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What Greece Won
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In this exceptional piece Krugman says Greece has won flexibility in the negotiations with the EU in April 2015, contrary to the media coverage. He says under the Samaras government negotiated agreement with the EU the primary surplus, the difference between the revenue and expenditures not including interest on debt, would have to be triple what it would be now for the next few years. This is the only figure that matters, says Krugman, as it is the amount that is transferred to the creditors. The Syriza government plans to run only a small primary surplus, which itself involves large sacrifices in Greece with the drop in revenues from the decline in the economy. Language about future surpluses is left obscure, and Greece continues to get financing for the next few months. In other areas Syriza agreed to structural reforms in the labor market regulations, and to take strong action against tax evasion, which he describes as constructive steps on the path to economic recovery.
Krugman on the debt negotiations between Greece and the EU in April 2015- how the Syriza government Greece wins flexibility for 2015-2016
02/24/2015
Krugman cuts through the fog of media commentary about the Greece negotiations with the EU in April 2015. He says in actual fact the situation is better for Greece than under the previous government, with Greece winning new flexibility for how much it must make in cuts. Under the Samaras government the primary surplus, which is the difference between revenue and expenditures not counting interest on debt, would have to triple from what it is likely to be now. Syriza Tsipras government has won flexibility by keeping language about increases in the future surplus obscure. Krugman points out that it is the primary surplus that matters most, because it is the money Greece has to transfer to creditors. On the revenue side Krugman says collecting taxes needs to be more efficient, and he cannot see how this should be any other way. In the eurozone as a whole the move is away from austerity and towards constructive reforms that promote economic growth. Italy and France also won new flexibility in talks with the EU in addressing the deficit for 2015-2016. As a result the story is positive for the eurozone, yet commentary in the media makes it look like there is the prospect of further decline in the region. As a sign of the recovery auto sales in the eurozone increased by about 9% year over year for the 1st quarter of 2015, with sales increases across the eurozone including Greece and Ireland, and large increases in Spain, Portugal.
Grouped Articles
New York Times 02/27/2015
In Greek Crisis, Rare Moment of Consensus
New York Times 02/24/2015
New York Times 04/20/2015
Greece Flashes Warning Signals About Its Debt
New York Times 04/19/2015
Greece’s Long and Painful Odyssey
Wall Street Journal 04/22/2015
Greece Says It Is Changing Team That Negotiates With Creditors
New York Times 04/27/2015
Austerity, Germany, and the economic crisis in Greece in 2015- the role of extreme levels of borrowing in the crisis
02/27/2015
Prof. Rogoff at Harvard and Prof. Bulow at Stanford point to the role of extreme levels of borrowing as the root cause of Greece's economic crisis. Greece would have suffered more if the EU and ECB had forgiven the debt but refused to lend since 2010, say Bulow and Rogoff. The popular rhetoric puts the blame on Germany for the austerity programs, yet this does not tell the entire story of profligate borrowing and spending till 2009, and the efforts of the EU and the ECB to find a way out of the crisis with conditional financing of the government and banks.
Grouped Articles
Don’t Blame Germany for Greece’s Profligacy
Wall Street Journal 04/17/2015
New York Times 02/27/2015
New York Times 04/20/2015
Greece Flashes Warning Signals About Its Debt
New York Times 04/19/2015
Greece’s Long and Painful Odyssey
Wall Street Journal 04/22/2015
Greek Deal or No Deal: Investors Question Which Is Worse for Euro
Wall Street Journal 06/28/2015
Difficult negotiations between the Syriza government in Greece and the E.U., ECB, IMF, in Feb.- June 2015
01/26/2015
Grouped Articles
New Leader in Greece Now Faces Creditors
New York Times 01/26/2015
Greece Moves Quickly to Roll Back Austerity
Wall Street Journal 01/28/2015
Russia Links Loom Larger as Greece Seeks Debt Relief
Wall Street Journal 01/29/2015
Greece Runs Into Doubt Over Europe Deal
Wall Street Journal 02/05/2015
IMF Says No Talks With Greece to Change Debt-Relief Framework
Wall Street Journal 02/05/2015
ECB Holds the Cards in Greek Standoff
Wall Street Journal 02/06/2015
Greece's shipping sector and taxes in Greece following the election of Syriza in 2015- the EU's demand for structural reforms in tax collection
01/28/2015
Grouped Articles
Greek Ship Owners Fear Syriza Tax Plan
Wall Street Journal 01/28/2015
Baltic Dry Freight Index Plummets Amid Commodities Slump
Wall Street Journal 02/06/2015
In Greece, Bailout May Hinge on Pursuing Tycoons
New York Times 02/26/2015
New York Times 02/27/2015
Greek Shipping Industry Frets Over Higher Taxes
Wall Street Journal 07/13/2015
Alexis Tsipras, Greek Prime Minister, Sheds His Identity as a Radical
New York Times 07/21/2015
Matthieu Pigasse of France's investment bank Lazard and the debt negotiations for Greece and Ukraine in 2015
02/05/2015
Grouped Articles
The Lazard Banker Shaping Greece’s and Ukraine’s Financial Fate
Wall Street Journal 02/05/2015
Greek Stocks and Bonds Sink After ECB Debt Decision
Wall Street Journal 02/06/2015
Greek Financing Talks Break Down Amid Deep Divisions Over Bailout
Wall Street Journal 02/17/2015
Eurozone Agrees on Four-Month Extension of Greece Bailout
Wall Street Journal 02/22/2015
A Deal That Preserves Greece’s Place in Eurozone, and Fiscal Restraints
New York Times 02/21/2015
Eurozone Officials Reach Accord With Greece to Extend Bailout
New York Times 02/20/2015
Krugman on Greece and the euro currency
06/17/2012
Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
New York Times 02/27/2015
New York Times 04/20/2015
Greece Flashes Warning Signals About Its Debt
New York Times 04/19/2015
New York Times 06/29/2015
Cutting Greece Loose Might Be a Win-Win
Wall Street Journal 07/08/2015
Challenges Chancellor Merkel faces in Germany on immigration and Greece's position in the eurozone in 2015
12/31/2014
In the tenth year of the Merkel administration questions are raised about whether her position on immigration is out of touch with ordinary Germans. Her New Years Eve message included a reference to the Dresden marches on immigration saying that these people had "prejudice, coldness, and even hatred in their hearts." Immigration and paying the cost of integrating immigrants was one of the issues in 2014 Swedish elections, and is an issue today in the UK and France. The terrorist attack in France by radical Muslims has created new tensions in 2015.
Grouped Articles
Euro and Immigration Promise Challenges for Merkel in 2015
New York Times 12/31/2014
Big Anti-Immigration Rally in Germany Prompts Counterdemonstrations
New York Times 01/12/2015
Wall Street Journal 01/21/2015
Russia Links Loom Larger as Greece Seeks Debt Relief
Wall Street Journal 01/29/2015
German Anti-Immigrant Leaders Resign
New York Times 01/28/2015
Greek Financing Talks Break Down Amid Deep Divisions Over Bailout
Wall Street Journal 02/17/2015
Greece's 2015 budget with easing of cuts and the road to recovery
10/06/2014
Greece expects growth to be 2.5% in 2015.
Grouped Articles
Greece’s Draft Budget Aims to Ease Austerity Measures
New York Times 10/06/2014
Greek Parliament Approves First Balanced Budget in Decades
New York Times 12/07/2014
Greek Parliament Approves First Balanced Budget in Decades
New York Times 12/07/2014
Greek Financing Talks Break Down Amid Deep Divisions Over Bailout
Wall Street Journal 02/17/2015
New York Times 02/27/2015
Spain's Partido Popular Rajoy government and the EU negotiatons with Greece in 2015
01/29/2015
Spain's Rajoy government's views are that committments made by the former government of Antonis Samaras in Greece should be kept, as negotiations take place with the newly elected Syriza government in Greece. The Spanish government sees the increasing popularity of a Syria type party called Podemos in Spain, as putting at risk its own fragile economic recovery.
Grouped Articles
Why the Eurozone May Need to Sacrifice Greece to Save Spain
Wall Street Journal 01/29/2015
Greek Stocks and Bonds Sink After ECB Debt Decision
Wall Street Journal 02/06/2015
New York Times 02/27/2015
New York Times 04/20/2015
Greece Says It Is Changing Team That Negotiates With Creditors
New York Times 04/27/2015
The James Dean Movie That Explains the Greek Debt Negotiations
New York Times 04/28/2015
Yannis Palaiologos of Katherimini newspaper on Greece in 2015, the rise of Syriza and Tsipras, and the negotiations with the EU
01/21/2015
Palaiologos gives a Greek view of the debt crisis and a failing grade for the Pasok and New Democracy parties in letting Greece fall into the debt crisis and failing to improve tax collection to protect a favored elite. The quick rise of Syriza is a response to the situation where much of the burden of servicing the debt, the spending cuts and the higher taxes, has fallen on the lower and working classes, with the upper classes in Greece failing to pay their fair share of taxes to cut the budget deficit.
Grouped Articles
Greece Is Set on a Collision Course With Europe
Wall Street Journal 01/28/2015
Wall Street Journal 01/21/2015
New York Times 02/27/2015
Greece’s Long and Painful Odyssey
Wall Street Journal 04/22/2015
Greece Says It Is Changing Team That Negotiates With Creditors
New York Times 04/27/2015
The James Dean Movie That Explains the Greek Debt Negotiations
New York Times 04/28/2015
What Greece won in the negotiations and what Greece lost in the failure of talks with the EU, capital controls, closing of banks and the referendum on July 5, 2015
02/27/2015
Major concessions were won by Greece on the most important issues of the surplus, and the size of the public sector with high unemployment. Compromise was being reached on the value added taxes and age for getting pensions, next down the list. Next on the list were pension cuts which undoubtedly would hurt pensioners but in the larger picture of the economy would come after the size of the surplus and dateline, and the size of public sector. The size of these cuts is small compared to the cost of 60 billion euros from the damage done to the economy, and the alternatives for pensioners and the rest of the country. under bank closure. For the EU this was seen as part of pension reforms and for left leaning Syriza compromising on behalf of pensioners.
Linked Articles
IMF Raises Referendum Stakes With Call for More Aid for Greece and Debt Relief
Wall Street Journal 07/03/2015
New York Times 02/27/2015
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