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Tag Archives: Greece

Is Greece’s labour market bouncing back?

After rapid increases in unemployment and large wage reductions, Greece’s labour market is showing signs of recovery. Certain sectors of the economy are showing strong employment growth, which could hint at a broader economic recovery. The Greek economy has suffered greatly since the 2008 crisis, but one bright spot in the Greek economy is the rebound of the labour market. This resurgence is touching many sectors. Although employment in Greece shrunk by an astonishing 19 percent from...

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Debt relief or a fourth financial assistance programme for Greece?

The Eurogroup faces a difficult choice on Greece — implementing a debt reduction plan drastic enough to make a return to market borrowing possible, or agreeing to a fourth financial assistance programme and continuing to fund Greece at the preferential lending rate. After long delays and tough negotiations, the Greek parliament has formally adopted the measures needed to conclude the current review of the third financial assistance programme, amid protests on the streets. The Greek...

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Is this the end of the populist surge?

Following the UK’s Brexit referendum and Donald Trump’s election as U.S. President, 2017 was billed as a year in which mainstream parties in the Netherlands, France and Germany could be overtaken by populist challengers in the shape of Geert Wilders’ PVV, Marine Le Pen’s Front National, and the AfD in Germany. Abel Bojar asks whether the PVV’s failure in the Netherlands and Macron’s victory in France signals the end of this populist trend. Image credit: Tjebbe van Tijen (CC BY-ND 2.0) As...

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Fair or not? How credit rating agencies calculated their ratings during the Eurozone crisis

Credit rating agencies received a great deal of criticism during the Eurozone crisis, but what actually explains the changes that occur in a country’s credit rating? Drawing on new research, Periklis Boumparis, Costas Milas and Theodore Panagiotidis write that ratings agencies have responded differently to low-rated and high-rated Eurozone countries. Regulatory quality and competitiveness have a stronger impact for low rated countries, while GDP per capita is a major driver for high rated...

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Should we worry about Greek banks?

Earlier this month, the IMF and the European institutions clashed over conditions for sustainability of the Greek debt. One of the main disagreements seems to be the evaluation of the Greek banks’ health. Whose assessment should be trusted and are there reasons to worry? Observers of the euro area crisis are accustomed to the fact that Greece periodically returns to centre stage. And when this happens, it is usually accompanied by a revival of the disagreement between the IMF and the...

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Greece’s continued suffering

Greece is once again back on the agenda in the European financial markets and we are once again talking about Greek default and even about Grexit. There seems to be no end to the suffering of the Greek economy and the Greek population. I must say that I have a lot of sympathy with the Greeks – they have terrible policy makers and no matter how many austerity measures are implemented there is no signs of any visible improvement either in public finances or in the overall economic...

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Assessing Syriza’s two years in power: How successful has the party been in office?

Assessing Syriza’s two years in power: How successful has the party been in office?

Share this:On 26 January 2015, Alexis Tsipras, the leader of Syriza, took office as Prime Minister of Greece. But how successful has Syriza been in its two years in power? Myrto Tsakatika reflects on the party’s strategy, writing that Tsipras would have benefitted from having come into government with a more focused plan to shift the way the state apparatus works in Greece in a progressive direction. Before economic and political crisis hit Greece, Syriza was an electoral coalition...

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Why austerity is easier to implement in some countries than others – and why this was not the case for Greece

Share this:It is now roughly seven years since the Greek economic crisis first emerged, but why has the crisis in Greece proven so difficult to address in comparison to other Eurozone countries? Based on an analysis of crisis management in several European states, Stefanie Walter writes that because internal reform and a euro exit were particularly costly options for Greece, it opted for a path of reforming only as much as is necessary to retain outside funding. As this strategy is...

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When effort and outcome is not the same thing – the case of Greece

Greece has made yet another other deal with the EU and IMF on its deal situation. Or rather as one EU official described it to the Financial Times “If it looks like we are kicking the can down the road that is because we are”. Said in another way, this is not really a deal to solve the fundamental problem, but rather a deal to avoid dealing with the fundamental problem. So what is the fundamental problem? Well, at the core of this is that the Greek government simply is insolvent and can’t...

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