The correct understanding of Greece’s debt can only be obtained by using international accrual accounting standards rather than the cash-basis future face value definition. Changing the terms of debt changes the value of the debt in Greek governmental financial statements correctly prepared...

Greece has the lowest public receipts of all the eurozone members, and this contributes significantly to the annual budget deficits and the extremely high level of public debt. The source of this shortfall is personal income taxation. The following article analyses the distortions in the labour...

The hesitation of many conventional-wisdom economists to rely more aggressively on fiscal policy measures in order to keep their public finances more or less balanced may have contributed to the persisting current slowdown. We discuss the potential of active fiscal policies in stimulating growth...

Greece has the lowest public receipts of all the Eurozone members, and this contributes significantly to the annual budget defi cits and the extremely high level of public debt. The source of this shortfall is personal income taxation. The following article analyses the distortions in the labour...

The downward adjustment of economic activity to match the reduced competitiveness of the economy, be it within the Eurozone or outside it as some advocate, will leave the Greek economy with a low level of economic activity, which will match its reduced competitiveness, even though its total...