Editorial 2016 Newsletter - Issue 14
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4273 Mechanisms of Policy Change Inside International
Angelos Angelou LSE| European Institute Word count: 4,273 Mechanisms of policy change inside International Organizations during times of crisis: Evidence from the cooperation of the Troika institutions vis-à-vis the handling of the Greek debt Abstract This note will establish that the observed mechanisms of policy change inside the EC and the ECB vis-à-vis the handling of the Greek debt disconfirm certain central theoretical expectations of the policy change literature. By juxtaposing the most basic theoretical insights of the policy change research with a new dataset that describes the interactions of the Troika institutions regarding the handling of the Greek debt we will establish that the mode of change inside the two European institutions was unexpected and puzzling from a theoretical point of view. The study of such a failed most-likely case will provide detailed insights regarding the processes of change inside IOs during times of crisis and will allow us to modify the respective hypotheses of the policy change literature. Introduction The Eurozone bailouts have been a matter of extensive academic and political discussion. One of the less examined aspects of the crisis is the cooperation between the three organizations that undertook the drafting and the daily management of the programs. The International Monetary Fund (IMF), the European Commission (EC) and the European Central Bank (ECB), created an ad hoc body, the Troika that operated as the directorate and the meditator via which the debtors coordinated with their creditors. This note will use one of the numerous disagreements that arose during this cooperation in order to study the process of policy change inside the three Troika bodies. -
Calendar of Benoît Cœuré, November 2016 1
Calendar of Benoît Cœuré Member of the ECB's Executive Board November 2016 Meeting / Event Date (incl. topic / meeting participants, as applicable) Location Tuesday, 1 November Meeting with HSBC, on global economic and financial Frankfurt developments Wednesday, 2 November Banking Industry Dialogue ECB Meeting with high-level independent evaluator of past ECB European Financial Stability Facility (EFSF) and European Stability Mechanism (ESM) financial assistance programmes, Ms Gertrude Tumpel-Gugerell, on ex post evaluation of EFSF and ESM programmes Governing Council ECB Thursday, 3 November Meeting with Morgan Stanley, on developments in the ECB European Union Europe on Credit Series, organised by Harvard Universityʼs Cambridge, Minda de Gunzburg Center for European Studies – keynote MA address on “Sovereign debt in the euro area: too safe or too risky?” Friday, 4 November Meeting with Harvard University, on research on monetary Cambridge, policy and financial regulation MA Sunday, 6 November Meeting with US Federal Reserve System, Ms Janet Basel Yellen, and Federal Reserve Bank of New York, Mr William C. Dudley, on global economic and financial developments Monday, 7 November Bank for International Settlements (BIS) – bi-monthly Basel meetings Eurogroup Brussels Tuesday, 8 November Executive Board ECB Meeting with Mr Vivien Lévy-Garboua, on a project for the ECB French Treasury on post-trade activities in Europe Calendar of Benoît Cœuré, November 2016 1 Meeting with media Frankfurt Wednesday, 9 November Meeting with media Lyons Les -
OECD, "Seminar on Capital Movements Agenda,"
PROGRAMME SEMINAR ON OPEN AND ORDERLY CAPITAL MOVEMENTS Does global co-operation matter? 25 October 2016, OECD, Paris Organised by the OECD in co-operation with Germany (Federal Ministry of Finance) as the upcoming G20 Presidency Open and orderly capital movements: does global co-operation matter? An open, transparent and orderly global system of capital flows underpins global growth and stability. In light of the increasingly interconnected global economy, faced with episodes of heightened capital flows volatility, significant value is attached to credible commitment mechanisms to rules-based and co-operative approaches to capital flows that send a positive signal of a predictable policy agenda. This type of framework will help countries maintain markets’ confidence and continue to attract the long-term, high-quality capital needed to support inclusive growth and sustainable development. The OECD Code of Liberalisation of Capital Movements (the Code) provides such a framework. As an instrument that encourages co-operation, it has provided a tried and tested process for global dialogue for over 50 years. The Code is used by the 35 OECD countries, including emerging economies, as well as by non-OECD countries. Four non-OECD countries have applied for adherence since it was opened to all in 2012. It is a living instrument adaptable to countries at different levels of development, through built-in flexibility clauses that allow temporary suspension of liberalisation commitments in times of economic and financial disturbance. Over time, Adherents have developed a body of well-established jurisprudence on the implementation of the Code’s rights and obligations and the conformity of individual country measures. -
Political Parties I Discourse & Ideology
Continuities and Change in Greek political culture: PASOK’s modernization paradigm 1996-2004 Nikolaos Bilios (MPhil LSE) PhD student UoA- Marshall Memorial Fellow [email protected] [email protected] University of Athens Faculty of Law Department of Political Science and Public Administration Summer 2009 Paper for the 4th Biennial Hellenic Observatory PhD Symposium on Contemporary Greece Session II- Panel 5- Political Parties I: Discourse & Ideology Room : U110, Tower 1 Chair: Prof. Kevin Featherstone 1 ABSTRACT Throughout the 90s, PASOK (Panhellenic Socialist Movement), in common with the other European social democratic parties, has advocated a revisionist approach towards socialism and has placed the 'modernization' of the Greek society high on its political agenda. By focusing on the characteristics of PASOK’s transformation, this paper aims to exemplify the repercussion of this development on its political discourse i.e. the modernization paradigm (eksychronismos). Key questions will be addressed: What is the significance of ‘modernization’ as a political discourse? What is its empirical documentation and how its methodological use will help us to study and to decipher the role of this political ideology in conjunction with PASOK’s new character, ideological agenda, social base. The material composing the analysis of this paper derives from empirical research on the speeches delivered and interviews given by the Prime Minister Kostas Simitis and other members of the ‘modernizers group’ and by articles and texts which have been published in the daily press, periodicals and books. INTRODUCTION The discussion about the ideology, role and organization of political parties is continuous and classic. The scope and intensity of the challenges currently faced in Western European political parties is exceptionally great, threatening the viability of the manner in which they have traditionally operated and causing them to seek new behaviors and strategies. -
Civil-Military Relations: a Comparative Analysis of the Role of the Military in the Political Transformation of Post-War Turkey and Greece: 1980-1995
CIVIL-MILITARY RELATIONS: A COMPARATIVE ANALYSIS OF THE ROLE OF THE MILITARY IN THE POLITICAL TRANSFORMATION OF POST-WAR TURKEY AND GREECE: 1980-1995 Dr. Gerassimos Karabelias Final Report submitted to North Atlantic Treaty Organization (NATO) in June 1998 1 ABSTRACT This report attempts to determine the evolution of civil-military relations in Turkey and Greece during the 1980-1995 period through an examination of the role of the military in the political transformation of both countries. Since the mid-1970s and especially after the Fall of the Berlin Wall, the struggle for spreading the winds of democracy around the globe has been the goal of all western states and particularly the United States of America. However, taking into consideration the volatility in the Balkans and in Central Asia, the military institution of Turkey and Greece which gave the impression that it withdrew in the barracks after their last intervention in 1980-83 and 1967-74 respectively, could easily be forced or even tempted to assume a greater responsibility in the conduct of each country’s domestic and foreign affairs. Only through a better understanding of its role during the 1980-95 period, we would be able to determine the feasibility of such scenarios. Using a multi-factorial model as a protection from the short- sighted results which the majority of mono-factorial approaches produce, this report starts with the analysis of the distinct role which the Armed Forces of each country have had in the historical evolution of their respective civil-military relations up to 1980 (Part One of Chapters Two and Three). -
Eurozone Sovereign Debt Crisis Briefing ...A Briefing on the Status, Causes and Solutions for the Eurozone Sovereign Debt Crisis
Eurozone Sovereign Debt Crisis Briefing ...a briefing on the status, causes and solutions for the Eurozone sovereign debt crisis October 22, 2012 Eurozone Sovereign Debt Crisis - Current Status The European Central Bank (ECB) at its meeting in Septem- Europe Big-Four 10-year Bond Yields ber finally came to the rescue and offered to directly partici- 7.50% Spain Spain 7.00% pate in a bailout program for struggling countries such as Italy 6.50% Spain. The ECB promised to use its unlimited balance sheet Germany 6.00% to help stabilize the Eurozone debt crisis, taking a big step France forward and succeeding in causing Spanish and Italian bond 5.50% 5.00% yields to drop sharply. There are still many obstacles to over- 4.50% Italy come, but there is finally a sense that there might be a path 4.00% forward in the Eurozone debt crisis without an implosion of 3.50% France the euro or the loss of Eurozone members. 3.00% 2.50% The markets at present are waiting for three major events. 2.00% 1.50% First, the markets are waiting for a deal that provides Greece Germany 1.00% with its next 31 billion euro tranche of bailout aid. Second, 9/10 11/10 1/11 3/11 5/11 7/11 9/11 11/11 1/12 3/12 5/12 7/12 9/12 the markets are waiting for Spain to formally accept the bail- out program offered by the ECB and the Eurozone through its European Stability Mechanism (ESM) permanent bailout in Spain and Greece and protect Italy from contagion. -
2019 Summary Report
2019 SUMMARY REPORT athensdemocracyforum.com Global Conversation: Reinventing Democracy SESSION BRIEFINGS athensdemocracyforum.com 2 WELCOME REMARKS Achilles Tsaltas, President, Athens Democracy Forum Achilles Tsaltas welcomed delegates and esteemed guests to the seventh edition of the Athens Democracy Forum, introducing the five challenges of populism, new communication technologies, enormous gaps in personal wealth, the shifting terrain of the political-party system, and a sense of alienation and loss among many people, that represent the key themes for this year’s program. Reiterating the importance of preserving democracy as the only viable form of social organization, he outlined democracy as a constant process of reinvention and revival. Mr. Tsaltas warned that many of today’s democracies are so polarized, that they seem paralyzed. While optimists view the current threats to democracy as a natural process of decay and revival, he said, the pessimists are likely to consider the potential for decline into chaos and tyranny. He declared that this year’s conference brings together a sampling of both optimists and pessimists among participants, stating that through their debates and presentations, delegates will be able to glean a better understanding of where democracy might be headed. Mr. Tsaltas explained that the Athens Democracy Forum is becoming a nerve center for democratic debate, and described the new structure of the event, now hosted by the Democracy & Culture Foundation, a nonprofit entity, in association with The New York Times. Mr. Tsaltas thanked all conference partners and sponsors for their commitment. athensdemocracyforum.com 3 Annika Savill, Executive Head, UN Democracy Fund, United Nations Annika Savill underlined the task in front of delegates at this year’s event, highlighting the inspiration they might derive from the City of Athens itself, as the cradle of democracy. -
Proquest Dissertations
RICE UNIVERSITY The Struggle for Modern Athens: Unconventional Citizens and the Shaping of a New Political Reality by Othon Alexandrakis A THESIS SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE Doctor of Philosophy APPROVED, THESIS COMMITTEE: ttill g^ jLS^x£ft //t/T- Jafmelames Faubi((nFaubioV, Professor, Anthropology Amy Ninetto, Assistant Professor^Anthropology Lora Wildenthal, Associate Professor, History Eugenia Georges, Professor, Anthropology HOUSTON, TEXAS FEBRUARY 2010 UMI Number: 3421434 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. UMT Dissertation Publishing UMI 3421434 Copyright 2010 by ProQuest LLC. All rights reserved. This edition of the 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 Copyright Othon Alexandrakis 2010 ABSTRACT The Struggle for Modern Athens: Unconventional Citizens and the Shaping of a New Political Reality by Othon Alexandrakis The dissertation is based on over one-and-a-half years of ethnographic field research conducted in Athens, Greece, among various diverse populations practicing unconventional modes of citizenship, that is, citizenship imagined and practiced in contradiction to traditional, prescribed, or sanctioned civil identities. I focus specifically on newcomer undocumented migrant populations from Africa, the broadly segregated and disenfranchised Roma (Gypsy) community, and the rapidly growing anti- establishment youth population. -
The Bank of Greece Proposes a National “Bad Bank” by ALEXANDER NYE
The Bank of Greece proposes a national “bad bank” BY ALEXANDER NYE On July 16, the Bank of Greece (BOG) proposed a public asset management company (AMC) to buy non-performing loans (NPLs) from banks using public funds. Yannis Stournaras, governor of the BOG, argues that an AMC could help banks clean up their balance sheets and allow them to raise capital. Unlike the AMCs that governments created during the Global Financial Crisis (GFC) of 2007-09, a Greek AMC would not be able to subsidize banks by acquiring NPLs above market prices. Europe’s Bank Recovery and Resolution Directive (BRRD), passed in 2014, now prohibits European government from providing most forms of the vast majority of state aid to banks outside of the resolution process, including through AMCs. This means the AMC’s purchase of the NPLs would likely subject participating banks to large haircuts, eating into their capital. The BOG has not put forward a detailed description of the bad bank proposal. In its July 2020 Financial Stability Report (FSR), the BOG said that a new AMC would not fundamentally change the country’s existing banking infrastructure. Third parties would be brought in to help the bad bank, though this could mean anything from contracting with private asset managers to having private-sector entities take an equity stake in the AMC (as they did in Ireland during the GFC). In its FSR, the BOG also suggested the AMC could have a loss-sharing element; participating banks would solely bear any losses. However, that does not seem to be the case. -
Athens Democracy Forum 2020 “The New Abnormal: Reimagining Democracy”
Athens Democracy Forum 2020 “The New Abnormal: Reimagining Democracy” The ADF 2020 Themes Even before the current crises, democracy was taking a beating: from hijacked elections to the spread of extreme ideologies to the increasingly sophisticated tactics of strongmen. The effects have become alarmingly apparent: migration shifts, climate change, economic uncertainty and general global unrest, for a start. Since the pandemic hit and the world struggles to get out from under it, the assaults have become even more prevalent, and calls to reinvent democracy are more urgent than ever. Operating for the second year under the aegis of the Democracy and Culture Foundation, in association with The New York Times, the Athens Democracy Forum will convene leaders from government, business, civic society and the nonprofit sector to debate -- and enact -- real solutions to the world’s most pressing issues. The Foundation’s focus on impact is designed to produce the two outcomes of "better governance" and "citizen engagement." Kim Conniff Taber, Editorial Director, Athens Democracy Forum Serge Schmemann, Editorial Board Member, The New York Times and Program Director, Athens Democracy Forum Wednesday, September 30, 2020 ALL TIMES LISTED ARE ATHENS TIME (GMT +3) Hotel Grande Bretagne Studio 1:30 p.m. – 2:20 p.m. Bespoke Panel Discussion: “Business for Purpose” Roundtable Sponsored by Mishcon de Reya and National Bank of Greece What does “business for purpose” really mean? What are the different ways that businesses can acknowledge systemic problems and build toward more systemic change? This session will wrestle with these questions and more. Valerie Keller, Co-founder and CEO, Imagine (P) Alexander Rhodes, Head of Mishcon Purpose (V) Costas Michaelides, Chairman of the Board, National Bank of Greece (P) Mete Coban MBE, Founder and Chief Executive, My Life My Say (P) Moderated by Alison Smale, Journalist and former UN Undersecretary General for Global Communications, and former Executive Editor of the International Herald Tribune (P) Hotel Grande Bretagne Studio 3:00 p.m. -
The United States and the Greek Coup of 1967
Were the Eagle and the Phoenix Birds of a Feather? The United States and the Greek Coup of 1967 by Louis Klarevas Assistant Professor of Political Science City University of New York—College of Staten Island & Associate Fellow Hellenic Observatory—London School of Economics Discussion Paper No. 15 Hellenic Observatory-European Institute London School of Economics Houghton Street London WC2A 2AE http://www.lse.ac.uk/collections/hellenicObservatory February 2004 Author’s Note: The author wishes to thank the Hellenic Observatory of the London School of Economics for its generous support in the undertaking of this project. The author also wishes to thank Kevin Featherstone, Spyros Economides, and Dimitrios Triantaphyllou for comments on a previous draft. In the summer of 2004, Greece will host the Olympic Games. Americans attending the games and visiting traditional tourist stops in Athens are sure to be greeted with open arms. But for those who delve a bit further into the country-side seeking a taste of average Greek life, some are sure to hear some fascinating tales flavored with a strong hint of anti-Americanism. To many foreigners that visit Greece these days, it might seem like the cradle of democracy is also the cradle of conspiracy. Take these schemes, for example: (1) Orthodox Serbs, not Muslims, were the true victims of the slaughters in the Balkans during the 1990s—and the primary reason that NATO intervened was so that the United States could establish a military foothold there;1 (2) the U.S. Ambassador played a tacit role in the removal of the Secretary- General of Greece’s ruling political party;2 and (3) the attack on the World Trade Center was a joint Jewish-American conspiracy to justify a Western war against Muslims—with reports that no Jews died in the September 11 attacks.3 All of these perspectives have numerous subscribers in Greece. -
Signs of Revival After Years of Pain
FT SPECIAL REPORT Greece Monday July 7 2014 www.ft.com/reports | @ftreports Signs of revival after years of pain Inside » Growth worries Economy makes progress but a Then come long-awaited negotia- lasting recovery is Confidence is slowly tions with the EU and IMF on debt the big challenge relief. These are made more compli- returning but hurdles cated by differences over whether Page 2 Greece should be offered another debt still loom ahead, “haircut” on top of its 2012 sovereign debt restructuring as the Fund would Cheaper debt is writes Kerin Hope prefer, or settle for the commission’s proposal of a lower interest rate and a sign of times lengthening of maturities. Return to global he signs of economic crisis “We will be in a room with two are visible everywhere in elephants and we’ll have to tiptoe capital markets Athens, from shuttered shops between them in order to come away marks turnround and graffiti-sprayed public with an agreement,” says a senior buildings to people of all Greek official. “But what matters is to Page 2 Tages ransacking dustbins in wealthier reduce the debt burden for the next neighbourhoods of the capital. generation by one means or another.” Six years of recession, the deepest A third worry for Mr Samaras is the Stumbling on in memory, have taken a heavy toll election by parliament next February on Greece. of a new president to replace the Next few months The country’s output shrank by incumbent Karolos Papoulias, who is will be critical for almost 25 per cent, as tens of thou- retiring.