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Suicide Isn’t Painless
Keywords:
Grexit- Greece and the Argentina example of default and recovery revisited in June 2015 with an impasse in debt negotiations
06/25/2015
James Stewart in the NYT cites 2 papers, one by Prof. Arturo Porzecanski at American University and the other from Daniel Gros at the Center for European Policy Studies in Brussels, which show the serious problems of Greece following the Argentina example. Argentina defaulted on its debt in 2001 with the the ensuing years resulting in economic chaos. It recovered because of demand from Brazil and China for its exports of soyabeans, corn and soya oil. It also has large oil and shale reserves. Greece's main exports are cotton and fish, which are not in high demand, and cannot provide an economic boost. Tourism has gone up with price reductions, yet total revenues have not changed. The Greek banks are dependent on the ECB for financing, and the Greek business sector operates with borrowings in euros. Conversion to drachmas would be much more difficult than Argentina's shift to the peso and removing the peso's peg to the dollar. Stewart says he talked to Greece's finance minister Varoufakis about this, and Varoufakis is of the view that Argentina is not the right example for Greece. Greeks voted in Syriza to negotiate a better deal, and rejecting austerity- yet a majority of Greeks in 2015 favor staying in the eurozone and the European Union.
Grouped Articles
If Greece Defaults, Imagine Argentina, but Much Worse
New York Times 06/25/2015
Greece Calls Referendum on Bailout Terms
Wall Street Journal 06/27/2015
Greek Debt Crisis Intensifies as Extension Request Is Denied
New York Times 06/27/2015
Greece Defaults on IMF Loan Despite New Push for Bailout Aid
Wall Street Journal 07/01/2015
Greece, Missing I.M.F. Payment, Is Called Effectively in Default
New York Times 06/30/2015
Wall Street Journal 07/02/2015
Brinksmanship in the EU- Greece's Syriza government negotiations just before the June 30, 2015 date for debt repayment to the IMF
04/22/2015
Grouped Articles
Economist 06/20/2015
Greece and Its Creditors Pummel Each Other, but Fight Is Not Over Yet
New York Times 06/19/2015
Greece’s Creditors Make Some Concessions as Showdown Approaches
Wall Street Journal 06/03/2015
The Heat Is on Greece’s Alexis Tsipras, From Inside and Out
New York Times 05/24/2015
Greece’s Long and Painful Odyssey
Wall Street Journal 04/22/2015
A Finance Minister Fit for a Greek Tragedy?
New York Times 05/20/2015
Greece's selective default on July 1, 2015 in its debt payment to the IMF
07/02/2015
Grouped Articles
Wall Street Journal 07/02/2015
IMF Raises Referendum Stakes With Call for More Aid for Greece and Debt Relief
Wall Street Journal 07/03/2015
How Tsipras reached his decision to call for a referendum, and the call for a "'no" vote that has damaged relations with the EU in June 2015
01/28/2013
During the last minute negotiations Tsipras veered from one side to the other. Initially he moved closer to Syriza party leaders who favored an accomodation with the IMF and EU, yet with each rejection of Greece's proposals he moved closer to the confrontational postiion of finance minister Varoufakis. The IMF and EU negotiators considered higher taxes on business in the Greek proposals hurting long term growth, and insisted on pension cuts. Greece's negotiating team was still negotiating over details when Tsipras called off talks and surprised European leaders with his call for a referendum. His announcement that Syriza would call for a no was badly received by EU leaders and Merkel, leading to a breakdown in trust. The inexperience of 40 year old Tsipras and the faculty professor Varoufakis's lack of experience with negotiations, may now have damaged relations between Greece and Germany. The reaction in Germany to this is that now a majority of Germans see Greece's exit from the eurozone as the best option, and the goodwill of leaders in France, Italy and Spain may have been lost.
Grouped Articles
How Alexis Tsipras’s Greek Referendum Call Came After Creditors Covered His Proposals in Red Ink
Wall Street Journal 06/29/2015
Greece Will Shut Banks in Fallout From Debt Crisis
New York Times 06/28/2015
Europe, Athens Battle for Greek Hearts and Minds Ahead of Referendum
Wall Street Journal 06/30/2015
With Loan Deadline Looming, Europe Offers Greece a Last-Minute Deal
New York Times 06/29/2015
Greece’s Future, and the Euro’s
New York Times 06/29/2015
Wall Street Journal 07/02/2015
Greece's Syriza government calls for a July 5, 2015 referendum on policy changes and cuts required by the EU/IMF
06/27/2015
Grouped Articles
Greece Calls Referendum on Bailout Terms
Wall Street Journal 06/27/2015
Greece Orders Banks Closed, Imposes Capital Controls to Stem Deposit Flight
Wall Street Journal 06/29/2015
Greece Will Shut Banks in Fallout From Debt Crisis
New York Times 06/28/2015
Europe, Athens Battle for Greek Hearts and Minds Ahead of Referendum
Wall Street Journal 06/30/2015
With Loan Deadline Looming, Europe Offers Greece a Last-Minute Deal
New York Times 06/29/2015
Greece’s Future, and the Euro’s
New York Times 06/29/2015
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