World News Insights
1-3 Minute Gist
Search, personalize, or simply browse. Follow the world around you from gist and context to insights.
Who we are | Our Credo | Ways of using Lyrarc | FAQ | Send Feedback | First Letter From the Editor
Sign up. It's free and easy to use
Create an account
to personalize your feed of articles and topics.
All Topics Article
Greek Debt Crisis: The Back Story
Keywords:
Nancy Koehn calls this a brave and insightful book, with relevance for readers watching the debt ceiling negotiations unfold in the U.S. in July 2011. The question he asks about how the elites could have got so many things wrong relate to Greece as well as the bubbles and ensuing crises in the U.S. in the last decade. Manolopoulos points to the problems of using GDP indicators if the economic activity it measures is not reflecting an increase in the productive capabilities and competitiveness of the country. He also cautions about the negative impact of liberalization of capital flows if this results in a large pool of global credit that short termist governments can access without regard to the longer term consequences of repayment. The creation of bubbles is one danger of access to large pools of capital. another danger is that this capital leads to governments relaxing all conservative practices of budgeting in managing a nation's finances.
Causes of the debt crisis in Greece and the failure to come to terms with the problem inside Greece
03/03/2010
A estimated one third of the workforce is in the public sector in Greece placing a large burden on the government budget. Nominal private sector labor costs went up by 62% in Greece compared to 15% in Germany for the period 2000-2008. Much of this was done through the government spending of borrowed money. The smaller private sector with only small productivity gains and the weak tax collection was never going to be able to support the large number of civil servants. Carney says the 30,000 reduction in the number of civil servants agreed to for 2010 has not been done, raising questions about implementation of the 150,000 in reductions required by the EU.
Grouped Articles
Greek Debt Crisis: The Back Story
New York Times 08/13/2011
Wall Street Journal 03/03/2010
Athens's Love Affair With the Euro Persists
Wall Street Journal 11/04/2013
BusinessWeek 06/24/2010
The Submarine Deals That Helped Sink Greece
Wall Street Journal 07/10/2010
In Greece, Bailout May Hinge on Pursuing Tycoons
New York Times 02/26/2015
The view of the debt crisis from inside Greece- June 2011
03/03/2010
Grouped Articles
Greek Debt Crisis: The Back Story
New York Times 08/13/2011
Wall Street Journal 03/03/2010
New York Times 06/21/2011
Some Greeks Fear Government Is Selling Nation
New York Times 06/22/2011
Matthew Winkler Talks to George Papandreou
BusinessWeek 07/21/2011
Anger and Humiliation on Streets of Athens
Wall Street Journal 11/05/2011
Faces of recession battered Greece as new austerity programs are adopted by the government
06/28/2011
Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
New York Times 11/03/2013
Greece’s prescription for a health-care crisis - The Washington Post
Washington Post 02/22/2014
Across Athens, Graffiti Worth a Thousand Words of Malaise
New York Times 04/15/2014
Greek Patience With Austerity Nears Its Limit
New York Times 12/29/2014
Greece’s new prime minister wants Germany to pay for Nazi war crimes - The Washington Post
Washington Post 01/26/2015
Books on the euro-zone financial crisis of 2010-2012
08/13/2011
The book "Greece's 'Odious Debt': The Looting of the Hellenic Republic," is a frank and insightful acccount of the Greek debt crisis by a hedge fund manager for emerging markets, Jason Manalopoulos. He asks timely and relevant questions which can be posed for Greece, the U.S. and other countries.
Grouped Articles
âAlchemistsâ Looks at Central Bankersâ Handling of Crisis
New York Times 05/04/2013
Hedge Funders Are All a Little Nuts
Wall Street Journal 08/27/2013
How the 'Wolf of Wall Street' Really Did It
Wall Street Journal 01/04/2014
Greek Debt Crisis: The Back Story
New York Times 08/13/2011
European Leaders Seek Bold Debt Deal, Despite Hurdles
New York Times 10/21/2011
Why Wall Street Can't Handle the Truth
Wall Street Journal 11/05/2011
Dutchman Bob Traa's mid-2009 IMF report on Greece and the warning light on Greece
03/03/2010
Analysts point to the lack of immediate action as the main reason the crisis is spiralling out of control. The IMF report in mid 2009 raised the alarm on Greece's financial situation. One estimate is for bondholders needing to take 85% haircut on loans to Greece, instead of the 50% agreed to under the EU plan in November 2011. The situation has worsened as ECB president Trichet and others in the EU pushed austerity plans on Greece without working out needed serious debt reduction of over half the debt in 2009. The idea of a default in the eurozone was considered unthinkable, leading to errors in judgement by decisionmakers.
Grouped Articles
Greek Debt Crisis: The Back Story
New York Times 08/13/2011
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
Wall Street Journal 03/03/2010
Past Rifts Over Greece Cloud Talks on Rescue
Wall Street Journal 10/07/2013
A look back at Greece's history in the midst of today's crisis
06/24/2010
Prof. Mazower of Columbia University describes the role played by Greece in the history of the U.S. and Europe in the last 200 years, and how it is again at the centre of events today.
Grouped Articles
BusinessWeek 06/24/2010
Democracyâs Cradle, Rocking the World
New York Times 06/29/2011
Wall Street Journal 07/22/2011
Greek Debt Crisis: The Back Story
New York Times 08/13/2011
Modern Greece’s real problem? Ancient Greece. - The Washington Post
Washington Post 11/07/2011
Far-Right Politician in Greece Slaps Rival on TV
New York Times 06/07/2012
Greece: politics and government 2009-2012
06/15/2011
Grouped Articles
At Impasse, Greek Leader Vows to Reset Cabinet
New York Times 06/15/2011
Greek Leader Faces Key Confidence Vote
Wall Street Journal 06/21/2011
Wall Street Journal 06/21/2011
Some Greeks Fear Government Is Selling Nation
New York Times 06/22/2011
Greece Approves Tough Measures on Economy
New York Times 06/29/2011
Athens Lawmakers Pass Austerity Legislation
Wall Street Journal 07/01/2011
We took a different way to help millions around the world build educated informed mindsets that affects and shapes their lives. For a future that is open, global and digital, with everyone having access to high quality information. We believe in the renewal of America, renewal of Europe, the renewal of India, the rest of Asia, Latin America and Africa. The renewal of our supply chains, health, education, infrastructure, as we rebuild our countries after the pandemic. Literacy and knowledge we believe cannot thrive and grow in a world of web bots, web crawlers, or AI. This requires human curiosity, human learning, and human imagination. We take as inspiration the saying- “One has to be free, and as broad as sky. One has to have a mind that is crystal clear, only then can truth shine in it.” Every contribution whether big or small is precious- in this crisis and ahead.
Support Lyrarc from as small as $1
Terms and Conditions | Copyright Policy | Privacy Policy | Contact Us