holders of about €30 billion in Greek debt to swap short maturity bonds for five new ones of longer maturity so as to improve market liquidity and push yield rates down before the country emerges from bailouts in August 2018. Actually, the 10-year bond dived swiftly below the …Read More

Betting on A Greek Recovery

Sotiris Nikas, Christos Ziotis, Nikos Chrysoloras, (2017), “Betting on A Greek Recovery”, Bloomberg, 12 December After suffering losses of more than $600 million in the country since 2014, the 67-year-old chairman and chief executive officer of Fairfax Financial Holdings Ltd. says he’s even willing to consider expanding his exposure to Greece. He’s particularly confident about a turn in the fortunes of Eurobank, in which Fairfax has an 18 percent stake, making it …Read More

How the Populist Right Is Redrawing the Map of Europe

Andre Tartar, (2017), “How the Populist Right Is Redrawing the Map of Europe”, Bloomberg, 11 December If 2017 looked like the year when moderate politicians took back Europe, look again. The election of centrist French President Emmanuel Macron and the reelection of German Chancellor Angela Merkel mask a rising tide of anti-immigrant and populist sentiment that is sweeping aside or weakening mainstream party politics across the continent. Relevant Posts Slawomir …Read More

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Greece – Economic forecast summary

OECD, (2017), “Greece – Economic forecast summary “, November GDP growth is projected to rise to 2.3% in 2018, and then moderate to 2% in 2019. Private consumption and investment will lead the recovery, responding to reduced policy uncertainty and gradually improving financial conditions. Exports should continue to increase, supported by rising external demand. Accelerating imports will subtract from growth in 2019. Excess capacity is diminishing but remains exceptionally large, …Read More

The Incredible Shrinkage Of The Greek Banking Sector

Kleingut, (2017), “The Incredible Shrinkage Of The Greek Banking Sector”, Observing Greece, 14 Νovember The Greek banking sector has undergone massive changes since the crisis culminated with the First Memorandum in the spring of 2010. The tables below show how the aggregated assets, liabilities and equity of all Greek banks (excluding the Bank of Greece) developed between June 2015 and September 2017. It should be noted that these are aggregated …Read More