Eurozone finance ministers meet in Luxembourg to negotiate a deal between Greece and its creditors before its International Monetary Fund debt repayment deadline at the end of June. Greece's membership in the eurozone hangs in the balance. CFR senior fellows Robert Kahn and Sebastian Mallaby will discuss the options the finance ministers might consider and their potential ramifications.
Greece's government escaped a no-confidence vote, but the crisis over its massive sovereign debt continues to shake the eurozone. CFR's Sebastian Mallaby says there are no easy solutions and matters may be coming to a head.
At the center of market upheaval over Europe's debt crisis is Greece, which faces daunting challenges despite a pending bailout. But it should be counted on to muddle through with reforms, writes CFR's Marc Levinson.
Since the creation of the European Union in 1992 and the subsequent launch of the euro, Greece’s fiscal mismanagement and resulting debt crisis has repeatedly threatened the stability of the eurozone—and the country’s troubles are far from over.
Greece’s new political leadership is set to challenge the German-led austerity policies in Europe, which could spur the rise of more anti-establishment movements across the continent, says political risk analyst Ian Bremmer.
George Papandreou interviewed by Christopher Alessi
The EU and IMF should loosen the austerity requirements of Greece's bailout package to allow the indebted country to implement needed growth-enhancing policies, says former prime minister George Papandreou.
Though Standard and Poor's ranks Greece as the world's lowest-rated economy, calling into question the eurozone's future, economist Iain Begg says the debt crisis will paradoxically have the effect of deepening EU integration.
Greece will undoubtedly receive a second bailout from the EU and IMF. But expert Daniel Gros says it remains to be seen whether default is inevitable and if banks and other private bondholders will also take a hit.
"Greece's reform job is not even half finished. The government hasn't done enough to root out the vested interests that strangle the economy. Nor has it cracked down fully on tax evasion or pushed hard enough to privatise state-owned properties."
"The International Monetary Fund proceeded with its record 2010 bailout of Greece despite deep internal divisions over whether it would work, according to confidential documents that contradict the fund's public statements."
Learn more about CFR’s mission and its work over the past year in the 2015 Annual Report. The Annual Report spotlights new initiatives, high-profile events, and authoritative scholarship from CFR experts, and includes a message from CFR President Richard N. Haass. Read and download »