Comparing and evaluating financial assistance programmes of four euro-area countries (Greece, Ireland, Portugal, and Cyprus) and three non-euro-area countries (Hungary, Latvia, and Romania) of the European Union in the aftermath of the 2007/08 global financial and economic crisis. Asian countries can draw several lessons from European experiences.
As Cyprus looks ahead to post-bailout growth, what lessons have been learnt from the crisis and subsequent bank restructuring?
Primary surplus picked up in June, but July is the key month to watch.
A reflection on the experience of Greece and other countries who have implemented rescue programs
Regaining the stability of the Greek financial sector is key, as a meltdown could lead to Grexit. The stability of the Greek financial system currently relies on the provision of ECB liquidity, which in turn is only available to solvent banks.
Bruegel launches a new video format to provide our audience with timely analysis anchored to some of the most topical economic news. In the first video of this series, Bruegel scholars evaluate the Troika’s financial assistance programmes in the eurozone. Director Guntram Wolff and Senior Fellows André Sapir and Zsolt Darvas answer how and when […]
Countries can make a clean exit from financial assistance, or enter a new programme or a precautionary programme, depending on the sustainability of their public debt and their vulnerability to shocks.
This study was presented to the ECON committee of the European Parliament.It provides a systematic evaluation of financial assistance for Greece, Ireland, Portugal and Cyprus. All four programmes, and in particular the Greek one, are very large financially compared to previous international programmes.
Interviewer: In Los Cabos, G20 leaders focused their response to Europe’s financial crisis on stabilizing banks and implement concrete steps towards a more integrated financial architecture that would also include common banking supervision and guarantees to repay bank depositors. What exactly does this mean? Jean Pisani-Ferry: What is striking in this G20 communiqué is the […]
Dear All, It has been a busy week with conference calls by G7 Minfins and eventually the eurogroup to hammer out an agreement for a Spain program. The release of the FSAP on Spain by the IMF on Friday somewhat conflicted with views of the Europeans (and in particular of the EFSF) suggesting that recapitalization needs would be greater than the 50bn announced. Europeans were already discussing then a larger package that would be more consistent with current market expectations. The ability to achieve a relatively high number has therefore created a largely positive surprise but although this is quite positive, the real questions remain unanswered. This week I will focus on: 1. From the Spanish program to the banking union - 2. Riga to Athens with love