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In urgent need of a compromise on Greece

On Monday, 22 June, there was yet another Eurogroup meeting in Brussels concerning the Greek crisis. But like many previous attempts to reach an agreement, a conclusive decision was again postponed. Meanwhile, in the Greek capital, Athens, people are anxiously waiting for an answer. It is becoming evident that Greece should not have joined the euro the time it did but it is too late to change that. Ordinary citizens suffer and the country is on the brink of collapse, or social unrest. It is clear that European elites must reach some compromise, not for the sake of SYRIZA, but for the people of Greece.

Euro Summit ends without conclusions but offers optimism

The heads of state and government of the Eurozone met on 22 June in Brussels to attempt to find an agreement on the continuation of Greece’s bailout. A sense of urgency accompanied the summit, resulting from the imminence of a potential Greek default and a run on deposits in Greek banks. At the conclusion of the Summit, President of the European Commission Juncker stated that he was “convinced that we will come to a final agreement this week, because we have to.” In anticipation of the Summit, Greece submitted a final proposal containing new measures for addressing its economic and financial situation, which were discussed by the finance ministers of the Eurogroup prior to the Summit

Greece needs Europe, and vice versa

I had an epiphany while listening to Pierre Moscovici, European Commissioner for Economic and Financial Affairs, speaking to Richard Quest on CNN last night. Mr. Moscovici, clearly exasperated by the never-ending Greece-Eurozone negotiations…

If only the EU could learn from its mistakes like the IMF…

Dialogue , Op-ed
21 May, 2015

By Clément Fontan

One month ago, the Bruegel institute, a respected and influential EU think-thank, published an opinion piece by former IMF staff member Ashoka Mody. In his excellent analysis, Mody relies on leaked insider information and IMF self-criticism to condemn the Fund’s role in the Greek bailout process from 2010 to the present. In short, he reminds us that the lack of debt restructuring during the 2010 bailout was primarily aimed at protecting the holders of Greek bonds, e.g. the major French and German banks, despite its unsustainability. Then, he underlines that the structural reforms and the budget cuts worsened the economic and social conditions in Greece to such an extent that a second bailout was needed in 2012.

Eurogroup talks stall as Greece dithers on its promises

At the Eurogroup meeting on Friday, 24 April, all eyes were on Greece. The embattled Eurozone country got hammered for backtracking on much needed fiscal reforms. Eurogroup officials stated that such measures are vital in helping the Greek government secure its debt repayments. Without the remaining €7.2 billion in the bailout package, Greece will run out of money in a matter of weeks. The stark warning came as Mr. Varoufakis, Greece’s Finance Minister, tried to calm fears over his country’s ability to raise

The grave mistakes of the European leadership on Greece and the way out of the crisis

By Christos Mouzeviris

Ever since the victory of Syriza and the formation of the current Greek government, the country found itself on the spotlight of the European and global media. Speculations on a potential Grexit, combined with scathing attacks against Syriza’s policies and leadership became common. But is solely Greece, all which is wrong in Europe and the euro-zone? Perhaps the reality is very different if we examine some facts.

“The Orthodox Axis”

Meeting between President Vladimir Putin of Russia and Prime Minister Alexis Tsipras of Greece in Moscow, 8 April 2015 Mr Putin and Mr Tsipras discussed a broad range of bilateral cooperation matters, especially in the trade, economic, investment, cultural and humanitarian fields. The two leaders exchanged views on the international agenda. Following the talks, Mr…

Quo vadis Graecia? Rupture or agreement with European creditors

By Georgios X. Protopapas

The negotiations between the Greek government and Greece’s European creditors have become unpredictable, while the Greek economy remains stagnant and the state desperately needs cash to avoid default. Athens has two choices: to make compromises in order to receive bailout funds or to decide a rupture with Brussels. In addition, the government in Athens is playing the “card” of Russia as an alternative to European pressures and as part of a new, multi-level foreign policy.

The SSM promises tough but fair treatment of banks

In the European Parliament the head of the Single Supervisory Mechanism (SSM) for the Eurozone banks has committed herself to restraining financial institutions and closely monitoring the models they use to calculate risks. Danièle Nouy has given assurances that “we will be a demanding supervisor, however at all times we shall strive to make our action fair and impartial.” The SMM just published its first report that has overseen more than 6,000 banks in the region since last November.

Five observations on Greece

By Alexis Boutefeu-Moraitis and Jack Copley

Misery is palpable in Athens: the increase in ‘closed’ signs outside small shops, the long queues at soup kitchens and the growing numbers of homeless and drug addicts in the streets. Currently, there is no visible change on the ground. However, optimism has replaced hopelessness in everyday discussions. In the context of brutal austerity, the victory of Syriza in January’s electoral battle came as a slap in the face to European elites.