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The Greek Crisis: Possible Costs and Likely Outcomes of a Grexit

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  • C. J. Polychroniou
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    Abstract

    The European Union's (EU) handling of the Greek crisis has been an unmitigated disaster. In fact, EU political leadership has been a failure of historic proportions, as its myopic, neoliberal bent and fear-driven policies have brought the eurozone to the brink of collapse. After more than two years of a "kicking the can down the road" policy response, it's a do-or-die situation for Euroland. Greece has reached the point where an exit looks rather imminent (it's really a matter of time, regardless of the June 17 election outcome), Portugal is bleeding heavily, Spain is about to go under, and Italy is in a state of despair. This Policy Note examines why the bailout policies failed to rescue Greece and boost the eurozone, and what effects a "Grexit" might possibly have—on Greece and the rest of Euroland.

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    Paper provided by Levy Economics Institute in its series Economics Policy Note Archive with number 12-07.

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    Date of creation: Jun 2012
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    Handle: RePEc:lev:levypn:12-07

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    1. Alcidi, Cinzia & Giovannini, Alessandro & Gros, Daniel, 2012. "‘Grexit’: Who would pay for it?," CEPS Papers 6977, Centre for European Policy Studies.
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