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Greek crisis in perspective: Origins, effects and ways-out

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  • Nicos Christodoulakis

Abstract

In 2011 the Euro faced its toughest challenge since its introduction as several of the participating Member States faced unprecedented financial problems. Greece was the most severe case requiring intervention from the EU and IMF to stabilize its economy and repay debt obligations. This article explains the debt process in Greece from the 1980s to date, and describes its main causes and episodes. It also assesses the IMF-EU Memorandum and argues that the collapse of growth inhibits the prospects of debt stabilization. An alternative scenario is discussed showing that stabilization can become more effective and realistic if recession is tackled first and reforms follow on a steadier path.

Suggested Citation

  • Nicos Christodoulakis, 2012. "Greek crisis in perspective: Origins, effects and ways-out," The New Palgrave Dictionary of Economics,, Palgrave Macmillan.
    • Handle: RePEc:pal:dofeco:v:6:year:2012:doi:3875
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    Cited by:

    1. Kollintzas, Tryphon & Vassilatos, Vanghelis & Papageorgiou, Dimitris, 2012. "An Explanation of the Greek Crisis:"The Insiders - Outsiders Society"," CEPR Discussion Papers 8996, C.E.P.R. Discussion Papers.

    More about this item

    Keywords

    Debt; fiscal deficits; external balances; crisis; Eurozone; Greece;
    All these keywords.

    JEL classification:

    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems

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