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Public debt crisis, austerity and deflation: the case of Greece

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  • Marica Frangakis

    (Nicos Poulantzas Institute, Athens, Greece)

Abstract

Greece is the country in which the eurozone's public debt crisis began in late 2009. The policy response of the EU elites was to provide financial assistance on condition that a strict austerity-cum-deregulation policy is applied under the watchful guidance of the European Commission, the European Central Bank and the IMF (the so-called Troika). Five years later, the country is in an economic, social and political limbo, as a debt-deflation process has set in. Greece, however, is not a special case. Rather, it illustrates the failures of the prevailing economic and political orthodoxy in the EU. At best, it can serve as an example of the cost of ignoring the lessons of the 1930s Great Depression.

Suggested Citation

  • Marica Frangakis, 2015. "Public debt crisis, austerity and deflation: the case of Greece," Review of Keynesian Economics, Edward Elgar Publishing, vol. 3(3), pages 295-313, July.
    • Handle: RePEc:elg:rokejn:v:3:y:2015:i:3:p295-313
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    References listed on IDEAS

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    1. Jeromin Zettelmeyer & Christoph Trebesch & Mitu Gulati, 2013. "The Greek debt restructuring: an autopsy [Greek bond buyback boondoggle]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 28(75), pages 513-563.
    2. Gibson, Heather D. & Hall, Stephen G. & Tavlas, George S., 2012. "The Greek financial crisis: Growing imbalances and sovereign spreads," Journal of International Money and Finance, Elsevier, vol. 31(3), pages 498-516.
    3. AfDB AfDB, . "Annual Report 2012," Annual Report, African Development Bank, number 461.
    4. Thomas Palley & Louis-Philippe Rochon & Matias Vernengo, 2012. "Statement of the Co-Editors. Economics and the economic crisis: the case for change," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(0), pages 1-4.
    5. Marica Frangakis, 2006. "Integrated Guidelines for Growth and Jobs, 2005-2008: A Shift in EU Economic Policy?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 3(1), pages 59-75.
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    Cited by:

    1. McDermott, Constance L. & Sotirov, Metodi, 2018. "A political economy of the European Union's timber regulation: Which member states would, should or could support and implement EU rules on the import of illegal wood?," Forest Policy and Economics, Elsevier, vol. 90(C), pages 180-190.
    2. Christos Pierros, 2021. "Assessing the internal devaluation policy implemented in Greece in an empirical stock‐flow consistent model," Metroeconomica, Wiley Blackwell, vol. 72(4), pages 905-943, November.

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    More about this item

    Keywords

    austerity; eurozone crisis; public debt; deflation; depression;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions

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