Greek debt crisis On this page experts will provide background information on a potential exit of Greece from the eurozone and discuss implications for Europe. Austerity: a history of failure (31 July 2015, in German) Greece is forced to save money but saving seems to worsen the economic crisis. This paradox is not an invention of the present explains Florian Schui. The belief in austerity has a long tradition that can be traced back to the 18th century. Lessons from the wrong history book (21 July 2015, in German) Germany's finance minister Wolfgang Schäuble rejects transfers to Southern Europe. What we can learn from history however, is that transfers are economically inevitable as long as there are regions with different economic development within a currency zone, writes Florian Schui. Lessons from the debt crisis (20 July 2015) The tug of war about Greece has laid bare Europe’s weak points, writes economist Markus A. Will: a currency union with acute design faults, fundamental differences of opinion between northern and southern Europeans – and the EU’s lack of democratic legitimation. "A very bad idea" (12 July 2015, in German) Florian Schui, economics historian at the University of St.Gallen, thinks that a temporary Grexit would not be a good idea: "This would throw back the EU for years" he said in an interview with Deutschlandfunk. What went wrong so far? (7 July 2015, in German) Which options does Greece have after the referendum? HSG economist Markus A. Will answers these questions in an interview with Olaf Krieger, Deutsche Welle. Improving Greek democracy: The Swiss example (1 July 2015) Swiss democracy guarantees stability in public finances by seeking public approval for every significant piece of public finance legislation. Greece could learn from this, writes professor of macroeconomics Guido Cozzi. Europe's financial situation (29 June 2015, in German) The Greek government closed all banks and limited cash withdrawals. HSG economist Christian Keuschnigg on the consequences of capital transactions control and Europe's financial situation. Another snag in the Greek debt drama, but talks continue (24 June 2015) HSG-lecturer Markus Will points out another big issue, even if an agreement is hammered out, is getting Greek lawmakers to approve it. "If the austerity program is tight, Mr. Tsipras will have problems getting that through his parliament, because he was elected with the promise to end the suffering situation of the Greek population." Greece in a “family squabble” (16 June 2015) Negotiations with Greece occasionally look like a family squabble. If it came to Greece getting kicked out, this would not only be the child’s fault but also the parents’, writes HSG lecturer Markus Will in his column. To come to an amicable agreement, there must be understanding on both sides. Should we worry about a Grexit? (4 June 2015) Dr. Florian Schui writes that while from an economic perspective a Grexit is entirely manageable, from a political perspective it would be a disaster for the EU. Clock Is Ticking Toward a Potential Greek Debt Default (18 May 2015) Florian Schui, an economics historian at the University of St.Gallen, says it's clear that Greece will not be able to make many more payments and a policy that insists on collecting the debt in naive. Give Greece a chance (19 March 2015) Greece's Alexis Tsipras has embarked on a European tour to win support for his economic agenda. European leaders should engage constructively with his proposals, writes Florian Schui. Who blinked first, Greece or Germany? (2 March 2015) Greece is not alone in enduring hardship in Europe in recent years. However, a perception has arisen that other European nations that were bailed out (specifically, Ireland, Spain, and Portugal) have undertaken more economic reforms and their governments fear that any debt relief offered to Greece will be seen as a reward for Athens’ tardiness writes economics professor Simon Evenett. ECB stimulus will help but "Won't be enough" to save Europe (21 January 2015) TheStreet's Scott Gamm speaks with Dr. Reto Foellmi, economics professor at the University of St.Gallen, on whether Europe's quantitative easing program will solve the region's issues, what the stimulus means for the value of the euro and if Switzerland will respond again should the euro continue to decline in value.