{"id":1719,"date":"2011-06-30T20:41:50","date_gmt":"2011-06-30T18:41:50","guid":{"rendered":"http:\/\/www.poleconomix.gr\/portal\/?p=1719"},"modified":"2011-06-30T20:41:50","modified_gmt":"2011-06-30T18:41:50","slug":"debt-socialisation-might-follow-greek-crisis","status":"publish","type":"post","link":"https:\/\/www.poleconomix.gr\/portal\/debt-socialisation-might-follow-greek-crisis\/","title":{"rendered":"&#8216;Debt socialisation&#8217; might follow Greek crisis"},"content":{"rendered":"<p><a href=\"http:\/\/www.bruegel.org\/scholars\/scholar-detail\/scholar\/19-zsolt-darvas\/\" target=\"_blank\">Darvas, Zsolt<\/a>.<\/p>\n<p>The passing of Greece&#8217;s austerity package yesterday only bought a little time for Europe \u2013 a real crisis could be just around the corner, writes Zsolt Darvas<\/p>\n<p>Europe can breathe again after the Greek Parliament&#8217;s vote in favour of the austerity bill, yesterday. Talks on a voluntary rollover of Greece&#8217;s public debt are ongoing with private lenders. But can we now sit back and have more confidence in the resolution of the euro-area sovereign debt crisis? Unfortunately not.<\/p>\n<p>The Greek vote was necessary to avoid an immediate crash and it was a wise decision. It complements the country&#8217;s heroic efforts to keep control of its public finances and introduce growth-enhancing structural reforms. With or without public debt restructuring, further austerity is needed. Before the vote, the 2011 budget deficit was seen at 10.5 per cent of GDP &#8211; two-thirds of which is used for paying the debt interest. Clearly, even in the event of default and the unlikely case of complete denial of interest service &#8211; there still would be a sizeable budget gap that needs to be closed.<\/p>\n<p><strong>\u03a0\u03b7\u03b3\u03ae:<\/strong> Bruegel<\/p>\n<p><a href=\"http:\/\/www.bruegel.org\/publications\/publication-detail\/publication\/572-debt-socialisation-might-follow-greek-crisis\/\" target=\"_blank\">\u03c0\u03bb\u03ae\u03c1\u03b5\u03c2 \u03ba\u03b5\u03af\u03bc\u03b5\u03bd\u03bf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Darvas, Zsolt. The passing of Greece&#8217;s austerity package yesterday only bought a little time for Europe \u2013 a real crisis could be just around the corner, writes Zsolt Darvas Europe can breathe again after the Greek Parliament&#8217;s vote in favour of the austerity bill, yesterday. Talks on a voluntary rollover of Greece&#8217;s public debt are [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,37],"tags":[25,27],"class_list":["post-1719","post","type-post","status-publish","format-standard","hentry","category-18","category-37","tag-25","tag-27"],"_links":{"self":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/1719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/comments?post=1719"}],"version-history":[{"count":1,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/1719\/revisions"}],"predecessor-version":[{"id":1720,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/1719\/revisions\/1720"}],"wp:attachment":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/media?parent=1719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/categories?post=1719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/tags?post=1719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}