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Negotiations between the Greek and European Finance Ministers Go Nowhere
Background Briefing with Ian Masters, July 7, 2015. All Rights Reserved. From Athens, Greece, Levy President Dimitri B. Papadimitriou provides an update on emergency negotiations between the new Greek finance minister and his European counterparts, amid warnings by German Chancellor Angela Merkel that “it is no longer about weeks, but a matter of days” before […] -
BlogEuro Union – Quo Vadis?
This week a slow-motion train wreck hit the wall in Europe. Greece’s Syriza government came to power earlier this year on a mandate to keep Greece in the euro but end austerity. It was clear from the start that this project could only work out if Greece’s euro partners finally acknowledged that their austerity policies [...] -
Working Paper No. 840The Effects of a Euro Exit on Growth, Employment, and Wages
A technical analysis shows that the doomsayers who support the euro at all costs and those who naively theorize that a single currency is the root of all evil are both wrong. A euro exit could be a way of getting back to growth, but at the same time it would entail serious risks, especially […] -
Greece Defaults on IMF
RT, July 2, 2015. All Rights Reserved. Research Associate Pavlina R. Tcherneva outlines the conditions that would encourage Greece to accept a bailout offer and provides her take on the government’s debt reconstruction deal. Video of the interview is available here (3:35): http://rt.com/shows/boom-bust/271168-greece-defaults-imf-creditors/ -
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Why Greece’s Budget and Debt Restructuring Discussions Need to Be Tied Together
Pavlina Tcherneva spoke to RT’s Erin Ade yesterday on Greece’s impossible situation: [iframe width=”427″ height=”255″ src=”https://www.youtube.com/embed/1FUcBvaHdik?;start=210″ frameborder=”0″ allowfullscreen></iframe] -
Bard’s Papadimitriou on Outcomes of Greece Debt Crisis
Bloomberg Radio, June 29, 2015. All Rights Reserved. Papadimitriou provides a picture of what it’s like on the ground in Athens, where the prevailing mood is defined by “negotiation fatigue” and anxiety about the end of the bailout agreement on June 30. Greece is being asked to do the impossible, says Papadimitriou: to impose extra […] -
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Greek Debt Disaster Bodes Ill for Daily Life
“There are red lines in the sand that will not be crossed,” Greek Prime Minister Alexis Tsipras said just weeks ago as he began the long negotiations process with creditors. Some of these lines included no more pension cuts or value-added tax (VAT) increases, and a debt restructuring deal that incorporates renewed economic assistance from [...] -
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Martin Wolf on the UK’s Sectoral Balances
In this video segment, Martin Wolf briefly illustrates the UK’s “severe sectoral imbalances” and the dangers of the current government’s budget policy: [iframe width=”427″ height=”255″ src=”https://www.youtube.com/embed/bVU0LpZrLlk?start=2601″ frameborder=”0″ allowfullscreen></iframe] Below is what Wolf describes as his favourite chart (discussed at 48:40), which puts the UK’s public debt situation — the ostensible justification for the above-mentioned budget policy [...] -
La crisi negli USA: Il punto di vista di Jan Kregel
Economia, June 23, 2015. All Rights Reserved. All’interno del quadro economico internazionale, Jan Kregel, direttore del programma “Politica Monetaria” presso il Levy Economic Institute negli USA, analizza qual è stato il ruolo degli Stati Uniti all’interno della crisi economica. Uno degli elementi che viene messo maggiormente in evidenza, è l’ importanza data al settore finanziario, rispetto all’economia reale: ciò ha […] -
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On Demands for Greek “Reform”
Senior Scholar James Galbraith on the “reforms” being demanded by creditors (vis. pensions, labor markets, privatization, and the VAT) in the negotiations over Greece’s fate: On our way back from Berlin last Tuesday, Greek Finance Minister Yanis Varoufakis remarked to me that current usage of the word “reform” has its origins in the middle period of the Soviet [...] -
Press ReleaseNegotiating Deadlock and Insistence on Austerity Policies Further Undermine Greek Economy, New Levy Report Says
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An Ecological Future for SFC Macroeconomics?
SFC (stock-flow-consistent) economics is about watertight accounting: each model strictly accounts for all financial stocks and flows, making sure, for example, that when a change in someone’s income is assumed, all corresponding changes to other incomes and balance sheet items and their behavioral effects are taken into account. Along the same lines are [...]