Event: The 3rd Greek bailout: lessons to be learnt

The 3rd Greek bailout: lessons to be learnt?

Wednesday 25 November 2020 16.00-17.30 UK Time (18.00-19.30 GR Time)



Description 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 – stabilizing 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?
Link to the Report https://www.esm.europa.eu/financial-assistance/evaluation-efsfesm-programmes
Programme 16.00:









Welcome by chair

Joaquin Almunia – report presentation (10’)

Kari Korhonen – report presentation (5’)

Professor Iain Begg – comment on the Report and raise questions (8’)

Ms Elena Panaritis – comment on the Report and raise questions (8’)

Professor GkikasHardouvelis-comment on the Report and raise questions (8’)

Discussion amongst speakers and Q&A with the audience

Event Ends

Introduction to the Event ·         Zoom capacity: 500 participants

·         The event is organised by the Hellenic Observatory

·         The speakers and chair should be available online with the cameras on for the whole event

·         Event webpage: here

·         Registrations: here

·         The event will be livestreamed on Facebook

Event Facebook page: https://www.facebook.com/events/281629603076077/

Livestreaming: https://www.facebook.com/Hellenic.Observatory.LSE

The audience will be a mix of academics, higher education students, researchers, economists and other members of the general public

·         Twitter hashtag: #LSEGreece

·         The event is open to all- registration via zoom is required. Registrations will open on 9th November.

Participants Speakers


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. Joaquín Almunia 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

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

Iain Begg is a Professorial Research Fellow at the European Institute, London School of Economics and Political Science. His main research work is on the political economy of European integration and EU economic governance. He has directed and participated in a series of research projects on different facets of EU policy and his current projects include studies on the governance of EU economic and social policy, the economic and fiscal consequences of Brexit, evaluation of EU cohesion policy and reform of the EU budget. Other recent research projects include work on policy co-ordination under EMU and the social impact of globalisation.


Gikas A. Hardouvelis

Gikas A. Hardouvelis is Professor of Finance and Economics at the University of Piraeus, the Senior Independent Director of the National Bank of Greece, and the First Vice President of the Foundation for Economic & Industrial Research.  He has served as Minister of Finance of the Hellenic Republic from June 2014 to January 2015.In the past, he served as Research Adviser to the (central) Bank of Greece and to the Federal Reserve Bank of New York. He was also the Chief Economist of NBG and, later, of Eurobank as well as the President of the Scientific Council  of the Hellenic Bank Association.  He was a founding member of the Board of Directors of the Athens Derivatives Exchange and helped its creation. He also served twice as the Director of the Prime Minister’s Economic Office of the Hellenic Republic under two different prime ministers.Professor Hardouvelis has a Ph.D. in Economics from U. C. Berkeley, and M. Sc. & B. A. degrees in Applied Mathematics from Harvard University.  His academic work is in the areas of Macroeconomics, Monetary Policy and Finance and has been published in the AER, QJE, J. Finance, RFS, JME, REStat, and other prestigious top-ranking academic journals.


Elena Panaritis

Elena Panaritis is an economist, policy innovator, and social entrepreneur. She is the CEO and Founder of Thought4Action, action tank. Elena Panaritis is former World Bank economist and honorary member of Hellenic Parliament in 2009-12. She works with government leaders and has spearheaded innovative growth reforms that have improved the lives of millions of people moving them from poverty to middle class. She is awarder with innovation recognition and international best practice. She has advised three Prime Ministers during the Greek Economic Crisis, and served as the Special Envoy for Negotiating the Greek sovereign debt and lending program. She is an author, professor of economic development and international policy. She has degrees from Johns Hopkins SAIS and INSEAD among others.



Prof Kevin Featherstone

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.


HELLENIC OBSERVATORY The Hellenic Observatory is internationally recognized 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; organization 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.
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