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Greece on the Brink
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Krugman makes these comments after a visit to Athens, Greece, in 2015. He sees discouragement in Greece with the negotiations between the Syriza government in Greece and the EU. Years of austerity and high unemployment are leading to fraying tempers in Greece, and impatience from Germany and the EU. Krugman says the irony is that the Syriza government was elected at a time when a settlement is possible. Greece has a small budget surplus and this should make it possible for a settlement to be reached, without a bad outcome for Greece and the EU of Greece's exit from the eurozone. The lack of experience of the new government leaders makes the situation more difficult, but Krugman says patience is needed on all sides because there is hope in the midst of pessimism for a way out of the crisis.
Krugman on Greece and the euro currency
06/17/2012
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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.
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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.
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Matthieu Pigasse of France's investment bank Lazard and the debt negotiations for Greece and Ukraine in 2015
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Austerity, Germany, and the economic crisis in Greece in 2015- the role of extreme levels of borrowing in the crisis
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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
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Greece and EU in 2015- (2) Was there a breakdown in a willingness to "compromise" and in building "trust"? Did the inexperience of Tsipras and Varoufakis play a part?
04/20/2015
Linked Articles
A Finance Minister Fit for a Greek Tragedy?
New York Times 05/20/2015
New York Times 04/20/2015
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