Jun 14

Past Event

The Greek Election and the Future of the Euro

Event Materials

Video

Highlights

  • Kemal Dervis: Retooling Greece's Fiscal Policies

    Kemal Dervis: The corrective fiscal measures in Greece need to be retooled because the idea that you can have growth while implementing extreme austerity measures is simply wrong.

    Kemal Derviş

  • Daniel Speckhard: Greece's Political System

    Daniel Speckhard: The political system has to break in order to have something new come out of Greece.

    Daniel V. Speckhard

  • Desmond Lachman: Greece in Default

    Desmond Lachman, American Enterprise Institute: It doesn’t matter who wins the election, Greece is on its way to defaulting and leaving the eurozone.

  • Douglas Elliott: Greece After the Election

    Douglas Elliott: Greece will likely run out of money shortly after the election forcing the new government to pay its bills with IOUs;  leading the troika to deny them more help, and ultimately resulting in a banking crisis.

    Douglas J. Elliott

Full Event

Audio

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Summary

Greek voters will soon head to the polls for the second time in six weeks after the May elections resulted in political gridlock. The fate of the eurozone is widely perceived to hang in the balance. Syriza, now the second largest party, is vying with New Democracy for first place and has promised to reject the terms of Greece’s EU bailout if it forms the next government. Germany has sent clear signals that it will require Greece to keep its international obligations. As a result, markets are bracing for turbulence after the new elections on June 17. The U.S. and European economies are so interdependent that a “Grexit” from the euro would have serious implications for the United States, potentially pushing it back into recession.

On June 14, Brookings hosted a discussion previewing the legislative elections and their implications on the eurocrisis. Panelists included: Vice President Kemal Derviş, director of Global Economy and Development at Brookings; Brookings Fellow Douglas Elliott; Brookings Nonresident Senior Fellow Daniel Speckhard, a former U.S. ambassador to Greece; and Desmond Lachman, resident fellow at the American Enterprise Institute (AEI). Brookings Fellow Thomas Wright moderated the discussion.

Details

June 14, 2012

2:00 PM - 3:30 PM EDT

Brookings Institution

Falk Auditorium

1775 Massachusetts Avenue, N.W.

Map

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