iOS app Android app

Greece Crisis

In Defense of Varoufakis

Mohamed A. El-Erian | Posted 08.03.2015 | World
Mohamed A. El-Erian

LONDON -- When push came to shove, Varoufakis faced the difficult choice of going along with more of the same, despite knowing that it would fail, or trying to pivot to a new approach. He bravely opted for the latter. While his brash style undermined outcomes, it would be a real tragedy to lose sight of his arguments (which have been made by many others as well).

From Greek to Euro Crisis: How German Ideology Is Destroying Europe's Future

Jakob von Uexkull | Posted 08.03.2015 | World
Jakob von Uexkull

The EU must and can settle internal deficits and surpluses, as long as these remain within the euro zone. Therefore, a better integration of economic and fiscal policies and a significant increase in economic transfers within the euro zone are needed.

Welcome to Mykonos, Where the Greece Crisis Seems Far Away

Michael Skafidas | Posted 07.22.2015 | World
Michael Skafidas

MYKONOS -- The island blinks from afar like the most expensive jewel of the Mediterranean, an oasis distant from the turmoil of Greece's economic crisis.

Europe's Worst Crisis in Decades Is Also Populism's Greatest Opportunity

Julian Baggini | Posted 07.20.2015 | World
Julian Baggini

BRISTOL -- Populism appeals to the "will of people" but is actually profoundly undemocratic. Democracy is about the negotiation of competing interests and the balancing of different values. Populism, in contrast, is a kind of mob rule. Where there is complexity, it offers simple solutions. Instead of seeking common ground, it looks to exaggerate the differences between them and us.

Understanding the Greek Financial Crisis

Tanya Nadine Khan | Posted 07.10.2015 | Teen
Tanya Nadine Khan

After last week's referendum, all eyes have been on Greece. For many of us, it is quite difficult to understand how the Greek Financial Crisis has happened, and how it affects the people of Greece, and those countries who use the Euro. Here are the basics of the situation.

Why Debt Relief Won't Solve Greece's Problems

Edmund S. Phelps | Posted 07.13.2015 | World
Edmund S. Phelps

Greece will not get very far out of its present morass without coming to grips with how it got there. The country provides a textbook example of a flawed economic system.

Varoufakis: 'Germany Won't Spare Greek Pain -- It Has An Interest In Breaking Us'

The Guardian | Yanis Varoufakis | Posted 07.10.2015 | World

Greece’s financial drama has dominated the headlines for five years for one reason: the stubborn refusal of our creditors to offer essential debt re...

Half-truths in the Greek Crisis Conceal the Big Picture

Haridimos Tsoukas | Posted 07.10.2015 | World
Haridimos Tsoukas

True statesmanship is finding the courage and having the intelligence to be wise without experiencing tragedy -- to see the big picture, to acknowledge the right of the other side, to craft space for compromise. Can Eurozone leaders live up to that challenge?

Can Tsipras Move From Doublespeak to a Deal?

Andreas A. Papandreou | Posted 07.10.2015 | World
Andreas A. Papandreou

ATHENS -- Tsipras can become a leader of stature and take the deal and side with the vast majority of Greeks on either side of the "Yes"/"No" divide to whom he has promised to remain in the euro and undertake the reforms Syriza has resisted. Alternatively, he can live a short moment of glory as a revolutionary by siding with a small minority of the "no" camp and turn the country into a failed state run by a new set of authoritarian oligarchs.

Greek Crisis: Only the Beginning

Daniel Speckhard | Posted 07.09.2015 | World
Daniel Speckhard

While we all watch with shock as Greece goes into an economic death spiral, much bigger waters are stirring with long term consequences for all of us.

If Greece Takes On a New Outlook, So Will Europe

Jacques Delors | Posted 07.08.2015 | World
Jacques Delors

PARIS -- The Greek government must grasp the fact that its democratic legitimacy cannot, by its very nature, take precedence over the democratic legitimacy enjoyed by its European counterparts.

Losing Home: Being Greek, Abroad, the Day After

Katia Vlachos | Posted 07.08.2015 | Politics
Katia Vlachos

I have written a lot about finding home - the two words that, in my mind, sum up the essence of nomadic life. But until today, I had not felt the need to write about losing home.

The Latest On The Greek Financial Crisis

AP | The Associated Press | Posted 07.07.2015 | World

BRUSSELS (AP) — The latest on the Greek financial crisis (all times Brussels local): ___...

Greece Given Until Sunday For Debt Deal

Reuters | Posted 07.07.2015 | Politics

* Euro zone sets end-of-week deadline for Greece, EU summit Sunday * Juncker warns that plans for "Grexit" are ready if need be ...

Cassandra's Foreboding Ghost Haunts Greece After the 'No' Vote

Michael Skafidas | Posted 07.06.2015 | World
Michael Skafidas

ATHENS -- Tsipras appeared triumphant to greet his voters last night. What kind of a triumph it is remains puzzling. A few meters away from the victorious prime minister in Syntagma Square, the heart of Greece, the ATMs stand dark and empty. "It's sad to admit that we see darker days than before, darker even than during the dictatorship," I heard an old woman saying while queuing to get money a few days ago. "Back then there was political discontent but no poverty. Now we have both."

A Corpse Can't Carry Out Reform in Greece. Here's What Can.

Jeffrey Sachs | Posted 07.06.2015 | World
Jeffrey Sachs

QUITO -- No country -- including Greece -- should expect to be offered debt relief on a silver platter; relief must be earned and justified by real reforms that restore growth, to the benefit of both debtor and creditor. And yet, a corpse cannot carry out reforms. That is why debt relief and reforms must be offered together, not reforms "first" with some vague promises that debt relief will come in some unspecified amount at some unspecified time in the future (as some in Europe have said to Greece).

Can the Eurozone Withstand a Grexit?

Antonio Roldán Monés | Posted 07.06.2015 | World
Antonio Roldán Monés

Although the eurozone is better equipped than it was in the past, it is still a highly imperfect monetary union. In fact, if Greece exits, new vulnerabilities will emerge, and there is no certainty other weak southern periphery economies will actually be protected. This may add to the many reasons for the two parties to reach an agreement this week, allowing Greece to remain in the eurozone. The alternative could be the beginning of the end of the euro.

Greeks' Decisive No Vote Leaves Europe With 2 Options: Forgive Some Debt or, Worse, Face a Grexit

Karl Whelan | Posted 07.06.2015 | World
Karl Whelan

DUBLIN -- The decisive nature of the No vote should persuade European leaders to set aside their hopes of forcing regime change and to focus their minds on the practical implications of a Grexit. They need to acknowledge something that is widely accepted: that Greece cannot pay back all of the money loaned by Europe. Pushing Greece towards a euro exit  is probably the strategy that will ultimately minimize the return of money to the creditors.

A Careful Look at Greece's Options and Why Yes Is the Only One

Costas Meghir | Posted 07.04.2015 | World
Costas Meghir

Understanding the consequences of leaving the Euro has to be analyzed in two separate parts: first the consequences during the transition to the drachma and second the long-term outlook for the Greek economy with its own currency. The transition is, of course, hugely important.

Why Congress Holding the IMF Accountable for Failed Policies in Greece Could Actually Make a Difference

Mark Weisbrot | Posted 07.02.2015 | World
Mark Weisbrot

Unlike many letters from Congress that are ignored by the executive branch, this one might be taken more seriously by the IMF and the U.S. Treasury department -- which is the IMF's most powerful overseer. One reason is that the IMF has been trying for five years to enact reforms in its governance structure that are very important to the Fund and Treasury -- reforms that can't be enacted unless they are approved by Congress.

What European Leaders Besides Merkel Think About The Greek Referendum

The WorldPost | Nathan Gardels | Posted 07.02.2015 | World

Greeks head to the polls on Sunday to vote on whether they’ll continue austerity policies imposed by creditors and their European partners or strike...

Argentina Shows Greece There May Be Life After Default

Joseph E. Stiglitz | Posted 07.01.2015 | World
Joseph E. Stiglitz

Defaults are difficult. But even more so is austerity. The good news for Greece is that, as Argentina showed, there may be life after debt and default.

Europe's Attack on Greek Democracy

Joseph E. Stiglitz | Posted 07.01.2015 | World
Joseph E. Stiglitz

European leaders are finally beginning to reveal the true nature of the ongoing debt dispute, and the answer is not pleasant: it is about power and democracy much more than money and economics.

Live Updates On The Greek Debt Crisis

The Huffington Post | Eline Gordts | Posted 07.02.2015 | World

Greece's banks and stock market were closed on Monday, a new dramatic development in the country's ongoing debt crisis. Talks between the Greek go...

The Incompetent Greek Government, Not Its Creditors, Pushed the Economy off the Cliff

Pierpaolo Barbieri | Posted 06.29.2015 | World
Pierpaolo Barbieri

BUENOS AIRES -- Athens in 2015 will become like Buenos Aires in 2001. Greeks now face the prospect of prolonged capital controls, severe political unrest and eventually a confiscation of ordinary citizens' savings to finance a government's withdrawal from the world.