Why an ESM programme could be a kiss of death: Recovery values and subordination. CEPS Commentary, 27 June 2012

Spain, needing a bailout for its banks, was granted a vague promise by EZ leaders for up to €100 billion. The details remain obscure, yet they matter enormously. This column argues that the so-called ‘subordination effect’ of fresh official lending could put Spain on the slippery road to ruin. It argues that if sovereign bonds must be bought, this should be done in the secondary market which, would be on an equal footing with private investors and thus avoid the subordination trap.

Free and Fair? A Challenge for the EU as Georgia and Ukraine gear up for elections. CEPS Commentary, 27 September 2012

In an important test for democracy, Georgia and Ukraine will go to the polls for parliamentary elections on the 1st and 28th of October, respectively. The political leaders of these two Eastern Partnership countries have committed themselves to European values and principles – rhetorically. In reality, the promise of their colour revolutions is unrealised and they have shifted further towards authoritarianism, albeit following different paths in their respective post-revolution periods.