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Analyzing Greece 2010 Memorandum’s Impact on Macroeconomic and Financial Figures through FCM

Author

Listed:
  • Stavros P. Migkos

    (Department of International & European Economic Studies, School of Economic Sciences, University of Western Macedonia, 501 00 Kozani, Greece)

  • Damianos P. Sakas

    (Department of Agribusiness and Supply Chain Management, School of Applied Economics and Social Sciences, Agricultural University of Athens, 118 55 Athens, Greece)

  • Nikolaos T. Giannakopoulos

    (Department of Agribusiness and Supply Chain Management, School of Applied Economics and Social Sciences, Agricultural University of Athens, 118 55 Athens, Greece)

  • Georgios Konteos

    (Department of Business Administration, School of Economic Sciences, University of Western Macedonia, 511 00 Grevena, Greece)

  • Anastasia Metsiou

    (Department of International & European Economic Studies, School of Economic Sciences, University of Western Macedonia, 501 00 Kozani, Greece)

Abstract

The financial crisis of 2008 has caused a series of drawbacks to economies around the world. Greek economy has been hit twice at 2009, since its credibility worsened, provoking the implication of harsh fiscal measures from the 2010 Memorandum of Understanding (MoU). The effects of these measures to Greek macroeconomic figures have been widely criticized. Authors aim to estimate these effects at the macroeconomic figures of Greece through utilization of Decision Support Systems, and propose accurate insights regarding their efficacy. By capitalizing on regression analysis and Fuzzy Cognitive Mapping processes, specific results from 2010 Memorandum’s measures arise. It has been calculated that measures implied by 2010 Memorandum have been harsh and posed a negative effect on key Greek macroeconomic figures like GDPR, public debt, etc., especially with the ongoing 2008 financial crisis.

Suggested Citation

  • Stavros P. Migkos & Damianos P. Sakas & Nikolaos T. Giannakopoulos & Georgios Konteos & Anastasia Metsiou, 2022. "Analyzing Greece 2010 Memorandum’s Impact on Macroeconomic and Financial Figures through FCM," Economies, MDPI, vol. 10(8), pages 1-19, July.
    • Handle: RePEc:gam:jecomi:v:10:y:2022:i:8:p:178-:d:870070
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    References listed on IDEAS

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    4. Joscha Beckmann & Robert L Czudaj & Georgios Kouretas, 2021. "Fiscal policy uncertainty and its effects on the real economy: German evidence," Oxford Economic Papers, Oxford University Press, vol. 73(4), pages 1516-1535.
    5. Andreas Bieler & Jamie Jordan & Adam David Morton, 2019. "EU Aggregate Demand As a Way out of Crisis? Engaging the Post‐Keynesian Critique," Journal of Common Market Studies, Wiley Blackwell, vol. 57(4), pages 805-822, July.
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    Cited by:

    1. Theofanis Petropoulos & Yannis Thalassinos & Konstantinos Liapis, 2024. "Greek Public Sector’s Efficient Resource Allocation: Key Findings and Policy Management," JRFM, MDPI, vol. 17(2), pages 1-32, February.

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