Name and Link	Type of Resource	Description

Jörg Bibow, The Euro and Its Guardian of Stability: The Fiction and Reality of the 10th Anniversary Blast The Levy Economics Institute, Working Paper No. 583, November 2009 Available Here	Research article	"This paper investigates why Europe fared particularly poorly in the global economic crisis that began in August 2007. It questions the self-portrait of Europe as the victim of external shocks, pushed off track by reckless policies pursued elsewhere. It argues instead that Europe had not only contributed handsomely to the buildup of global imbalances since the 1990s and experienced their implosive unwinding as an internal crisis from the beginning, but that it had also nourished its own homemade intra-Euroland and intra-EU imbalances, the simultaneous implosion of which has further aggravated Europe's predicament. To keep its own house in order in the future, Euroland must shun the outdated “stability oriented” policy wisdom inherited from Germany’s mercantilist past and Bundesbank mythology. Steps toward a fiscal union to back the euro are also warranted. "
Prof Philip Arestis and Prof Theodore Pelagidis Hypocritical to suggest Greece be ejected from eurozone Financial Times, Letters, Jan 28th 2010 Available here	Letters in Financial Times (Newspaper)
James Rickards How markets attacked the Greek piñata Financial Times, February 11 2010 Available here	Newspaper Article	EXTRACT "Wall Street loves a piñata party – singling out a company or country, making it the piñata, grabbing their sticks and banging it until it breaks. As in the child’s game, the piñata is left in shreds. Unlike the child’s game, in the Wall Street version the piñata is stuffed with money for the bankers to scoop up with both hands, instead of sweets. We see this game being played today, with Greece as the piñata"
Ronald Janssen, Greece-bashing is hiding the obvious: monetary union urgently needs economic union Global Labour Column, February 23, 2010 Available Here	Online article
Joerg Bibow The model Europe has to overcome Financial Times, Letters, March 16th 2010 Available here	Letters in Financial Times (Newspaper)	EXTRACT "……fiscal retrenchment in their key export markets across Europe is bound to backfire on Germany’s own fiscal position, both through trade and through the wreckage that debt deflation will mean to German banks. Add to this dismal outlook the fact that Germany’s constitutional balanced-budget rule is set to kick in shortly, and the c onditions look right for a perfect fiscal storm to thrash across the continent………. "
Rob Parenteau, On Fiscal Correctness and Animal Sacrifices (Leading the PIIGS to Slaughter, Part 1) March 2010, Available Here and Parenteau: Leading PIIGS to Slaughter, Part 2, Available Here	Online article	EXTRACT: "…..most of the analysis and negotiation regarding the appropriate fiscal trajectory from here is occurring in something of a vacuum. The financial balance approach reveals that this way of proceeding may introduce new instabilities. Intended changes to the financial balance of one sector can only be accomplished if the remaining sectors also adjust. Pursuing fiscal sustainability along currently proposed lines is likely to increase the odds of destabilizing the private sectors in the eurozone and elsewhere – unless an offsetting increase in current account balances can be accomplished in tandem…….."
The burden of German thrift Financial Times, Editorial March 8 2010 Available here	Financial Times (Newspaper)
Eurozone Crisis: Beggar Thyself and Thy Neighbour RMF occasional report, March 2010 C. Lapavitsas, A. Kaltenbrunner, D. Lindo, J. Michell, J.P. Painceira, E. Pires, J. Powell, A. Stenfors, N. Teles Full Report (3.51Mb) available here Executive summary available here	Research Report	Economists of the group Research on Money and Finance (RMF) at SOAS, University of London, coordinated by Prof. Costas Lapavitsas, have produced a report on the current crisis ..... The report claims that the current public debt crisis of peripheral eurozone countries (Greece, Ireland, Italy, Portugal and Spain) is related to persistent German current account surpluses. RMF proposes either structural reform of European Monetary Union, or exit from the eurozone.
Interview by Chronis Polychroniou Interview with Prof Randall Wray for the Greek newspaper (Eleftherotypia) about Greece's debt crisis, March 13, 2010 Available Here	Online interview	EXTRACT: Goldman Sachs created financial instruments to hide European government debt and Greece is one of its first victims in the eurozone. In a recent article of yours, co-written with Marshall Auerback, you argue that Wall Street firms should not only be held accountable for such practices, but war should be declared on them. How can a small nation like Greece declare war on Wall Street’s financial institutions? Wray: Of course the best strategy would be a coordinated investigation by all Euro member nations to get to the bottom of the financial manipulation perpetrated by these institutions on European soil. As we said, investigators should invade the offices and secure all files, internal memos, and emails. This is the only way to find out which laws have been broken and to prosecute guilty parties. In our article we focused on recent revelations about Goldman, but it is likely that other behemoth financial institutions, including some European banks, have engaged in similar practices..............
Michael Hudson The Coming European Debt Wars, April 7, 2010 Available Here Also see, by the same author: Eastern Europe won't pay what it can't pay, Financial Times April 8 2010, available Here	Online article and Newspaper article	Extract: "Government debt in Greece is just the first in a series of European debt bombs that are set to explode. The mortgage debts in post-Soviet economies and Iceland are more explosive. Although these countries are not in the Eurozone, most of their debts are denominated in euros. Some 87% of Latvia’s debts are in euros or other foreign currencies, and are owed mainly to Swedish banks, while Hungary and Romania owe euro-debts mainly to Austrian banks. So their government borrowing by non-euro members has been to support exchange rates to pay these private-sector debts to foreign banks, not to finance a domestic budget deficit as in Greece........"
George Irvin, German roots of Greek crisis remain Guardian April 14th 2010, Available here	Online Newspaper article	"The rescue deal may have stopped the financial markets bankrupting Greece but the underlying problem stays unresolved."
G.E. Krimpas, The Recycling Problem in a Currency Union, The Levy Economics Institute, Working Paper No. 595, May 2010 Available Here and also Here	Research article	ABSTRACT: "The recycling problem is general, and is not confined to a multicurrency setting: whenever there are surplus and deficit units—that is, everywhere—adjustment in real terms can be either upward or downward. The question is, Which? An attempt is made to formulate the problem in terms of the European Monetary Union. While the problem seems clear, the resolution is not. It is proposed to engage the issue through a detour consistent with the Maastricht rules. Inadequate as this is, it highlights the limits of technical arrangements when governments are confronted with political economy—namely, the inability to set the rules of the larger game from within a set of axiomatically predetermined rules dependent on the fact and practice of sovereignty. Even so, an attempt at persuasion through clarification of the issues—in particular, by highlighting the distinction between recycling and transfers—may be a useful preliminary. Some of the paper’s evocations, notably on oligopoly, may be taken as merely heuristic."
Ann Pettifor, Standard and Poor’s – a voice of sanity on government debt, Huffington Post 3rd May, 2010. Available Here and Here	Online article	EXTRACT "It might seem extraordinary, but in the midst of deficit-cutting mania it is a rating agency, Standard and Poor's, that is talking common sense about government debt. By doing so they are challenging members of the international Austerity Party -- a political party that dominates economic debate across the world. ......"
Marshall Auerback The United Kingdom Draws the Wrong Lessons from Canada, 9th June 2010 Available Here	Online article	""
Victoria Chick and Ann Pettifor The Economic Consequences of Mr Osborne, 6th June, 2010. Available Here	Online article	""
Edward Chancellor, The dreadful potential of frugality Financial Times June 6th 2010 Available here	Article in Financial Times	Discusses importance of the late Wynne Godley's analytical approachand its application to European crisis by Rob Parenteau (see above reference)
Joerg Bibow It is worrying that the German view of austerity is now Europe's Financial Times, Letters, June 28th 2010 Available here	Letters in Financial Times (Newspaper)
Dimitri B. Papadimitriou, L. Randall Wray and Yeva Nersisyan, Endgame for the Euro? Without Major Restructuring, the Eurozone is Doomed The Levy Economics Institute, Public Policy Brief No. 113 July 2010 Available Here	Research article	ABSTRACT: "Critics argue that the current crisis has exposed the profligacy of the Greek government and its citizens, who are stubbornly fighting proposed social spending cuts and refusing to live within their means. Yet Greece has one of the lowest per capita incomes in the European Union (EU), and its social safety net is modest compared to the rest of Europe. Since implementing its austerity program in January, it has reduced its budget deficit by 40 percent, largely through spending cuts. But slower growth is causing revenues to come in below targets, and fuel-tax increases have contributed to growing inflation. As the larger troubled economies like Spain and Italy also adopt austerity measures, the entire continent could find government revenues collapsing. No rescue plan can address the central problem: that countries with very different economies are yoked to the same currency. Lacking a sovereign currency and unable to devalue their way out of trouble, they are left with few viable options—and voters in Germany and France will soon tire of paying the bill. A more far-reaching solution is needed. "
Levy Economics Institute Archive for the 'Eurozone Debt Crisis' articles Available Here	Various articles
Steven Major ‘True sovereigns’ immune from eurozone contagion Financial Times, August 16th 2010 Available here	Article in Financial Times (Newspaper)	EXTRACT: "There are plenty of doomsayers who think it is only a matter of time before the sovereign risk crisis spreads from the eurozone to other countries, including the US, UK and Japan. This is not going to happen in my view. That is because the obsession with public debt ratios fails to distinguish between different levels of sovereignty. ...... ....A “true sovereign” can issue freely in its own currency, has full taxing power over the population and ultimately, if required, can create more of its own money. None of this means that true sovereigns can afford to be profligate, far from it, but it does mean there is no externally imposed timetable on fiscal retrenchment......."