Richard Portes, Dimitri Vayanos, Michael G Jacobides, 30 November 2011

After a period of intense political turmoil, Greece has converged on a coalition government tasked with implementing reforms. This column argues Greece should now change from fiscal targets and debt restructuring to operational restructuring. It proposes three independent authorities with tight governance and accountability to manage healthcare procurement, monitor structural reforms, and fight corruption.

Dimitri Vayanos, 11 November 2011

Dimitri Vayanos of the London School of Economics talks to Viv Davies about Greece and the eurozone crisis, and argues that leaving the euro would be a disaster for both Greece and Europe. They discuss the bailout package, the appointment of Lucas Papademos as Prime Minister and the benefits of a coalition government of technocrats. Vayanos maintains that the emphasis for Greece should be on deeper institutional and structural reforms. The interview was recorded on 10 November 2011.

Charles Wyplosz, 04 November 2011

Greek Prime Minister Papandreou made a stand this week. Even though he was backed down, this column argues that he did the EZ a favour by providing an opportunity to change course. One way or another, a disorderly Greek default is in the cards with its attendant contagion. At that point a real solution is inevitable – one that requires EZ leaders and the ECB to play on the same side with credible rules for all.

Paolo Manasse, 14 October 2011

Markets are already prepared for a Greek default. This column says the real question is not whether Greece will default – it is how big a haircut will be imposed on creditors and what the consequences will be.

Angelo Baglioni, Umberto Cherubini, 12 October 2011

One of the main objections to the idea of euro bonds is that Germany would be guaranteeing the debt of Greece, among other cross-country subsidies between the core and the periphery. This column argues that this need not be the case.

Jean-Charles Bricongne, 11 October 2011

A Greek default is widely expected. This column outlines a “win-win” strategy for restructuring Greek debt that it argues would minimise the impact of a default and buy Greece and the rest of Europe some precious time.

Aaron Tornell, Frank Westermann, 28 September 2011

With economists’ eyes fixed squarely on Greece, this column tries to solve a puzzle. Since 2008, tens of billions of euros have fled Greek bank accounts. Yet somehow the country still has a current-account deficit. Where has this money come from?

Daniel Gros, 24 August 2011

Eurobonds are being touted as the silver bullet to resolve the Eurozone crisis. This column argues that the Eurobonds proposal fails on legal, political, and economic grounds. It says that, whatever the variant, Eurobonds only make sense in a political union—and given the vast differences in national political systems and their quality of governance, any political union created on paper will not work in practice.

Miguel Kiguel, 16 August 2011

A decade ago Argentina was in the midst of a severe economic crisis. This column argues that the episode offers lessons for the Eurozone today. Unless Greece takes major steps to improve its competitiveness and growth prospects, the country has little hope to get out of this crisis.

Elias Papaioannou, Dimitri Vayanos, 13 August 2011

Greece’s bailout plan – agreed more than a year ago – is failing to meet some of its key objectives. This column argues that the ECB, EU, and IMF should be wary of focusing on short-term goals and instead strive for an institutional framework that can drive the long-term growth of the Greek economy.

David Vines, 05 August 2011

David Vines of Oxford University talks to Viv Davies about the recovery prospects for Greece following the country’s second bailout. They discuss the challenges of asymmetric monetary union, Eurobonds, the peripheral economies and the current situation in Italy. Vines presents the case for stronger fiscal management and political leadership. The interview was recorded on 2 August 2011. [Also read the transcript.]

Marga Peeters, Loek Groot, 02 August 2011

Fiscal pressure from demographic changes is mounting across the globe. This column asks whether labour markets will create enough jobs. Cross-country comparisons suggest that, until at least 2050, the countries most under pressure will be Poland, Turkey, and Greece.

Ricardo Cabral, 29 July 2011

On 21 July 2011, the Council of the EU agreed to a second bailout for Greece. The deal was predicated on “private-sector involvement”. This column explores what this actually means. It estimates that the haircut for private bondholders may well be one-third of the figure initially proposed. It stresses that such uncertainties could spell more trouble for Greece and Europe as a whole.

Harald Hau, 27 July 2011

Last week, the European heads of government added €109 billion to the existing €110 billion rescue plan for Greece. As Europe’s financial sector would have otherwise taken a huge hit, this column address the question: How did the financial sector manage to negotiate such a gigantic wealth transfer from the Eurozone taxpayer and the IMF to the richest 5% of people in the world?

Hans-Werner Sinn, 26 July 2011

The Eurozone crisis is far from over. Greece still needs substantial reforms if it is to regain competitiveness and survive without support. This column argues that the pain of doing so will be unbearable for Greek society. It claims that the best solution for all concerned is if Greece temporarily leaves the euro.

Miranda Xafa, Domingo Cavallo, 23 July 2011

Thursday's EU summit in Brussels announced new plans for tackling the Eurozone crisis. This column says that the agreement reached on a new financing package for Greece, including some debt relief, will not reduce Greece's debt to sustainable levels. It suggests additional financial support contingent on larger haircuts.

Jacob Kirkegaard, Gary Hufbauer, 14 July 2011

What to do about Greece? The face value of Greek sovereign debt is now around 150% of GDP and rising. This column proposes a debt buyback scheme and outlines how it could be achieved to the benefit of the whole of Europe.

Paolo Manasse, Giulio Trigilia, 06 July 2011

Most analysts agree that Greece is insolvent. This column argues that the issue is whether Greece’s troubles are contagious.

Roel Beetsma, Benjamin Bluhm, Massimo Giuliodori, Peter Wierts, 01 July 2011

Fiscal policy in EU countries is suffering from a calamity of credibility. The fiscal figures get steadily worse as governments move from planning to implementation to retrospective reporting. In order to regain its reputation, this column argues that the EU should improve its fiscal institutions and the EU countries should take more ownership of EU fiscal rules.

Eduardo Levy Yeyati, Maria Soledad Martinez Peria, Sergio Schmukler, 29 June 2011

As strikes and protests continue throughout Greece against the latest economic rescue plan, this column asks whether government inaction could lead to a run on Greek banks by ordinary depositors that would derail any existing restructuring plans and force Greece to default.

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