Michael Haliassos presents a key dilemma in the current debate regarding the future of the Euro: to prolong support of debt refinancing to countries in the periphery, so as to signal to markets that Euro membership is a one-way street; or to cut it off, so as to discourage other eurozone members from letting their finances get out of control in the future? He argues that the answer crucially depends on the way that northern partners perceive the prospects of citizens in the periphery to work hard and to be prudent with their finances. Recently available data on hours of work and on household net wealth levels suggest that basing this choice on preconceptions and stereotypes may be leading to counter-productive measures that put the eurozone at risk.
The article, originally written as Editorial for the Newsletter of the Center for Financial studies, appeared also in the German newspaper Frankfurter Allgemeine Zeitung (23.12.11) and in the Greek newspaper Kathimerini (24.12.11). The full text and Table in English here.
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Costas AzariadisWashington University at St. LouisHarris DellasUniversity of BernNicholas EconomidesNew York UniversityJohn GeanakoplosYale UniversityMichael Haliassos (Editor)Goethe University FrankfurtYannis Ioannides (Editor)Tufts UniversityCostas MeghirYale University and University College LondonChris PissaridesLondon School of EconomicsThanasis Stengos (Editor)University of GuelphDimitri VayanosLondon School of EconomicsNikos VettasAthens University of Economics and BusinessOther Contributors
Michael ArghyrouUniversity of Cardiff
Nikolaos ArtavanisVirginia Tech
Manthos DelisCity University
Jacques DelplaConseil d’Analyse Economique, Paris
Manolis GalenianosRoyal Holloway, University of London
Nikos GeorgantzisJaume I University and University of Granada
Gikas HardouvelisUniversity of Piraeus
Dimitris HatzinikolaouUniversity of Ioannina
Chrysafis IordanoglouPanteion University
Pantelis KammasUniversity of Ioannina
Loukas KarabarbounisUniversity of Chicago
Yannis KatsoulakosAthens University of Economics and Business
Alexandros KontonikasUniversity of Glasgow
Christos KotsogiannisUniversity of Exeter
Andreas KoutrasIn Touch Capital Markets
Miltiadis MakrisUniversity of Southampton
Spyros PagratisAthens University of Economics and Business
Elias PapaioannouDartmouth College
Manolis PetrakisUniversity of Crete
Vasiliki SkretaNew York University
Margarita TsoutsouraUniversity of Chicago
Here is a summary of a minority opinion on the Greek crisis. Minority opinion in the sense that it does not consider the private sector participation in the debt crisis as a mistake and it does not consider the non-issue of Eurobonds so far as a mistake.
http://klauskastner.blogspot.com/2011/12/closing-2011-with-minority-view.html