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The Greek Crisis and Financial Assistance Programmes: An Evaluation

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  • Michael G. Arghyrou

Abstract

We analyse the background of the Greek debt crisis and evaluate the three Greek financial assistance programme. The crisis and the first programme’s (2010-11) failure were mainly the result of misguided internal policies. The second programme (2012-14) achieved progress towards recovery but this was fragile and was cancelled out by Greece’s stand-off with her lenders in the first half of 2015. The stand-off was one that predictably Greece could not win, due to the lack of a credible growth plan; and the adoption of a transparently non-credible ultimatum-game strategy. These explain the signing of the third programme in August 2015.

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  • Michael G. Arghyrou, 2015. "The Greek Crisis and Financial Assistance Programmes: An Evaluation," CESifo Working Paper Series 5591, CESifo.
  • Handle: RePEc:ces:ceswps:_5591
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    References listed on IDEAS

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    More about this item

    Keywords

    Greece; euro; crisis; financial assistance programmes;
    All these keywords.

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General

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