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The Sword of Damocles (Part II): The Precariousness of the Greek Banking System during the Great Sovereign Debt Crisis

2026-01-21T18:59:45+00:00

Fotios Siokis
March 04, 2019

Greek banks remain unable to support economic recovery despite massive liquidity support and recapitalizations. Credit growth is constrained by an exceptionally high stock of non-performing loans—over 45% of total loans—which has made banks risk-averse and reduced lending to firms, especially SMEs. Clearing bad loans is essential to restore credit and growth.

The Sword of Damocles (Part II): The Precariousness of the Greek Banking System during the Great Sovereign Debt Crisis2026-01-21T18:59:45+00:00

The Sword of Damocles (Part I): The Precariousness of the Greek Banking System During the Great Sovereign Debt Crisis

2026-01-21T18:58:50+00:00

Fotios Siokis
February 19, 2019

Despite Greece’s exit from its bailout program, banks remain too weak to support economic growth. Burdened by non-performing loans near 45% of total lending and heavy losses from the sovereign debt restructuring, Greek banks required repeated recapitalizations and consolidation. Although capital ratios improved, lending to the private sector remains constrained.

The Sword of Damocles (Part I): The Precariousness of the Greek Banking System During the Great Sovereign Debt Crisis2026-01-21T18:58:50+00:00

Argentina’s Latest Crisis

2026-01-20T16:23:57+00:00

Meng-Ting Chen and Joseph van der Naald
November 16, 2018

After a sharp peso collapse, soaring inflation, and interest rates near 60 percent, Argentina entered a familiar crisis pattern. Heavy dollar-denominated debt, chronic deficits, and fragile investor confidence left the economy exposed as global conditions tightened. An IMF bailout and tough fiscal and monetary measures have stabilized markets for now, but recession risks and external pressures continue.

Argentina’s Latest Crisis2026-01-20T16:23:57+00:00

The Turkish Currency and Debt Crises

2026-01-20T16:44:29+00:00

Merih Uctum and Zhuo Xi
September 22, 2018

The sharp collapse of Turkey’s lira in August exposed vulnerabilities beneath years of strong growth. Heavy private-sector foreign borrowing, rising global interest rates, and political tensions triggered a classic emerging-market currency crisis. Surging inflation, mounting debt burdens, and wavering confidence now threaten growth, raising concerns about contagion to other economies and to international banks.

The Turkish Currency and Debt Crises2026-01-20T16:44:29+00:00

The Welfare State in the Age of Globalization

2026-01-20T16:53:29+00:00

Branko Milanovic
March 05, 2018

The modern welfare state is strained by the forces that once lay beyond its design. Built on shared risks and broad participation, it now confronts rising inequality, social polarization, and large-scale migration that weaken solidarity and mass coverage. Globalization challenges the fiscal and political foundations of redistribution, raising difficult questions about sustainability and reform in advanced economies.

The Welfare State in the Age of Globalization2026-01-20T16:53:29+00:00

Why 20th Century Tools Cannot Be Used to Address 21st Century Income Inequality

2026-01-20T16:54:25+00:00

Branko Milanovic
February 16, 2018

The tools that once reduced inequality—strong unions, mass education, and expansive tax-and-transfer systems—no longer deliver the same results in today’s globalized economy. Structural changes in labor markets and politics limit their effectiveness. A more durable response, the argument suggests, lies in reshaping capitalism itself through broader ownership of capital and more equal returns to skills.

Why 20th Century Tools Cannot Be Used to Address 21st Century Income Inequality2026-01-20T16:54:25+00:00

A Primer on Rules of Origin in NAFTA Negotiations and What Is Next

2026-01-20T16:56:43+00:00

Richard J. Nugent III
December 22, 2017

Stalled NAFTA renegotiations have put rules of origin at the center of debate, especially for autos. Tighter content requirements aim to prevent trade deflection but risk disrupting global supply chains. While ROO can protect regional production, more restrictive rules could raise costs, distort trade flows, and threaten the viability of the agreement itself.

A Primer on Rules of Origin in NAFTA Negotiations and What Is Next2026-01-20T16:56:43+00:00

Greek Debt in Historical Perspective: An Opinion Article

2026-01-20T16:58:25+00:00

Anthony Rodolakis
November 22, 2017

Warnings that rising U.S. debt could mirror Greece’s crisis overlook critical historical differences. Greece’s experience reflects a long pattern of borrowing, default, and weak fiscal institutions shaped by war, politics, and external financing. Tracing two centuries of debt accumulation shows that today’s Greek crisis stems from structural and historical forces—not simply high debt levels alone.

Greek Debt in Historical Perspective: An Opinion Article2026-01-20T16:58:25+00:00
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