Declaration of Professors of Economics at Greek Universities on the Referendum

The following declaration is signed by 246 professors at Economics  Schools and Universities in Greece. By this declaration, we want to express our great distress about the latest developments in our country. We strongly believe that, at this crucial point, it is of paramount importance to avoid excesses, to show national cohesion, to preserve our position in the Eurozone and the EU, and to regain our credibility in the international community. Further, the fiscal consolidation program, drawn jointly with our EU partners and other creditors like the IMF, should be characterized by the lowest possible recessionary consequences and the highest possible level of social protection, aiming at growth and job creation in the private sector as soon as possible. The prolonged political uncertainty has led the economy to a renewed recession, has reversed the decline in unemployment, has lowered tax revenue and has widened the fiscal gap.

Taking into account that the proposals of our creditors and the Greek government were converging until last Friday, we believe that what is really at stake in the coming Referendum, irrespective of the precise formulation of the question, is whether Greece will remain, or not, in the Eurozone and, possibly, whether it will remain in the EU itself.

The funding of the Greek economy by Eurozone countries was suspended last weekend after the Greek government abandoned the negotiations at a time when no alternative funding opportunities seem to be available. We are already at the first stage of a very slippery process that, if not urgently reversed, will lead to a chaotic debt default and exit from the Eurozone. Bank closures and capital controls (that had been so far avoided throughout the deep crisis) constitute only the first rupture from the Eurozone and the EU itself

We believe that the recessionary consequences of debt default and exit from the Eurozone, especially in such a chaotic and superficial way, will be much worse than the effects of a painful compromise with our EU partners and the IMF. A disorderly break of our country from the core of Europe will have disastrous economic, social, political and geopolitical consequences.

Short-run consequences: Bank closures, cut in the value of deposits, sharp decline in tourism, shortages of basic consumer goods and raw materials, black market, hyperinflation, firm bankruptcies and a big rise in unemployment, rapid fall in real wages and the real value of pensions, deep recession and serious problems in the functioning of public health care and defense, social unrest. 

Medium-term consequences: international isolation of the country, no access to international capital markets for several years, low growth and anemic investment, high unemployment combined with high inflation rates, suspension of the flow of EU structural funds, significant decline in the standard of living, poor provision of basic public goods and services.

All these developments should not have happened after 5 years of big sacrifices by the Greek people, and a tremendous fiscal adjustment, right at the time when the economy was starting to recover, with favourable expectations for further easing in the terms of our public debt obligations. They should not have happened in a period when the European economy is returning to positive growth rates and other peripheral euro countries start growing and reducing unemployment. They should not have happened in a favorable time for further EU integration that will benefit the South and when the ECB facilitates growth with excess liquidity and zero interest rates.

Leaving the Eurozone, especially with this chaotic and superficial way, would likely lead to a process of leaving the EU too, with unpredictable and disastrous consequences for the national security and the democratic stability of our country.

For all these reasons, Greece must remain in the core of the EU, which is the Eurozone.

For all these reasons, our unequivocal answer to the real question of the referendum is: YES. Yes, to Europe. 

1. Adam Αntonis University of Ioannina

2. Aggelidis Timotheos University of Peloponnese

3. Alexakis Christos University of Pireaus

4. Alexakis Panagiotis Athens University

5. Anagnostou Aggeliki University of Thessaly

6. Andoniou Fabio University of Ioannina

7. Andronikidis Αndreas University of Macedonia

8. Androutsopoulos Ion Athens University of Economics and Business

9. Androutsopoulos Κonstantinos Athens University of Economics and Business

10. Apergis Νikolaos University of Pireaus

11. Apostolopoulos Thodoros Athens University of Economics and Business

12. Argouslidis Paris Athens University of Economics and Business

13. Arvanitis Stelios Athens University of Economics and Business

14. Atsalakis George Polytechnic of Crete

15. Avlonitis George Athens University of Economics and Business

16. Balios Dimitris Athens University

17. Ballas Apostolos Athens University of Economics and Business

18. Baltas Georgios Athens University of Economics and Business

19. Baltas Nikolaos Athens University of Economics and Business

20. Basiakos Ioannis Athens University

21. Bellou Victoria University of Thessaly

22. Benos Nikos University of Ioannina

23. Benos Theofanis University of Pireaus

24. Billias Ioannis Athens University of Economics and Business

25. Bitros Georgios Athens University of Economics and Business

26. Blavoukos Spyros Athens University of Economics and Business

27. Bourantas Dimitris Athens University of Economics and Business

28. Bourantonis Dimitris Athens University of Economics and Business

29. Bournova Eugenia Athens University

30. Brisimis Sofoklis University of Pireaus

31. Chalamandaris George Athens University of Economics and Business

32. Chalkias Ioannis Athens University of Economics and Business

33. Charitakis Nikos Athens University

34. Chletsos Michael University of Ioannina

35. Chlomoudis Kostas University of Pireaus

36. Chortareas George Athens University

37. Chouliaras Asteris University of Peloponnese

38. Christopoulos Dimitris Panteion University

39. Christopoulou Sofia University of Macedonia

40. Christou George Athens University of Economics and Business

41. Damianos Dimitris Agricultural University of Athens

42. Dedoulis Manolis Athens University of Economics and Business

43. Delipalla Sofia University of Macedonia

44. Demoirakos Efthymios Athens University of Economics and Business

45. Demos Antonis Athens University of Economics and Business

46. Demousis Michalis University of Patras

47. Dialla Violetta Athens University

48. Dimeli Sofia Athens University of Economics and Business

49. Dimitriadi Zoi University of Macedonia

50. Dotsis Georgios Athens University

51. Doukidis Georgios Athens University of Economics and Business

52. Drakos Anastasios Athens University of Economics and Business

53. Economides George Athens University of Economics and Business

54. Economidou Claire University of Pireaus

55. Economou Athina University of Thessaly

56. Efstratoglou Sofia Agricultural University of Athens

57. Eleftheriou Kostas University of Pireaus

58. Fountas Stylianos University of Macedonia

59. Gaganis Chrysovalantis Univiversity of Crete

60. Gatsios Konstantinos Athens University of Economics and Business

61. Genakos Christos Athens University of Economics and Business

62. Genius Margarita University of Crete

63. Georgiou Andreas University of Macedonia

64. Georgoutsos Dimitrios Athens University of Economics and Business

65. Giaglis Georgios Athens University of Economics and Business

66. Giamouridis Daniel Athens University of Economics and Business

67. Giannakopoulos Nikos University of Patras

68. Giannelis Dimitrios University of Pireaus

69. Giannelis Νikos University of Crete

70. Giotopoulos Ioannis University of Peloponnese

71. Glavinis Panayotis Aristotle University of Thessaloniki

72. Griva Krina University of Ioannina

73. Hassid Josef University of Pireaus

74. Hatziantoniou Damianos Athens University of Economics and Business

75. Hatzipanayotou Panos Athens University of Economics and Business

76. Hatzis Aristides Athens University

77. Iatridis George University of Thessaly

78. Ifantopoulos Ioannis Athens University

79. Indounas Konstantinos Athens University of Economics and Business

80. Ioannidis Antonis Athens University of Economics and Business

81. Ioannidis Stavros Panteion University

82. Ioannou Georgios Athens University of Economics and Business

83. Iordanoglou Chrysafis Panteion University

84. Ireiotis Nikolaos Athens University

85. Kainourgios Dimitris Athens University

86. Kalamboukis Theodoros Athens University of Economics and Business

87. Kalogirou Ioannis Metsovio Polytechnic University

88. Kalyvitis Sarantis Athens University of Economics and Business

89. Kammas Pantelis University of Ioannina

90. Karagiannis Ioannis University of Macedonia

91. Karamanis Konstantinos Athens University of Economics and Business

92. Karaveli Eleni Athens University of Economics and Business

93. Karkalakos Sotiris University of Pireaus

94. Kasimatis Konstantinos Athens University of Economics and Business

95. Katranidis Stelios University of Macedonia

96. Katsimi Margarita Athens University of Economics and Business

97. Kavousanos Emmanouil Athens University of Economics and Business

98. Kazakos Panos Athens University

99. Koen Sandra Athens University of Economics and Business

100. Kollias Christos University of Thessaly

101. Konstantinou Panagiotis Athens University of Economics and Business

102. Konstantopoulos Panos Athens University of Economics and Business

103. Kontouli Maria University of Peloponnese

104. Korliras Panagiotis Athens University of Economics and Business

105. Kosteletou Nikolina  Athens University

106. Kostis Kostas Athens University

107. Kotsios Stelios Athens University

108. Kottaridi Konstantina University of Pireaus

109. Koundouri Phoebe Athens University of Economics and Business

110. Kouretas Georgios Athens University of Economics and Business

111. Kritikos Manolis Athens University of Economics and Business

112. Kyriazidou Katerina Athens University of Economics and Business

113. Kyriazis Nikolaos University of Thessaly

114. Kyriazis Dimitris University of Pireaus

115. Kyritsis Ioannis Aristotle University of Thessaloniki

116. Kyrkillis Dimitris University of Macedonia

117. Ladi Stella Panteion University

118. Lekakos Georgios Athens University of Economics and Business

119. Leledakis Georgios Athens University of Economics and Business

120. Leventakis Ioannis Athens University of Economics and Business

121. Liargovas Panagiotis University of Peloponnese

122. Liaropoulos Lykourgos Athens University

123. Loizidis Ioannis Athens University of Economics and Business

124. Lolos Sarantis Panteion University

125. Louri Eleni Athens University of Economics and Business

126. Louridas Pangiotis Athens University of Economics and Business

127. Malevris Nikos Athens University of Economics and Business

128. Malliaris Petros University of Pireaus

129. Matsagganis Manos Athens University of Economics and Business

130. Mergos Giorgos University of Athens

131. Metaxas Theodoros University of Thessaly

132. Miaouli Natasha Athens University of Economics and Business

133. Milliou Chrisovalantou Athens University of Economics and Business

134. Mylonas Nikolaos Athens University

135. Mylonidis Nikos University of Ioannina

136. Nikas Christos University of Macedonia

137. Nikolaou Ioannis Athens University of Economics and Business

138. Nikoleris Theodoros Athens University

139. Nikolopoulos Andreas Athens University of Economics and Business

140. Nikolotsa Daphni University of Crete

141. O’Donnel Owen University of Macedonia

142. Pagkratis Spiros Athens University of Economics and Business

143. Pagoulatos Giorgos Athens University of Economics and Business

144. Palis Thanos Aegean University

145. Palivos Theodoros Athens University of Economics and Business

146. Panagiotopoulou Lida Athens University of Economics and Business

147. Panagiotou Dimitris University of Ioannina

148. Panagopoulos Andreas University of Crete

149. Pantelides Theologos University of Macedonia

150. Papachristou Giorgos Aristotle University of Thessaloniki

151. Papadakis Vassilios Athens University of Economics and Business

152. Papadamou Stephanos University of Thessaly

153. Papadimitriou Stratos University of Pireaus

154. Papadopoulos Hrisoleon Aristotle University of Thessaloniki

155. Papadopoulos Konstantinos Aristotle University of Thessaloniki

156. Papalexandri Nancy Athens University of Economics and Business

157. Papanastasopoulos Giorgos University of Pireaus

158. Papandreou Andreas Athens University

159. Papapanagos Harris University of Macedonia

160. Papastathopoulou Polina Athens University of Economics and Business

161. Papathanassiou Iason University of Macedonia

162. Papavasiliou Nikolaos Athens University of Economics and Business

163. Papoulias Dimitris Athens University

164. Paraskevopoulos Christos University of Macedonia

165. Pasiouras Photis Polytechnic of Crete

166. Patronis Vassilios University of Patras

167. Patsouratis Vassilis Athens University of Economics and Business

168. Pechlivanos Lampros Athens University of Economics and Business

169. Peka Oikonomou University of Pireaus

170. Pelagides Thodoris University of Pireaus

171. Petrakis Manolis University of Crete

172. Petridou Evgenia Aristotle University of Thessaloniki

173. Philippopoulos Apostolis Athens University of Economics and Business

174. Pittis Nikitas University of Pireaus

175. Polemis Michalis University of Pireaus

176. Pollalis Ioannis University of Pireaus

177. Pournarakis Efthimios Athens University of Economics and Business

178. Pragidis Ioannis Democritus University of Thrace

179. Pramatari Katerina Athens University of Economics and Business

180. Psaltopoulos Dimitris University of Patras

181. Psarianos Jacob University of Thessaly

182. Psillaki Maria University of Pireaus

183. Raikou Katerina University of Pireaus

184. Repas Panagiotis Panteion University

185. Repoussis Panagiotis Athens University of Economics and Business

186. Riginos Michalis Athens University

187. Rigopoulou Eirini Athens University of Economics and Business

188. Roumanias Kostas Athens University of Economics and Business

189. Sakellaris Ploutarxos Athens University of Economics and Business

190. Sakellis Yiannis Panteion University

191. Samitas Aristides Aegean University

192. Sarris Alexandros Athens University

193. Sartzetakis Efthimios University of Macedonia

194. Sideropoulos Moissis Aristotle University of Thessaloniki

195. Siourounis Grigoris Panteion University

196. Siris Vasilios Athens University of Economics and Business

197. Sklavou Helen Athens University of Economics and Business

198. Sklias Pantelis University of Peloponnese

199. Skordile Sofia Harokopio University

200. Skountzos Theodoros University of Pireaus

201. Skouras Athanassios Athens University of Economics and Business

202. Skouras Dimitris University of Patras

203. Skouras Spyros Athens University of Economics and Business

204. Soderquist Klas Athens University of Economics and Business

205. Sorros Ιoannis University of Pireaus

206. Sotiropoulos Dimitris  Athens University

207. Spinellis Diomidis Athens University of Economics and Business

208. Spyrou Spyros Athens University of Economics and Business

209. Stamatopoulos George University of Crete

210. Stathakopoulos Vlasios Athens University of Economics and Business

211. Stavrakoudis Athanassios University of Ioannina

212. Symeonidis Spyros University of Ioannina

213. Tarantilis Christos Athens University of Economics and Business

214. Tatsos Nikos Panteion University

215. Thalassinos Lefteris University of Pireaus

216. Thomadakis Stavros Athens University

217. Thomakos Dimitrios University of Peloponnese

218. Tinios Plato University of Pireaus

219. Topaloglou Nicholas Athens University of Economics and Business

220. Toumpis Stauros Athens University of Economics and Business

221. Tragaki Alexandra Harokopio University

222. Tsakanikas Angelos Metsovio Polytechnic University

223. Tsakiris Nikos University of Ioannina

224. Tsakloglou Panos Athens University of Economics and Business

225. Tsamourgelis Ioannis Aegean University

226. Tsintzos Panagiotis Democritus University of Thrace

227. Tsionas Efthymios Athens University of Economics and Business

228. Tsipouri Lena Athens University

229. Tsiritakis Emmanuel University of Pireaus

230. Tsoukalis Loukas Athens University

231. Tzavalis Elias Athens University of Economics and Business

232. Tzelepis Dimitrios University of Patras

233. Tzionas Ioannis University of Macedonia

234. Tzouvelekas Vangelis University of Crete

235. Vakola Maria Athens University of Economics and Business

236. Varsakelis Νikos Aristotle University of Thessaloniki

237. Vassilatos Vaggelis Athens University of Economics and Business

238. Veletzas Κostas University of Macedonia

239. Venetis Ioannis University of Patras

240. Vettas Νikolaos Athens University of Economics and Business

241. Voudouri Irini Athens University of Economics and Business

242. Xanthakis Manolis Athens University

243. Xepapadeas Tasos Athens University of Economics and Business

244. Zacharias Lefteris Athens University of Economics and Business

245. Zopounidis Konstantinos Polytechnic of Crete

246. Zoumboulakis Michalis University of Thessaly