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81. Stepping up Growth Policies

Author:
Stefano Micossi
Publication Date:
03-2012
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
The eurozone is in recession and will show negative growth in 2012; GDP will fall sharply in Greece and Portugal, and there is substantial risk that Spain and Italy will follow suit (the Commission's recent forecasts seem overly optimistic and complacent; the IMF is more downbeat). But fiscal policies are uniformly restrictive throughout the eurozone and much of the Union, and the hopes that fiscal consolidation could spur growth by improving household and business confidence are not materialising. In reality, domestic demand has been hit too hard by fiscal consolidation, and investment throughout the Union remains well below pre- crisis levels. Credit is tight due to the deteriorating quality of borrowers and the ongoing deleveraging in banking.
Topic:
Economics, Foreign Exchange, International Trade and Finance, Markets, and Financial Crisis
Political Geography:
Europe and Greece

82. Mispricing of Sovereign Risk and Multiple Equilibria in the Eurozone

Author:
Paul De Grauwe and Yuemei Ji
Publication Date:
01-2012
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
This paper finds evidence that a significant part of the surge in the spreads of the PIGS countries (Portugal, Ireland, Greece and Spain) in the eurozone during 2010-11 was disconnected from underlying increases in the debt-to-GDP ratios, and was the result of negative market sentiments that became very strong since the end of 2010.
Topic:
Economics, Monetary Policy, and Financial Crisis
Political Geography:
Europe, Greece, Spain, Portugal, and Ireland

83. Rising Tensions in the Eastern Mediterranean: Implications for Turkish Foreign Policy

Author:
Ebru Oğurlu
Publication Date:
03-2012
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
Over the last few years, the Eastern Mediterranean has been increasingly fraught with growing competition between regional players, most notably Turkey, Cyprus, and Israel, signalling an apparent return of power politics in regional relations. Of all actors involved, Turkey stands out for being both an ever more influential power and a source of serious concern to other countries in the region due to its greater assertiveness and perceived hegemonic ambitions. Against the backdrop of recent regional developments and their international implications, including the dispute over drilling rights off Cyprus' coasts, Turkey's image as a constructive and dialogue-oriented country, a critical achievement pursued by a generation of Turkish politicians, diplomats and officials, risks being replaced by one of an antagonistic/assertive power. Facing the first serious challenge to its claim to embody a benign model as a secular Muslim democracy and a responsible international actor, Turkey should not indulge in emotional reactions. It should opt instead for a more moderate and balanced approach based on the assumption that only cooperation and constructive dialogue, even with rival countries, can help it realize its ambition of being the regional pivot.
Topic:
Foreign Policy, Democratization, Development, Islam, and Power Politics
Political Geography:
United States, Europe, Middle East, Israel, Greece, Asia, Colombia, and Cyprus

84. Liquidity in times of crisis: Even the ESM needs it

Author:
Daniel Gros and Thomas Mayer
Publication Date:
03-2012
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
This paper argues that the new permanent European rescue fund, the European Stability Mechanism (ESM), should be provided with a liquidity backstop by having it registered as a bank – and be treated as such by the European Central Bank. If the crisis were to become acute again, the ESM would stand ready to intervene in secondary markets, potentially with almost unlimited amounts of funding. Access to central bank financing will be crucial in a future crisis, because in such a crisis risk aversion is likely to be extreme, and even the ESM might not be able to raise at very short notice the huge sums that might be required to prevent a breakdown of the financial system. Hundreds of billions of euro might be needed just to top up the programmes for Greece, Ireland and Portugal – and Spain and Italy may require more than a thousand billion euro. Sums of this order of magnitude cannot be raised quickly by a new institution. Simply increasing the headline size of the ESM might thus be of little use.
Topic:
Debt, Economics, Monetary Policy, and Financial Crisis
Political Geography:
Greece, Spain, Italy, Portugal, and Ireland

85. Insight Greece: The Origins of the Present Crisis

Author:
Vassilis K. Fouskas
Publication Date:
04-2012
Content Type:
Journal Article
Journal:
Insight Turkey
Institution:
SETA Foundation for Political, Economic and Social Research
Abstract:
This commentary counters conservative, liberal, and social democratic explanations about Greece's sovereign debt crisis. It advances an original analysis as to what the sources of the Greek debt are and what steps should be taken in order to emerge successfully from it. The argument put forth is that responsibility for the country's debt should be placed squarely on the shoulders of Greece's two main parties ruling the country since 1974 (New Democracy and PASOK) in conjunction with the Euro-Atlantic political elites, the inter-section of which is straddled by a compradorcum financial oligarchy Greek style. The solution is a debtor-led default and immediate exit from the eurozone. But, it is maintained that this cannot take place under the aegis of the old two-party corrupt regime.
Political Geography:
Greece

86. The Political Origins of the Greek Crisis: Domestic Failures and the EU Factor

Author:
Dimitris Tsarouhas
Publication Date:
04-2012
Content Type:
Journal Article
Journal:
Insight Turkey
Institution:
SETA Foundation for Political, Economic and Social Research
Abstract:
This article argues that the origins of the Greek malaise are primarily political rather than economic and rooted in the delay, postponement, and half-hearted implementation of public policy reforms that preceded the crisis. The 2007-08 global economic crisis triggered market scrutiny over Greece, as it brought to an end a period of abundant liquidity and a relaxed attitude by global markets vis a vis Eurozone members. Greece's impossible fiscal position was brutally exposed, and a downward spiral began. The article also argues that although Greece set itself up for failure, the Eurozone's inability to act swiftly and early, to diagnose the problem correctly and to combine a policy mix consisting of budgetary consolidation and policy reform further exacerbated the problem. Despite the fact that disorderly default has been avoided and a sense of normalcy has returned, Greece has to move swiftly on the reforms front to avoid disaster.
Topic:
Economics
Political Geography:
Greece

87. Fear Athens Less and Washington More

Author:
Irwin M. Stelzer
Publication Date:
05-2012
Content Type:
Working Paper
Institution:
Hudson Institute
Abstract:
There comes a tide in the affairs of men And the one sweeping from Greece, across Europe and into the United States is washing away support for austerity, in some cases reinforcing opposition to it, largely from the Left. President Obama is delighted at this support for his refusal to cut spending in the face of mounting deficits, and the Republicans are feeling beleaguered at what they see as the disinterment of the body of works of John Maynard Keynes. No longer must the President sit at G8 meetings (in this weekend's case, G7 since Vladimir Putin finds it necessary to stay at home to deal with an unpleasant spate of dissent) and hear only the voice of Germany's iron Chancellor, Angela Merkel, extolling the virtues of thrift, austerity and balanced budgets. Now he has France's new socialist President, François Hollande, to preach the virtues of spending, "the indispensable stimulation of the economy", and, even better, high taxes-- up to 75% on incomes in excess of $1.35 million per year, which makes the team of Buffett and Obama mere pikers at the soak-the-rich game. Secretary of State Hillary Clinton expressed the administration's delight at Hollande's "different political approach Different voices may be louder on growth than they have been It's been our view that there needed to be adjustments to austerity, so that there could be growth, both for economic reasons and for political reasons President Obama and our economic team have been saying for some time that growth had to factor into a European recovery." Take that, Mrs. Merkel and all you Republicans who want to cut entitlement spending and retain the Bush tax cuts that benefit "millionaires and billionaires", Obama shorthand for families earning more than $250,000 per year.
Topic:
Economics, International Trade and Finance, Monetary Policy, and Budget
Political Geography:
United States, Europe, Washington, Greece, and France

88. Cypriot Perceptions of Turkey

Author:
Christalla Yakinthou and Rebecca Bryant
Publication Date:
08-2012
Content Type:
Special Report
Institution:
Turkish Economic and Social Studies Foundation (TESEV)
Abstract:
This report contains the findings of TESEV Foreign Policy Program’s survey of the perception of Turkey in Cyprus. Conducted by Rebecca Bryant and Christalla Yakinthou, the survey aims to understand and represent Turkish and Greek Cypriot assessments of their respective relationships with Turkey today. The report uses a set of fifty extended interviews to present Cypriots’ anxieties, hopes, and fears regarding their relationships with Turkey and possibilities for the future. The report reveals some striking findings. While Turkish Cypriots demand sovereign equality from Turkey; Greek Cypriots are more concerned with the economic performance of Turkey and Greece, rather than the role of Turkey on the future of the island. Both sides think of Turkey’s military presence on the island as an issue and it is also widely believed that Turkey should adopt a more constructive attitude and take concrete steps towards a long-term solution. u rapor TESEV Dış Politika Programı’nın Kıbrıs’ta Türkiye algısını anlamaya yönelik çalışmasının detaylı sonuçlarını içermektedir. Rebecca Bryant ve Christalla Yakinthou tarafından yürütülen bu çalışma, Kıbrıslı Türk ve Rumların Türkiye ile olan ilişkilerini nasıl değerlendirdikleri üzerinde durmaktadır. Araştırma ada genelinde çeşitli kanaat önderleriyle yapılan elli derinlemesine mülakat aracılığıyla Kıbrıslıların Türkiye ile ilgili görüş ve beklentilerini ortaya koymaktadır.
Topic:
Conflict Resolution, Foreign Policy, Sovereignty, Territorial Disputes, and Economy
Political Geography:
Turkey, Middle East, Greece, Cyprus, and Mediterranean

89. İsrail 2012

Publication Date:
01-2012
Content Type:
Journal Article
Abstract:
The year 2012 was a critical year for Israel because of the political change in Egypt. Israeli relations with Turkey were also affected as the tension experienced in the region on social change shaken trust among neighbors. Tel Aviv holds that the uprisings in the Arab world signal continuous collapse of authoritarian regimes and thus inevitably pave the way for the rise of Islamic movements. Since the beginning of the uprisings in the Middle East, Israeli decision-makers remained on alert. Israel was directed to find new actors to resolve its loneliness in the region. These actors later appeared as Greece, Cyprus, Azerbaijan and Armenia. Their common feature is that all of these countries' relations with Turkey are somehow problematic. For Israel developing relationships with these countries also means cornering Turkey. On the other hand, there were also differences of opinion between the U.S. and Israel emerged in 2012 that should be noted. Indeed, 2012 saw that the seemingly unshakable alliance between the U.S. and Israel could in fact be in trouble following the two's differing responses to Iran's nuclear power ambitions. The latter issue showed that profound differences of opinion may well surface in the near future.
Political Geography:
Iran, Turkey, Middle East, Greece, Azerbaijan, Egypt, and Cyprus

90. La fabrique politique d’une frontière européenne en Méditerranée. Le « jeu du mistigri » entre les Etats et l’Union (The political fabric of a European frontier in the Mediterranean: The “jeu du mistigri” between the States and the European Union )

Author:
Evelyne Ritaine
Publication Date:
07-2012
Content Type:
Special Report
Institution:
Centre d'Etudes et de Recherches Internationales
Abstract:
The political determination of the Mediterranean border of the European Union seen from the perspective of the Southern European countries (Spain, Italy, Greece, Malta) illustrates the symbolic and political importance for these nations of maintaining control of the border. It has a significant impact on the types of controls that are enacted and the interplay between national and European decisions. Placing this question on the agenda brings to light a Mediterranean perspective regarding the exterior borders of the European Union that is largely determined by the conditions of integration of the different countries into the Schengen area. This new border regime is the result of complex political games and is seen as a security issue. The actual set of controls seems to be less planned and legal-rational than simply erratic and the result of tensions between internal tactics, nation state strategies and attempts at bringing within the ring of EU.
Topic:
Security, Migration, European Union, Regulation, Borders, and State
Political Geography:
Greece, Balkans, Spain, North Africa, Italy, Western Europe, Mediterranean, European Union, and Malta