Plus ça change, plus c’est la même chose

Events during the summer of 2015 bore an air of déjà vu. The initial gap between Greece and its partners was significant. The frequency of meetings increased as time (and cash) ran out, with little to show in terms of progress. The discussions were held at an increasingly higher political level, but the core of the discussions remained of a “technical nature”. At its climax, the Greek Prime Minister held a referendum whose two questions were incomprehensible for citizens. Then, the Greek government operated a complete U-turn, signing third Memorandum of Understanding (MoU) containing harsh(er) conditions. 

Rocking the Cradle of Democracy

Elections are considered the hallmark of representative democracy. Their essential function is to allow voters to hold existing politicians accountable and to select their future representatives. Yet, the true quality of a democracy is not in direct proportion to the number of elections and electoral contests.

The Key Battles of the Greek Bailout Saga

Greece's dramatic bailout negotiations will soon be coming to a head one way or the other. Although the Greek government has been painstakingly throwing a veil of uncertainty and misinformation over its real financial and fiscal position, most pundits would agree that state coffers are running bare and that, absent an interim, piece-meal, or final bailout agreement, Greece will not be able to pay off the consolidated IMF loan tranches coming up at the end of June. The government's finances have been stretched to their limit by dint of an internal payment moratorium and a raid on the cash reserves of local governments and pension funds.

3rd Annual GPPF Chania Forum 2014: Executive Summary

Europe in Flux: 

Secessionism, Ideological Polarisation, 

and  the Emerging Institutional Design of the EU

26-27 September 2014

Kiani Beach Resort

Chania, Crete

Greece

Executive Summary of the 3rd Annual GPPF Chania Forum

The Greek Public Policy Forum organised its 3rd Annual GPPF Chania Forum, titled “Europe in Flux: Secessionism, Ideological Polarisation, and the Emerging Institutional Design of the EU”, on September 26 and 27 at the Κiani Beach Resort in Chania, Crete. The event took place thanks to the kind sponsorship of Decidendi Consultants, Europe Direct Region of Crete, and the solar systems company CALPAK S.A.. We also wish to thank the ELIAMEP Crisis Observatory, the Hellenic Alumni Association of the London School of Economic, and the Economic Chamber of Greece (Department of Western Crete) for their support.

Stop the Cuts and Fund the Reforms

Greece’s economy and society are imploding. GDP has declined by almost 25% since the start of the crisis. Unemployment has tripled and stands at 25%, with youth unemployment twice that. Crime is on the rise and so are racist incidents. Ideologies of the extreme right and left are gaining significant support.

Αμαρτίες γονέων τέκνα παιδεύουσι: passing on debt overhang

For a pdf version of the paper, containing the relevant figures, please click here.

What follows is an outline of the Greek sovereign debt crisis from a perspective that is certainly not mainstream - at least not in the sense of what every major political, economic, and media outlet loves to hate nowadays. For my interpretation as to how the crisis came about will be neither structural nor cultural. Of course, national economies do grow or decline because of social and economic substructures, political institutions, and cultural traits. Yet, these refer to long-term processes whereas serious sovereign debt crises usually evolve over relatively short (often too short) periods of time. Sovereign bankruptcies, much like those of large private companies, occur because three unfortunately too human factors are allowed to carry the day in the highest echelons of strategic decision-making. These are irresponsible greed, incompetence, and irrationality (a term which many a time is meant more as an euphemism for stupidity).