{"id":4335,"date":"2016-02-01T18:03:57","date_gmt":"2016-02-01T16:03:57","guid":{"rendered":"http:\/\/hardouvelis.com\/?p=33"},"modified":"2023-08-02T16:05:27","modified_gmt":"2023-08-02T13:05:27","slug":"a-decade-long-economic-crisis-cyprus-versus-greece","status":"publish","type":"post","link":"https:\/\/hardouvelis.gr\/el\/a-decade-long-economic-crisis-cyprus-versus-greece\/","title":{"rendered":"A Decade Long Economic Crisis: Cyprus versus Greece &#8211; 2016"},"content":{"rendered":"<p><strong>A Decade Long Economic Crisis: Cyprus versus Greece<\/strong><br \/>\nGikas A. Hardouvelis and Ioannis Gkionis<br \/>\n<em>Lead article in Cyprus Economic Policy Review, pp. 3-40, vol. 10, No. 2, 2016<\/em><\/p>\n<h3>Abstract:<\/h3>\n<p><span class=\"fontstyle0\">The paper compares the recent economic crisis in Cyprus with the much larger<br \/>\nand still on-going crisis in Greece, traces the causes behind their differences and<br \/>\nassesses each country\u2019s future economic prospects. Cyprus entered its crisis with<br \/>\nless onerous macroeconomic imbalances, yet with less robust financial and real<br \/>\nestate sectors. Cyprus delayed signing its MoU with the lenders but subsequently<br \/>\ndelivered quickly on the program requirements, front-loading the fiscal policy<br \/>\nrestrictions. Greece reduced its fiscal deficits, yet, after its economy stabilized and<br \/>\nbegan recovering in 2014, it suddenly adopted in 2015 a very na\u00efve and backwardlooking confrontational strategy with its lenders, which brought a second<br \/>\nrecession. Today, at the end of 2016, Cyprus has managed to keep its international<br \/>\ncomparative advantages and has the luxury to focus on its long-term growth<br \/>\nstrategy, having lost only 5% of its pre-crisis income. Greece, after having lost<br \/>\nover 22% percent of its pre-crisis income, has not yet escaped its crisis, is still<br \/>\nburdened by economic stagnation, an unsustainable public debt and unusually<br \/>\nhigh tax rates that constrain growth. The two countries share common risks today:<br \/>\nA very weak financial sector with unusually high no-performing loans, and an<br \/>\nunusually low ratio of investment to GDP.<\/span><\/p>\n<p><a href=\"http:\/\/hardouvelis.gr\/wp-content\/uploads\/2018\/06\/Hardouvelis_Gkonis_Cyprus-Economic-Policy-Review.pdf\" target=\"_blank\" rel=\"noopener\">Download A Decade Long Economic Crisis: Cyprus versus Greece<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Decade Long Economic Crisis: Cyprus versus Greece Gikas A. Hardouvelis and Ioannis Gkionis Lead article in Cyprus Economic Policy<\/p>\n","protected":false},"author":1,"featured_media":4399,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3259,9],"tags":[],"yst_prominent_words":[94,89,86,80,102,85,83,78,76,48,82,81,77,90,92,91,84,79,88,93],"class_list":["post-4335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cypriot-economy-analysis","category-economic-analysis"],"acf":[],"_links":{"self":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/4335","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/comments?post=4335"}],"version-history":[{"count":1,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/4335\/revisions"}],"predecessor-version":[{"id":4373,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/4335\/revisions\/4373"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media\/4399"}],"wp:attachment":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media?parent=4335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/categories?post=4335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/tags?post=4335"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/yst_prominent_words?post=4335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}