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The economic crisis signifies a turning point for Greek national self-image. The present paper explores the ideological function of interpretative repertoires in relation to the reproduction and contestation of national identity. We focus on two basic repertoires: a victimizing and a self-blaming one. Even though connotations of victimhood are not homogenous, its association with an external enemy is very popular. This paper demonstrates that discourses of victimization are not unambiguous and solidified; they interact with self-blaming discursive patterns, thus leading to hybrid perceptions of the national self-image that are adjusted to particular political actors’ strategies. [ABSTRACT FROM PUBLISHER]

This research underlines the importance of mobility management tools and small-scale targeted interventions of public space upgrades in order to encourage conscious sustainable mobility behaviour. The paper reviews tools and tactics of soft transport policy measures, as well as of small-scale and low-cost public space design approaches and strategies in the USA and Europe to assess their characteristics and results. It will then focus on Thessaloniki (Greece) presenting 1) the main findings of a trip survey concerning the impact of the economic crisis on mobility behaviour and 2) the shift to low-cost street scale urban design projects which have emerged during the crisis. The paper states that quality public space and urban transport constitute conditions necessary to attain long-term change in mobility behaviour. While the importance of hard transport policy measures should not be underestimated, the strategy for achieving sustainable urban mobility and public space design adapted to the economic crisis-specific conditions is discussed. [ABSTRACT FROM AUTHOR]

The financial crisis of 2007-2009 led to a renewed increase in government deficits and debts in many EU countries, causing a full-fledged fiscal crisis in Greece and severe fiscal pressures in other euro-area countries. This has prompted a series of proposals for improving the fiscal framework of the European Monetary Union, the Excessive Deficit Procedure and the Stability and Growth Pact. The first part of this paper reviews the main properties and developments of that framework until 2007. On that basis, it discusses the recent proposals for reform, which range from marginal improvements of the existing framework to the introduction of an explicit framework for managing fiscal crises in the member states, and the expansion of the scope of policy coordination to address macro economic imbalances and the competitiveness of the member states. We find the proposal of a mechanism for dealing with government default most useful. Attempts to suppress current account imbalances and to target national competitiveness positions would most likely result in serious economic losses and do damage to the internal market of the EU. This would increase the wedge between members and non-members of the euro area. [ABSTRACT FROM AUTHOR]

'Green-grabbing', in which environmental arguments support expropriation of land and resources, is a recognized element in neoliberal conservation. However, capitalism's strategic interest in promoting the neoliberalization of conservation is accompanied by attempts to exploit hitherto protected natures without any pretence at 'greenness'. In this paper we explore the dialectics between 'green' and 'un-green' grabbing as neoliberal strategies in the reconstruction of nature conservation policies after the 2008 financial 'crash' in Greece and the UK. In both countries, accelerated neoliberalization is manifested in diverse ways, including initiatives to roll back conservation regulation, market-based approaches to 'saving' nature and the privatization of public nature assets. The intensification of 'green' and 'un-green' grabbing reflects capitalism's strategic interest in both promoting and obstructing nature conservation, ultimately leaving for 'protected natures' two choices: either to be further degraded to boost growth or to be 'saved' through their deeper inclusion as commodities visible to the market. [ABSTRACT FROM AUTHOR]

In the context of a cross-national economic crisis, questions about democratic legitimacy are again topical. We explore the question of democratic legitimacy in Portugal and Greece by employing the conceptual differentiation between diffuse and specific regime support. Our findings indicate that while specific support has fallen in both countries, only Greece has experienced a precipitous fall in diffuse support, suggesting a link between regime performance and support for democracy. Individual-level analyses do not reveal any clear patterns concerning the impact of long-term societal factors or short-term economic considerations. Due to data quality limitations the paper has a predominately exploratory nature. [ABSTRACT FROM AUTHOR]

This paper analyzes the time-varying integration of the Greek stock market from a regional perspective by using a conditional version of the international capital asset pricing model (ICAPM) allowing for dynamic changes in the degree of market integration, regional market currency risk, and local market risk. We show that the prices of risk are extremely sensitive to major international economic and political events such as the different monetary and financial crises in Asian and Latin American countries in 1997, 1998, and 2001. In addition, we show that the level of market openness and development of the stock market satisfactorily explain the time-varying degree of Greek stock market integration. [ABSTRACT FROM AUTHOR]

A simple theoretical model of monetary unification and data from 11 euro members are used to investigate the common currency's role in the macroeconomic performance of these countries. Euro membership has been typically accompanied by lower (or steady) inflation, but also by higher business-cycle volatility. In addition, synchronization of cyclical output was substantially affected by the common currency only in Greece (where it declined considerably) and Finland and Ireland (where it increased). Consistent with the theoretical predictions, the empirical evidence shows a strong negative relationship between cyclical synchronizations and volatilities, which however is not much stronger under the euro than it was during the Maastricht period. [ABSTRACT FROM AUTHOR]

The article reviews the measures implemented in Greece during the economic crisis, and assesses their degree of success in leading to the catharsis for the chronic problems of the country's health system. Topics discussed include the European health model, European Union health policy intervention, and impact of health care reforms on population health and quality of life.

The article interrogates the rationale and origins of changing imaginaries of tourism in Greece in the context of the current economic crisis. We detect a radical change in the ‘picture’ of the country that circulates in global media conduits (YouTube, Facebook, official press websites and personal blogs). We enact a journey into past media representations of Greece as an idyllic peasant and working-class site, but proceed to highlight that such representations are being recycled today by Greeks (especially but not exclusively) living and studying abroad. This stereotype, which focuses on embodied understandings of happiness and well-being, is being challenged by the current economic crisis. In its place, we detect the emergence of a new dark and slum imaginary, propagated by both native and global intellectuals–activists. The new imaginary both tests in practice and bears the potential to re-invent Greece as a tourist destination. Not only is the change informed by the European histories of art, slum and dark tourism, focusing on middle-class refinement and philanthropy, it also bears the potential to promote Greece as a cultural tourist destination in global value hierarchies in controversial ways. [ABSTRACT FROM AUTHOR]

The euro crisis and a new debate about immigration in Europe have undermined support for the EU while the unsolved Greek debt problems as well as the ECB's quantitative easing policy have raised new crucial policy issues. It is necessary to identify the key issues of Eurozone stabilization and to clarify the economic benefits from monetary integration. As regards the economic welfare analysis of the euro, the new model presented shows the benefits of the euro's reserve currency position, namely in the framework of a neoclassical growth model with seigniorage based on international reserve holdings. Discounted benefits are about 10,000 € per capita in a stable Euro area. Thus the benefits are bigger than often considered, at the same time one may raise the question of whether the existing institutional setting of the Eurozone is sufficient for achieving long-term stability and prosperity. As regards the envisaged third rescue package for Greece it is emphasized that a haircut of public creditors along with adoption of a Greek capital levy plus privatization efforts are required to achieve debt sustainability and growth. The traditional interpretation of subsidiarity in the EU is found to be misleading and the vertical division of politics is destabilizing. [ABSTRACT FROM AUTHOR]

Drawing on surveys of voters and MPs in Greece, this article analyses elite–mass interaction on key policy (austerity, European integration, immigration) and ideological issues after the 2012 elections. We find that while for the government parties, New Democracy and PASOK, the level of congruence is quite high, MPs from opposition parties (SYRIZA, Golden Dawn) place themselves in more exposed positions in comparison with their voters. The observed substantial variation in the intensity and direction of congruence, across parties and issue preferences in Greece, reinforces the view that the dimensionality of political contestation is not reducible to a single ideological dimension. [ABSTRACT FROM PUBLISHER]

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The article examines the rise of the one of the most extremist political parties in Europe, Golden Dawn. It sketches the historical trajectory of the Greek far right, examines the ideological, organisational and voter profile of Golden Dawn, and offers possible explanations for its breakthrough in the 2012 elections. The article shows how the economic crisis has brought a massive realignment of the Greek electorate away from mainstream parties, giving rise to anti-system and anti-immigrant sentiments. Golden Dawn's violent tactics have allowed the party to establish an anti-system and anti-immigrant profile and capitalise on these sentiments. The party's future will depend on its capacity to absorb organisationally any future tensions between party pragmatists and idealists. [ABSTRACT FROM PUBLISHER]

Among the measures adopted to tackle the financial crisis in Europe, part of the sovereign debt of the Greek government was restructured in early 2012. The current Greek predicament bears a significant resemblance with Argentina's situation after the 2001 economic crisis. Its sovereign debt restructuring has been challenged before an investment arbitral tribunal by a group of Italian bondholders, who have thus far succeeded at the jurisdictional phase. The Abaclat and others v. Argentina case is the first International Centre for Settlement of Investment Disputes (ICSID) arbitration which deals with a sovereign debt workout. Albeit the award on the merits is still pending, the importance of the dispute cannot be overestimated. It signals a new forum bondholders could use, when they do not participate in an exchange, to still seek to obtain their interest and capital from the debtor State. This article aims at assessing the possibility of analogous developments for Greece, and potentially other Eurozone countries which might need to restructure their debt in the near future. To do so, it compares the historical unravelling of the crises in Argentina and in the Eurozone. It then offers a careful analysis of the recent arbitral decision in the Abaclat case. Finally, it evaluates the potential risks for the Eurozone and reviews several options for action at the European level. [ABSTRACT FROM AUTHOR]

This field note is a first attempt to reflect on the choreography of the European crisis from a psychosocial perspective. It focuses on the situation as it has been unfolding in one of the debtor countries of the South, namely Greece. After mapping a variety of metaphors, repertoires and strategies used to energise blame and guilt and thus legitimise the neoliberal policies implemented, it elaborates on the multiple functions of debt, articulating a biopolitical approach with Freudian and Lacanian theorisations of the superego. It also inscribes within this framework the current mutations in political domination. [ABSTRACT FROM AUTHOR]

The sovereign debt crisis and economic collapse of Greece is not a national exception. The eurozone and the entire EU are now the epicenter of the world capitalist crisis that exploded in 2007. Greece is the weakest link of the European chain that is threatened to break apart with enormous consequences for the world economy. All the interventions by the EU led by Germany, by the European Central Bank and the IMF were socially disastrous and economically totally inefficient. The second bailout of Greece in February 2012 has been met with a powerful resistance by the Greek popular masses and has no more chances to succeed than the previous one. No EU financial mechanism or ‘firewall’ is capable of preventing the contagion, which involves now not only small peripheral countries like Portugal or Ireland but the third and fourth biggest European economies, Italy and Spain, and starts to hit the ‘hard core’ of the EU. The crisis manifests the historical decline of capitalism in its birthplace, the European Continent, as well as the decline of bourgeois democracy. A new era of historical social confrontations has opened where the question of political power and of the future of Europe has been explicitly posed. [ABSTRACT FROM AUTHOR]

Greece's debt-to-GDP ratio is reaching unsustainable levels. But why should the debt load of such a small country cause such outsized tremors in global financial markets? Greek debt may be relatively small, but a sufficient amount is held by a few major banks in Europe to cause disruptions to the credit system. This effect is magnified because other banks from around the world are exposed to these European banks, making the problem global. In this article we examine the exposure of banks around the world to Greek debt, and call for swift and decisive action by policymakers to head off a global banking crisis. [ABSTRACT FROM AUTHOR]

Current developments in Greece make clear that the rules of the European Stability and Growth Pact (SGP) were neither strict enough nor enforced strictly enough. To deal with the ongoing exit from the fiscal crisis and its related phenomena, we propose a new framework for fiscal policy consolidation in Europe. The centrepiece is a European Consolidation Pact to supplement the SGP which would supply loan guarantees in exchange for a fee and stricter budget consolidation measures. The new framework also spells out the details of an orderly government default. [ABSTRACT FROM AUTHOR]