A More Ambitious Agenda Needed to Combat Greek Debt

A More Ambitious Agenda Needed to Combat Greek Debt

photo: Karl-Ludwig Poggemann The July 12th euro area summit ended with a last minute agreement that avoided an imminent ‘Grexit’. Even before negotiating the third bailout program, the Greek government accepted several conditions imposed by its European partners. Among these, the most debated is the creation of a fund to monetize €50bn of public assets through […]

The Challenges of the Greek Crisis

The Greek crisis has abated, but not ended. Representatives of the “troika” of the European Commission, the European Central Bank and the International Monetary Fund returned to Athens for talks with the Greek government about a new bailout. This pause allows an accounting of the many challenges that the events in Greece pose to the international […]

Troj(ik)an war

In economics you need imagination that goes beyond conventional patterns of thought which are incompatible with the fast, sometimes quite dramatically, changing reality. In politics, which is defined as the ability to leverage opportunities that come our way, imagination is even more needed. What if someone plants some kind of a Trojan horse on us… […]

Illiberal Liberalism: An Existential Threat to Europe

Greece is back to centre of European history, and there it stands like a paradigm. The way Europe deals with Greece reflects Europe’s own image like a mirror. Europe after the Greek crisis will no longer be the same as it was before. In a fine essay on so-called “neoliberalism” published by the European Institute […]

Greece’s Never Ending Troubles

The final outcome of the Greek debt crisis has been obvious from the beginning. The Hellenic nation will need to restructure its debt, writing off a substantial portion of what it owes. It may need to leave the Euro, allowing the country to devalue to regain competitiveness relative to its peers like Turkey. Spreadsheet Referendum […]

After the Greek Referendum: Into Uncharted Waters

The triumph of the “no” vote in the Greek referendum was not a mandate for Grexit, but a new starting-point to talks. But is there room for a compromise any longer? On Sunday, some 62% of Greeks voted against and only 39% for the creditors’ June 25 proposal. It was the official end to austerity […]

Africanization of Greece

In the early 1990s – during the infamous shock without therapy, which resulted in Poland’s national income fall by nearly 20 percent, over 3-million unemployment and budget deficit  6.9 percent of GDP in 1992 – there was a talk about “Latinization” of my country, pointing to the increasing similarities with the then dysfunctional economies of […]

Why a Selective Default Does Not Mean Grexit

Confusion reigned supreme in the euro area over the weekend. The decision of the Greek government to call for a referendum over the terms of the programme, needed to unlock money for the IMF debt repayment due on Tuesday, plunged the euro finance ministers into despair, while they fought a deal was very close. It […]

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