We study the vulnerability of 130 banks directly supervised by the European Central Bank’s Single Supervisory Mechanism. Illustrative stress tests using banks’ balance sheet data reveal that significant stress prevails i...
– the IMF needs to draw the right conclusions This blog draws two lessons from the failed Greek programme. Olivier Blanchard is right that the fiscal adjustment of the last 5 years was unavoidable. An earlie...
Q. What does the clear no in the referendum mean? GW. First of all, it is a rejection of the creditors offer that was on the table one week ago. We will see new discussions now. However, it will not be easy to come to su...
While the exact decision of the Greek government is not yet to my knowledge clearly communicated, it appears that besides a bank holiday, the government intends to impose capital controls. The Guardian reports that for c...
the positive and missing or negative elements: European Commission President Juncker has published the long-awaited report prepared in collaboration with the presidents of the European Council, the Eurogroup, the Europea...
This blog argues that a deal for Greece requires three elements: lower primary surpluses than the creditors are currently asking for; little action on debt except for agreeing to delay IMF repayment (similarly to how Eur...