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The 3rd Greek Bailout: lessons to be learnt?


Joaquín Almunia led an independent evaluation report of the EU’s financial rescue of Greece (2015-18) and the report was published this summer. We will discuss the successes – stabilising the euro-zone and Greece’s public finances – as well as the consequences (falls in investment, a major rise in unemployment, and a massive brain-drain). What are the lessons for the euro-zone? For Greece’s recovery?

The report is available here.

Joaquín Almunia was the ESM high-level independent evaluator of the financial assistance to Greece in February 2019. He was appointed upon nomination by the Chairman of the ESM Board of Governors, Mário Centeno, in cooperation with the ESM Managing Director, Klaus Regling, and in consultation with the 19 ESM Members. Mr Almunia is a former Vice President of the European Commission. He is Chairman of the Board of the Centre for European Policy Studies (CEPS), and Honorary President of the Barcelona Graduate School of Economics. He has been a member of the Spanish Government, member of the Spanish Parliament; and leader of the Spanish Socialist Party.

Kari Korhonen works as Evaluation Manager and Senior Adviser to Secretary General at the European Stability Mechanism. He joined the ESM in 2013. During the last few years, he led dedicated ESM evaluation teams to support, first, Ms. Gertrude Tumpel-Gugerell and, more recently, Mr Joaquín Almunia as the Independent Evaluators appointed by the Finance Ministers. Previously, Mr. Korhonen served as Senior Advisor to the Executive Director at the Nordic-Baltic constituency in the International Monetary Fund. He has also held managerial positions at the Bank of Finland in policy analysis and policy making, including in the area of crisis preparation and financial stability, and UNESCO treasury.

Iain Begg is a Professorial Research Fellow at the European Institute, London School of Economics and Political Science. From 2017 to 2020, he was academic Co-Director of the Dahrendorf Forum which focused on the strategic challenges facing Europe.

Kevin Featherstone is Eleftherios Venizelos Professor in Contemporary Greek Studies and Professor in European Politics in the European Institute at LSE, where he is also Director of the Hellenic Observatory. He has held visiting positions at the University of Minnesota; New York University; Harvard University; and, the European University Institute (Firenze). Before LSE, he held academic posts at the Universities of Stirling and Bradford. He was the first foreign member of the National Council for Research and Technology (ESET) in Greece, serving from 2010-2013. In 2013 he was made ‘Commander: Order of the Phoenix’ by the President of the Hellenic Republic. In 2014, the European Parliament selected one of his books (co-authored with Kenneth Dyson) as one of its ‘100 Books on Europe to Remember’. He has contributed regularly to international media on European and Greek politics.


The twitter Hashtag for this event is: #LSEGreece

The Hellenic Observatory (@HO_LSE) is internationally recognised as one of the premier research centres on contemporary Greece and Cyprus. It engages in a range of activities, including developing and supporting academic and policy-related research; organisation of conferences, seminars and workshops; academic exchange through visiting fellowships and internships; as well as teaching at the graduate level through LSE's European Institute.

25 Nov 2020 Online