In The News

If Greece Defaults, Imagine Argentina, But Much Worse

James B. Stewart June 26, 2015
The best option for Greece is conceding on Europe’s demands for austerity, argues James B. Stewart for the New York Times, to avoid the economic havoc of Argentina, which has defaulted on debt multiple times. A Greek default would be worse than Argentina’s. Greece could expect a run on banks of a much higher magnitude and confusion over currency with a steep drop in purchasing power. Argentina’s...

Three Perilous Options for Greece Facing Europe

Gideon Rachman June 23, 2015
The Greek debt crisis may well destroy the European single currency, argues Financial Times columnist Gideon Rachman: Greece’s debts are immense, and no logical plan is in place for repayment or rapid reforms. If Greece remains in the EU, the nation would be a weak and struggling partner. More EU concessions for Greece would undermine governments in Ireland and Portugal that have endured...

The New Ukrainian Exceptionalism

Matthew Rojansky and Mykhailo Minakov June 23, 2015
Ukraine struggles to survive as an independent nation against external and internal forces – Russia, the powerful neighbor next door, and Russian sympathizers throughout eastern Ukraine. “Russian-backed aggression, relentless propaganda and meddling in Ukraine’s domestic politics have pushed many Ukrainians to adopt a deeply polarized worldview, in which constructive criticism, dissenting views,...

Why It’s So Hard to Predict the Impact of a Greek Default

Alex Rosenberg June 19, 2015
Greece owes more than €240 billion and may default – and may even withdraw from the European Union – if creditors including the EU, especially Germany, and the International Monetary Fund do not provide another bailout. Greek debt is about a third to half that of the US subprime mortgage debt before the global debt crisis struck in 2007. Consequences for the global economy are unknown, but...

Coalition in Turkey Could Alter the Country’s Foreign Policy Direction

Chris Miller June 18, 2015
Turkey’s governing Justice and Development Party, or AK, won the most votes in the June 7 election, but not enough to dodge the need for building a coalition in parliament. The coalition AK builds could swing right or left with implications for foreign policy, explains Chris Miller, a PhD student at Yale University and a research associate with the Hoover Institution. “A right-wing coalition...

The TTIP Gap: How a Trans-Atlantic Trade Deal Can Be Fixed

Christoph Pauly, Michael Sauga, Michaela Schiessl and Gerald Traufetter June 11, 2015
The US exported $344 billion to the EU, and the EU exported $450 billion to the US in 2013, reports Spiegel Online. Policymakers expect the Transatlantic Trade and Investment Partnership to counter competition from Asia by streamlining regulations. German manufacturers anticipate meeting one US standard rather than 50 imposed by states. “In virtually every industrial sector today, a large number...

The Kurdish Rescue of Turkish Democracy

Kemal Kirişci and Melis Cengiz June 8, 2015
With more than 85 percent voters casting ballots, Turks defeated President Recep Erdogan's attempt to consolidate power. “Erdogan had one ambition for this election: for the AK Party to gain the minimum 330 parliamentary seats required to call a referendum on establishing a presidential regime,” writes Kemal Kirişci, director of the Center on the United States and Europe's Turkey...