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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.
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
The James Dean Movie That Explains the Greek Debt Negotiations
New York Times 04.28.2015
Greece’s finance minister: Absent professor
Economist 04.25.2015
The Heat Is on Greece’s Alexis Tsipras, From Inside and Out
New York Times 05.24.2015
A Finance Minister Fit for a Greek Tragedy?
New York Times 05.20.2015
Greece’s Creditors Make Some Concessions as Showdown Approaches
Wall Street Journal 06.03.2015
As Greece Deadline Looms, European Central Bank Plays Key Role
New York Times 06.21.2015
New York Times 06.29.2015
Cutting Greece Loose Might Be a Win-Win
Wall Street Journal 07.08.2015
New York Times 07.05.2015
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