Greek emigration: betrayal or solution of last resort?

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The Greek version of the article appeared in Capital.gr on June 20, 2018.

I feel the need to publicly express my opposition to Mr Kazakos’ (and others’) view that “the fact that Greek young people emigrate –instead of staying back and fighting to improve the conditions– constitutes a betrayal”.

First of all, Greek immigrants are an integral part of Greek history, while at the same time they play a vital role on the country’s position in the international arena. When we go against Greek immigrants, we are essentially turning against our own existence.

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Why we should not rush back to capital markets

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The Greek version of the article appeared on Capital.gr on May 10, 2017.

SUMMARY

In theory, a return to private capital markets is an indication that the economy has returned to normality. On the other hand, such a development automatically entails a significant increase in Greece’s borrowing costs compared to the current levels. This article analyses why it would be in the interest of Greece to postpone its return to capital markets in 2018 and to continue funding at low interest rates from the ESM for as long as possible.

If Greece were to adopt such a proposal, it would find allies in both the IMF and the European institutions. This is contingent upon an adequate level of political consensus being reached inside Greece, and contingent upon Greece inspiring greater confidence amongst Europeans for the successful completion of the reforms we have already agreed upon.

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The present value of the Greek debt as a basis for negotiation for larger fiscal space

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The Greek version of the article appeared in Capital.gr on June 1, 2017.

SUMMARY

Due to the debt restructuring that took place in 2012 with the PSI/OSI, the present value of Greece’s debt is much lower than its nominal debt. The abovementioned fact has given the impression to many people that if we persuade our creditors that the “proper” representation of our debt should be in present value terms (where the debt appears small) rather than nominal terms (where debt seems unsustainable), Greece will be able to negotiate larger fiscal space and smaller primary surpluses.

This article analyses two reasons why this idea is not feasible.

The only realistic way to achieve larger fiscal space is to view the necessary reforms as our own duty and not as a punishment that is imposed externally.

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Agreement at today’s Eurogroup meeting, without any further delay

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The Greek version of the article appeared in Capital.gr on June 15, 2017.

SUMMARY

I argue in favor of completing the second review of the economic adjustment program without further delay. Ensuring the highest possible loan installment will allow the Greek government to service its debt interest payments, while at the same time stimulating market liquidity by reducing the Greek state arrears to the private sector.

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Μετανάστευση στο εξωτερικό: προδοσία ή λύση έσχατης ανάγκης;

Δημοσιεύτηκε στον ιστότοπο του Capital.gr στις 20/06/2018.

Νιώθω την ανάγκη να εκφράσω δημοσίως την αντίθεση μου προς την άποψη του κ. Καζάκου (και άλλων) ότι «αποτελεί προδοσία να φεύγουν οι νέοι άνθρωποι από την Ελλάδα ώς μετανάστες, αντί να μείνουν πίσω στον τόπο τους και να παλέψουν». Continue reading

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