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Press ReleaseBold Restructuring of Greek Debt Needed for Country’s Economy to Start Growing Again, New Levy Institute Report Says
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The Greek Debt and the German Acquiescence
The Real News Network, February 27, 2015. All Rights Reserved. Initially, Germany stood firm in saying that Greece would have to sign the existing loan program in order to secure an extension, but this was always an untenable position, says Research Scholar James K. Galbraith. For the complete interview: http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=13320 -
BlogPapadimitriou on Greece’s Four-Month Extension
Levy Institute President Dimitri Papadimitriou discusses the four-month extension of Greece’s bailout agreement with its eurozone partners and the mood in Athens in this interview with Kathleen Hays and Vonnie Quinn. -
Blog
The Spanish Launch of Modern Money Theory
Update 2/28: more details here. Sorry, I’ve been very busy in recent weeks, finishing up a book on Minsky and revising my Modern Money Primer for a second edition (more on both of those projects later). Meanwhile, Lola Books is gearing up to release the Primer in Spanish next week. I’ll be in Madrid for [...] -
Bard’s Papadimitriou on Greece
Bloomberg Radio, February 24, 2015. All Rights Reserved. Levy Institute President Dimitri Papadimitriou discusses the approval of Greece’s reform package and the four-month extension of the bailout agreement with its eurozone partners in this interview with Kathleen Hays. To listen to the podcast: http://media.bloomberg.com/bb/avfile/Economics/On_Economy/vLaWHOte5hq4.mp3 -
Policy Notes No. 2
The Greek Public Debt Problem
The Greek economic crisis started as a public debt crisis five years ago. However, despite austerity and a bold “haircut,” public debt is now around 175 percent of Greek GDP. In this policy note, we argue that Greece’s public debt is clearly unsustainable, and that a significant restructuring of this debt is needed in order […] -
Policy Notes No. 2
Το πρόβλημα του Ελληνικού δημόσιου χρέους
Η ελληνική οικονομική κρίση ξεκίνησε ως μια κρίση δημόσιου χρέους πριν από πέντε χρόνια. Ωστόσο, παρά την εφαρμογή της λιτότητας και ένα γενναίο «κούρεμα», το δημόσιο χρέος βρίσκεται σήμερα περίπου στο 175% του ελληνικού ΑΕΠ. Στο παρόν σημείωμα πολιτικής υποστηρίζουμε ότι το δημόσιο χρέος της Ελλάδας είναι μη βιώσιμο και ότι απαιτείται μια πολύ σημαντική […] -
Blog
What’s Wrong with David Leonhardt’s NYT Piece on Inequality?
The New York Times made waves this week with another piece on inequality, saying that it has not risen since 2007. The article was based on this paper by GWU’s Stephen Rose. The article also suggests that expansions are not a good way of looking at trends in inequality (as I have done in the [...] -
Blog
Video: James Galbraith on the Latest Eurogroup Meeting
In the interview below, James Galbraith provides a behind-the-scenes account of the latest rebuff of Greece’s offer by German Finance Minister Wolfgang Schäuble and talks about what lies ahead (in English and Greek): [iframe width=”448″ height=”252″ src=”https://www.youtube.com/embed/_dI75VJUpZY?feature=player_detailpage” frameborder=”0″ allowfullscreen></iframe] -
Blog
Greece Wants to Save Europe, but Can It Persuade Europeans?
Most analysis of the Greek debt crisis ignores an important reality: While Greece may be the villain du jour, every eurozone nation is profoundly short of cash. That’s because of a well-acknowledged, but not fully appreciated, flaw at the heart of eurozone financial architecture that converted a historically unprecedented number of nations from issuers of [...] -
Tax Anticipation Notes: A Timely Alternative Financing Instrument for Greece
Credit Writedowns, February 16, 2015. All Rights Reserved. The recent election of an explicitly anti-austerity party in Greece has upset the prevailing policy consensus in the eurozone, and raised a number of issues that have remained ignored or suppressed in policy circles. Expansionary fiscal consolidations have proven largely elusive. The difficulty of achieving GDP growth […] -
Policy Notes No. 1Europe at the Crossroads
Given the continuing divergence between progress in the monetary field and political integration in the euro area, the German interest in imposing austerity may be seen as representing an attempt to achieve, de facto, accelerated progress toward political union; progress that has long been regarded by Germany as a precondition for the success of monetary […]