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221. Europe: No Happy Anniversary

Author:
Vanessa Rossi and Will Jackson
Publication Date:
06-2011
Content Type:
Journal Article
Institution:
Chatham House
Abstract:
Just one year ago, as financial markets lost confidence in the Greek government's ability to meet its mounting debt obligations, fellow Eurozone members along with the International Monetary Fund (IMF) stepped in to provide a 110 billion euro bail-out. This prevented an immediate collapse in Greece's public sector and financial system. However tough and unpopular the last year of fiscal austerity and recession has been, it would have been far worse without the emergency loans.
Political Geography:
Europe and Greece

222. Turkey and Greece: Time to Settle the Aegean Dispute

Publication Date:
07-2011
Content Type:
Policy Brief
Institution:
International Crisis Group
Abstract:
Normalisation between Greece and Turkey has come far since tensions in the Aegean Sea threatened war three times between the NATO allies. Trade, investments and mutual cooperation and tourism have taken off, sidelining issues like the Cyprus problem, which first stirred up the Aegean dispute in the early 1970s. Frequent bilateral talks and Turkey's unofficial 2011 suspension of military over-flights of Greek islands suggest that the time may be ripe for a solution to that dispute. Turkey's strong new government elected in June is interested in further asserting itself as a responsible regional power, solving problems in its neighbourhood and clearing obstacles to its European Union (EU) accession. With Athens in the midst of a financial crisis and needing any economic lift and increased security it can find, this unnecessary and still potentially dangerous conflict should be resolved. A good strategy would be a synchronised set of steps to prepare public opinion on both sides, leading to a bilateral agreement and including, if needed, eventual re- course to international adjudication.
Topic:
Conflict Resolution, NATO, Bilateral Relations, and Territorial Disputes
Political Geography:
Turkey and Greece

223. Macedonia: Ten Years after the Conflict

Publication Date:
08-2011
Content Type:
Working Paper
Institution:
International Crisis Group
Abstract:
Ten years after signature of the Ohrid Framework Agreement (OFA) that ended fighting between the country's ethnic Albanians and Macedonians, much of the agreement has been implemented, and a resumption of armed conflict is unlikely. Macedonia is justified in celebrating its success in integrating minorities into political life, but inter-party and inter-ethnic tensions have been growing for five years. While this part of the Balkans looks to eventual EU membership to secure stability, it remains fragile, and worrying trends – rising ethnic Macedonian nationalism, state capture by the prime minister and his party, decline in media and judicial independence, increased segregation in schools and slow decentralisation – risk undermining the multi-ethnic civil state Macedonia can become. Prime Minister Nikola Gruevski, who has just formed a new government, should work closely with his Albanian coalition partners and opposition parties to pass and implement the measures needed for more democratisation, inter-ethnic reconciliation and a solution to the name dispute with Greece.
Topic:
Conflict Resolution, Civil War, and Ethnic Conflict
Political Geography:
Greece, Balkans, Macedonia, and Albania

224. William Mallinson Cyprus: Diplomatic History and the Clash of Theory in International Relations

Author:
Alexandros Nafpliotis
Publication Date:
01-2011
Content Type:
Journal Article
Journal:
The Rest: Journal of Politics and Development
Institution:
Centre for Strategic Research and Analysis (CESRAN)
Abstract:
The Cyprus issue has dominated a substantial part of the literature on the Eastern Mediterranean, as regards both international relations and history, in the last 35 years. There has been a multitude of works on the history of the island and its 1974 troubles (see, for example, other books published recently by I.B. Tauris, including Dimitrakis' Military Intelligence in Cyprus: From the Great War to Middle East Crises; Asmussen's Cyprus at War: Diplomacy and Conflict During the 1974 Crisis, and Mallinson's own Cyprus: a modern history). Where the present study differs considerably from other texts on the subject is its unique approach. Mallinson (a former diplomat and a lecturer at the Ionian University of Greece) uses his experience as an international relations historian, theorist and practitioner to shed light on the causes of conflict over Cyprus.
Topic:
International Relations and War
Political Geography:
Middle East, Greece, and Cyprus

225. Europe on the Brink

Author:
Simon Johnson and Peter Boone
Publication Date:
07-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
Attempts to resolve the problems in Europe are failing, and the crisis is spreading from Greece, Ireland, and Portugal to larger nations. Europe's financial system relies on moral hazard, i.e., a “no defaults” policy, to attract the funding needed to roll over large amounts of short–term bank and sovereign debt. Now that politicians in creditor nations are calling for private sector burden sharing, investors are demanding higher interest rates to hold these debts. But higher rates may tip banks and nations toward bankruptcy. Europe's banks and financial system are highly integrated across countries. Rising expectations of default in some countries could lead to large-scale capital flight into “safe” countries. This shift will raise concerns regarding solvency and liquidity of many financial institutions. The payments system of the euro area is serving as an opaque bailout mechanism that is currently preventing the euro area from falling apart at this time. If the number of nations in trouble spreads beyond Greece, Ireland, and Portugal, this bailout system will be stressed because of the potential size of accumulated funding. The European Central Bank (ECB) could soon see a vocal debate between inflationist and hawkish (anti–inflation) members. Inflationists will call for large–scale interventions, including bond buybacks and emergency loans, while the hawks will attempt to close loopholes in the payments system that effectively permit each troubled nation to create money needed to finance capital flight and budget deficits. At this stage in the debate, we see little chance that Europe can avoid ending the “moral hazard” regime, in which case it needs to plan for widespread sovereign and bank debt restructurings.
Topic:
Debt, Economics, Regional Cooperation, and Financial Crisis
Political Geography:
Europe, Greece, and Ireland

226. Turkey's 2000/1 Banking Crisis: A Case Study for the Transformation of the Greek Finance?

Author:
Onur Bayramoğlu
Publication Date:
08-2011
Content Type:
Policy Brief
Institution:
Global Political Trends Center (GPoT)
Abstract:
On April 2010, recently after the eruption of the Greek crisis, an unexpected hand from Turkey reached to Greece. Proud with his country's last decade growth figures, Turkey's then Vice Prime Minister, Ali Babacan, paid a visit to Greece in order to share his country's reform period after its 2000/1 crisis, arguing that it could also be a case study for Greece. In this brief, I analyzed Greek and Turkish financial crises. Although it is a mere fact that the structural problems in Greek economy complicate the reform period in Greece, there are certain lessons that Greeks can learn from the Turkish experience. As Turks did after 2001, they should see the crisis as an opportunity to overcome the long time problems . In this regard, Greeks first and foremost should establish consensus among themselves, signaling to the markets that they are ready to face the burdens of the reform period.
Topic:
Debt, Economics, International Political Economy, and Financial Crisis
Political Geography:
Europe, Central Asia, Turkey, and Greece

227. Transborder Mobility, Ethnic Groups and Boundaries along the Albanian-Greek Frontier

Author:
Oana-Elena Brânda
Publication Date:
09-2011
Content Type:
Journal Article
Journal:
Central European University Political Science Journal
Institution:
Central European University
Abstract:
Vassilis Nitsiakos' book is part of the Balkan Border Crossings' series, a larger research project concerning the evolution of the Greek and Albanian minorities after the fall of Communism in the 1990's and this volume focuses more on the Albanians living next to the border with Greece.
Political Geography:
Greece and Albania

228. Europe's debt crisis: Where and when will it end?

Author:
Ben Jones
Publication Date:
10-2011
Content Type:
Working Paper
Abstract:
Greece is not unique. Investors are finding it hard to judge which countries are "safe" or price for that risk. The EFSF is too small to buy the debt of larger states on the scale needed to stabilise markets. The EFSF cannot be scaled up in its current form without threatening the AAA ratings of the creditor countries.
Topic:
Conflict Resolution, Debt, and Financial Crisis
Political Geography:
Europe and Greece

229. Sustainability of Greek Public Debt

Author:
William R. Cline
Publication Date:
10-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
On July 21, 2011, the heads of government of the euro area announced a new plan to address the Greek debt crisis. This policy brief presents a simulation exercise that examines whether the new arrangements are likely to provide a sustainable solution. The analysis focuses on four key measures: gross debt relative to GDP; net debt relative to GDP; net interest payments relative to GDP; and amortization of medium-and long-term debt coming due during the year in question, relative to GDP. The new Greek package shows prospective future progress on all four measures, and Greek debt looks much more sustainable after the package than before. Debt also appears considerably more manageable if the criterion is net debt or interest burden rather than gross debt ratio, although even for gross debt the ratio is down substantially by 2020. It also becomes clear that the major contribution of the private-sector involvement (PSI) part of the package is in the form of sharply cutting amortization due, although by avoiding large new borrowing at crisis-level interest rates it also alleviates the interest burden that would otherwise occur.
Topic:
Debt, Economics, Regional Cooperation, and Financial Crisis
Political Geography:
Europe and Greece

230. Privatization Helps: The Hungarian Example

Author:
Donald Blinken
Publication Date:
10-2011
Content Type:
Journal Article
Institution:
Council of American Ambassadors
Abstract:
As Greece works out of financial crisis, it should look to Hungary fifteen years ago for part of the answer. Far too large a segment of the Greek economy remains locked up in public hands. Their sale to the private sector, as Hungarians discovered, while not a panacea, will help reduce catastrophic public debts, and salaries and pensions will become the responsibility of private owners rather than the government. The Greek Parliament's austerity plan would raise 70 billion euros from privatization by 2015. The government will sell stakes in banking, airports, water utilities, motorway concessions, port operations, state land, and mining rights. Selling assets to the private sector will also improve managerial know-how, increase transparency, and encourage confidence in a Greek recovery.
Topic:
Economics, Government, and Financial Crisis
Political Geography:
Greece

231. Eurozone finally agrees a deal but uncertainties remain unresolved

Publication Date:
11-2011
Content Type:
Policy Brief
Institution:
Oxford Economics
Abstract:
After protracted negotiations, Eurozone leaders finally agreed on a new package of measures last week. The outline deal has a three-pronged approach aimed at tackling the main aspects of the crisis: reducing Greece's debt burden, avoiding a credit crunch by recapitalising European banks, and preventing contagion to other countries via a boost to the EFSF.
Topic:
Debt, Economics, Markets, Regional Cooperation, and Financial Crisis
Political Geography:
Europe and Greece

232. Can Europe's Divided House Stand?

Author:
Hugo Nixon
Publication Date:
11-2011
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
Conventional wisdom has it that the eurozone cannot have a monetary union without also having a fiscal union. Euro-enthusiasts see the single currency as the first steppingstone toward a broader economic union, which is their dream. Euroskeptics do, too, but they see that endgame as hell -- and would prefer the single currency to be dismantled. The euro crisis has, for many observers, validated these notions. Both camps argue that the eurozone countries' lopsided efforts to construct a monetary union without a fiscal counterpart explain why the union has become such a mess. Many of the enthusiasts say that the way forward is for the 17 eurozone countries to issue euro bonds, which they would all guarantee (one of several variations on the fiscal-union theme). Even the German government, which is reluctant to bail out economies weaker than its own, thinks that some sort of pooling of budgets may be needed once the current debt problems have been solved. A fiscal union would not come anytime soon, and certainly not soon enough to solve the current crisis. It would require a new treaty, and that would require unanimous approval. It is difficult to imagine how such an agreement could be reached quickly given the fierce opposition from politicians and the public in the eurozone's relatively healthy economies (led by Finland, Germany, and the Netherlands) to repeated bailouts of their weaker brethren (Greece, Ireland, Italy, Portugal, and Spain). Moreover, once the crisis is solved, the enthusiasm for a fiscal union may wane. Even if Germany is still prepared to pool some budgetary functions, it will insist on imposing strict discipline on what other countries can spend and borrow. The weaker countries, meanwhile, may not wish to submit to a Teutonic straitjacket once the immediate fear of going bust has passed.
Topic:
Economics and Government
Political Geography:
Europe, Finland, Greece, Germany, Spain, Italy, Netherlands, Portugal, and Ireland

233. Fiscal Asymmetries and the Survival of the Euro Zone

Author:
Paul R. Masson
Publication Date:
12-2011
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation (CIGI)
Abstract:
The independence of the European Central Bank (ECB), seemingly guaranteed by its statutes, is presently under attack. The ECB has been led to acquire large amounts of government debt of the weaker euro zone members, both to help contain their interest costs and to help protect the solvency of banks throughout the zone that hold their debt. This paper presents a model of a dependent central bank that internalizes the government's budget constraint. Using a Barro-Gordon framework, the model embodies both the desire to stimulate output and to provide monetary financing to governments. As a result of the inability to pre-commit to first-best policies, the central bank produces excess inflation — a tendency partially reduced in a monetary union. The model implies that not only shock asymmetries, but also fiscal asymmetries, are important in the membership calculus of desirable monetary unions. On the basis of this framework, calibrated to euro zone data, the current membership is shown not to be optimal: other members would benefit from the expulsion of several countries, notably Greece, Italy and France. A narrow monetary union centred around Germany is sometimes mooted as a preferable alternative, especially if it could guarantee central bank independence. However, simulation results suggest that such a narrow monetary union would not be in Germany's interest: though better than the euro zone with a dependent central bank, it would not internalize enough trade to make it more attractive than the resumption of monetary autonomy by Germany.
Topic:
Debt, Economics, Monetary Policy, and Governance
Political Geography:
Europe, Greece, France, Germany, and Italy

234. Greek FDI in the Balkans: How is it affected by the crisis in Greece?

Author:
Persephone Economou and Margo Thomas
Publication Date:
11-2011
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
The current Greek crisis raises the question of its impact on foreign direct investment (FDI) by Greece on its neighbors in the Balkans. Greek multinational enterprises (MNEs) first began to establish a presence there in the 1990s, following the breakup of the former Yugoslavia. This trend accelerated during the past decade. As of 2009, Greece's outward FDI stock in the Balkans stood at US$ 10.5 billion or 26.5% of Greece's outward FDI stock worldwide.
Topic:
Foreign Policy, Global Recession, Foreign Direct Investment, and Financial Crisis
Political Geography:
Europe, Greece, Yugoslavia, and Balkans

235. Outward FDI from Greece and its policy context

Author:
Aristidis P. Bitzenis and Vasileios A. Vlachos
Publication Date:
12-2011
Content Type:
Working Paper
Institution:
Columbia Center on Sustainable Investment
Abstract:
With the fall of centrally planned economies in the Balkans, their liberalization and the opening of their borders to free trade and capital movements, Greece became more active in the generation of outward foreign direct investment (OFDI). Greece's OFDI stock increased from US$ 3 billion in 1990 to US$ 6 billion in 2000 and to US$ 38 billion in 2010. The Europeanization process of Turkey and the transition of the economies in the Balkans was accompanied by a gradual rise of FDI from Greece into those economies. More than half of Greece's OFDI stock – over US$ 20 billion in 2009 (67% of total) – is located in South-East Europe: in the Balkans, Cyprus and Turkey. While Greece's early OFDI flows were directed to the secondary sector to reduce costs, the bulk of later flows was directed to the services sector, as new markets were opened. This shift signifies the rise of major corporate players. The Greek Balkan policy, which commenced through the European Union, and the upgrading of the Athens Stock Exchange have positively affected Greece's position as a key regional investor. The expectations for sustaining this leading role, however, have been weakened recently since, due to the Greek sovereign debt crisis, Greek multinational enterprises (MNEs) disinvested US$ 1.6 billion from their FDI abroad in 2010.
Topic:
Debt, Economics, Foreign Direct Investment, and Financial Crisis
Political Geography:
Europe, Turkey, Greece, Balkans, and Cyprus

236. Republic of Cyprus: Parliamentary Elections of 2011

Author:
Lenka Peťková
Publication Date:
06-2011
Content Type:
Policy Brief
Institution:
Global Political Trends Center (GPoT)
Abstract:
The UN Good Offices’ website1 featuring the latest updates on the UN-sponsored Cyprus talks currently gives the accord of 110 meetings of the Greek Cypriot and Turkish Cypriot leaders, which translates into a frequency of one meeting in every 9 days. Yet, when the RoC celebrated its 50th anniversary in the Autumn of 2010, the island was still cut into two parts by the ceasefire line that was first marked in 1964.
Topic:
Politics, United Nations, Elections, and Conflict
Political Geography:
Turkey, Greece, Cyprus, and Mediterranean

237. Cyprus – Should the UN Withdraw?

Author:
Jan Asmussen
Publication Date:
04-2011
Content Type:
Policy Brief
Institution:
European Centre for Minority Issues (ECMI)
Abstract:
Ban Ki Moon’s long awaited progress report on the negotiations in Cyprus did not come up with a final recommendation on how long the United Nations will be committed to engage in Cyprus. However, he warned that the UN would not continue indefinitely to spend efforts and money on a process that does not seem to render any progress. Indeed there is not much to suggest that a negotiated solution is anywhere close to be concluded in the foreseeable future. This appears strange as on the onset the past three years have seen the most intensive and most comprehensive negotiation process ever.
Topic:
Diplomacy, International Cooperation, United Nations, and Negotiation
Political Geography:
Europe, Turkey, Greece, and Cyprus

238. EU-India strategic partnership: Taking the stock

Author:
Alok Rashmi Mukhopadhyay
Publication Date:
08-2010
Content Type:
Working Paper
Institution:
Institute of Foreign Policy Studies, University of Calcutta
Abstract:
The prevalent perception of the European Union (EU) in India is predominantly constructed by the British and American media. At the time of a global economic downturn, its ripple effects on the continent especially on the 'PIIGS' (Portugal, Ireland, Italy, Greece and Spain) and an imminent crack in the Eurozone have been the debate of the day. In a recent article in The National Interest, James Joyner, has however examined this genre of 'Europe's obituary'. Making a comparison with EU's transatlantic sibling, he identifies three errors in this type of analyses, 'treating the EU as if it were a nation-state, regarding anything less than utopia as a failure, and projecting short-term trends long into the future'. However Joyner is also right when he describes the EU as 'a confusing array of overlapping treaty commitments'.
Topic:
Foreign Policy, Diplomacy, Economics, International Trade and Finance, and Bilateral Relations
Political Geography:
United Kingdom, America, Europe, India, Greece, Spain, Italy, Portugal, and Ireland

239. US Hamas policy blocks Middle East peace

Author:
Henry Siegman
Publication Date:
09-2010
Content Type:
Working Paper
Institution:
Norwegian Centre for Conflict Resolution
Abstract:
Failed bilateral talks over these past 16 years have shown that a Middle East peace accord can never be reached by the parties themselves. Israeli governments believe they can defy international condemnation of their illegal colonial project in the West Bank because they can count on the US to oppose international sanctions.
Topic:
Peacekeeping
Political Geography:
United States, Middle East, Israel, Greece, Spain, Italy, and Ireland

240. Will It Be Brussels, Berlin, or Financial Markets that Check Moral Hazard in Europe's Bailout Union? Most Likely the Latter!

Author:
Jacob Funk Kirkegaard
Publication Date:
10-2010
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
So far so good for the European Union in preventing the Greek sovereign debt crisis from spiraling out of control in the short term. But with Greece in May 2010 requiring an unprecedented bailout from the European Union/IMF to avoid immediate default and 25 of the European Union's 27 member states currently subject to an “excessive deficit procedure” (European Commission 2010i), it remains evident that the European Union's existing fiscal surveillance framework patently failed both before and during the Great Recession and that Europe's leaders must head back to the drawing board for a required long term reform of the EU fiscal policy and surveillance framework.
Topic:
Debt, Economics, and Financial Crisis
Political Geography:
Europe and Greece