recovery. Similarly, PDs derived from CDS data are risk-neutral and may need to be adjusted when extrapolating to real world …

We construct a Financial Conditions Index (FCI) for Greece as a surveillance tool to quantify the degree of the stress … (EA) as a whole and show that although the developments in the EA were qualitatively in line with those in Greece, they … were quantitatively much milder. Our results confirm that monetary transmission was less effective in Greece compared to …

Germany, Greece, Ireland, Italy, Spain and Portugal. The stability ofGermany is a close proxy for the resilience of the euro … to theirrelative importance in the region. Changes in Greece's sovereign CDS had no significant effect on Germany …

Greece’s investment rate plunged following the Sovereign Debt Crisis (SDC) and remained one of the lowest in the world … suggest that Greece has been under-investing since the SDC, with private investment notably lagging behind. The estimated …

The Greek pension system has been costly, complex, and distortive, which has contributed to Greece’s fiscal problems …