DOCSLIB.ORG

Study on the Financial Sector in Greece During the Economic Adjustment Programmes: 2010-2018 Final Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Study on the financial sector in Greece during the economic adjustment programmes: 2010-2018 Final Report Written by Oskar Andruszkiewicz and Juliette Mathis (ICF), Charu Wilkinson (ICF Associate), Michalis Vassiliadis, Peppas Konstantinos and George Gatopoulos (IOBE) June 2020 EUROPEAN COMMISSION Directorate-General for Economic and Financial Affairs Directorate L — Treasury and financial operations Unit L.2 — Treasury and Asset Management Contact: Ludmila Nola E-mail: [email protected] European Commission Europe Direct is a service to help you find answers to your questions about the European Union. Freephone number (*): 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you). LEGAL NOTICE The information and views set out in this study are those of the authors and do not necessarily reflect the official opinion of the European Commission. The European Commission does not guarantee the accuracy of the data included in this study. Neither the European Commission nor any person acting on the European Commission’s behalf may be held responsible for the use which may be made of the information contained therein. More information on the European Union is available on the Internet (http://www.europa.eu). Luxembourg: Publications Office of the European Union, 2020. PDF ISBN 978-92-76-22204-0 doi: 10.2765/403158 KC-02-20-737-EN-N © European Union, 2020 Reproduction is authorised provided the source is acknowledged. For any use or reproduction of material that is not under the EU copyright, permission must be sought directly from the copyright holders. Study on "The financial sector in Greece during the economic adjustment programmes: 2010-2018 Table of Contents List of abbreviations ........................................................................................... 1 Abstract ........................................................................................................... 4 Executive summary ........................................................................................... 5 1 Introduction ...............................................................................................12 1.1 Context, scope and purpose of the study .................................................12 1.2 Structure of this Report .........................................................................14 2 Greek banking sector prior to and at the outset of the crisis .............................15 3 Main findings ..............................................................................................20 3.1 Diagnosis of the financial sector at the outset of the crisis .........................20 3.2 Liquidity of Greek banks and measures to maintain it ...............................28 3.3 Solvency of the Greek financial sector .....................................................36 3.4 Non-Performing Loans (NPLs) ................................................................72 3.5 Governance aspects of the Greek banking sector ......................................85 4 Conclusions .............................................................................................. 108 4.1 Study question 1 ................................................................................ 109 4.2 Study question 2 ................................................................................ 110 4.3 Study question 3a .............................................................................. 110 4.4 Study question 3b .............................................................................. 112 4.5 Study question 4a .............................................................................. 113 4.6 Study question 4b .............................................................................. 113 4.7 Study question 5a .............................................................................. 113 4.8 Study question Q5b ............................................................................ 114 Annex 1 Methodological approach .................................................................. 116 Annex 2 List of completed interviews ............................................................. 123 Annex 3 List of reviewed documentation ......................................................... 125 Annex 4 Summary of desk review on diagnostic work conducted by the BoG, EC, ECB and the IMF ............................................................................................. 131 June, 2020 Study on "The financial sector in Greece during the economic adjustment programmes: 2010-2018 List of abbreviations AMC Asset Management Company AQR Asset Quality Review BIS Bank of International Settlement BoD Board of Directors BoG Bank of Greece BoP Balance of Payments bps Basis Points BRRD Bank Recovery and Resolution Directive CAC Collective Action Clause CAR Capital Adequacy Ratio CEPS Centre for European Policy Studies CET Common Equity Tier CFM Capital Flow Management CPI Consumer Price Index DG ECFIN Directorate-General for Economic and Financial Affairs DG FISMA Directorate-General for Financial Stability, Financial Services and Capital Markets Union DSA Debt Sustainability Analysis EA Euro Area EAP Economic Adjustment Programme EBA European Banking Authority EBRD European Bank for Reconstruction and Development EC European Commission ECA European Court of Auditors ECB European Central Bank EEF European Economic Forecast EFF Extended Fund Facility EFSF European Financial Stability Facility EFSM European Financial Stabilisation Mechanism EIB European Investment Bank EIU Economic Intelligence Unit ELA Emergency Liquidity Assistance ELSTAT Hellenic Statistical Authority EPU Economic Policy Uncertainty index ESM European Stability Mechanism EU European Union EUI Economic Uncertainty Index 1 June 2020 Study on "The financial sector in Greece during the economic adjustment programmes: 2010-2018 EUR Euro Area Currency EZ Eurozone FBB First Business Bank FSR Financial Stability Review FT Financial Times FTSE Financial Times Stock Exchange GGB Greek Government Bond GLF Greek Loan Facility GDP Gross Domestic Product HAIC Hellenic Association of Insurance Companies HBA Hellenic Bank Association HDIGF Hellenic Deposit and Investment Guarantee Fund HFSF Hellenic Financial Stability Fund HKKS Hardouvelis, Karalas, Karanastasis and Samartzis IEO Independent Evaluation Office IIF International Institute of Finance IMF International Monetary Fund LAMC Loan Asset Management Company MFS MacroFinancial Stability MoU Memorandum of Understanding MPIR Monetary Policy Interim Report MPR Monetary Policy Report NBG National Bank of Greece NPE Non-Performing Exposure NPL Non-Performing Loan OECD Organisation for Economic Co-operation and Development OMO Open Market Operation PIIE Peterson Institute for International Economics PIICS Portugal, Ireland, Italy, Cyprus, Spain PSI Private Sector Involvement QREA Quarterly Report on the Euro-Area RFA Relationship Framework Agreement RoE Return on Equity SBA Stand By Agreement SDW Statistical Data Warehouse SEE South Eastern European SME Small or Medium-sized Enterprise 2 June 2020 Study on "The financial sector in Greece during the economic adjustment programmes: 2010-2018 SMP Securities Markets Programme SSI Systemic Support Indicator SSM Single Supervisory Mechanism TA Technical Assistance USD United States Dollar WB World Bank WEO World Economic Outlook 3 June 2020 Study on "The financial sector in Greece during the economic adjustment programmes: 2010-2018 Abstract The three Economic Adjustment Programmes (EAPs) implemented in Greece over the period 2010-2018 aimed at stabilising the financial sector on the short-term and restore the growth prospects and the country’s capacity to finance itself fully on the financial markets (fiscal sustainability) in the medium and long run. During this time, the financial sector in the country saw a major restructuring including three rounds of recapitalisations and resolutions for which the total of EUR 75 billion were assigned and extensive conditionality designed. This study provides an independent assessment of number of aspects addressed under the three programs including the risk diagnostics of the Greek banking sector that underpinned the design of the first program, issues surrounding liquidity of the Greek banks, the design and implication of the Private Sector Involvement (PSI) for the Greek financial sector and subsequent recapitalisations and resolutions of Greek banks, as well as reasons for persistently high NPLs and the reforms of the corporate governance of the Greek banks brought by the programs. The study draws on evidence gathered through a mixed-methods approach, comprising both quantitative and qualitative research techniques. 4 June 2020 Study on "The financial sector in Greece during the economic adjustment programmes: 2010-2018 Executive summary European Adjustment Programs (EAPs) and the financial sector in Greece Three Economic Adjustment Programmes (EAPs) were implemented in Greece over the period 2010-2018. The three programmes consisted of providing loans to Greece in light of the financial difficulties it was facing, conditionally on the implementation of policy measures. The basic underlying implicit ideas behind the programmes were: (i) to avoid the default of a Euro-Area member in light of the perceived contagion risks to other euro- area countries and systemic risks to the financial system; and (ii) to temporarily finance budgetary
Recommended publications
  • MER-Greece-2019.Pdf

    MER-Greece-2019.Pdf

    Anti-money laundering and counter-terrorist financing measures financing counter-terrorist and laundering Anti-money Anti-money laundering and counter-terrorist financing measures Greece Mutual Evaluation Report Greece September 2019 The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The FATF Recommendations are recognised as the global anti-money laundering (AML) and counter-terrorist financing (CTF) standard. For more information about the FATF, please visit the website: www.fatf-gafi.org. This document and/or any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. This assessment was adopted by the FATF at its June 2019 Plenary meeting. Citing reference: FATF (2019), Anti-money laundering and counter-terrorist financing measures – Greece, Fourth Round Mutual Evaluation Report, FATF, Paris http://www.fatf-gafi.org/publications/mutualevaluations/documents/mer-greece-2019.html © 2019 FATF-. All rights reserved. No reproduction or translation of this publication may be made without prior written permission. Applications for such permission, for all or part of this publication, should be made to the FATF Secretariat, 2 rue André Pascal 75775 Paris Cedex 16, France (fax: +33 1 44 30 61 37 or e-mail: [email protected]). Photo Credit - Cover: © Stratos Kalafatis, Archipelago, Agra Publications, 2017 Table of Contents Key Findings .................................................................................................................................................................... 3 Risks and General Situation .....................................................................................................................................
  • Albanian Families' History and Heritage Making at the Crossroads of New

    Albanian Families' History and Heritage Making at the Crossroads of New

    Voicing the stories of the excluded: Albanian families’ history and heritage making at the crossroads of new and old homes Eleni Vomvyla UCL Institute of Archaeology Thesis submitted for the award of Doctor in Philosophy in Cultural Heritage 2013 Declaration of originality I, Eleni Vomvyla confirm that the work presented in this thesis is my own. Where information has been derived from other sources, I confirm that this has been indicated in the thesis. Signature 2 To the five Albanian families for opening their homes and sharing their stories with me. 3 Abstract My research explores the dialectical relationship between identity and the conceptualisation/creation of history and heritage in migration by studying a socially excluded group in Greece, that of Albanian families. Even though the Albanian community has more than twenty years of presence in the country, its stories, often invested with otherness, remain hidden in the Greek ‘mono-cultural’ landscape. In opposition to these stigmatising discourses, my study draws on movements democratising the past and calling for engagements from below by endorsing the socially constructed nature of identity and the denationalisation of memory. A nine-month fieldwork with five Albanian families took place in their domestic and neighbourhood settings in the areas of Athens and Piraeus. Based on critical ethnography, data collection was derived from participant observation, conversational interviews and participatory techniques. From an individual and family group point of view the notion of habitus led to diverse conceptions of ethnic identity, taking transnational dimensions in families’ literal and metaphorical back- and-forth movements between Greece and Albania.
  • O Robert Mundell Και Το Βραβείο Nobel Στα Οικονομικά

    O Robert Mundell Και Το Βραβείο Nobel Στα Οικονομικά

    SAE./No.178/April 2021 Studies in Applied Economics ROBERT MUNDELL, 1932-2021: AHEAD OF HIS TIME Miranda Xafa Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise Robert Mundell, 1932-2021: Ahead of his Time By Miranda Xafa About the Series The Studies in Applied Economics series is under the general direction of Professor Steve H. Hanke, Founder and Co-Director of the Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise ([email protected]). About the Author Miranda Xafa started her career at the International Monetary Fund in Washington in 1980 and moved on to senior positions in government and in the financial sector. In 1991-93 she served as chief economic advisor to Prime Minister Constantin Mitsotakis in Athens, and subsequently worked as a financial market strategist at Salomon Brothers and Citigroup in London. After serving as a member of the IMF’s Executive Board in 2004-09, she is now a senior scholar at the Centre for International Governance Innovation (CIGI). She holds a Ph.D. in Economics from the University of Pennsylvania and has taught economics at the University of Pennsylvania and Princeton University. 1 I met Bob Mundell in Washington in 1982, when I was already working at the International Monetary Fund, at a conference on the international monetary system. My first impression was the absolute confidence with which he expressed his views. When one of the participants in his panel claimed that the data did not confirm his views, he responded: "If the data do not confirm my views, then the data are wrong." I had the chance to follow his life and career, and to participate in the conferences he organized and chaired in the last two decades in his beloved Palazzo Mundell in Tuscany where he lived.
  • List of Certain Foreign Institutions Classified As Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms

    List of Certain Foreign Institutions Classified As Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms

    NOT FOR PUBLICATION DEPARTMENT OF THE TREASURY JANUARY 2001 Revised Aug. 2002, May 2004, May 2005, May/July 2006, June 2007 List of Certain Foreign Institutions classified as Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms The attached list of foreign institutions, which conform to the definition of foreign official institutions on the Treasury International Capital (TIC) Forms, supersedes all previous lists. The definition of foreign official institutions is: "FOREIGN OFFICIAL INSTITUTIONS (FOI) include the following: 1. Treasuries, including ministries of finance, or corresponding departments of national governments; central banks, including all departments thereof; stabilization funds, including official exchange control offices or other government exchange authorities; and diplomatic and consular establishments and other departments and agencies of national governments. 2. International and regional organizations. 3. Banks, corporations, or other agencies (including development banks and other institutions that are majority-owned by central governments) that are fiscal agents of national governments and perform activities similar to those of a treasury, central bank, stabilization fund, or exchange control authority." Although the attached list includes the major foreign official institutions which have come to the attention of the Federal Reserve Banks and the Department of the Treasury, it does not purport to be exhaustive. Whenever a question arises whether or not an institution should, in accordance with the instructions on the TIC forms, be classified as official, the Federal Reserve Bank with which you file reports should be consulted. It should be noted that the list does not in every case include all alternative names applying to the same institution.
  • The Role of the IMF in the Global Financial Crisis

    The Role of the IMF in the Global Financial Crisis

    The Role of the IMF in the Global Financial Crisis Miranda Xafa Hellenic Bank Association June 2009 1 I.I. EconomicEconomic andand financialfinancial developmentsdevelopments GlobalGlobal economyeconomy facesfaces itsits mostmost severesevere recessionrecession 2 sincesince WWIIWWII Real GDP Growth (Annual percent change) 10 Emerging and Developing economies 8 World 6 4 2 Advanced economies 0 -2 -4 1970 80 90 2000 10 3 Global outlook deteriorated sharply since October 08; modest turnaround expected with policy stimulus WEO Real GDP Growth Projections (In percent change from a year earlier) U.S. Euro Japan China India World 2009 (Apr. 09) -2.8 -4.2 -6.2 6.5 4.5 -1.3 2009 (Oct. 08) -0.7 -0.5 -0.2 8.5 6.3 2.2 Change -2.1 -1.5 -6.0 -2.0 -1.8 -3.5 2010 (Apr. 09) 0.0 -0.4 0.5 7.5 5.6 1.9 2010 (Oct. 08) 1.5 0.9 1.1 9.5 6.8 3.8 Change -1.5 -1.5 -0.6 -2.0 -1.2 -1.9 Source: IMF, World Economic Outlook, April 2009 Update. 4 Heightened uncertainty a defining feature of the crisis VIX and Standard Deviation of Forecasts (in percent) 1.2 70 VIX Index 60 1.0 (RHS) 50 0.8 U.S. Consensus Forecasts (STDEV; following 40 year; LHS) 0.6 30 0.4 20 0.2 10 Gulf Asian Crisis LTCM 9/11 War I Apr. 09 0.0 0 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 TentativeTentative signssigns ofof stabilizationstabilization emergedemerged 5 inin AprilApril--MayMay 2009...2009..
  • The Rise and Fall of the 5/42 Regiment of Evzones: a Study on National Resistance and Civil War in Greece 1941-1944

    The Rise and Fall of the 5/42 Regiment of Evzones: a Study on National Resistance and Civil War in Greece 1941-1944

    The Rise and Fall of the 5/42 Regiment of Evzones: A Study on National Resistance and Civil War in Greece 1941-1944 ARGYRIOS MAMARELIS Thesis submitted in fulfillment of the requirements for the degree of Doctor in Philosophy The European Institute London School of Economics and Political Science 2003 i UMI Number: U613346 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. Dissertation Publishing UMI U613346 Published by ProQuest LLC 2014. Copyright in the Dissertation held by the Author. Microform Edition © ProQuest LLC. All rights reserved. This work is protected against unauthorized copying under Title 17, United States Code. ProQuest LLC 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106-1346 9995 / 0/ -hoZ2 d X Abstract This thesis addresses a neglected dimension of Greece under German and Italian occupation and on the eve of civil war. Its contribution to the historiography of the period stems from the fact that it constitutes the first academic study of the third largest resistance organisation in Greece, the 5/42 regiment of evzones. The study of this national resistance organisation can thus extend our knowledge of the Greek resistance effort, the political relations between the main resistance groups, the conditions that led to the civil war and the domestic relevance of British policies.
  • A HISTORY of the PELASGIAN THEORY. FEW Peoples Of

    A HISTORY of the PELASGIAN THEORY. FEW Peoples Of

    A HISTORY OF THE PELASGIAN THEORY. FEW peoples of the ancient world have given rise to so much controversy as the Pelasgians; and of few, after some centuries of discussion, is so little clearly established. Like the Phoenicians, the Celts, and of recent years the Teutons, they have been a peg upon which to hang all sorts of speculation ; and whenever an inconvenient circumstance has deranged the symmetry of a theory, it has been safe to ' call it Pelasgian and pass on.' One main reason for this ill-repute, into which the Pelasgian name has fallen, has been the very uncritical fashion in which the ancient statements about the Pelasgians have commonly been mishandled. It has been the custom to treat passages from Homer, from Herodotus, from Ephorus, and from Pausanias, as if they were so many interchangeable bricks to build up the speculative edifice; as if it needed no proof that genealogies found sum- marized in Pausanias or Apollodorus ' were taken by them from poems of the same class with the Theogony, or from ancient treatises, or from prevalent opinions ;' as if, further, ' if we find them mentioning the Pelasgian nation, they do at all events belong to an age when that name and people had nothing of the mystery which they bore to the eyes of the later Greeks, for instance of Strabo;' and as though (in the same passage) a statement of Stephanus of Byzantium about Pelasgians in Italy ' were evidence to the same effect, perfectly unexceptionable and as strictly historical as the case will admit of 1 No one doubts, of course, either that popular tradition may transmit, or that late writers may transcribe, statements which come from very early, and even from contemporary sources.
  • By Konstantinou, Evangelos Precipitated Primarily by the Study

    By Konstantinou, Evangelos Precipitated Primarily by the Study

    by Konstantinou, Evangelos Precipitated primarily by the study of ancient Greece, a growing enthusiasm for Greece emerged in Europe from the 18th century. This enthusiasm manifested itself in literature and art in the movements referred to as classicism and neoclassicism. The founda- tions of contemporary culture were identified in the culture of Greek antiquity and there was an attempt to learn more about and even revive the latter. These efforts manifested themselves in the themes, motifs and forms employed in literature and art. How- ever, European philhellenism also had an effect in the political sphere. Numerous societies were founded to support the cause of Greek independence during the Greek War of Independence, and volunteers went to Greece to join the fight against the Ottoman Empire. Conversely, the emergence of the Enlightenment in Greece was due at least in part to the Greek students who studied at European universities and brought Enlightenment ideas with them back to Greece. TABLE OF CONTENTS 1. Literary and Popular Philhellenism in Europe 2. European Travellers to Greece and Their Travel Accounts 3. The Greek Enlightenment 4. Reasons for Supporting Greece 5. Philhellenic Germany 6. Lord Byron 7. European Philhellenism 8. Societies for the Support of the Greeks 9. Bavarian "State Philhellenism" 10. Jakob Philip Fallmerayer and Anti-Philhellenism 11. Appendix 1. Sources 2. Bibliography 3. Notes Indices Citation The neo-humanism of the 18th and 19th centuries contributed considerably to the emergence of a philhellenic1 climate in Europe. This new movement was founded by Johann Joachim Winckelmann (1717–1768) (ᇄ Media Link #ab), who identified aesthetic ideals and ethical norms in Greek art, and whose work Geschichte der Kunst des Altertums (1764) (ᇄ Media Link #ac) (History of the Art of Antiquity) made ancient Greece the point of departure for an aestheticizing art history and cultural history.
  • Participant List

    Participant List

    Participant List 10/20/2019 8:45:44 AM Category First Name Last Name Position Organization Nationality CSO Jillian Abballe UN Advocacy Officer and Anglican Communion United States Head of Office Ramil Abbasov Chariman of the Managing Spektr Socio-Economic Azerbaijan Board Researches and Development Public Union Babak Abbaszadeh President and Chief Toronto Centre for Global Canada Executive Officer Leadership in Financial Supervision Amr Abdallah Director, Gulf Programs Educaiton for Employment - United States EFE HAGAR ABDELRAHM African affairs & SDGs Unit Maat for Peace, Development Egypt AN Manager and Human Rights Abukar Abdi CEO Juba Foundation Kenya Nabil Abdo MENA Senior Policy Oxfam International Lebanon Advisor Mala Abdulaziz Executive director Swift Relief Foundation Nigeria Maryati Abdullah Director/National Publish What You Pay Indonesia Coordinator Indonesia Yussuf Abdullahi Regional Team Lead Pact Kenya Abdulahi Abdulraheem Executive Director Initiative for Sound Education Nigeria Relationship & Health Muttaqa Abdulra'uf Research Fellow International Trade Union Nigeria Confederation (ITUC) Kehinde Abdulsalam Interfaith Minister Strength in Diversity Nigeria Development Centre, Nigeria Kassim Abdulsalam Zonal Coordinator/Field Strength in Diversity Nigeria Executive Development Centre, Nigeria and Farmers Advocacy and Support Initiative in Nig Shahlo Abdunabizoda Director Jahon Tajikistan Shontaye Abegaz Executive Director International Insitute for Human United States Security Subhashini Abeysinghe Research Director Verite
  • Capital Link Greek Investor Forum

    Capital Link Greek Investor Forum

    Capital Link 15thAnnual Greek Investor Forum "An Era of Opportunity" Tuesday, December 17, 2013 New York City TEN LTD In Cooperation with Lead Sponsors TSAKOS ENERGY NAVIGATION LTD The world’s city isn’t New York or London or Beijing. It’s not Lagos or Sao Paulo or Dubai. Today, the world’s city is wherever you are. Wherever you bring your ideas, drive, passion, and a hope that someone will believe in you. What if a bank made that its job? Wherever people come together to create or build something, we’re there to help make it real. For over 200 years. All around the world. THE WORLD’S CITI IS WHEREVER YOU ARE © 2013 Citigroup Inc. Citi and Citi with Arc Design are registered service marks of Citigroup Inc. citi.com/progress Message of the Prime Minister of Greece Mr. Antonis Samaras to the 15th Annual Capital Link Greek Investor Forum It is with great pleasure that I send you this message on the occasion of the 15th Annual Capital Link Greek Investor Forum. For years, the Forum has been a key event for providing in-depth information to the US investment community regarding business opportunities in Greece. We recognize that Greece and the US have historical strong ties and a proven record of achievement when working together. My recent US visits have reinforced our relationship. This year, marking the 15th year of its history, is even more important, as the Greek economy is undergoing a major overhaul. Sweeping reforms in all sectors address bureaucratic distortions and inefficiencies with which we had put up for too long, and which effectively made our economy a closed economy.
  • POLICE VIOLENCE in GREECE 5 Not Just ‘Isolated Incidents’

    POLICE VIOLENCE in GREECE 5 Not Just ‘Isolated Incidents’

    Police violence in G reece Not JUst ‘IsolatEd INcIdENts’ amnesty international is a global movement of more than 3 million supporters, members and activists in more than 150 countries and territories who campaign to end grave abuses of human rights. our vision is for every person to enjoy all the rights enshrined in the universal declaration of Human rights and other international human rights standards. We are independent of any government, political ideology, economic interest or religion and are funded mainly by our membership and public donations. First published in 2012 by amnesty international ltd Peter Benenson House 1 easton street london Wc1X 0dW united Kingdom © amnesty international 2012 index: eur 25/005/2012 english original language: english Printed by amnesty international, international secretariat, united Kingdom all rights reserved. this publication is copyright, but may be reproduced by any method without fee for advocacy, campaigning and teaching purposes, but not for resale. the copyright holders request that all such use be registered with them for impact assessment purposes. For copying in any other circumstances, or for reuse in other publications, or for translation or adaptation, prior written permission must be obtained from the publishers, and a fee may be payable. to request permission, or for any other inquiries, please contact [email protected] Cover photo : a Greek riot police officer kicks a protester during clashes in syntagma square, athens, 15 june 2011. © aP Photo/lefteris Pitarakis amnesty.org
  • Hellenic Link–Midwest a Scientific and Cultural Link with Greece Ελληνικοσ Επιστημονικοσ Και Πολιτιστικοσ Συνδεσμοσ P.O

    Hellenic Link–Midwest a Scientific and Cultural Link with Greece Ελληνικοσ Επιστημονικοσ Και Πολιτιστικοσ Συνδεσμοσ P.O

    HELLENIC LINK–MIDWEST A SCIENTIFIC AND CULTURAL LINK WITH GREECE ΕΛΛΗΝΙΚΟΣ ΕΠΙΣΤΗΜΟΝΙΚΟΣ ΚΑΙ ΠΟΛΙΤΙΣΤΙΚΟΣ ΣΥΝΔΕΣΜΟΣ P.O. Box 3, Park Ridge, IL 60068-0003 Phone 630-790-2939 www.helleniclinkmidwest.org Hellenic Link Midwest on FaceBook Greece: Recovering from Two Debt Crises and a Pandemic On Sunday, November 15, Hellenic Link–Midwest presents Dr. Miranda Xafa in an online lecture titled "Greece: Recovering from Two Debt Crises and a Pandemic”. Please note that this lecture will start at 2:00 pm U.S. Central Time. This lecture is supported by the Hellenic Foundation, Chicago. The support of the Foundation is greatly appreciated. Please click Savvas Koktzoglou the link below to join the webinar: President Constantine Tzanos https://us02web.zoom.us/j/84171967132 Vice President Angelo Dalageorgas The Webinar ID is 841 7196 7132. Further Information on how to join this Treasurer lecture is shown on page 2. Thomas Mantzakides Recording Secretary The crisis that hit Greece in the aftermath of the 2008-2009 Global Financial Crisis Stefanos Sakellarides Corresponding Secretary ended a debt-financed consumer boom and triggered a deep recession. After two EU/IMF-funded adjustment programs and a massive debt restructuring in 2012, the Greek economy returned to growth and re-accessed capital markets in 2014. The disastrous negotiations with creditors conducted by the SYRIZA government in 2015 Committees set back the adjustment effort and resulted in a third bailout agreement. With Greece Membership Committee and its creditors aligned in their desire to avoid a fourth bailout, Greece achieved a Program Committee Dinner Dance Committee smooth exit from the program in August 2018, even though growth-enhancing reforms Scholarship Committee were not fully implemented.