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Saturday, September 19, 2015

Francesco Saraceno : "EMU Troubles: The Narrow Way Out"

EMU Troubles: The Narrow Way Out | Sparse Thoughts of a Gloomy European Economist

Still standing, somehow | The Economist

Still standing, somehow | The Economist

 In calling an election on September 20th to renew his mandate, Mr Tsipras offers an awkward proposition for Greek voters: that they should choose him to implement the bail-out he denounces

Στάθης Ν. Καλύβας : "Τι πραγματικά συνέβη στην Ελλάδα" | Foreign Affairs - Hellenic Edition

Τι πραγματικά συνέβη στην Ελλάδα | Foreign Affairs - Hellenic Edition

Περίληψη: 
 
Ο πόνος θα είναι τεράστιος. Πριν έρθει ο Τσίπρας στην εξουσία, η Ελλάδα είχε μόλις αρχίσει να είναι σε θέση να αξιοποιεί τις διεθνείς αγορές ομολόγων και πάλι μετά από τέσσερα χρόνια, οι τράπεζες είχαν ρευστότητα , η ανεργία μειωνόταν και η χώρα αναπτυσσόταν ξανά. Τώρα η Ελλάδα είναι σε ύφεση, που αναμένεται να διαρκέσει για τουλάχιστον δύο ακόμη χρόνια και η απώλεια του ΑΕΠ φθάνει στο 4%. Η ανεργία είναι υψηλή και πάλι σημαντική.

Wednesday, September 16, 2015

Europe's Best Hope for Greece? - Bloomberg View

Europe's Best Hope for Greece? - Bloomberg View

It may well be that a Tsipras victory is the most desirable outcome for Europe, offering the best hope for a period of stability. If so, it is a faint hope. The result that Greece and Europe need most is clarity about their future.
Germany, France Favor Tsipras Return

Government officials in Paris and Berlin said the Syriza leader has built up trust with President Francois Hollande and Chancellor Angela Merkel over months of late-night sessions as they worked on a deal to secure Greece’s future in the euro. 

Five Charts Show Tough Job Facing Next Greek Prime Minister - Bloomberg Business

Five Charts Show Tough Job Facing Next Greek Prime Minister - Bloomberg Business



Economists Now Say Debt Relief for Greece Is a Given

Tuesday, September 15, 2015

Why the Greek Crisis is Unique within the Eurozone

 Why the Greek Crisis is Unique within the Eurozone

Knowledge@Wharton sat down recently with Banque de France Governor Christian Noyer to glean his views on the root causes of the country’s financial crisis

Did emergency liquidity assistance (ELA) of the ECB delay the bankruptcy of Greek banks?

safe-frankfurt.de/fileadmin/user_upload/editor_common/Policy_Center/Goetz_et_al_Did_ELA_delay_bankruptcy.pdf

1. Introduction
The European Central Bank (ECB) increased the emergency liquidity assistance (ELA) for Greek banks from €50 billion in February 2015 to approximately €90 billion in June 2015. Its actions were accompanied by a discussion among academics, politicians and practitioners
regarding the legitimacy of the ELA. Some have even accused the ECB of deliberately delaying the bankruptcy filing of already insolvent Greek banks. We take the claim regarding insolvency delay as an opportunity to highlight the underlying economics of the ELA program and discuss its legitimacy in the current situation. We start by
characterizing the complex interrelationship of the European Union, the ECB and the Greek banks through the lens of financial economics, with a particular focus on the political economy of a monetary union with incomplete fiscal union (or fiscal consolidation). Combining these two issues, we examine the decision of the ECB to continue the provision of ELA to Greek banks. Our conclusions, drawn from the analysis, do not support the claim that the ECB’s actions are consistent with a delayed filing for insolvency.

Monday, September 7, 2015

Towards a consensus on the causes of the EZ Crisis | VOX, CEPR’s Policy Portal

Towards a consensus on the causes of the EZ Crisis | VOX, CEPR’s Policy Portal

There is not yet a consensus on what more needs to be done in order to cope with the Eurozone Crisis. This new Vox eBook concerns the causes and possible solutions to the problem. In it, the authors highlight three ultimate causes for the Crisis. First, policy failures allowed the imbalances to become very large. A second cause is the lack of institutions to absorb shocks at the EZ level. The third one is crisis mismanagement.
The e-book

Tuesday, September 1, 2015