A Proper Yield Curve for Greece to Kick-Start Financial Intermediation. ECMI Policy Brief No. 21, 10 December 2013

At present, the market is severely mispricing Greece’s sovereign risk relative to the country’s fundamentals. As a result of the mispricing, financial intermediation in Greece has become dysfunctional and the privatisation of state-owned assets has stalled. This mispricing is partially due to an illiquid and fragmented government yield curve. A well-designed public liability management exercise can lead to a more efficient pricing of Greece’s government bonds and thereby help restore stable and affordable financing for the country’s private sector, which is imperative in order to overcome Greece’s deep recession. This paper proposes three measures to enhance the functioning of the Greek government debt market: i) Greece should issue a new five-year bond, ii) it should consolidate the 20 individual series of government bonds into four liquid securities and iii) it should offer investors a swap of these newly created bonds into dollar-denominated securities. Each of these measures would be beneficial to the Hellenic Republic, since the government would be able to reduce the face value and the net present value of its debt stock. Furthermore, this exercise would facilitate the resumption of market access, which is a necessary condition for continuous multilateral disbursements to Greece.

EU visa-liberalisation for Turks: just around the corner? EPC Commentary, 3 May 2016

At the 18 March EU-Turkey Migration Summit EU leaders pledged to lift visa requirements for Turkish citizens travelling to the Schengen zone by the end of June 2016 if Ankara met the required 72 benchmarks. On 4 May the European Commission will decide whether or not Turkey has done enough. The stakes are high because Turkey has threatened to cancel the readmission agreement, which is central to the success of the migration deal, if the EU fails to deliver.

Northwest corner

On verso: A.L. Colton, Photographer, Ann Arbor, Michigan. Views of the State University a Specialty

State Street. South West [southwest] Corner of Campus. Methodist Church in distance

Gentleman posing by lamppost

Boulder at northwestern corner of campus placed by Class of 1862

On verso of second copy of same print: Memorial of the Class of 1862. Placed on n.w. corner of campus in 1860. Removed in summer of 1969.

Main Street from Ludwig's corner

Grand Ledge, Mich.