Search

You searched for: Content Type Policy Brief Remove constraint Content Type: Policy Brief Political Geography Greece Remove constraint Political Geography: Greece
Number of results to display per page

Search Results

  • Author: Jeromin Zettelmeyer et al
  • Publication Date: 04-2018
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Greece’s debt currently stands at close to €330 billion, over 180 percent of GDP, with almost 70 percent owed to European official creditors. The fact that Greece’s public debts must be restructured is by now widely accepted. What remains controversial, however, is the extent of debt relief needed to make Greece’s debt sustainable.
  • Topic: International Political Economy, International Affairs
  • Political Geography: Greece
  • Author: Marcus Mietzner
  • Publication Date: 02-2015
  • Content Type: Policy Brief
  • Institution: East-West Center
  • Abstract: In the last two decades, populists around the world have celebrated a renaissance. As the role of political parties declines, and globalization creates socioeconomic uncertainties that unsettle anxious electorates, anti-establishment figures or movements have found it easy to attract support. Whether Hugo Chavez in Venezuela, Thaksin Shinawatra in Thailand, Narendra Modi in India, or Alexis Tsipras in Greece, populists have been able to mobilize voters by attacking a supposedly collective enemy (mostly, domestic or foreign forces accused of exploiting the country's economic resources) and by appealing to the poor as their main constituency. In some cases, populists have been so successful at the ballot box that established political forces resorted to violence to try removing them—as evidenced by the failed coup against Chavez in 2002, and the military overthrows of Thaksin in 2006 and of his sister, Yingluck, in 2014.
  • Political Geography: Indonesia, India, Greece, Venezuela, Thailand
  • Author: William R. Cline
  • Publication Date: 08-2015
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Using his European Debt Simulation Model (EDSM), Cline examines whether and to what extent additional debt relief is needed in Greece under the new circumstances. Greece's debt burden is significantly lower than implied by the ratio of its gross debt to GDP, because of concessional interest rates on debt owed predominantly to the euro area official sector. The IMF's call for debt relief recognizes the lower interest burden but argues that the gross financing requirement is on track to exceed a sustainable range of 15 to 20 percent. But in the Fund's June Debt Sustainability Analysis that threshold would not be exceeded until after 2030. A sustainability diagnosis based on such a distant future date would seem at best illustrative rather than definitive. The euro area creditors might, nonetheless, be well advised to provide two types of interest relief: an earmarked portion of interest otherwise due to finance a public works employment program; and additional interest relief to compensate for budget shortfalls caused by growth below plan levels. The sovereign debt situation should be alleviated by carrying out the bank recapitalization directly from the European Stability Mechanism to the banks, rather than through the sovereign as the intermediary. The large increase in the ratio of gross debt to GDP imposed by bank recapitalization is mostly an optical illusion because there would be a corresponding rise in state assets, but this increase could, nonetheless, further erode perceptions of sustainability.
  • Topic: Debt, Economics, International Monetary Fund, Financial Crisis, Budget
  • Political Geography: Greece
  • Author: Stefano Micossi
  • Publication Date: 03-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The eurozone is in recession and will show negative growth in 2012; GDP will fall sharply in Greece and Portugal, and there is substantial risk that Spain and Italy will follow suit (the Commission's recent forecasts seem overly optimistic and complacent; the IMF is more downbeat). But fiscal policies are uniformly restrictive throughout the eurozone and much of the Union, and the hopes that fiscal consolidation could spur growth by improving household and business confidence are not materialising. In reality, domestic demand has been hit too hard by fiscal consolidation, and investment throughout the Union remains well below pre- crisis levels. Credit is tight due to the deteriorating quality of borrowers and the ongoing deleveraging in banking.
  • Topic: Economics, Foreign Exchange, International Trade and Finance, Markets, Financial Crisis
  • Political Geography: Europe, Greece
  • Author: Daniel Gros, Thomas Mayer
  • Publication Date: 03-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: This paper argues that the new permanent European rescue fund, the European Stability Mechanism (ESM), should be provided with a liquidity backstop by having it registered as a bank – and be treated as such by the European Central Bank. If the crisis were to become acute again, the ESM would stand ready to intervene in secondary markets, potentially with almost unlimited amounts of funding. Access to central bank financing will be crucial in a future crisis, because in such a crisis risk aversion is likely to be extreme, and even the ESM might not be able to raise at very short notice the huge sums that might be required to prevent a breakdown of the financial system. Hundreds of billions of euro might be needed just to top up the programmes for Greece, Ireland and Portugal – and Spain and Italy may require more than a thousand billion euro. Sums of this order of magnitude cannot be raised quickly by a new institution. Simply increasing the headline size of the ESM might thus be of little use.
  • Topic: Debt, Economics, Monetary Policy, Financial Crisis
  • Political Geography: Greece, Spain, Italy, Portugal, Ireland
  • Author: Paul De Grauwe
  • Publication Date: 05-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: One of the major problems of the eurozone is the divergence of the competitive positions that have built up since the early 2000s. This divergence has led to major imbalances in the eurozone where the countries that have seen their competitive positions deteriorate (mainly the so - called ' PIIGS ' – Portugal, Ireland, Italy, Greece and Spain ) have accumulated large current account deficits and thus external indebtedness, matched by current account surpluses of the countries that have improved their competitive positions (mainly Germany).
  • Topic: Economics, Markets, Regional Cooperation, Global Recession, Financial Crisis
  • Political Geography: Europe, Greece, Germany, Spain, Italy, Portugal, Ireland
  • Author: Stefano Micossi
  • Publication Date: 06-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Once again the European Council will meet in an emergency session at the end of June, with the eurozone economy in recession and actually plummeting in its Southern periphery. Further doubts are also growing on the sustainability of sovereign debts due to the vicious spiral of deteriorating bank balance sheets, ballooning potential liabilities from banking rescues and widening spreads on government borrowings. The sovereign debt crisis in the periphery has now turned into a fully fledged banking crisis that threatens to spread from Greece to Spain and tomorrow, who knows, to Italy, France and even Germany itself.
  • Topic: Debt, Economics, Regional Cooperation, Financial Crisis, Governance
  • Political Geography: Europe, Greece, France, Germany, Spain, Italy
  • Author: Daniel Gros, Cinzia Alcidi, Alessandro Giovannini
  • Publication Date: 05-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: What would be the cost if Greece were to exit from the eurozone? This much-debated question cannot be answered with a single number. The consequences of Greece's exit would depend decisively on the exact circumstances of events in the country itself as well as the general state of financial markets in the eurozone.
  • Topic: Debt, Markets, Regional Cooperation, Monetary Policy, Financial Crisis
  • Political Geography: Europe, Greece
  • Author: Anders Åslund
  • Publication Date: 06-2012
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: In the current financial crisis plaguing Europe, Latvia stands out for resolving its financial problems quickly and resolutely. After contracting 24 percent in 2008 and 2009, it grew at the rate of 5.5 percent in 2011. The speed and determination. with which the government carried out austerity measures in 2009 and restored confidence after suffering the worst output decline is a crucial lesson for the ailing South European countries—Greece, Italy, Portugal, and Spain. Many policy observers and economists have dismissed Latvia's crisis resolution as irrelevant to the situation in Southern Europe. The Latvian orange, they say, cannot be compared with the South European apples. I argue otherwise.
  • Topic: Economics, International Trade and Finance, Monetary Policy, Financial Crisis
  • Political Geography: Europe, Greece, Latvia
  • Author: Baroness Hussein-Ece OBE
  • Publication Date: 01-2012
  • Content Type: Policy Brief
  • Institution: Centre for Strategic Research and Analysis
  • Abstract: Last week the All Party Parliamentary Group on Conflict Issues, held an event in Westminster. The meeting introduced a new concept where a network of Greek Cypriot and Turkish Cypriot civil society organisations (CSOs) were calling for a shake-up of the Cyprus peace process. They made a strong case to include a more central and active role for civil society, woman and young people to work in tandem with negotiations between the leaders of the two communities.
  • Topic: Conflict Resolution, International Relations
  • Political Geography: Turkey, Greece