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2. The Migration/Refugee Crisis and the (Un/Re) Making of Europe: Risks and Challenges for Greece
- Author:
- Dimitris Keridis
- Publication Date:
- 10-2018
- Content Type:
- Journal Article
- Journal:
- Uluslararasi Iliskiler
- Institution:
- International Relations Council of Turkey (UİK-IRCT)
- Abstract:
- The migration and refugee crisis that erupted in 2015 landed recession riven Greece with a series of humanitarian, political, social, and financial as well as foreign policy and security challenges. Following a near disastrous open-borders policy steeped in leftist ideological parochialism, Athens aligned itself closely with Germany in support of the EU-Turkey deal that drastically reduced the human flows from Turkey into the EU and invited NATO naval forces to help monitor the implementation of the agreement. This paper is structured around two parts: the first part describes the immigration and refugee crisis itself, from a global, European and national-Greek perspective; the second part analyzes the risks to and policy responses of Greece and how they relate to the country’s overall geostrategic position, at a time when Europe is being redefined as it struggles to respond to a multitude of challenges.
- Topic:
- NATO, Economics, Migration, and Refugees
- Political Geography:
- Europe, Turkey, and Greece
3. The Greek Crisis and Its Repercussions on the Balkan Neighbourhood: The End of the Myth
- Author:
- Marilena Koppa
- Publication Date:
- 10-2018
- Content Type:
- Journal Article
- Journal:
- Uluslararasi Iliskiler
- Institution:
- International Relations Council of Turkey (UİK-IRCT)
- Abstract:
- This article explores the role of Greece in the Balkans since the end of Communism and the impact of the sovereign debt crisis that followed. Since the beginning of the 1990s, while Greece failed to accomplish its vocation at the political level, at the level of the economy the country acted as an important regional actor. The article examines the dynamics of the Greek crisis on the Balkan economies and analyses the major challenges for Greece in this new reality. At the same times, it tries to identify the triple crisis faced currently by Greece: at the level of credibility and status, at the level of mediation between the region and the EU and, finally, at the level of the gradual peripherisation of the country.
- Topic:
- Debt, Economics, Migration, European Union, and Crisis Management
- Political Geography:
- Europe, Greece, and Balkans
4. When the Greek Political System Clashed with Europe: Why the Greek Sovereign-Debt Crisis is Taking so Long to End
- Author:
- Constantine A. Papadopoulos
- Publication Date:
- 10-2018
- Content Type:
- Journal Article
- Journal:
- Uluslararasi Iliskiler
- Institution:
- International Relations Council of Turkey (UİK-IRCT)
- Abstract:
- The central argument of this essay is that, in order to understand the reasons behind the Greek economy’s inability to recover sooner from its 8-year recession, analysis must focus on the institutional, political and cultural traits of the country rather than take a primarily “economistic” approach and simply blame “excessive austerity” and/or the euro. In fact, it will be argued that Greece’s positive performance under the euro (until government actions derailed the economy) is generally underappreciated, suggesting that if the country’s institutional weaknesses are addressed, the economy will grow. If they are not, the country’s long-term economic potential will almost certainly remain unfulfilled.
- Topic:
- Debt, Economics, Financial Crisis, Reform, Global Financial Crisis, and Austerity
- Political Geography:
- Europe and Greece
5. From Populist Destabilization to Reform and Possible Debt Relief in Greece
- Author:
- William R. Cline
- Publication Date:
- 08-2015
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Using his European Debt Simulation Model (EDSM), Cline examines whether and to what extent additional debt relief is needed in Greece under the new circumstances. Greece's debt burden is significantly lower than implied by the ratio of its gross debt to GDP, because of concessional interest rates on debt owed predominantly to the euro area official sector. The IMF's call for debt relief recognizes the lower interest burden but argues that the gross financing requirement is on track to exceed a sustainable range of 15 to 20 percent. But in the Fund's June Debt Sustainability Analysis that threshold would not be exceeded until after 2030. A sustainability diagnosis based on such a distant future date would seem at best illustrative rather than definitive. The euro area creditors might, nonetheless, be well advised to provide two types of interest relief: an earmarked portion of interest otherwise due to finance a public works employment program; and additional interest relief to compensate for budget shortfalls caused by growth below plan levels. The sovereign debt situation should be alleviated by carrying out the bank recapitalization directly from the European Stability Mechanism to the banks, rather than through the sovereign as the intermediary. The large increase in the ratio of gross debt to GDP imposed by bank recapitalization is mostly an optical illusion because there would be a corresponding rise in state assets, but this increase could, nonetheless, further erode perceptions of sustainability.
- Topic:
- Debt, Economics, International Monetary Fund, Financial Crisis, and Budget
- Political Geography:
- Greece
6. Greece and the European Project: Canary in the Coal Mine?
- Author:
- Daniel V. Speckhard
- Publication Date:
- 09-2015
- Content Type:
- Journal Article
- Institution:
- Council of American Ambassadors
- Abstract:
- After serving for two challenging years in the chaos of a war zone as the Deputy Chief of Mission in Iraq, I received word that I would become the next Ambassador to Greece. To be quite honest, I had mixed feelings. I looked forward to the challenge, but I imagined the post would be too sedate compared with the adrenalin-charged days and world-shaping events in Iraq. It was anything but. Within a year of my arrival, the streets were aflame with violent protests over a police shooting of a teenager. A year later, snap elections brought a socialist government to power. And soon thereafter, the onion was further peeled to expose a financial crisis and a crumbling economic foundation built on a corrupt, oligarchic, and debt-addicted system fed by billions of dollars of public and private EU loans and grants.
- Topic:
- Corruption, Economics, Politics, Financial Crisis, and European Union
- Political Geography:
- Europe and Greece
7. 'Broken and Can't Be Fixed': The Impact of the Economic Crisis on the Greek Party System
- Author:
- Susannah Verney
- Publication Date:
- 03-2014
- Content Type:
- Journal Article
- Journal:
- The International Spectator
- Institution:
- Istituto Affari Internazionali
- Abstract:
- The Greek election of May 2012 failed to produce a government, resulting in repeat elections six weeks later. This shock outcome was a symptom of a broader delegitimation of the national political system. Over the past decade Eurobarometer data show a much more extensive loss of confidence in political institutions in Greece than in the European Union as a whole. In a first phase, rising political discontent was managed within the traditional political framework through alternation in power between the two major parties. In contrast, the second phase, following the outbreak of the Greek sovereign debt crisis, led to the dramatic fragmentation of the party system and changed the mode of government formation. This process is not reversible and entails serious democratic dangers.
- Topic:
- Debt, Economics, and Government
- Political Geography:
- Europe and Greece
8. The Greek Debt Restructuring: An Autopsy
- Author:
- Jeromin Zettelmeyer, Christoph Trebesch, and Mitu Gulati
- Publication Date:
- 08-2013
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief— over 50 percent of 2012 GDP—with minimal financial disruption, using a combination of new legal techniques, exceptionally large cash incentives, and official sector pressure on key creditors. But it did so at a cost. The timing and design of the restructuring left money on the table from the perspective of Greece, created a large risk for European taxpayers, and set precedents—particularly in its very generous treatment of holdout creditors—that are likely to make future debt restructurings in Europe more difficult.
- Topic:
- Debt, Economics, Monetary Policy, and Financial Crisis
- Political Geography:
- Europe and Greece
9. Güney Avrupa'da Ekonomik Kriz ve Toplumsal Hareketler
- Author:
- Burak Cop
- Publication Date:
- 02-2013
- Content Type:
- Working Paper
- Institution:
- Global Political Trends Center
- Abstract:
- The southern European countries are those who have been affected the most by the EU sovereign debt crisis. However, compared with Greece and Spain, Italy and Portugal are in relatively better positions in terms of their debt/GDP rate and unemployment figures. There has been a strong popular reaction against the austerity measures in Greece, a country where leftist parties and trade unions have been traditionally strong. Due to the miserable conditions of the economy, the Greek government has been prevented from taking the publics demands into account. It is important to note that the political situation in Greece is very unstable leading to the potential relaxing of the austerity measures. There is no such instability in Spain and Portugal, making the probability of the relaxation of austerity measures unlikely, especially in Spain. Italy has the same potential for political instability as does Greece, and given that it is a country with relatively better conditions, in comparison with the others, some relaxation of the austerity measures may be expected if the centre-left coalition comes to power.
- Topic:
- Debt, Economics, Global Recession, Financial Crisis, Governance, and Reform
- Political Geography:
- Europe, Greece, and Spain
10. The Europe We Would Like to Inherit: Toward a Visionary New Pragmatism
- Author:
- Dustin Dehez, Muddassar Ahmed, Nafeez Mosaddeq Ahmed, Spela Kranjc, and Ivo Sobral
- Publication Date:
- 07-2013
- Content Type:
- Working Paper
- Institution:
- Atlantic Council
- Abstract:
- Europe urgently needs to move forward on a number of crucial reforms simultaneously. To face the challenges of the recession, we need better economic integration. The crisis of the Euro zone is not only a debt crisis. What Europe is facing is a multitude of different crises, of which the debt crises in Greece, Cyprus, Spain, and Italy are only a small part. All European countries have accumulated huge debts, their social security models are facing an inevitable demographic challenge of enormous proportions. The conventional crisis management response—austerity—has failed to create a foundation for future economic stability. To survive, Europe needs to rethink the very foundations of its economic policies for a population that is older and a Europe more fractured. Europe needs to open itself up to immigration, foster regulation and integration of financial markets, overhaul social security structures set up decades ago, galvanize productive investment in new post-carbon industries that will create jobs and spur technological innovation, and invest in a security sector that is capable of projecting stability.
- Topic:
- Foreign Policy, Development, Economics, Politics, and Reform
- Political Geography:
- Europe, Greece, Spain, Italy, and Cyprus