The Imf And The Crises In Greece Ireland And Portugal

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

International Monetary Fund. Independent Evaluation Office,International Monetary Fund. External Relations Dept.
The IMF and the Crises in Greece Ireland and Portugal Book PDF

Author : International Monetary Fund. Independent Evaluation Office,International Monetary Fund. External Relations Dept.
Publisher : International Monetary Fund
Page : 72 pages
File Size : 42,9 Mb
Release : 2016-09-23
Category : Business & Economics
ISBN : 9781475578812

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The IMF and the Crises in Greece, Ireland, and Portugal by International Monetary Fund. Independent Evaluation Office,International Monetary Fund. External Relations Dept. Pdf

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

Moisés J. Schwartz,Shinji Takagi
Background Papers on The IMF and the Crises in Greece Ireland and Portugal Book PDF

Author : Moisés J. Schwartz,Shinji Takagi
Publisher : International Monetary Fund
Page : 474 pages
File Size : 44,6 Mb
Release : 2017-06-30
Category : Business & Economics
ISBN : 9781484306666

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Background Papers on The IMF and the Crises in Greece, Ireland, and Portugal by Moisés J. Schwartz,Shinji Takagi Pdf

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 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

International Monetary Fund
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 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 4 pages
File Size : 44,5 Mb
Release : 2016-07-25
Category : Business & Economics
ISBN : 9781498345392

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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 Pdf

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.

The IMF and the European Debt Crisis

Mr. Harold James
The IMF and the European Debt Crisis Book PDF

Author : Mr. Harold James
Publisher : International Monetary Fund
Page : 308 pages
File Size : 55,9 Mb
Release : 2024-01-05
Category : Business & Economics
ISBN : 9798400231902

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The IMF and the European Debt Crisis by Mr. Harold James Pdf

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.

Laid Low

Paul Blustein
Laid Low Book PDF

Author : Paul Blustein
Publisher : McGill-Queen's Press - MQUP
Page : 504 pages
File Size : 41,8 Mb
Release : 2016-10-17
Category : Political Science
ISBN : 9781928096269

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Laid Low by Paul Blustein Pdf

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.

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

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

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 3 pages
File Size : 51,6 Mb
Release : 2016-04-10
Category : Business & Economics
ISBN : 9781498345217

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

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.

Implementation Plan in Response to the Executive Board-Endorsed Recommendations for the IEO Evaluation Report—The IMF and the Crises in Greece, Ireland, and Portugal

International Monetary Fund. Strategy, Policy, & Review Department
Implementation Plan in Response to the Executive Board Endorsed Recommendations for the IEO Evaluation Report The IMF and the Crises in Greece Ireland and Portugal Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : INTERNATIONAL MONETARY FUND
Page : 12 pages
File Size : 53,8 Mb
Release : 2017-03-16
Category : Business & Economics
ISBN : 1498347053

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Implementation Plan in Response to the Executive Board-Endorsed Recommendations for the IEO Evaluation Report—The IMF and the Crises in Greece, Ireland, and Portugal by International Monetary Fund. Strategy, Policy, & Review Department Pdf

This paper sets out Management’s response to the Independent Evaluation Office’s (IEO) report The IMF and the Crises in Greece, Ireland, and Portugal as part of the Management and staff follow-up to an IEO evaluation. The implementation plan proposes specific actions to address the recommendations endorsed by the Executive Board in its July 19, 2016 discussion. The implementation plan notes the Board’s endorsement of the principles that the IMF’s technical analysis should remain independent, that existing policies should be followed and should not be changed without careful deliberation, and that the Executive Board and Management should reaffirm their commitment to accountability and transparency, as well as the role of independent evaluation in fostering good governance. As to the IEO’s specific recommendations supported by the Board, the implementation plan proposes actions to address the need for the Fund to clarify how guidelines on program design apply to currency union members, the need for the Fund to establish a policy on cooperation with regional financing arrangements, and the need to further strengthen Fund cooperation with the IEO, including on modalities of interactions between the IEO and Fund staff and the IEO’s access to information. The implementation of some of the proposed actions is already underway and some actions have been included in the Fall 2016 Work Program. The paper also explains how implementation will be monitored by the Executive Board.

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

International Monetary Fund
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 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 5 pages
File Size : 40,9 Mb
Release : 2016-06-07
Category : Business & Economics
ISBN : 9781498345460

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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 Pdf

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.

The Debt Crisis in the Eurozone

Nikos Petropoulos,George O. Tsobanoglou
The Debt Crisis in the Eurozone Book PDF

Author : Nikos Petropoulos,George O. Tsobanoglou
Publisher : Cambridge Scholars Publishing
Page : 550 pages
File Size : 45,8 Mb
Release : 2014-06-02
Category : Social Science
ISBN : 9781443861014

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The Debt Crisis in the Eurozone by Nikos Petropoulos,George O. Tsobanoglou Pdf

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.

Laid Low

Paul Blustein
Laid Low Book PDF

Author : Paul Blustein
Publisher : McGill-Queen's Press - MQUP
Page : 504 pages
File Size : 41,8 Mb
Release : 2016-10-17
Category : Political Science
ISBN : 9781928096344

Get Book

Laid Low by Paul Blustein Pdf

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.

Resolving the European Debt Crisis

William R. Cline
Resolving the European Debt Crisis Book PDF

Author : William R. Cline
Publisher : Peterson Institute
Page : 305 pages
File Size : 43,7 Mb
Release : 2012-03-15
Category : Business & Economics
ISBN : 9780881326499

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Resolving the European Debt Crisis by William R. Cline Pdf

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

Menzie D. Chinn,Jeffry A. Frieden
Lost Decades The Making of America s Debt Crisis and the Long Recovery Book PDF

Author : Menzie D. Chinn,Jeffry A. Frieden
Publisher : W. W. Norton & Company
Page : 259 pages
File Size : 42,9 Mb
Release : 2011-09-19
Category : Business & Economics
ISBN : 9780393080506

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Lost Decades: The Making of America's Debt Crisis and the Long Recovery by Menzie D. Chinn,Jeffry A. Frieden Pdf

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.

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

Moisés J. Schwartz,Shinji Takagi
Background Papers on The IMF and the Crises in Greece Ireland and Portugal Book PDF

Author : Moisés J. Schwartz,Shinji Takagi
Publisher : International Monetary Fund
Page : 474 pages
File Size : 40,5 Mb
Release : 2017-06-30
Category : Business & Economics
ISBN : 9781475562538

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Background Papers on The IMF and the Crises in Greece, Ireland, and Portugal by Moisés J. Schwartz,Shinji Takagi Pdf

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.

Crisis in the Eurozone Periphery

Owen Parker,Dimitris Tsarouhas
Crisis in the Eurozone Periphery Book PDF

Author : Owen Parker,Dimitris Tsarouhas
Publisher : Palgrave Macmillan
Page : 219 pages
File Size : 54,7 Mb
Release : 2018-02-28
Category : Political Science
ISBN : 331969720X

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Crisis in the Eurozone Periphery by Owen Parker,Dimitris Tsarouhas Pdf

This book investigates the causes and consequences of crisis in four countries of the Eurozone periphery – Greece, Spain, Portugal and Ireland. The contributions to this volume are provided from country-specific experts, and are organised into two themed subsections: the first analyses the economic dynamics at play in relation to each state, whilst the second considers their respective political situations. The work debates what made these states particularly susceptible to crisis, the response to the crisis and its resultant effects, as well as the manifestation of resistance to austerity. In doing so, Parker and Tsarouhas consider the implications of continued fragilities in the Eurozone both for these countries and for European integration more generally.

Greece

International Monetary Fund. European Dept.
Greece Book PDF

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 48 pages
File Size : 47,7 Mb
Release : 2024-01-24
Category : Business & Economics
ISBN : 9798400263941

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Greece by International Monetary Fund. European Dept. Pdf

Greece: Selected Issues