Reform momentum and its impact on Greek growth. Bruegel Policy Contribution 2015/12, July 2015

Greece has an imperfect track-record of structural reform implementation. However, the poor growth outcome of the Greek programmes is also a consequence of the timing and composition of reforms, which were not optimally geared towards a speedy transition to a new growth model based on the private sector. While the main responsibility for this lies with the Greek authorities, international institutions share the responsibility for the poor growth-enhancing effect of reforms. In the current context, further structural reform efforts should be mainly targeted at supporting Greece's speedy return to solid growth rates. This is not only because poverty and unemployment have reached very high levels, but also for political economy reasons: reforms must quickly be seen to be working in order to buttress the consensus in favour of reform. Further efforts should be made to improve Greece’s business environment and to liberalise product markets, in addition to shifting taxation away from labour and towards consumption. Reforms to improve the quality of institutions should continue and are very much needed in the Greek setting, while taking into account that their demanding implementation might use up administrative capacity and their impact on growth will only be seen over long time horizons.

A.A. Milne - When We Were Very Young : cycle éclectique de chansons pour enfants, chanté par des enfants

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Strontium and boron geochemistry of ODP sites at Hydrate Ridge, eastern Pacific Ocean

ODP Leg 204, which drilled at Hydrate Ridge, provides unique insights into the fluid regime of an accretionary complex and delineates specific sub-seafloor pathways for fluid transport. Compaction and dewatering due to smectite-illite transition increase with distance from the toe of the accretionary prism and bring up fluids from deep within the accretionary complex to sampled depths (<= 600 mbsf). These fluids have a distinctly non-radiogenic strontium isotope signature indicating reaction with the oceanic basement. Boron isotopes are also consistent with a deep fluid source that has been modified by desorption of heavy boron as clay minerals change from smectite to illite. One of three major horizons serves as conduit for the transport of mainly fluid. Our results enable us to evaluate fluid migration pathways that play important roles on massive gas hydrate accumulations and seepage of methane-rich fluids on southern Hydrate Ridge.

Catchment characteristics and soil and water chemistry of the San Francisco basin and subbasins, Ecuador

In this study, the Mean Transit Time and Mixing Model Analysis methods are combined to unravel the runoff generation process of the San Francisco River basin (73.5 km**2) situated on the Amazonian side of the Cordillera Real in the southernmost Andes of Ecuador. The montane basin is covered with cloud forest, sub-páramo, pasture and ferns. Nested sampling was applied for the collection of streamwater samples and discharge measurements in the main tributaries and outlet of the basin, and for the collection of soil and rock water samples. Weekly to biweekly water grab samples were taken at all stations in the period April 2007-November 2008. Hydrometric data, Mean Transit Time and Mixing Model Analysis allowed preliminary evaluation of the processes controlling the runoff in the San Francisco River basin. Results suggest that flow during dry conditions mainly consists of lateral flow through the C-horizon and cracks in the top weathered bedrock layer, and that all subcatchments have an important contribution of this deep water to runoff, no matter whether pristine or deforested. During normal to low precipitation intensities, when antecedent soil moisture conditions favour water infiltration, vertical flow paths to deeper soil horizons with subsequent lateral subsurface flow contribute most to streamflow. Under wet conditions in forested catchments, streamflow is controlled by near surface lateral flow through the organic horizon. Exceptionally, saturation excess overland flow occurs. By absence of the litter layer in pasture, streamflow under wet conditions originates from the A horizon, and overland flow.

Data on mineral composition of volcanic glass and radiocarbon age of Upper Quaternary sediments from the Sea of Okhotsk

Lithological horizons have been distinguished in sediments cores from different parts of the Sea of Okhotsk based on primary descriptions of sediments and smear slides, and analyses of contents of both calcium carbonate and organic carbon, and opal. Sediment lithology has been correlated with oxygen isotope records and the standard isotope scale and radiocarbon data by AMS method for three cores studied in detail. This allowed to determine in detail periods of carbonaceous and diatomaceous ooze accumulation in the Sea of Okhotsk. Changes in magnetic susceptibility and grain size composition of sediments have been also compared with oxygen-isotope curves and radiocarbon datings. Obtained results confirm that variations in magnetic susceptibility are related with oxygen-isotope stages and influenced by climatic changes. Tephra interlayers K0, TR, K2, K3 have been identified by mineralogical analyses in all studied cores. Stratigraphic location of these tephra interlayers in detailed studied cores and their radiocarbon ages (8.1, 8.05, 26.8, and about 60 ka, respectively) provided base correlation between the interlayers and volcanic eruptions on the Kamchatka Peninsula and the Kuril Islands. This allows to use the former ones as time markers for deep-sea sediments of the Sea of Okhotsk. New lithostratigraphic and tephrochronologic data obtained allowed to correlate Upper Quaternary sediments from the Sea of Okhotsk.

Mineral and chemical composition of hydrothermally altered rocks and sediments from the Middle Valley, ODP Leg 139 data

The Middle Valley segment at the northern end of the Juan de Fuca Ridge is a deep extensional rift blanketed with 200-500 m of Pleistocene turbiditic sediment. Sites 857 and 858 were drilled during Ocean Drilling Program Leg 139 to determine whether these two sites were hydrologically linked end members of an active hydrothermal circulation system. Site 858 was placed in an area of active hydrothermal discharge with fluids up to 270°C venting through anhydrite-bearing mounds on top of altered sediment. The shallow basement of fine-grained basalt that underlies the vents at Site 858 is interpreted as a seamount that was subsequently buried by turbidites. Site 857 was placed 1.6 km south of the Site 858 vents in a zone of high heat flow and numerous seismically imaged ridge-parallel faults. Drilling at Site 857 encountered sediments that are increasingly altered with depth and that overlie a series of mafic sills at depths of 460-940 m below sea floor. Sill margins and adjacent baked sediment are highly altered to magnesian chlorite and crosscut with veins filled with quartz, chlorite, sulfides, epidote, and wairakite. The sill interiors vary from slightly altered, with unaltered plagioclase and clinopyroxene in a mesostasis replaced by chlorite, to local zones of intense alteration and brecciation. In these latter zones, the sill interiors are pervasively replaced by chlorite, epidote, quartz, pyrite, titanite, and rare actinolite. The most complete replacement is associated with brecciated horizons with low recovery and slickensides on fracture surfaces, which we interpret as intersections between faults and the sills. Geochemically, the alteration of the sill complex is reflected in significant whole-rock depletions in Ca, Sr, and Na with corresponding enrichments in Mg, Al, and most metals. The latter results from the formation of conspicuous sulfide poikiloblasts. In contrast, metamorphism of the Site 858 seamount includes incomplete albitization of plagioclase phenocrysts and replacement of sparse mafic phenocrysts. Much of the basement alteration at Site 858 is confined to crosscutting veins except for a highly altered and veined horizon at the contact between basaltic basement and the overlying sediment. The sill complex at Site 857 is more highly depleted in 18O (d18O = 2.4 per mil - 4.7 per mil) and more pervasively replaced by secondary minerals relative to the extrusives at Site 858 (d18O = 4.5 per mil - 5.5 per mil). There is no evidence of significant albitization of the plagioclase at Site 857, suggesting high Ca/Na in the pore fluids. Fluid-inclusion data from hydrothermal minerals in altered mafic rocks and veins at Sites 857 and 858 show a consistency of homogenization temperatures, varying from 245 to 270°C, which is within the range of temperatures observed for the fluids venting at Site 858. The consistency of the fluid inclusion temperatures, the lack of albitization within the Site 857 sills, and the apparently low water/rock ratio collectively suggest that the sill complex at Site 857 is in thermal equilibrium and being altered by a highly evolved Ca-rich fluid similar to the fluids now venting at Site 858. The alteration evident in these two deep crustal drillsites is a result of the ongoing hydrothermal circulation and is consistent with downhole logging results, instrumented borehole results, and hydrothermal fluid chemistry. The pervasive alteration of the laterally extensive sill-sediment complex at Site 857 determines the chemistry of the fluids that are venting at Site 858. The limited alteration of the Site 858 lavas suggests that this basement edifice acts as a penetrator or ventilator for the regional hydrothermal reservoir with much of the flow focussed at the highly altered and veined sediment-basalt contact.

(Table 1) Stratigraphic distribution and abundances of Cretaceous radiolarians from ODP Holes 130-803D and 130-807C

Among the five sites drilled during Ocean Drilling Program Leg 130, two deep holes (8O3D and 807C) penetrated Cretaceous sediments overlying the basaltic pillows, flows, and possibly basement rocks. Abundant, poorly preserved radiolarians with limited diversity were recovered from a few horizons within the sediments proximal to the basalt. At Site 803, three thin layers of radiolarites interbedded with claystone and clayey siltstone yielded radiolarian assemblages of late Albian age. At Site 807, several layers of radiolarian siltstones were recovered proximal to the basalt. Among them the most significant radiolarian assemblage is an Aptian fauna, located approximately 7 m above the basaltic flows. The Aptian radiolarian age for Site 807 is at least in accord with those suggested by planktonic foraminifer and paleomagnetic evidence. These Cretaceous radiolarians are the oldest assemblages recorded from the Ontong Java Plateau region.

Age determination of sediment cores from the shelf off Mauretania, West Africa

The 60 km wide shelf off Mauritania is cut by several submarine canyons. Its water-circulation is controlled by the cool Canary current and upwelling. Its Recent sediments show faunal associations remarkably related to the grain size distribution which in water depths between 40 and 80 m is strongly influenced by reworking of older coarse sand or sandstone. In this depth range a mixed biofacies originating from Pleistocene and Recent material is encountered. The present lateral faunistic and sedimentological facies change, including horizons of mixed provenance, can be recognized in vertical sequences taken by vibro-coring. This correlation combined with 14C-datations on molluscs enable the reconstruction of the history of the last glacial regression and transgression. Due to the arid climate, the emerging calcareous shelf sediments are indurated and, therefore, protected from subaerial and submarine erosion. During low sea level eolian sand migrates over the shelf, but only about 1/10 of this material remains there and is later incorporated into the sandy shelf sediments. The calculated average rate of total sedimentation during Holocene is 15 cm, and the production rate of carbonate is 5 cm/1000 years.

Sedimentological and paleomagnetic investigations on two gravity cores and ODP sites 113-690 and 693 off Kapp Norvegia, Antarctic continental margin

Oligocene to Quaternary sediments were recovered from the Antarctic continental margin in the eastern Weddell Sea during ODP Leg 113 and Polarstern expedition ANT-VI. Clay mineral composition and grain size distribution patterns are useful for distinguishing sediments that have been transported by ocean currents from those that were ice-rafted. This, in turn, has assisted in providing insights about the changing late Paleogene to Neogene sedimentary environment as the cryosphere developed in Antarctica. During the middle Oligocene, increasing glacial conditions on the continent are indicated by the presence of glauconite sands, that are interpreted to have formed on the shelf and then transported down the continental slope by advancing glaciers or as a result of sea-level lowering. The dominance of illite and a relatively high content of chlorite suggest predominantly physical weathering conditions on the continent. The high content of biogenic opal from the late Miocene to the late Pliocene resulted from increased upwelling processes at the continental margin due to increased wind strength related to global cooling. Partial melting of the ice-sheet occurred during an early Pliocene climate optimum as is shown by an increasing supply of predominantly current-derived sediment with a low mean grain size and peak values of smectite. Primary productivity decreased at ~ 3 Ma due to the development of a permanent sea-ice cover close to the continent. Late Pleistocene sediments are characterized by planktonic foraminifers and biogenic opal, concentrated in distinct horizons reflecting climatic cycles. Isotopic analysis of AT. pachyderma produced a stratigraphy which resulted in a calculated sedimentation rate of 1 cm/k.y. during the Pleistocene. Primary productivity was highest during the last three interglacial maxima and decreased during glacial episodes as a result of increasing sea-ice coverage.

Fine-silt luminescence dating and mineral composition of sediments from the Arctic Ocean

New geochronometers are needed for sediments of the Arctic Ocean spanning at least the last half million years, largely because oxygen-isotope stratigraphy is relatively ineffective in this ocean, and because other dating techniques require significant assumptions about sedimentation rates. Multi-aliquot luminescence sediment-dating procedures were applied to polymineral, fine-silt samples from 9 core-top and 37 deeper samples from 20 cores representing 19 sites across the Arctic Ocean. Most samples have independent age assignments and other known properties (e.g., % coarse fraction, % carbonate, U-Th isotopes). Thick-source alpha-particle counting indicates that for most regions the contribution of measured unsupported 230Th and 231Pa to calculated dose rates is

(Table A1) CaCO3 contents and Sr/Ca ratios in ODP Leg 130, 138 and 154

Strontium/calcium (Sr/Ca) ratios in bulk and foraminiferal calcite have been used to constrain the history of Sr/Ca in the oceans and to evaluate calcite diagenetic alteration. However bulk Sr/Ca records also may be influenced by differences in Sr uptake and/or in the diagenetic susceptibility of different calcium carbonate sedimentary components. We present data on the sediment size fraction and calcium carbonate distribution in bulk samples, Sr/Ca in a range of sedimentary size components, and Sr/Ca in bulk sediments. Ocean Drilling Program samples from sites on Ontong Java Plateau and Ceara Rise (in the western equatorial Pacific and Atlantic, respectively) and from sites in the eastern equatorial Pacific were selected to represent progressive stages in the diagenetic pathway from the sea floor through a range of burial depths equivalent to sediment ages of ~5.6, ~9.4, and ~37.1 Ma. Samples were subdivided by size to produce a unique data set of size-specific Sr/Ca ratios. Fine fraction (<45 ?m) Sr/Ca ratios are higher than those of all corresponding coarse fractions, indicating that fine nannofossil-dominated calcite has a Sr partition coefficient 1.3-1.5 times greater than that of coarse foraminifera-dominated calcite. Thus, absolute values of bulk Sr/Ca in contemporaneous samples reflect, in part, the ratio of fine to coarse calcite sedimentary components. Sr/Ca values in fine and coarse components also behave differently in their response to pre-burial dissolution and to recrystallization at depth. Coarse size components are sensitive to bottom water carbonate ion undersaturation, and they lose original Sr/Ca differences among contemporary samples over not, vert, similar10 my. In contrast, fine components recrystallize faster in more deeply buried samples. Interpretation of the historical Sr/Ca record is complicated by post-depositional diagenetic artifacts, and thus our data do not provide clear evidence of specific temporal changes in oceanic Sr/Ca ratios over the past 10 million years. This paper represents the first systematic attempt to examine trends in calcite Sr/Ca as a function of sediment size fraction and age.

Age and isotopes in bottom sediments from Core VER-99-1-St2, Baikal Lake

A simple, reliable, and efficient method has been elaborated for direct determination of isotopic composition of authigenic uranium in siliceous lacustrine sediments. The method is based on studying kinetics of selective extraction of authigenic uranium from sediments by weak solutions of ammonium hydrocarbonate followed by ICP-MS analysis of nuclides. To estimate contamination of authigenic uranium by terrigenous one contents of 232Th and some other clastogenic elements in the extracts were measured simultaneously. Selectivity of extraction of authigenic uranium from the sediments treated with 1% NH4HCO3 solution appeared to be no worse than 99%. The method was applied to analysis of isotopic composition of authigenic uranium at several key horizons of the earlier dated core from the Baikal Lake. Measurements directly show that 234U/238U values in Baikal water varied depending on climate, which contradicts existing hypotheses. Measured 234U/238U ratios in water of the paleo-Baikal match corresponding values reconstructed from isotopic data for total uranium in the sediments on supposition that U/Th ratio is constant in terrigenous fraction of the sediments. Direct experimental determination of total and authigenic nuclides in sediments enhances potentiality of the method for 234U-230Th dating of non-carbonate lacustrine sediments including those from the Baikal Lake within intervals corresponding to periods of glaciation, when sediments were rich in terrigenous components. Portions of terrigenous and authigenic uranium are well separated and we can study variability of sources of terrigenous matter and refine the earlier model for reconstructing climate humidity in the East Siberia.

Composition of sedimentary rocks from the Shapkina River valley, Bolshezemelskaya Tundra

A facies-genetic and stratigraphic subdivision of the Quaternary sequence in the Shapkina River valley has been accomplished. The riverbank shows outcrops of three glacial complexes with different mineralogical-petrographic compositions and structural characteristics, which can be correlated and stratificated. Datings of intermoraine horizons (alluvial, marine, lacustrine, and lacustrine-boggy sediments) have been based on palynological and paleomicrotheriological data. The Middle Neopleistocene section can be divided into two till horizons corresponding to two autonomous glaciations (Pechora and Vychegda). They are separated by a member of subaqueous Rodionov sediments. The Pechora till formed in the course of glacier motions from the northeast. Glacial horizons are mainly composed of the Vychegda till transported from the Northwest terrigenous provenance. Lithology of the Upper Neopleistocene Polyarnyi till testifies to its formation in the upper course of the river from material transported from the Northeast terrigenous-mineralogical provenance in the upper course of the river and from the Fennoscandian glaciation center in the lower course of the river. The paper presents the first lithological investigation and substantiation of genesis of various facies of Neopleistocene intermoraine marine sediments (sediments of the beach and fore-beach zones and shallow-water shelf).

(Table 1) Bulk carbonate content of ODP Hole 194-1198A sediments, east of the Great Barrier Reef

Upper Quaternary sediment sequences east of the Great Barrier Reef are characterized by alternating siliciclastic- and carbonate-rich horizons caused by changes in the input of various sedimentary components and reflected in cores by variations in bulk carbonate content. A total of 153 measurements of bulk carbonate content were determined using the carbonate-bomb technique for late Pleistocene sediments between 0 and 23.69 meters below sea floor (mbsf) in Ocean Drilling Program Hole 1198A. Average sample resolution was 15 cm and multiple analyses were performed on each sample. Bulk carbonate content ranges from a maximum of 94 wt% at 13.63 mbsf to a minimum of 73 wt% at 14.54 mbsf. Five cyclic trends are observed that may relate to five major glacial events during the last 500 k.y. of the Quaternary.

Susceptibility measurements at Gubbio sections

The complex interplay between extraterrestrial events and earth-bound processes that triggered one of the greatest biological crises of the Phanerozoic requires a high resolution timescale. Detailed magnetic susceptibility measurements at the Contessa Highway and Bottaccione sections (Italy) span the Cretaceous-Paleogene boundary and reveal clear orbital signatures in the sedimentary record. Identification of precession and 405 kyr eccentricity cycles allows an estimate of 324+/-40 kyr for the duration of the Maastrichtian part of Chron C29r. We present in the same high resolution time frame sites in Spain and the North and South Atlantic and bio-horizons, biotic changes, stable isotopic excursions and the decrease in Osmium isotopes recorded in these sections. The onset of 187 Os/ 188 Os decrease coincides with the d13 C negative excursion K-PgE1, thus suggesting a first pulse in Deccan volcanism at 66.64 Ma. The K-PgE3 d13 C negative excursion is possibly the expression of a second pulse at 66.26 Ma. Late Maastrichtian d13 C negative excursions are of low intensity and span durations of one to two eccentricity cycles, whereas early Danian excursions are brief (about 30 kyr) and acute. In Biotic response to late Maastrichtian perturbations occurred with a delay of ca. 200 kyr after the beginning of K-PgE1 shortly before K-PgE3. The biotic perturbation could be thus either a delayed response to K-PgE1, or a direct response to K-PgE3, and possibly, a threshold response to the stepwise buildup of CO2 atmospheric injections. No delay is evident in response to early Danian hyperthermal events. These differences suggest that short-lived, volcanically-derived environmental perturbations were buffered within the stable late Maastrichtian oceanic realm whereas they were amplified by the more sensitive and highly disturbed early Danian oceanic ecosystem.