Category Archives: The Greek Debt Crisis

Dec 1 2016

The Greek crisis: An autopsy

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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 … Continue reading

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Oct 13 2016

The Political Economy of NPLs resolution: Ownership and conditionality

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By 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 … Continue reading

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Sep 16 2016

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

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By 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 … Continue reading

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Jun 14 2016

The ECB grants debt relief to all Eurozone nations except Greece

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By Paul De Grauwe Greece may be about to get some debt relief, although there is still resistance to the idea. This column argues that the ECB has been providing other Eurozone countries with debt relief since early 2015 through … Continue reading

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Apr 6 2016

Greece. The country with the half Drachma

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By Andreas Koutras A few days after the introduction of the bank capital controls and with thousands of pensioners queuing up outside the bank branches, the Prime Minister’s Office received a piece of research on the effect of the capital … Continue reading

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Mar 9 2016

Experiments with austerity and anti-poverty policies in Greece: “Like Hodja’s donkey: it died just after it learned not to eat”

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By Vassilis P. Arapoglou In this brief note I want to summarize the scope of my presentation at the LSE research seminar on March 8, 2016. My aim is to reflect upon the findings of a research project on homelessness … Continue reading

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Oct 15 2015

On Structural Reforms and Debt Relief

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By Prof Costas Milas, Dr Theodore Panagiotidis and Periklis Boumparis The recent trip of the Greek Prime Minister to the US was dominated by repeated calls for debt relief. The Greek pile of debt, currently at 177% of the country’s GDP, is … Continue reading

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Jul 6 2015

Experts react: Greek referendum

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The final result of the Greek referendum saw 61.3 per cent of voters reject the proposal, with 38.7 per cent voting in favour. EUROPP’s contributors express their reactions to the result and what it could mean for Greece’s future in … Continue reading

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Jul 3 2015

The IMF’s Preliminary Draft Debt Sustainability Analysis: what does it mean?

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By Vassilis Monastiriotis The release of the latest analysis by the IMF on the sustainability of the Greek debt, which states loudly that Greece will need not only a hefty new bailout but also a further debt restructuring, fueled again … Continue reading

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Jun 26 2015

When Populism Fails

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By Kevin Featherstone Some years ago at the start of the crisis, I wrote in ‘Kathimerini’ that Greece might have to experience a ‘catastrophe’ before it would truly reform and get onto a better economic path. I hoped that such … Continue reading

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