Grexit
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Greek Endgame
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Author : Nicos Christodoulakis
language : en
Publisher: Rowman & Littlefield
Release Date : 2015-10-20
Greek Endgame written by Nicos Christodoulakis and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-20 with Business & Economics categories.
Written by a former Greek Minister of Finance, this book analyses the past present and future for the Greek Crisis.
Why Grexit Cannot Save Greece But Staying In The Euro Area Might
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Author : Chrysafis Iordanoglou
language : en
Publisher:
Release Date : 2017
Why Grexit Cannot Save Greece But Staying In The Euro Area Might written by Chrysafis Iordanoglou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Grexit was narrowly averted in summer 2015. Nevertheless, the view that Greece might be better off outside the Euro area has never really gone away. Moreover, although Marine Le Pen's bid for the French presidency was frustrated in May 2017, in Italy a disparate coalition, encompassing Beppe Grillo's Movimento Cinque Stelle as well as Matteo Salvini's Lega Nord, has called for a referendum on exiting the Euro. In this context, our argument that Grexit cannot save Greece may be of some relevance to national debates elsewhere in Europe. The paper examines the case for Grexit by offering a detailed account of its likely effects. Its structure is as follows. Section 2 analyses the transition, with the two currencies (old and new) coexisting. Section 3 charts the challenges facing the Greek economy in the short term, after the new national currency has become legal tender. Section 4 assesses prospects in the medium term, with Grexit complete and the new currency drastically devalued. Section 5 reviews the underlying weaknesses of Greece's growth regime and explains why these are unrelated to the nominal exchange rate. Section 6 discusses the conditions for an investment-led recovery, and shows why tackling them would be more difficult outside the Euro area. Section 7 sums up and concludes.
Grexit
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Author : Georgios Papadopoulos
language : en
Publisher: Lulu.com
Release Date :
Grexit written by Georgios Papadopoulos and has been published by Lulu.com this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Grexit And Why It Will Not Happen
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Author : Platon Monokroussos
language : en
Publisher:
Release Date : 2015
Grexit And Why It Will Not Happen written by Platon Monokroussos and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Severe cash constraints faced by the Greek Government due to a pretty demanding schedule of interest and amortization payments in the remainder of 2015 have lately engineered a new explosion of sovereign bond spreads and rekindled fears of a GRexit down the road. Such fears have been exacerbated further in late April 2015 as the progress in implementing the February 20th 2015 Eurogroup agreement has proven to be rather slow and the cash-strapped Greek Government is struggling to meet sizeable debt service obligations. As a result, media reports had been speculating on a number of disastrous scenarios, ranging from the imposition of capital controls or the payment of civil servants and various state suppliers with promissory notes to a sovereign default, either within or outside the Economic and Monetary Union. This paper refrains from analyzing the legal and technical complications involved in the materialization of any of the aforementioned scenarios. Instead, it leans on purely economic and political economy considerations to argue that calls for exit are ill advised, potentially involving immense risks not only for Greece, but also for the EMU project as a whole. We take a close look at Greece's past history of drachma devaluations and their outcome, the current high sovereign indebtedness, and the country's persisting competitiveness gap vis-a-vis its main trading partners as well as the effects of financial contagion during the ongoing European Sovereign Debt Crisis. We explain why a GRexit would be a hugely suboptimal (and, in fact, a highly dangerous) strategy to address these problems.
Grexit
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Author : Jörg Haas
language : en
Publisher:
Release Date : 2015
Grexit written by Jörg Haas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
The discussion of a Greek exit from the euro area dominates the news once again. In those debates, it seems that many people take the theoretical option of an orderly exit of Greece from the euro area for granted. But is that the case? Is an exit legally, economically and politically possible? What exactly would paths to Grexit look like and where would they be likely to end? This Policy paper by Jörg Haas provides a brief overview of the relevant legal framework, and discusses whether exit scenarios can be considered a realistic option from political and economic perspectives. The Policy paper confirms the legal difficulties for a member state to leave EMU and the legal impossibility for the EU to expel a member state. However, certain chains of events could lead to a situation in which Greece would introduce a parallel currency alongside the euro. This Policy paper analyses the circumstances and possible implications of such a move. It shows that a 'de facto Grexit' in an orderly fashion looks impossible. It would lead to tremendous financial, political and legal uncertainty. Three scenarios are assessed: 1. Greece jumps: Under pressure to fulfil its election promises, the Greek government decides to introduce a new parallel currency. 2. The Eurogroup and the ECB actively decide to push Greece out by restricting liquidity access, thus forcing the government to introduce a parallel currency. 3. Grexit by accident: Brinkmanship on both sides leads to a bank run in Greece leaving no short-term alternative than introducing a parallel currency. The analysis shows that such a 'de facto Grexit' would likely leave both sides severely handicapped. Greece would still be formally member of the euro area but run a parallel currency. The Policy paper also illustrates how quickly a negotiation scenario can turn into a confrontational one, underlining the acute risk of an 'accidental Grexit'.
Greek Endgame
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Author : Nicos M. Christodoulakis
language : en
Publisher: Rowman & Littlefield Publishers
Release Date : 2015
Greek Endgame written by Nicos M. Christodoulakis and has been published by Rowman & Littlefield Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Debts, External categories.
Written by a former Greek Minister of Finance, this book analyses the past present and future for the Greek Crisis.
Can Expert Knowledge Prevent The Grexit Expertise And The Greek Debt Crisis
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Author : Octavia Gentemann
language : en
Publisher:
Release Date : 2016-01-29
Can Expert Knowledge Prevent The Grexit Expertise And The Greek Debt Crisis written by Octavia Gentemann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-29 with categories.
Seminar paper from the year 2015 in the subject Politics - International Politics - Topic: European Union, grade: 1,3, Technical University of Darmstadt (FB 02 / Institut fur Politikwissenschaft), course: Policy II: Role of Expertise, language: English, abstract: The debt crisis in Greece is not new. Even before the Euro-Zone was installed by currency, Greece did not fulfill the restrictions, yet preparing to host the Olympic Games 2004, the Euro was a kind of necessity for a smooth proceeding. The Euro seemed to be a foundation for cooperation and prosperity. Looking at the debt crisis talks in 2015, one can hardly see cooperation at work, advices from all kinds of sources seem to pop out of nowhere into Media, and even Varoufakis that one could consider an expert, an economist serving as Financial Minister, resigns despite a ballot victory. So the questions remain: What advice to give? What road to take? What expertise to trust or to follow? Whom rather not listen to? The following work was inspired by the Seminar on Policy expertise. The question was, what expertise could do and what not. In the following work, I answer this question by analyzing areas of expertise and reflecting on what could be achieved by expertise or not."
Has The Grexit News Affected Euro Area Financial Markets
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Author : Wildmer Daniel Gregori
language : en
Publisher:
Release Date : 2017
Has The Grexit News Affected Euro Area Financial Markets written by Wildmer Daniel Gregori and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This paper investigates whether rumours about Greek exit from the euro area have spilled over into other European countries' sovereign bond yields. Our empirical analysis is based on more than 64,000 daily news items on Grexit between December 2014 and October 2015. We build a Grexit intensity index based on the daily change of Grexit news items to capture policy uncertainty about the euro area break-up. Our results suggest that higher intensity of Grexit news drives up government bond yields in peripheral countries (Italy, Portugal, and Spain, excluding Ireland), but that there are no effects on core countries. The asymmetric reaction to Grexit news seems to support a more general 'market-based fiscal disciplining' mechanism at work in monetary unions.
Grexit News And Stock Returns
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Author : Andreas Haupenthal
language : en
Publisher:
Release Date : 2016
Grexit News And Stock Returns written by Andreas Haupenthal and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
During the first eight months of 2015, there was an ongoing debate about whether or not Greece should remain in the euro area. Using an event study approach, we quantify the effects of Grexit-related statements made by six important euro area politicians (Merkel, Schaeuble, Tsipras, Varoufakis, Juncker, and Schulz) on intraday stock returns in Germany, Greece, and the euro area during the period of January 1, 2015-August 19, 2015. We show that positive statements indicating that a Grexit is less likely lead to higher returns, and negative statements to lower returns. The overall impact of negative statements is more pronounced. The cumulative absolute effects on stock returns are sizeable as the statements contribute to a variation of up to 58 percentage points in the ATHEX. These large effects are of particular relevance as our study only captures an eight month snapshot of the Greek government debt crisis.
Grexit
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Author : Cinzia Alcidi
language : en
Publisher:
Release Date : 2012
Grexit written by Cinzia Alcidi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Debts, Public categories.
The eurozone countries are currently sitting on an aggregate exposure to Greece exceeding €300 billion. If the country were to exit the eurozone, it would certainly not be able to service its debt in the short run when the exchange rate overshoots. Over the longer run, however, the exchange rate is likely to return to a longer-run equilibrium and growth is likely to slowly resume closing the output gap. Moreover, exports are likely to grow by more than GDP, thus increasing over time the capacity of the country to service foreign debt. Therefore, the authors conclude, whether or not an exit from the eurozone is followed by default on the official debt depends decisively on the willingness (and ability) of Greece's European partners to wait and finance the bridge between the short and the long run.--Publisher description.