Jan 13 2017

A pension system for younger workers in Greece: A proposal for growth

Leave a comment

pic_pension_reformBy Milton Nektarios, Platon Tinios and George Simeonidis

Recent pension reforms help to trap Greece in deep crisis, but only increase the insecurity of pensioners. To break out of that vicious circle, a fresh start is needed. Such can result from the immediate introduction of a new type of pre-funded pensions. Such a new system, will put a stop to the reneging on pension commitments and can give a decisive impetus to the growth process. A detailed proposal was presented in December 2016 by a team of three academics from the University of Piraeus. That proposal has been quantified, potential problems identified and solutions proffered; even the considerable transition problems are likely to be more tractable than the most probable future course of the present, totally non-viable, arrangements. Continue reading

Share
Posted by: Posted on by Blog Admin

Jan 9 2017

Contrasting Greek and UK Youths’ Subjective Responses to Austerity: Lessons for other European countries

Leave a comment
Greek demonstrators protest against the imposition of austerity, a photo by Pan-African News Wire File Photos on Flickr.

Greek demonstrators protest against the imposition of austerity. A photo by Pan-African News Wire File Photos on Flickr.

By Athanasia Chalari and Clive Sealey

Since 2010, many European countries have faced severe economic crises, resulting in the implementation of various forms of ‘austerity’ social policies, and Greece and the UK have been at the forefront of the implementation of such policies. While it is important to note that these austerity measures are affecting different groups in different ways, the impact on young people can be seen as particularly deleterious. For example, in contrast to previous generations, young people in these countries are now experiencing intense social, political and economic transformations that have impacted particularly on their current and future lives, and are very likely to be the first generation to do worse than their parents. Continue reading

Share
Posted by: Posted on by Blog Admin Tagged with: , , , , , , , ,

Jan 6 2017

Economic growth for Greece’s trade partners and Greek export growth

Leave a comment

theodore-panagiotidiskonstantinos-chisiridisBy Theodore Panagiotidis and Konstantinos Chisiridis

This note investigates two issues: First, to identify the most important trade partners of Greece over the last twenty years and how their relative significance has evolved. Second, to examine how sensitive is the Greek export growth relative to the economic growth of Greece’s trade partners? Continue reading

Share
Posted by: Posted on by Blog Admin Tagged with: , , , ,

Dec 9 2016

Gender and the Greek crisis: towards a risk assessment

Leave a comment

By Antigone Lyberaki and Platon Tinios

The Greek crisis is uniquely long and deep; while it is unfolding, secular trends in ageing, technology and globalization are changing the ways people work and how economics shapes attitudes. Add to this that Greece has been following the EU precepts for equality legislation for more than a generation, and the gender implications of its crisis acquire wider significance. As for the domestic significance of gender, suffice it to point out to the waste implicit in the second fastest ageing society, leaving the full potential of half of its citizens unexplored. Continue reading

Share
Posted by: Posted on by Blog Admin Tagged with: , , , ,

Dec 6 2016

Brain drain and the Greek crisis

Leave a comment

By Lois Labrianidis and Manolis Pratsinakis

In the context of the debt crisis, recession, austerity and their socio-political consequences, Greece is experiencing a new major wave of out-migration. Emigration has become a survival strategy for many people who are finding it hard to make ends meet, while, at the same time, it has also emerged as an increasingly appealing option for others in less pressing need, who see their chances of socioeconomic advancement severely reduced. One dimension of this multifaceted phenomenon concerns the emigration of graduates, which accounts for approximately two-thirds of the outflow. Continue reading

Share
Posted by: Posted on by Blog Admin Tagged with: , , , ,

Dec 1 2016

The Greek crisis: An autopsy

Leave a comment

By Pierre-Olivier Gourinchas, Thomas Philippon, Dimitri Vayanos

The Greek crisis is one of the worst in history, even in the context of recorded ‘trifecta’ crises – the combination of a sudden stop with output collapse, a sovereign debt crisis, and a lending boom/bust. This column quantifies the role of each of these factors to better understand the crisis and formulate appropriate policy responses. While fiscal consolidation was important in driving the drop in output, it accounted for only for half of that drop. Much of the remainder can be explained by the higher funding costs of the government and private sectors due to the sudden stop.  Continue reading

Share
Posted by: Posted on by Blog Admin Tagged with: , , , ,

Oct 13 2016

The Political Economy of NPLs resolution: Ownership and conditionality

Leave a comment

eleniBy Eleni Panagiotarea

Greece’s non-performing exposure ratio is the second highest in Europe, largely linked to the unprecedented contraction of domestic economic activity in recent years. Causality is known to go both ways, with persistently high non-performing loans (NPLs) constituting a drag on credit and GDP growth. Theoretically, Greek governments keen to reduce the debt overhang and restore the productive pillars of the economy should have created the conditions for a rapid and effective workout of NPLs. The country’s third bailout programme has provided a road map for reform, with the Institutions bent on facilitating or enforcing ownership. Conditionality, anchored on a ‘reforms for cash’ logic, has reduced perceived or real margins for noncompliance. Continue reading

Share
Posted by: Posted on by Blog Admin Tagged with: , , , ,

Sep 16 2016

The Greek crisis is a crisis of production, not of public finance

1 Comment

Antigone-Lyberaki104x147By Antigone Lyberaki

The Greek economic crisis is a crisis of production. Its key actor is a unique feature of the economy, the Greek family firm. Seen through that prism, the crisis is simply another episode in the story of how small firms tried to fit into the world economy as that was becoming increasingly globalized. Continue reading

Share
Posted by: Posted on by Blog Admin Tagged with: , , , , , , ,

Jul 19 2016

Grexit and Brexit, past and future: Intertwined tales?

2 Comments

Platon914_smBy Platon Tinios

Only one letter separates Grexit from Brexit. Against expectations Grexit (from the Eurozone) did not materialise in 2015. A year later, expectations were also confounded as Brexit (from the EU) inexorably unfolds. The two processes, one contingent and the other all too real, have intertwined in the past: the Greek crisis provided a potent image of what leaving the EU could avoid.  Grexit was instrumental in bringing forth Brexit. In the future, the causality will be reversed: Brexit will change the background and the rules where the decisive acts of the Greek crisis will be played out. Continue reading

Share
Posted by: Posted on by Blog Admin Tagged with: , , , , , ,

Jun 29 2016

How Brexit will affect the balance of power in the European Parliament

2 Comments

AngelosChryssogelosCrop

By Angelos Chryssogelos

Given the UK has one of the largest contingents of MEPs, how will Brexit change the way political parties are aligned in the European Parliament? Angelos Chryssogelos writes that the effects of removing British MEPs from the Parliament will be wide-ranging, with sovereigntist forces potentially strengthened inside the centre-right EPP, the centre-left S&D becoming more oriented toward an anti-austerity platform, and Eurosceptic forces more likely to consolidate around the ENF group led by Marine Le Pen. Continue reading

Share
Posted by: Posted on by Blog Admin Tagged with: , , , , , , , , , , ,