Greece Missed Chance for a Better Memorandum: (Kathimerini, June 29, 2011)

This is a letter sent to the executive editor of Kathimerini, Athens Greece.It was published on the date sent, June 29, 2011. ( )Dear Mr Papachelas,
I have been following the Greek financial/economic crisis and events very closely these past 24 months.
Briefly, both Mr [Costas] Karamanlis and Mr [George] Papandreou lost several opportunities to negotiate with the lenders a better agreement than the current Memorandum and the new one, now under debate in Parliament.
There is still time to negotiate better terms. In my estimate there is a window of six to 12 months to do so.
They both lost the opportunity do go to the market and borrow 40+ billion euros to hedge the payments that were coming and thus strengthen their hand in negotiating the Memorandum. The market in the summer and fall of 2009 was very favorable to Greek bonds (interest payment-wise) if I recall correctly.
Currently the debt problems of Ireland, Portugal, Spain and Italy are interwoven with the Greek debt issue. I believe that the Europeans will work out a financial defense strategy and system to separate the Greek debt from impacting the debt of the others. If they do that it will weaken Greece’s position severely. Therefore, this is the time to negotiate better deals while the Europeans are afraid of a domino effect. Later they will not be.
Continue reading Greece Missed Chance for a Better Memorandum: (Kathimerini, June 29, 2011)


Dr. Periklis Gogas is an invited contributor to The Business Thinker magazine. He is Assistant Professor at Democritus University of Thrace, Greece, teaching Macroeconomics, Banking and Finance

The adoption of the euro as the common currency for the participating EU countries was hailed by politicians, academics and business people as a very important step-forward towards the ideal of European economic integration through the implementation of Robert A. Mundell’s Optimum Currency Area theory. The new currency was a greater success than many economists expected. Outside the EU it has become the second -after the dollar- reserve currency for many central banks and close to thirty nations worldwide chose to peg their currencies to the euro. The new currency helped to eliminate exchange rate risk and minimize transaction costs within the Eurozone, boosting intra-EU trade and efficient capital allocation.



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