Short and Mid-term economic policies of SYRIZA

 

 

Courtesy: Dimitris Arvanitis ©

SYRIZA’s landslide is definitely something many media and political analysts would not expect. Over 900 correspondents from European and international media were in Athens these last weeks to cover one of the most interesting and crucial elections in the Union. Why? Because the radical left party of SYRIZA, a party that until 2010 was around 5-7%, achieved to immensely increase its electoral appeal, reaching around 37% and making history in Greece. In the center of the debate was the economic program of SYRIZA, with the majority of media correspondents  struggling to clear up what the priorities and policy planning of the new government are.

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Two Scenarios on Draghi’s Quantitative Easing and the Greek Case

It has been months since the President of ECB Mario Draghi has announced his intention to implement the so-called “quantitative easing”, adopting a similar decision of the US Fed to calm down pressures over the bonds market. So far his intention / decision has been blocked by Germany and Chancellor Merkel, who is reluctant to give the “green light ” and thus alleviate the growing monetary and financial pressure in Eurozone. Now that the single market is faced with deflation, Draghi might feel more decisive and determined to move on. But what about the Greek bonds?

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There is no #Grexit, just another economic strategy

The major topic / concern of EU, international and domestic media towards parliamentary elections in Greece is -again- whether the country will stay in or leave Eurozone. Actually it is an artificial dilemma as front opposition SYRIZA, leading the polls, never claimed against the fate of the country in the monetary Union. Therefore, it is time to drop “Grexit” from the discussion table.

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“Junker’s Stimulus Plan Is Unrealistic On Many Fronts”

Dimitri B. Papadimitriou is a leading scholar and policy-maker, President of the Levy Economics Institute of Bard College in New York. Himself as well as the Levy Institute have invested during the last couple of years in the explanation of sovereign debt crisis in Eurozone and Greece, endeavoring to enrich the debate with policy proposals that could efficiently address austerity and put Europe back on track of development and growth. In the context of Bridging Dialogue Initiative, Dimitris Rapidis discussed with Dimitri B. Papadimitriou on ECB interest rates policy, deflation, Junkers’s fiscal stimulus plan, debt management and the Stability Pact, US economy, and the economic crisis in Greece.

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The Immigration Quagmire In Greece: What The European Commissioner Can Do?

The immigration process is divided into three plus (+) one steps: Reception, accommodation / legalization, and the right to return. There is additionally a fourth step that includes integration –i.e. social, labor, political integration – but we are far behind this condition, especially in Greece. In an ideal context, the state receives newcomers and the relevant authorities decide whether the immigrant is granted with legalization or he/she is eligible to return back in due time.

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Russia is a Strategic Ally of the EU

It is only about commerce or energy, Ukraine or Georgia, or even the perception of Putin’s authoritative leadership by the Westerners that are lately put under scrutiny. To the contrary, it is something more than that that has kept Western Europe-Russia ties so close all along the previous centuries. And these are the historical and political ties, the joint alliance and fights against the common threats. From the mid-19th century onwards Western Europe has developed a strong relationship with Saint Petersburg against the Ottoman expansion in the Balkans and the Nazis in Germany. The Cold War came to imbalance this relationship, but even after that the new era in Russia and the post-communist steps helped towards overcoming these burdens and distrust first appeared in the 1960s. And the story goes on.

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#Greece: A Dissolving Country

Four years of harsh economic austerity are certainly not a fundamental factor for a country to dissolve. Austerity can be a major factor for social unrest, political instability, extreme poverty and unemployment, growing grievances – but certainly not the departing point for a complete collapse. At least the collapse we have in mind when we think of civil wars, ethnic clashes, or internal conflicts.

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Again and again the same play in Eurozone?

Mr Pierre Moscovici takes office in less than 10 days, after a tumultuous hearing a couple of weeks earlier. During this month, stock markets were shockingly destabilized with distrust over Eurozone to put again into the spotlight. Recent reports unveiled the weaknesses of the German economy, while Britain is heading into the sixth day of protests due to constant income squeezing. In the meantime, the Greek government has declared its will to exit from IMF’s surveillance into its public finances and policy, with international reports focusing on the next day in Greece, after the almost-proclaimed national elections in the first months of 2015. In this respect, it Eurozone recovering?

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Closed Doors: The ECB’s New Strategy

The draft report of the Committee on Economic and Monetary Affairs of the European Parliament over the regulations and powers of the European Central Bank to impose sanctions (EC No 2532/98), issued on September 17, includes a rather ambiguous, to be polite, provision, entitling the ECB to decide whether to publish or not decisions of its board that could jeopardize the stability of the financial markets. In other words, and with reference to bail-out member-states like Greece, the ECB can delay a publication of a certain sanction or administrative pecuniary penalty up to three (3) years after the date on which the decision was taken.

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Greece is the poorest country in the EU

Since 2008 the Greek state has experienced one of the deepest and persistent financial and economic crisis in its short history. A crisis that has dismantled its social nets, increased unemployment to unprecedented levels, broken out extreme right parties, lowered trust to the entire political and banking system. In contrary to other countries in the EU that implement programs against social inequality, Greece is way long behind reaching the minimum levels of a so-called “welfare state”. People vie for social care more than ever, but state’s reaction to increasing demands is considered inconsistent and burdened with bureaucratic dysfunctions. Meanwhile, there are no prospects for recapturing income losses in the near future.

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