Download or read book The Possibility of a Hellenic Exit from the Eurozone written by Yiannis Athanasiadis and published by . This book was released on 2018 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: After 2010 and the Greek economic crisis, a major concern of the Eurozone was what will happen with the country's membership. There were several opinions about what Greece should do; many economists believed that leaving the Euro could lead to the collapse of the whole union in a chain reaction, others however believed that Greece could only be saved if it left the union and tried to achieve external devaluation with its own new national currency. Greece asked for help from the IMF and tried to comply with the austerity measures in order to achieve internal devaluation and finally improve competitiveness. In this dissertation paper I examined several other union breakups in order to draw some lessons; in most cases exiting a union was encouraging for the economies leaving the unions. Furthermore, I ran regression analyses to see how the Greek bond yields, bond spreads and CDS spreads are affected by the situation and also how the borrowing costs of Greece along with the risk of investing in Greek sovereign debt titles is affected by the credit rating of Greece set by the three credit rating agencies. Moreover, after comparing the expectations of the Troika to the real data after the implementation of the Troika's program I found out that the Troika greatly underestimated the negative impacts of its policies and that after three years of austerity policy, the Hellenic economy was not able to recover. Considering that the only other solution for Hellas, is leaving the Eurozone, I constructed a Plan B, indicating the steps that the Greek government should follow after a Hellexit.
Download or read book The Possibility of a Hellenic Exit from the Eurozone written by Ioannis Athanasiadis and published by . This book was released on 2014-01 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2013 in the subject Economics - Finance, grade: 7.5, Erasmus University Rotterdam, language: English, comment: Note: 7,5 (Niederlande) entspricht der Note: 1,7 (dt. Notensystem), abstract: After 2010 and the Greek economic crisis, a major concern of the Eurozone was what will happen with the country's membership. There were several opinions about what Greece should do; many economists believed that leaving the Euro could lead to the collapse of the whole union in a chain reaction, others however believed that Greece could only be saved if it left the union and tried to achieve external devaluation with its own new national currency. Greece asked for help from the IMF and tried to comply with the austerity measures in order to achieve internal devaluation and finally improve competitiveness. In this dissertation paper I examined several other union breakups in order to draw some lessons; in most cases exiting a union was encouraging for the economies leaving the unions. Furthermore, I ran regression analyses to see how the Greek bond yields, bond spreads and CDS spreads are affected by the situation and also how the borrowing costs of Greece along with the risk of investing in Greek sovereign debt titles is affected by the credit rating of Greece set by the three credit rating agencies. Moreover, after comparing the expectations of the Troika to the real data after the implementation of the Troika's program I found out that the Troika greatly underestimated the negative impacts of its policies and that after three years of austerity policy, the Hellenic economy was not able to recover. Considering that the only other solution for Hellas, is leaving the Eurozone, I constructed a Plan B, indicating the steps that the Greek government should follow after a Hellexit.
Download or read book If Greece goes written by and published by Penguin UK. This book was released on 2012-06-01 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Times, the global business newspaper, has led the field with its coverage of the eurozone crisis and Greece's political and financial chaos. As the chances of a Greek exit from the eurozone grow, the FT's specialist correspondents and authoritative columnists dissect the potentially devastating consequences for businesses and governments across Europe. Could a 'Grexit' spell the unravelling of the European Union? Should the world economy take cover? What would the impact be on Greece itself? Based on a series of articles published online and in print in May 2012, the Financial Times' first ebook includes a foreword by Lionel Barber, the FT editor, an updated introduction to possible scenarios in the months ahead and a new chapter on the options for Germany, Europe's paymaster. Contributors include award-winning commentators Martin Wolf, Wolfgang Münchau and Gillian Tett, and foreign correspondents Peter Spiegel and Quentin Peel.
Download or read book If Greece Goes written by FT reporters and published by Pearson UK. This book was released on 2014-10-01 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Against the Troika written by Heiner Flassbeck and published by Verso Books. This book was released on 2015-09-01 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: A radical anti-capitalist alternative to Eurozone austerity On the 25th January 2015 the Greek people voted in an election of historic importance—not just for Greece but potentially all of Europe. The radical party Syriza was elected and austerity and the neoliberal agenda is being challenged. Suddenly it seems as if there is an alternative. But what? The Eurozone is in a deep and prolonged crisis. It is now clear that monetary union is a historic failure, beyond repair—and certainly not in the interests of Europe’s working people. Building on the economic analysis of two of Europe’s leading thinkers, Heiner Flassbeck and Costas Lapavitsas (a candidate standing for election on Syriza’s list), Against the Troika is the first book to propose a strategic left-wing plan for how peripheral countries could exit the euro. With a change in government in Greece, and looming political transformations in countries such as Spain, this major intervention lays out a radical, anti-capitalist programme at a critical juncture for Europe. The final three chapters offer a detailed postmortem of the Greek catastrophe, explain what can be learned from it—and provide a possible alternative. Against the Troika is a practical blueprint for real change in a continent wracked by crisis and austerity.
Download or read book Reflections on the Greek Sovereign Debt Crisis written by Aristidis Bitzenis and published by Cambridge Scholars Publishing. This book was released on 2014-09-26 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: The euro was generally considered a success in its first decade. Nevertheless, the “unanticipated” financial crisis in the summer of 2007 has developed gradually into the worst global economic crisis in post-war economic history and a sovereign debt crisis, calling into question the endurance of positive externalities under the current form of European economic integration. The experience of double-dip recessions in the core of the euro-area and the occurrence of a deflationary spiral in its southern periphery brings into question the wisdom of fiscal consolidation via austerity in the adjustment programmes adopted to exit the crisis. They also put into doubt the adequacy and efficiency of the European Economic and Monetary Union’s core elements, its political instruments and macroeconomic assumptions, as can be seen in the role of the Stability and Growth Pact and the stance of the European Central Bank. The title of this collective volume refers to the country where the European sovereign debt crisis began, while its contents concentrate on the extent to which this crisis should be a national or a European concern. Moreover, the focus on Greece stimulates discussion about the neglected factor of the shadow economy and the potential to boost government revenue through its successful transfer to the formal economy. The chapters address the inefficiencies of both euro-area institutions and policies adopted to exit the current predicament. Experts from several disciplines review the literature and critically evaluate the existence of issues such as contagion effects, domino effects, deflationary spirals, institutional efficiency and the reality of the option to exit the euro-area.
Download or read book Breaking Up is Hard to Do written by John Andrew Ponnett and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the European Unions earliest incarnations were formed, there has been recurrent skepticism about the idea of a supranational organization to which the countries of Europe have surrendered sovereignty. In the wake of a crippling sovereign debt crisis and the United Kingdoms 2016 vote to exit the bloc, the futures of the EU and its Eurozone currency union have increasingly been called into question. The rise of populist politicians skeptical of the EUs ever-growing influence have been especially critical of its handling of its structurally weakest members, particularly Greece, during the sovereign debt crisis. Some politicians have gone so far as to argue that by exiting the Eurozone and re-adopting its national currency, Greece would have better prospects for economic recovery and long-term stability. According to economic theory, the new currency could be devalued against the euro, thus improving the trade balance between Greece and its EU partners. Leaving the Eurozone would also allow Greece to implement its own monetary policy, one more in line with the needs of Greece than the Eurozone as a whole. A Greek Eurozone exit would save the European Union hundreds of billions of euros in future stabilization funding, while in theory still allowing Greece the ability to stabilize and recover in a future crisis. This thesis finds that, based on observations of Greeces historical economic data, devaluation of a new Greek drachma would fail to sufficiently achieve the intended economic recovery, likely leaving Greece worse off than if it had remained in the Eurozone. While stability and growth could potentially be achieved in the long-run, the short-term consequences would be harsh. Long-run success is also contingent on greater Greek fiscal discipline, which Greece has proven incapable of in the past. Without the governing mechanisms put in place by the EU, Greece would have even less incentive to adhere to debt control and monitoring.
Download or read book On the Potential Threats from a Greek Eurozone Exit written by Ester Faia and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Greece s odious Debt written by Jason Manolopoulos and published by Anthem Press. This book was released on 2011 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Critically examines the economic, historical and psychological dynamics that have combined to create an existential crisis for the European Union."--Publisher description.
Download or read book Eurotragedy written by Ashoka Mody and published by Oxford University Press. This book was released on 2018 with total page 673 pages. Available in PDF, EPUB and Kindle. Book excerpt: EuroTragedy is an incisive exploration of the tragedy of how the European push for integration was based on illusions and delusions pursued in the face of warnings that the pursuit of unity was based on weak foundations.
Download or read book The Greek Revolution written by Mark Mazower and published by Penguin. This book was released on 2022-11-22 with total page 625 pages. Available in PDF, EPUB and Kindle. Book excerpt: Winner of the Duff Cooper Prize • One of The Economist's top history books of the year From one of our leading historians, an important new history of the Greek War of Independence—the ultimate worldwide liberal cause célèbre of the age of Byron, Europe’s first nationalist uprising, and the beginning of the downward spiral of the Ottoman Empire—published two hundred years after its outbreak As Mark Mazower shows us in his enthralling and definitive new account, myths about the Greek War of Independence outpaced the facts from the very beginning, and for good reason. This was an unlikely cause, against long odds, a disorganized collection of Greek patriots up against what was still one of the most storied empires in the world, the Ottomans. The revolutionaries needed all the help they could get. And they got it as Europeans and Americans embraced the idea that the heirs to ancient Greece, the wellspring of Western civilization, were fighting for their freedom against the proverbial Eastern despot, the Turkish sultan. This was Christianity versus Islam, now given urgency by new ideas about the nation-state and democracy that were shaking up the old order. Lord Byron is only the most famous of the combatants who went to Greece to fight and die—along with many more who followed events passionately and supported the cause through art, music, and humanitarian aid. To many who did go, it was a rude awakening to find that the Greeks were a far cry from their illustrious forebears, and were often hard to tell apart from the Ottomans. Mazower does full justice to the realities on the ground as a revolutionary conspiracy triggered outright rebellion, and a fraying and distracted Ottoman leadership first missed the plot and then overreacted disastrously. He shows how and why ethnic cleansing commenced almost immediately on both sides. By the time the dust settled, Greece was free, and Europe was changed forever. It was a victory for a completely new kind of politics—international in its range and affiliations, popular in its origins, romantic in sentiment, and radical in its goals. It was here on the very edge of Europe that the first successful revolution took place in which a people claimed liberty for themselves and overthrew an entire empire to attain it, transforming diplomatic norms and the direction of European politics forever, and inaugurating a new world of nation-states, the world in which we still live.
Download or read book Laid Low written by Paul Blustein and published by McGill-Queen's Press - MQUP. This book was released on 2016-10-17 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: The latest book by journalist and author Paul Blustein to go behind the scenes at the highest levels of global economic policy making, Laid Low chronicles the International Monetary Fund’s role in the euro-zone crisis. Based on interviews with a wide range of participants and scrutiny of thousands of documents, the book tells how the IMF joined in bailouts that all too often piled debt atop debt and imposed excessively harsh conditions on crisis-stricken countries. As the author shows, IMF officials had grave misgivings about a number of these rescues, but went along at the insistence of powerful European policy makers — to the detriment of the Fund’s credibility, with disheartening implications for the management of future crises. The narrative ends with a tale of the clash between Greece’s radical Syriza government and the country’s creditor institutions that reached a dramatic climax in the summer of 2015.
Download or read book Safeguarding the Euro in Times of Crisis written by and published by . This book was released on 2019 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book tells the inside story of those who played key roles in setting up the organisations and combatting the crisis. In exclusive interviews, global financial leaders and ESM insiders provide a rich stock of perspectives and anecdotes that bring to life the urgency of the crisis as well as the innovative solutions found to resolve it. The European Stability Mechanism and its temporary predecessor the EFSF provided billions of euros in loans to five hard-hit euro area countries during the European financial and sovereign debt crisis of the early 2000s, helping to safeguard the stability of those countries and the euro area as a whole. Initially, the crisis-torn euro area was ill-equipped institutionally, but the rapid establishment of the firewalls, the assistance programmes, deep‐seated country reforms, the strengthening of European institutions, and extraordinary European Central Bank measures shielded Europe from a euro area break-up. With the EFSF/ESM set-up, its managers aspired to create a new, more entrepreneurial international financial institution, one that is agile enough to respond quickly to new challenges, while still ensuring the strict governance befitting an organisation pursuing a public mission. The euro area has emerged from near disaster in more robust shape. As Europe strives to further strengthen its architecture in preparation for any possible future crises, it is important to reflect upon how the euro area reinvigorated its fortunes and draw the relevant lessons for future crisis management in Europe and beyond.
Download or read book Financial Crisis Management and Democracy written by Bettina De Souza Guilherme and published by Springer Nature. This book was released on 2020-12-09 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book discusses financial crisis management and policy in Europe and Latin America, with a special focus on equity and democracy. Based on a three-year research project by the Jean Monnet Network, this volume takes an interdisciplinary, comparative approach, analyzing both the role and impact of the EU and regional organizations in Latin America on crisis management as well as the consequences of crisis on the process of European integration and on Latin America’s regionalism. The book begins with a theoretical introduction, exploring the effects of the paradigm change on economic policies in Europe and in Latin America and analyzing key systemic aspects of the unsustainability of the present economic system explaining the global crises and their interconnections. The following chapters are divided into sections. The second section explores aspects of regional governance and how the economic and financial crises were managed on a macro level in Europe and Latin America. The third and fourth sections use case studies to drill down to the impact of the crises at the national and regional levels, including the emergence of political polarization and rise in populism in both areas. The last section presents proposals for reform, including the transition from finance capitalism to a sustainable real capitalism in both regions and at the inter-regional level of EU-LAC relations.The volume concludes with an epilogue on financial crises, regionalism, and domestic adjustment by Loukas Tsoukalis, President of the Hellenic Foundation for European and Foreign Policy (ELIAMEP). Written by an international network of academics, practitioners and policy advisors, this volume will be of interest to researchers and students interested in macroeconomics, comparative regionalism, democracy, and financial crisis management as well as politicians, policy advisors, and members of national and regional organizations in the EU and Latin America.
Download or read book Living Under Austerity written by Evdoxios Doxiadis and published by Berghahn Books. This book was released on 2018-07-20 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since its sovereign debt crisis in 2009, Greece has been living under austerity, with no apparent end in sight. This volume explores the effects of policies pursued by the Greek state since then (under the direction of the Troika), and how Greek society has responded. In addition to charting the actual effects of the Greek crisis on politics, health care, education, media, and other areas, the book both examines and challenges the “crisis” era as the context for changing attitudes and developments within Greek society.
Download or read book Beyond Debt written by Nikos Tsafos and published by Createspace Independent Publishing Platform. This book was released on 2013-03-29 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: How did Greece, with less than 3% of the population of the European Union, become the epicenter of Europe's "existential crisis?" Why did Greece opt for an obligation-laden bailout rather than default or leave the Eurozone, as many said it should? Could it have avoided the disappointments that followed, including needing a second bailout, holding repeat elections, and swearing in its fourth prime minister in a year? The conventional narrative answered these questions by viewing the Greek crisis as the result of a "flawed currency union." Many economists, moreover, thought Greece was foolish to seek a bailout rather than renege on its debts or leave the Eurozone. And as the crisis deepened, economists again blamed the international community for pushing "austerity" onto Greece. Beyond Debt offers a different account of this crisis. It sees it, first and foremost, as a Greek crisis, best understood through the lens of Greek history, politics and economics. The crisis was triggered by global events, but it was not caused by them. As the book shows, Greece's chosen path-a bailout-made infinitely more sense than either a default or the abandonment of the common currency that many economists called for. And while others see "austerity" as the problem for Greece's woes after the bailout, Beyond Debt blames instead an indecisive government that could not see reform through to the end.
Download or read book A New Growth Model for the Greek Economy written by Panagiotis E. Petrakis and published by Springer. This book was released on 2016-08-31 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: On June 3, 2015, the Greek Parliamentary Budget Office, the National and Kapodistrian University of Athens, the Democritus University of Thrace, and the University of Peloponnese sponsored an international conference to address medium- and long-term growth in Greece. This collection presents the strongest papers on the conditions required to revive and maintain economic growth. Leading experts cover almost every major issue identified in the latest literature, from demographic issues and proposals for export strategy to the need for innovation and structural reform. The combination of qualitative and quantitative approaches to assessing present conditions make this ground-breaking collection a valuable resource for a variety of academics, professional economists, and economic policy practitioners planting the seeds of Greece's future.
