The Imf And The Crises In Greece Ireland And Portugal

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The IMF and the Crises in Greece, Ireland, and Portugal

Author : International Monetary Fund. Independent Evaluation Office
Publisher : International Monetary Fund
ISBN 13 : 1475578814
Total Pages : 72 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis The IMF and the Crises in Greece, Ireland, and Portugal by : International Monetary Fund. Independent Evaluation Office

Download or read book The IMF and the Crises in Greece, Ireland, and Portugal written by International Monetary Fund. Independent Evaluation Office and published by International Monetary Fund. This book was released on 2016-09-23 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume book brings together nine background papers prepared for an evaluation by the IMF Independent Evaluation Office of “the IMF and the crises in Greece, Ireland, and Portugal.” It presents an authoritative work on the evolving relationship between the IMF and the euro area, a common currency area founded in 1999 consisting of advanced, highly integrated economies in Europe. The euro area, or any common currency area for that matter, has posed challenges to the IMF’s operational activities as its Articles of Agreement contain no provision for joint membership. The challenges became intense when a series of crises erupted in Greece, Ireland, and Portugal from 2009 to 2011, and the Fund was called upon to help intervene by offering its financing and crisis management expertise. The IMF found itself in uncharted territory where there was no precedent or established procedure. The chapters, many of which are prepared by prominent academics and former senior IMF officials who are thoroughly familiar with internal procedures, discuss various aspects of the IMF’s engagement with the euro area, including precrisis surveillance, how key decisions were made, how the IMF collaborated with European institutions, and how it designed and implemented its lending programs with the three crisis countries. The book gives prominence to governance-related issues, given the large voting share (of more than 20 percent) within the IMF of euro area members and the subsequent public perception that the IMF treated the euro area more favorably than it does developing and emerging market members. The approaches are both cross-cutting and country-based. Some chapters deal with issues related to the euro area as a whole, while others focus on how the Fund engaged with individual euro area countries. The book contains a statement on the IEO evaluation by the IMF Managing Director and a Summing Up of the Executive Board discussion held in July 2016.

Background Papers on The IMF and the Crises in Greece, Ireland, and Portugal

Author : Moisés J. Schwartz
Publisher : International Monetary Fund
ISBN 13 : 148430666X
Total Pages : 474 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Background Papers on The IMF and the Crises in Greece, Ireland, and Portugal by : Moisés J. Schwartz

Download or read book Background Papers on The IMF and the Crises in Greece, Ireland, and Portugal written by Moisés J. Schwartz and published by International Monetary Fund. This book was released on 2017-06-30 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume book brings together nine background papers prepared for an evaluation by the IMF Independent Evaluation Office of “the IMF and the crises in Greece, Ireland, and Portugal.” It presents an authoritative work on the evolving relationship between the IMF and the euro area, a common currency area founded in 1999 consisting of advanced, highly integrated economies in Europe. The euro area, or any common currency area for that matter, has posed challenges to the IMF’s operational activities as its Articles of Agreement contain no provision for joint membership. The challenges became intense when a series of crises erupted in Greece, Ireland, and Portugal from 2009 to 2011, and the Fund was called upon to help intervene by offering its financing and crisis management expertise. The IMF found itself in uncharted territory where there was no precedent or established procedure. The chapters, many of which are prepared by prominent academics and former senior IMF officials who are thoroughly familiar with internal procedures, discuss various aspects of the IMF’s engagement with the euro area, including precrisis surveillance, how key decisions were made, how the IMF collaborated with European institutions, and how it designed and implemented its lending programs with the three crisis countries. The book gives prominence to governance-related issues, given the large voting share (of more than 20 percent) within the IMF of euro area members and the subsequent public perception that the IMF treated the euro area more favorably than it does developing and emerging market members. The approaches are both cross-cutting and country-based. Some chapters deal with issues related to the euro area as a whole, while others focus on how the Fund engaged with individual euro area countries. The book contains a statement on the IEO evaluation by the IMF Managing Director and a Summing Up of the Executive Board discussion held in July 2016.

The IMF and the Crises in Greece, Ireland, and Portugal

Author : Shinji Takagi
Publisher :
ISBN 13 : 9781475525144
Total Pages : 86 pages
Book Rating : 4.5/5 (251 download)

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Book Synopsis The IMF and the Crises in Greece, Ireland, and Portugal by : Shinji Takagi

Download or read book The IMF and the Crises in Greece, Ireland, and Portugal written by Shinji Takagi and published by . This book was released on 2016 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A series of crises hit several euro area countries from 2010 to 2013. The crises, coming so soon after the global financial and economic crisis of 2007-08, and occurring in a common currency area comprising advanced and highly integrated economies, posed extraordinary challenges to European and world policymakers. This evaluation assesses the IMF's engagement with the euro area during these crises in order to draw lessons and to enhance transparency. In particular, of the five financing arrangements the IMF concluded with four euro area members, this evaluation covers the 2010 Stand-By Arrangement with Greece, the 2010 Extended Arrangement with Ireland, and the 2011 Extended Arrangement with Portugal."--Executive summary.

The Chairman’s Summing Up - The IMF and the Crises in Greece, Ireland, and Portugal - An Evaluation by the Independent Evaluation Office - Executive Board Meeting 16/69 - July 19, 2016

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Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498345395
Total Pages : 4 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis The Chairman’s Summing Up - The IMF and the Crises in Greece, Ireland, and Portugal - An Evaluation by the Independent Evaluation Office - Executive Board Meeting 16/69 - July 19, 2016 by : International Monetary Fund

Download or read book The Chairman’s Summing Up - The IMF and the Crises in Greece, Ireland, and Portugal - An Evaluation by the Independent Evaluation Office - Executive Board Meeting 16/69 - July 19, 2016 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2016-07-25 with total page 4 pages. Available in PDF, EPUB and Kindle. Book excerpt: Executive Directors welcomed the report by the Independent Evaluation Office (IEO) on the IMF and the Crises in Greece, Ireland, and Portugal, and appreciated the accompanying statement by the Managing Director. They agreed that the report’s findings provide valuable insights and lessons for handling crises in members of currency unions. Directors underscored that the work of the IEO continues to play a vital role in enhancing the learning culture within the Fund, strengthening the Fund’s external credibility, and supporting the Executive Board’s oversight responsibilities. Directors broadly shared the general thrust of the IEO’s main findings and broadly endorsed its recommendations, with some caveats.

From Crisis to Convergence

Author : Mr.Dmitry Gershenson
Publisher : International Monetary Fund
ISBN 13 : 1513597221
Total Pages : 123 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis From Crisis to Convergence by : Mr.Dmitry Gershenson

Download or read book From Crisis to Convergence written by Mr.Dmitry Gershenson and published by International Monetary Fund. This book was released on 2016-03-25 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2011, following years of large-scale external imbalances financed by debt, Portugal’s economy reached a crisis point. To restore economic growth and credibility with international lenders, the country embarked on a difficult path of fiscal adjustment and structural reforms. By many metrics, Portugal’s 2011–14 macroeconomic stabilization program has been a success, but going forward Portugal would benefit from policies to reduce vulnerabilities, absorb labor slack, and generate sustainable growth.

The IMF and the European Debt Crisis

Author : Mr. Harold James
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 308 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis The IMF and the European Debt Crisis by : Mr. Harold James

Download or read book The IMF and the European Debt Crisis written by Mr. Harold James and published by International Monetary Fund. This book was released on 2024-01-05 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book explores the Fund’s engagement in Europe in the aftermath of the 2008 global financial crisis, and especially after 2010. It explains how, why, and with what consequences the International Monetary Fund—along with the European Central Bank and the European Commission (together known as “the troika”)—supported adjustment programs in Greece, Ireland, Portugal, and Cyprus as well as helping to monitor Spain’s adjustment program and exploring modalities for supporting Italy. Additionally, it analyzes how the euro area developments interacted with and affected the rest of Europe, including not only eastern and southeastern Europe but also the United Kingdom, where the political fallout from post-financial crisis populism—in the form of “Brexit” from the European Union—was, in the end, the most extreme. The IMF’s European programs embroiled the Fund in numerous controversies over the exceptionally large lending, over whether or not to impose losses on private creditors, and over the mix between external financing and internal adjustment undertaken by program countries. They also required the IMF to confront longstanding questions about its governance and evenhandedness in the treatment of different segments of its membership. The crisis programs, with Greece, Ireland, Portugal and Cyprus, all revolved around debt sustainability. In the Greek case, after an intense internal debate, the IMF initially chose a program without debt reduction because it feared that such a program–even if ultimately in the interests of Greece, the client country–would trigger a panic of banks and other creditors and thus generate contagion for the rest of Europe. Learning from the Greek case, in Ireland and Portugal, the IMF pushed for debt reduction, to which the government in Ireland but not in Portugal was sympathetic. There was thus no private sector debt reduction in Ireland and Portugal. The European programs were caught up in big geopolitical debates about the appropriate role of the Fund in the aftermath of the global financial crisis. The book examines the intellectual and policy shifts that took place in the IMF as a result of the controversies about its European programs. It concludes with some reflections on how all the programs also produced genuine policy reform and held out the possibility of a return to growth and prosperity.

Progress Report to the International Monetary and Financial Committee on the Activities of the Independent Evaluation Office of the IMF

Download Progress Report to the International Monetary and Financial Committee on the Activities of the Independent Evaluation Office of the IMF PDF Online Free

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498345212
Total Pages : 3 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Progress Report to the International Monetary and Financial Committee on the Activities of the Independent Evaluation Office of the IMF by : International Monetary Fund

Download or read book Progress Report to the International Monetary and Financial Committee on the Activities of the Independent Evaluation Office of the IMF written by International Monetary Fund and published by International Monetary Fund. This book was released on 2016-04-10 with total page 3 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report summarizes the outcome of the IEO’s evaluation of The IMF and the Crises in Greece, Ireland, and Portugal, discussed by the Executive Board on July 19, 2016, and reports on recent follow-up and ongoing IEO work.

Laid Low

Author : Paul Blustein
Publisher : McGill-Queen's Press - MQUP
ISBN 13 : 1928096263
Total Pages : 504 pages
Book Rating : 4.9/5 (28 download)

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Book Synopsis Laid Low by : Paul Blustein

Download or read book Laid Low written by Paul Blustein and published by McGill-Queen's Press - MQUP. This book was released on 2016-10-17 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: The latest book by journalist and author Paul Blustein to go behind the scenes at the highest levels of global economic policy making, Laid Low chronicles the International Monetary Fund’s role in the euro-zone crisis. Based on interviews with a wide range of participants and scrutiny of thousands of documents, the book tells how the IMF joined in bailouts that all too often piled debt atop debt and imposed excessively harsh conditions on crisis-stricken countries. As the author shows, IMF officials had grave misgivings about a number of these rescues, but went along at the insistence of powerful European policy makers — to the detriment of the Fund’s credibility, with disheartening implications for the management of future crises. The narrative ends with a tale of the clash between Greece’s radical Syriza government and the country’s creditor institutions that reached a dramatic climax in the summer of 2015.

Statement by the Managing Director on the Independent Evaluation Office’s Report on the IMF and the Crises in Greece, Ireland, and Portugal - An Evaluation by the Independent Evaluation Office - Executive Board Meeting - July 19, 2016

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Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498345468
Total Pages : 5 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Statement by the Managing Director on the Independent Evaluation Office’s Report on the IMF and the Crises in Greece, Ireland, and Portugal - An Evaluation by the Independent Evaluation Office - Executive Board Meeting - July 19, 2016 by : International Monetary Fund

Download or read book Statement by the Managing Director on the Independent Evaluation Office’s Report on the IMF and the Crises in Greece, Ireland, and Portugal - An Evaluation by the Independent Evaluation Office - Executive Board Meeting - July 19, 2016 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2016-06-07 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: I welcome the report of the Independent Evaluation Office (IEO) on the Euro Area crisis programs. Their work provides an independent and in-depth account, which I have no doubt will make an important contribution to understanding the Fund’s approach to the crisis. As I have emphasized repeatedly, the IEO plays a vital role in enhancing the learning culture within the Fund, strengthening the Fund's external credibility, and supporting the Executive Board's institutional governance and oversight responsibilities.

Ireland

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1513587366
Total Pages : 137 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Ireland by : International Monetary Fund

Download or read book Ireland written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ireland’s major property bubble burst at the same time as the global financial crisis erupted, plunging the country into a severe recession in 2008–10. Public debt climbed rapidly as revenues collapsed and as banks’ rising loan losses increasingly required public support. Following the Greek crisis in spring 2010 and emerging tensions in the euro area, the last act in the process saw the operation of the “sovereign-bank loop”—a vicious cycle where uncertainty about banks’ health fed into doubts around the sustainability of public debt, which only added to fears about the banks. The government lost access to market financing at manageable interest rates, and Ireland entered into a three-year program supported by €67.5 billion of financial assistance from the European Union (EU) and IMF in late 2010. Ireland’s program therefore had three main goals: restoring the viability of the banking system; putting the public finances on a sustainable path and returning to market funding; and restarting economic recovery including by improving growth potential. A large bank recapitalization in early 2011 helped stabilize deposits and other bank funding. The government’s access to market financing was progressively regained from mid 2012, enabling Ireland to exit the program at the end of 2013 and rely fully on market financing at highly favorable terms. The first signs of recovery were seen in strong job creation starting in the second half of 2012, and Ireland’s recent economic figures have surpassed even the most optimistic expectations, with growth of about 5 percent in 2014. Seeking to draw lessons for Ireland, the EU, and the IMF, as well as other countries facing similar challenges, the Central Bank of Ireland (CBI), the Centre for Economic Policy and Research (CEPR), and the IMF organized a conference titled “Ireland—Lessons from Its Recovery from the Bank-Sovereign Loop.” Held on January 19, 2015, at the historic Dublin Castle, it brought together Irish government representatives, European officials, academics, journalists, private sector representatives, and other stakeholders, as well as the IMF’s Managing Director. The conference discussions were anchored by three papers by leading international academics and moderated by journalists familiar with the issues. The event concluded with a high-level panel discussion by senior policymakers.

Resolving the European Debt Crisis

Author : William R. Cline
Publisher : Peterson Institute
ISBN 13 : 0881326496
Total Pages : 305 pages
Book Rating : 4.8/5 (813 download)

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Book Synopsis Resolving the European Debt Crisis by : William R. Cline

Download or read book Resolving the European Debt Crisis written by William R. Cline and published by Peterson Institute. This book was released on 2012-03-15 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: What began as a relatively localized crisis in Greece in early 2010 soon escalated to envelop Ireland and Portugal. By the second half of 2011, the contagion had spread to the far larger economies of Italy and Spain. In mid-September the Peterson Institute and Bruegel hosted a conference designed to contribute to the formulation of policies that could help resolve the euro area debt crisis. This volume presents the conference papers; several are updated through end-2011. European experts examine the political context in Greece (Loukas Tsoukalis), Ireland (Alan Ahearne), Portugal (Pedro Lourtie), Spain (Guillermo de la Dehesa), Italy (Riccardo Perissich), Germany (Daniela Schwarzer), and France (Zaki La�di). Lessons from past debt restructurings are then examined by Jeromin Zettelmeyer (economic) and Lee Buchheit (legal). The two editors separately consider the main current policy issues: debt sustainability by country, private sector involvement and contagion, alternative restructuring approaches, how to assemble a large emergency financing capacity, whether the European Central Bank (ECB) should be a lender of last resort, whether joint-liability "eurobonds" would be feasible and desirable, and the implications of a possible break-up of the euro area. The luncheon address by George Soros and a description (by Steven R. Weisman with Silvia B. Merler) of the policy simulation game played on the second day of the conference complete the volume. Involving market participants and experts representing the roles of euro area governments, the ECB, IMF, G-7, and credit rating agencies, the game led to a proposal for leveraging the capacity of the European Financial Stability Facility through arrangements with the ECB.

Lost Decades: The Making of America's Debt Crisis and the Long Recovery

Author : Menzie D. Chinn
Publisher : W. W. Norton & Company
ISBN 13 : 0393080501
Total Pages : 304 pages
Book Rating : 4.3/5 (93 download)

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Book Synopsis Lost Decades: The Making of America's Debt Crisis and the Long Recovery by : Menzie D. Chinn

Download or read book Lost Decades: The Making of America's Debt Crisis and the Long Recovery written by Menzie D. Chinn and published by W. W. Norton & Company. This book was released on 2011-09-19 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: A clear, authoritative guide to the crisis of 2008, its continuing repercussions, and the needed reforms ahead. The U.S. economy lost the first decade of the twenty-first century to an ill-conceived boom and subsequent bust. It is in danger of losing another decade to the stagnation of an incomplete recovery. How did this happen? Read this lucid explanation of the origins and long-term effects of the recent financial crisis, drawn in historical and comparative perspective by two leading political economists. By 2008 the United States had become the biggest international borrower in world history, with more than two-thirds of its $6 trillion federal debt in foreign hands. The proportion of foreign loans to the size of the economy put the United States in league with Mexico, Indonesia, and other third-world debtor nations. The massive inflow of foreign funds financed the booms in housing prices and consumer spending that fueled the economy until the collapse of late 2008. This was the most serious international economic crisis since the Great Depression of the 1930s. Menzie Chinn and Jeffry Frieden explain the political and economic roots of this crisis as well as its long-term effects. They explore the political strategies behind the Bush administration’s policy of funding massive deficits with foreign borrowing. They show that the crisis was foreseen by many and was avoidable through appropriate policy measures. They examine the continuing impact of our huge debt on the continuing slow recovery from the recession. Lost Decades will long be regarded as the standard account of the crisis and its aftermath.

Mediating Policy

Author : Kate Nicholls
Publisher :
ISBN 13 : 9781317642718
Total Pages : 260 pages
Book Rating : 4.6/5 (427 download)

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Book Synopsis Mediating Policy by : Kate Nicholls

Download or read book Mediating Policy written by Kate Nicholls and published by . This book was released on 2015 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Debt Crisis in the Eurozone

Author : Nikos Petropoulos
Publisher : Cambridge Scholars Publishing
ISBN 13 : 1443861014
Total Pages : 550 pages
Book Rating : 4.4/5 (438 download)

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Book Synopsis The Debt Crisis in the Eurozone by : Nikos Petropoulos

Download or read book The Debt Crisis in the Eurozone written by Nikos Petropoulos and published by Cambridge Scholars Publishing. This book was released on 2014-06-02 with total page 550 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the past four years, the countries of the European periphery – the so-called PIIGS (Portugal, Ireland, Italy, Greece and Spain) – have been experiencing an economic-financial crisis that can only be compared to the Great Depression. To solve the crisis, the EU and the IMF instituted bailout programs for the debit countries on conditions of austerity and structural reforms. In this volume 20 social scientists, using both theoretical and empirical tools, delve into the causes and the social impacts of this crisis. The volume also provides an excellent background for a better comprehension of the dynamics of structural and political changes now taking place within the European Union. The social impacts cover a range of consequences, including poverty, unemployment, anti-migrant attitudes, a decline of welfare and health indicators, post-traumatic stress disorders, national humiliation, political alienation and social protest. The authors analyse the “international” and the “domestic” causes of the crisis, while some of them underline the importance of both factors. In the concluding chapter, the editors undertake a synthesis of the previous chapters, and extract a number of policy recommendations that – if adopted – could transform the current financial crisis into a growth-opportunity for the European Union and its member states.

A Strategy for Resolving Europe's Problem Loans

Author : Mr. Shekhar Aiyar
Publisher : International Monetary Fund
ISBN 13 : 1513511653
Total Pages : 79 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis A Strategy for Resolving Europe's Problem Loans by : Mr. Shekhar Aiyar

Download or read book A Strategy for Resolving Europe's Problem Loans written by Mr. Shekhar Aiyar and published by International Monetary Fund. This book was released on 2015-09-24 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distressed debt markets.

Euro Area Sovereign Risk During the Crisis

Author : Ms.Silvia Sgherri
Publisher : International Monetary Fund
ISBN 13 : 1451873697
Total Pages : 25 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Euro Area Sovereign Risk During the Crisis by : Ms.Silvia Sgherri

Download or read book Euro Area Sovereign Risk During the Crisis written by Ms.Silvia Sgherri and published by International Monetary Fund. This book was released on 2009-10-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy, it is key that the entailed fiscal costs not be seen by markets as undermining fiscal sustainability. From this perspective, to what extent do movements in euro area sovereign spreads reflect country-specific solvency concerns? In line with previous studies, the paper suggests that euro area sovereign risk premium differentials tend to comove over time and are mainly driven by a common time-varying factor, mimicking global risk repricing. Since October 2008, however, there is evidence that markets have become progressively more concerned about the potential fiscal implications of national financial sectors' frailty and future debt dynamics. The liquidity of sovereign bond markets still seems to play a significant (albeit fairly limited) role in explaining changes in euro area spreads.

Systemic Banking Crises Database

Author : Mr.Luc Laeven
Publisher : International Monetary Fund
ISBN 13 : 1475505051
Total Pages : 33 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Systemic Banking Crises Database by : Mr.Luc Laeven

Download or read book Systemic Banking Crises Database written by Mr.Luc Laeven and published by International Monetary Fund. This book was released on 2012-06-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: We update the widely used banking crises database by Laeven and Valencia (2008, 2010) with new information on recent and ongoing crises, including updated information on policy responses and outcomes (i.e. fiscal costs, output losses, and increases in public debt). We also update our dating of sovereign debt and currency crises. The database includes all systemic banking, currency, and sovereign debt crises during the period 1970-2011. The data show some striking differences in policy responses between advanced and emerging economies as well as many similarities between past and ongoing crises.