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Greek debt is simply unsustainable, even the IMF says so. The only way to have a chance of defusing this time bomb is to exchange debt relief for the IMF reform program but politics and discord are preventing this. There is a toxic mix brewing with other countries on the brink and looming political instability […]

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Austrian economist tends to blame soft money, market inefficiencies and a bloated state for the Greek crisis. However, since these have been present for decades in the Greek economy, they can’t be responsible for the unprecedented collapse. In our view, the combination of hard money, the constraints of a fixed currency system and unprecedented austerity […]

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Even the proposed deal reached during acrimonious negotiations over the weekend isn’t nearly enough to bring Greek debt anywhere near sustainable levels, nor is it going to revive Greek growth. More financing and debt relief, necessary in large measures on top of the agreement according to the IMF, are not forthcoming either. So Greece is […]

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Greece made one of the more baffling U-turns last week when the Government advising no to a creditor package in a referendum, only to propose a seemingly more stringent version. However, on closer inspection, the Greek negotiating position isn’t all that surprising and the most important clues were actually available to all from a 2012 […]

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Now that Greece’s exit from the eurozone seems all but a foregone conclusion, we look back at whether this could have been averted. What shows is not only a parody of errors on both sides, but also the severe constraints of the euro itself. The initial fallout of Grexit will probably be limited mostly to […]

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The markets rejoiced after Greece seems to have a deal with its creditors but then the party had to be called off because the IMF didn’t play ball. The Greeks have not accepted counter proposals, and the whole issue is up in the air. However, the big outlines of a deal, if concluded, are fairly […]

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After having discussed reasons for Greece to stay within the eurozone, we now look at reasons for Greece to leave. There will be chaos, with an unknown dynamic and possible escalation. However, when the dust settles the Greek economy could receive a considerable boost by the end of austerity, debt. Even if Greece manages to […]

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Greece faces a monumental decision whether to accept the Troika’s latest offer, embark on brinkmanship to coax a better one, or default on its debt and likely leave the eurozone. Here we look at the pros and cons of leaving the euro in a dispassionate economic way, describing the main arguments. First up, the arguments […]

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Both sides on the Greek debt negotiations have made grave mistakes. Greece has been extraordinarily profligate until the financial crisis and has done too little in terms of structural reforms. The creditors should recognize Greece will not be able to pay back its debt and the imposed austerity has been counterproductive even on its own […]

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Greece’s membership of the eurozone seems to be an endless source of problems and crisis. However, significant lessons can be drawn from the experience to date, which can serve as imput for designing a rational economic reform package for Greece. Such a package should, in principle, be able to restore Greek growth, which should be […]

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