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211. Republic of Cyprus: Parliamentary Elections of 2011

Author:
Lenka Peťková
Publication Date:
06-2011
Content Type:
Policy Brief
Institution:
Global Political Trends Center (GPoT)
Abstract:
The UN Good Offices’ website1 featuring the latest updates on the UN-sponsored Cyprus talks currently gives the accord of 110 meetings of the Greek Cypriot and Turkish Cypriot leaders, which translates into a frequency of one meeting in every 9 days. Yet, when the RoC celebrated its 50th anniversary in the Autumn of 2010, the island was still cut into two parts by the ceasefire line that was first marked in 1964.
Topic:
Politics, United Nations, Elections, and Conflict
Political Geography:
Turkey, Greece, Cyprus, and Mediterranean

212. Dual convergence or hybridization? Institutional change in Italy and Greece from the Varieties of Capitalism perspective

Author:
Andreas Kornelakis
Publication Date:
02-2011
Content Type:
Journal Article
Journal:
Central European University Political Science Journal
Institution:
Central European University
Abstract:
The article tracks institutional changes within two central spheres for Varieties of Capitalism (VoC) theory: the industrial relations system and the finance/corporate governance system. Italy and Greece are examined in comparative perspective vis-à-vis CME and LME paradigm cases. The review of recent developments reveals that while industrial relations in both countries show signs of greater coordination, the finance/corporate governance system acquired increasingly liberal market characteristics. Thereby, this analysis casts doubt to the dual convergence thesis, arguing that the hybrid character of the two countries was exacerbated over the last two decades.
Political Geography:
Greece and Italy

213. Filippo Fontanelli, Giuseppe Martinico Paolo Carrozza (eds). Shaping Rule of Law Through Dialogue. International and Supranational Experiences

Author:
Luis Castellvi Laukamp
Publication Date:
02-2011
Content Type:
Journal Article
Abstract:
Dialogue, this noble art, which, like many other things, was invented by the Greeks, is always a sort of collaboration, a way of trying to attain the truth. Perhaps this is why Plato used it as a literary vehicle when he wrote his Socratic dialogues, a corpus of pieces in which he laid the foundations of Western philosophy. Deeply impressed by the death of his mentor Socrates, Plato wrote some of the most brilliant and insightful works of all time, perhaps in order to keep on debating with his master after his death. In all likelihood, no-one since has ever had the same great ability to create such architectures of thought. His enjoyable and entertaining dialogues deal with essential topics such as the nature of time, politics, love, and death. Not only is his style concise and meticulous, with a proverbial ability to pose the right questions, but also didactic and kind. His dialogues enable all participants to engage in an inquiry which, despite not always being successful in reaching the desired goal, has at least proved to be a fundamental tool in the development of all expressions of human thought. The book under review is inspired, mutatis mutandis, by this very same philosophy regarding dialogue. As its editors (Filippo Fontanelli, Giuseppe Martinico, and Paolo Carrozza) point out in their introduction, '[t]he process of fragmentation of the international legal order and the absence of constitutional devices governing the connections between the various legal regimes can be reduced to a rational picture only through the activity of the judges' (at 23). This is why judges play a key role in creating and developing links between the different legal systems which constitute our multi-level judicial environment. The increasingly complex nature of the interaction between national and international judges has often been
Topic:
Development, Government, Politics, and Law
Political Geography:
Greece

214. How to Save the Euro - and the EU

Author:
Henry Farrell and John Quiggin
Publication Date:
05-2011
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
The European Union is in danger of compounding its ongoing economic crisis with a political crisis of its own making. Over the last year, crises of confidence have hit the 17 EU members that in the years since 1998 have given up their own currencies to adopt the euro. For the first decade of this century, markets behaved as though the debt of peripheral EU countries, such as Greece and Ireland, was as safe as that of core EU countries, such as Germany. But when bond investors realized that Greece had been cooking its books and that Ireland's fiscal posture was unsustainable, they ran for the door. The EU has stopped the contagion from spreading -- for now -- by creating the European Financial Stability Facility, which can issue bonds and raise money to help eurozone states. Together with the International Monetary Fund, the European Financial Stability Facility has already lent Greece and Ireland enough money to cover their short-term needs. But such bailouts are only stop-gap measures. Portugal and Spain, and to a lesser extent Belgium and Italy, remain vulnerable to pressure from bondholders. Portugal is likely to receive 50-100 billion euros over the next few months. But should Spain also need a bailout -- which could cost as much as 600 billion euros -- the 750 billion euro European Financial Stability Facility would soon be exhausted. In that event, the main euro creditors, primarily British, French, and German banks, might have to accept so-called haircuts, substantial cuts in the principals of their loans. (The banks' tax-avoidance strategies might inflate this total, but the Bank for International Settlements has estimated that the exposure of British, French, and German banks to the group of vulnerable debtor states referred to as the PIGS -- Portugal, Ireland, Greece, and Spain -- amounted to more than $1 trillion in mid-2010.) Encouraged by Germany, some of the states in difficulty have sought to placate bond markets by making ruthless cuts in government spending. But as many economists have pointed out, these measures are hindering growth without satisfying bondholders that their money is safe; bondholders worry that these measures are not politically sustainable. In fact, they are likely to undermine Europe's political union.
Political Geography:
Europe, Greece, Germany, Belgium, and Ireland

215. Can the eurozone countries still live together happily ever after?

Author:
Marcello Messori
Publication Date:
03-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
After the Greek public debt crisis and the bilateral loans to Greece from the other members of the European Monetary Union (EMU), in May 2010 the Ecofin Council launched the European Financial Stabilization Mechanism (EFSM). In June of the same year the EMU countries instituted the European Financial Stability Facility (EFSF). These two mechanisms, which are charged with providing support to EMU countries in “exceptional difficulty”, received their baptism of fire with Ireland in January 2011 and successfully made their first bond issue on the market.
Topic:
Debt, Economics, and Monetary Policy
Political Geography:
Europe and Greece

216. Europe: No Happy Anniversary

Author:
Vanessa Rossi and Will Jackson
Publication Date:
06-2011
Content Type:
Journal Article
Institution:
Chatham House
Abstract:
Just one year ago, as financial markets lost confidence in the Greek government's ability to meet its mounting debt obligations, fellow Eurozone members along with the International Monetary Fund (IMF) stepped in to provide a 110 billion euro bail-out. This prevented an immediate collapse in Greece's public sector and financial system. However tough and unpopular the last year of fiscal austerity and recession has been, it would have been far worse without the emergency loans.
Political Geography:
Europe and Greece

217. Turkey and Greece: Time to Settle the Aegean Dispute

Publication Date:
07-2011
Content Type:
Policy Brief
Institution:
International Crisis Group
Abstract:
Normalisation between Greece and Turkey has come far since tensions in the Aegean Sea threatened war three times between the NATO allies. Trade, investments and mutual cooperation and tourism have taken off, sidelining issues like the Cyprus problem, which first stirred up the Aegean dispute in the early 1970s. Frequent bilateral talks and Turkey's unofficial 2011 suspension of military over-flights of Greek islands suggest that the time may be ripe for a solution to that dispute. Turkey's strong new government elected in June is interested in further asserting itself as a responsible regional power, solving problems in its neighbourhood and clearing obstacles to its European Union (EU) accession. With Athens in the midst of a financial crisis and needing any economic lift and increased security it can find, this unnecessary and still potentially dangerous conflict should be resolved. A good strategy would be a synchronised set of steps to prepare public opinion on both sides, leading to a bilateral agreement and including, if needed, eventual re- course to international adjudication.
Topic:
Conflict Resolution, NATO, Bilateral Relations, and Territorial Disputes
Political Geography:
Turkey and Greece

218. Macedonia: Ten Years after the Conflict

Publication Date:
08-2011
Content Type:
Working Paper
Institution:
International Crisis Group
Abstract:
Ten years after signature of the Ohrid Framework Agreement (OFA) that ended fighting between the country's ethnic Albanians and Macedonians, much of the agreement has been implemented, and a resumption of armed conflict is unlikely. Macedonia is justified in celebrating its success in integrating minorities into political life, but inter-party and inter-ethnic tensions have been growing for five years. While this part of the Balkans looks to eventual EU membership to secure stability, it remains fragile, and worrying trends – rising ethnic Macedonian nationalism, state capture by the prime minister and his party, decline in media and judicial independence, increased segregation in schools and slow decentralisation – risk undermining the multi-ethnic civil state Macedonia can become. Prime Minister Nikola Gruevski, who has just formed a new government, should work closely with his Albanian coalition partners and opposition parties to pass and implement the measures needed for more democratisation, inter-ethnic reconciliation and a solution to the name dispute with Greece.
Topic:
Conflict Resolution, Civil War, and Ethnic Conflict
Political Geography:
Greece, Balkans, Macedonia, and Albania

219. William Mallinson Cyprus: Diplomatic History and the Clash of Theory in International Relations

Author:
Alexandros Nafpliotis
Publication Date:
01-2011
Content Type:
Journal Article
Journal:
The Rest: Journal of Politics and Development
Institution:
Centre for Strategic Research and Analysis (CESRAN)
Abstract:
The Cyprus issue has dominated a substantial part of the literature on the Eastern Mediterranean, as regards both international relations and history, in the last 35 years. There has been a multitude of works on the history of the island and its 1974 troubles (see, for example, other books published recently by I.B. Tauris, including Dimitrakis' Military Intelligence in Cyprus: From the Great War to Middle East Crises; Asmussen's Cyprus at War: Diplomacy and Conflict During the 1974 Crisis, and Mallinson's own Cyprus: a modern history). Where the present study differs considerably from other texts on the subject is its unique approach. Mallinson (a former diplomat and a lecturer at the Ionian University of Greece) uses his experience as an international relations historian, theorist and practitioner to shed light on the causes of conflict over Cyprus.
Topic:
International Relations and War
Political Geography:
Middle East, Greece, and Cyprus

220. Europe on the Brink

Author:
Simon Johnson and Peter Boone
Publication Date:
07-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
Attempts to resolve the problems in Europe are failing, and the crisis is spreading from Greece, Ireland, and Portugal to larger nations. Europe's financial system relies on moral hazard, i.e., a “no defaults” policy, to attract the funding needed to roll over large amounts of short–term bank and sovereign debt. Now that politicians in creditor nations are calling for private sector burden sharing, investors are demanding higher interest rates to hold these debts. But higher rates may tip banks and nations toward bankruptcy. Europe's banks and financial system are highly integrated across countries. Rising expectations of default in some countries could lead to large-scale capital flight into “safe” countries. This shift will raise concerns regarding solvency and liquidity of many financial institutions. The payments system of the euro area is serving as an opaque bailout mechanism that is currently preventing the euro area from falling apart at this time. If the number of nations in trouble spreads beyond Greece, Ireland, and Portugal, this bailout system will be stressed because of the potential size of accumulated funding. The European Central Bank (ECB) could soon see a vocal debate between inflationist and hawkish (anti–inflation) members. Inflationists will call for large–scale interventions, including bond buybacks and emergency loans, while the hawks will attempt to close loopholes in the payments system that effectively permit each troubled nation to create money needed to finance capital flight and budget deficits. At this stage in the debate, we see little chance that Europe can avoid ending the “moral hazard” regime, in which case it needs to plan for widespread sovereign and bank debt restructurings.
Topic:
Debt, Economics, Regional Cooperation, and Financial Crisis
Political Geography:
Europe, Greece, and Ireland