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posted on 11 May 2017

How Will The Greek Crisis End? Debt-End Or Dead-End?

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Symposium on the Greek Crisis from Webster Private University Vienna

An international conference on Greece is taking place next week in Vienna. The event will take place 17 May from 08:00 to 21:30 at Sofitel Vienna Stephansdom, Praterstrasse 1, 1020, Vienna, sponsored by Webster Private University. Top academic, experts, and officials have been invited to discuss the specification of the Greek crisis and possible solutions.


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Here is the press release:

Symposium on the Greek Crisis from Webster Private University Vienna

  • The dispute over the sustainability of the Greek public debt hinders the prospects of economic recovery and delays the exit from the crisis.

  • The juxtaposition between the programme choices and other alternative approaches is absent from the public debate.

  • With the participation of top academics, experts and officials, the purpose of the Symposium is to contribute positively to a dialogue between radical and orthodox proposals to exit the crisis.

(Vienna, May 8th 2017)

Since the launch in 2010 of Greece's rescue programmes supported by the European Union (EU), the European Stability Mechanism (ESM), the European Central Bank (ECB) and the International Monetary Fund (IMF), the country has experienced a historically unprecedented economic recession and social crisis. The continuous attempt to escape from the Damoklian sword of default hanging over the Greek economy is followed after every current evaluation by a new rescue programme in a self-sustaining vicious circle. The internal devaluation adopted for seven consecutive years, the simultaneous deleveraging of the public and private sectors render ineffective any attempt to exit the downward spiral of recession and deflation. In the long run, the cost will be rising as the impact of the choice of the new generations to seek in migration the way out of poverty and misery will become apparent. Webster Private University Vienna invited economists from all over the world to meet at a Symposium. The main purpose is the presentation of innovative solutions compatible with the Greek crisis. The background to the Greek economic crisis will be assessed, taking into account some of the individual scenarios that emerged during this period. The organizer of the Symposium in Vienna is the department head of Business and Management at Webster University, Dr. Nikolaos Antonakakis, one of the leading European economists of our time.

Leading economists and monetary experts are coming to Vienna Webster University Vienna invited at Sofitel Vienna Stephansdom the most renowned experts in the European Monetary System, as is evident from the list of participants. Professor Steve Keen, one of the world's leading economists and head of the Kingston University in London, Richard Werner, Professor of Banking at Southampton Business School who conceptualized the term "Quantitative Easing," Professor Bernard Lietaer, a supporter of complementary currencies who participated in the design of the original ECU architecture on behalf of the National Bank of Belgium, other recognized prominent specialists such as Paul Kazarian, President & Managing Director of Japonica Partners from the USA, Dr. Wolfgang Richter from Germany, Robert Parenteau from the USA, Professor Kostas Lapavitsas, Dr. Kaoru Yamaguchi from Japan, will come to Vienna to join. The Symposium will be attended by the former Deputy Minister of Finance and member of the Greek Parliament Professor Dimitris Mardas, as well as the Coordinator of the Parliamentary Budget Office in Greece Professor of Economics, Panagiotis Liargovas. Through livestreaming, Professors Emilios Avgouleas, Albrecht Ritschl and Michael Hudson will also present their keynote lectures. The Symposium will be livestreamed throughout the day. The detailed programme can be viewed below.

About Webster Vienna Private University

For the past 35 years, Webster Vienna Private University has been the only university in the world to offer an international education in the heart of Europe with American and Austrian accreditation. The Bachelor, Master and MBA studies of Webster Vienna Private University are also recognized by the ACBSP (Accreditation Council for Business Schools & Programs).

Webster University is organized as a non-profit association and provides education and further education in Austria in the fields of business & management, international relations, psychology and media communications. Currently more than 500 students from more than 70 countries visit the most modern Webster Vienna Private University in the Palais Wenkheim near the Schwedenplatz.

Webster University Campuses operates worldwide in nine countries on four continents. The foreign branches of the American private university are located next to Austria in Switzerland, the Netherlands, Great Britain, Greece, China, Thailand and Ghana.

Contact: Paul Glück Public Relations - Webster Vienna Private University Telephone: 0660/150 5001 E-Mail:

Among the participants are some who have contributed to GEI, including Steve Keen, Michael Hudson, and Rob Parenteau.

The program:

Wednesday, May 17

8:00-8:45Registration & coffee
8:45-9:00Symposium Opening & Welcome Address

Lectures / Panel Discussion on

The Causes of the Greek Crisis and Solutions

Prof. Avgouleas, Emilios. Chair in International Banking Law and Finance, University of Edinburgh. Member of Banking Stakeholder Group of the European Banking Authority.

Lecture on “Bad, broken, rotten - But can the European Monetary Union be fixed?"

Chatzitheodosiou, Ioannis. President of the Athens Chamber of Tradesmen.

Expert Short Intervention on "Small businesses and the real economy in Greece"

Kazarian, Paul. Head of Japonica Partners.

Lecture on “A business leader’s perspective: Using two key undeniable facts on Greece to win the trust & confidence of taxpayers and the global capital markets"

Prof. Keen, Steve. Head of the School, Economics, History and Politics, Kingston University London.

Lecture on “How can Greeks save more money?"

Prof. Mardas, Dimitris. Aristotle University of Thessaloniki, Member of Greek Parliament (September 2015 -), Deputy Finance Minister (January 2015 - August 2015), Undersecretary of State (September 2015 - November 2016)

Lecture on “The need of a dynamic investment process in tradeable goods and services"

Niforos, Thanos. Wealth & Investments Manager, Former Investment Advisor at Government of Hellenic Republic.

Expert Short Intervention on "The value of Development Banks for an economy in distress"

Moderator: Prof. Landesmann, Michael. Scientific Director, WIIW, Professor of Economics, JKU.

12:00-12:30Lunch break

Lectures / Panel Discussion on

Parallel Currency Solutions

Cattaneo, Marco. Chairman CPI Private Equity.

Lecture on “Tax-backed parallel currencies to reform the Eurosystem. The political debate in Italy and a Comparison between the Greek and the Italian economic scenario"

Hafner, J. Heinz. Board Member, Unterguggenberger Institut

Expert Short Intervention on “The 'Woergler Freigeld' as a practical success story in contemporary history and potential takeaways for our modern times"

Prof. Lietaer, Bernard. International expert in design & implementation of currency systems.

Lecture on “Why complementary currencies?" & "Complementary currency applications"

Parenteau, Rob, CFA. Adjunct Professor at Presidio Graduate School, Research Associate Levy Institute, sole proprietor of MacroStrategy Edge.

Lecture on “Exiting austerity with tax anticipation notes"

Dr. Richter, Wolfgang. Lawyer and Economist, Executive Partner (Berlin) DWF Germany Rechtsanwaltsgesellschaft mbH.

Lecture on “Rigidity versus flexibility - one currency versus multiple currencies, is that the question?"

Moderator: Dr. Richter, Wolfgang. Lawyer and Economist, Executive Partner (Berlin) DWF Germany Rechtsanwaltsgesellschaft mbH

15:30-16:00Coffee break

Lectures / Panel Discussion on

The Greek National Debt, Origins and Solutions

Prof. Hudson, Michael. Professor of Economics at the University of Missouri, Kansas City.

Lecture on “Why the Greek debt should be cancelled. It was odious in the first place"

Kyriakopoulos, John. Lawyer & Economist, Managing Partner Kyros Law Offices, Former Managing Director of the Hellenic Pension Mutual Fund Management Company.

Expert Short Intervention on "The destructive effects of the 2012 Private Sector Involvement"

Prof. Lapavitsas, Costas. Professor of Economics at the School of Oriental and African Studies, University of London.

Lecture on “Estimating the redenomination cost of Greek exit from the EMU"

Prof. Liargovas, Panagiotis. Professor of Economics at the University of Peloponnese, Coordinator of the Parliamentary Budget Office.

Lecture on “Is there a ‘Debt Trap’ in the Greek economy?"

Prof. Ritschl, Albrecht. Professor of Economic History London School of Economics.

Lecture on “TBA"

Prof. Werner, Richard. Chair in International Banking, Director, Centre for Banking, Finance and Sustainable Development.

Lecture on “TBA"

Dr. Yamaguchi, Kaoru. Director, Japan Futures Research Center.

Lecture on “Electronic public money is a savior for debt economies. An on-going experiment in Japan"

Moderator: Konstas, Chris. Journalist, Βusiness Editor in Chief, The Paraskinio, Action 24 TV

19:00-19:15Symposium Closing Address
19:30-21:30Symposium Dinner


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