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Chapter 3: Greece

  • Giancarlo Corsetti
  • Michael P. Devereux
  • John Hassler
  • Gilles Saint-Paul
  • Hans-Werner Sinn
  • Jan-Egbert Sturm
  • Xavier Vives

As most European countries were coming out of recession at the end of 2009, Greece was entering a tumultuous period. The announcement of the newly elected Greek government in October 2009 that the projected budget deficit for 2009 would be 12.7 percent of GDP2 (rather than the 5.1 percent projection that appeared in the 2009 Spring Commission forecast), was initially met with shock and opprobrium in Brussels and other euro-area capitals. The initial reaction of policymakers across the European Union was that the risk of contagion was minimal, and that the right way to deal with the situation was to let Greece “swing in the wind”.

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/ZS/ZS-EEAG_Report/zs-eeag-2011/eeag_report_chap3_2011.pdf
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Article provided by CESifo Group Munich in its journal EEAG Report on the European Economy.

Volume (Year): (2011)
Issue (Month): (02)
Pages: 97-125

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Handle: RePEc:ces:eeagre:v::y:2011:i::p:97-125
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  1. Engler, Philipp & Fidora, Michael & Thimann, Christian, 2007. "External imbalances and the US current account: how supply-side changes affect an exchange rate adjustment," Working Paper Series 0761, European Central Bank.
  2. Zenon Kontolemis G. & Dimitri G. Demekas, 1999. "Government Employment and Wages and Labor Market Performance," IMF Working Papers 99/55, International Monetary Fund.
  3. Kravis, Irving B & Lipsey, Robert E, 1988. "National Price Levels and the Prices of Tradables and Nontradables," American Economic Review, American Economic Association, vol. 78(2), pages 474-78, May.
  4. Hans-Werner Sinn, 2009. "Can Germany Be Saved?: The Malaise of the World's First Welfare State," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262512602, June.
  5. Matsaganis, Manos & Benedek, Dóra & Flevotomou, Maria & Lelkes, Orsolya & Mantovani, Daniela & Nienadowska, Sylwia, 2010. "Distributional implications of income tax evasion in Greece, Hungary and Italy," MPRA Paper 21465, University Library of Munich, Germany.
  6. Aghion, Philippe & Bacchetta, Philippe & Banerjee, Abhijit, 2000. "A simple model of monetary policy and currency crises," European Economic Review, Elsevier, vol. 44(4-6), pages 728-738, May.
  7. Manos Matsaganis & Maria Flevotomou, 2010. "Distributional Implications of Tax Evasion in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 31, Hellenic Observatory, LSE.
  8. Stephen Cecchetti & Madhusudan Mohanty & Fabrizio Zampolli, 2010. "The future of public debt: prospects and implications," BIS Working Papers 300, Bank for International Settlements.
  9. Dominik H. Enste & Friedrich Schneider, 2000. "Shadow Economies: Size, Causes, and Consequences," Journal of Economic Literature, American Economic Association, vol. 38(1), pages 77-114, March.
  10. Rauch, James E., 1991. "Modelling the informal sector formally," Journal of Development Economics, Elsevier, vol. 35(1), pages 33-47, January.
  11. Thomas Moutos & Christos Tsitsikas, 2010. "Whither Public Interest: The Case of Greece's Public Finances," CESifo Working Paper Series 3098, CESifo Group Munich.
  12. Katsimi, Margarita & Moutos, Thomas, 2010. "EMU and the Greek crisis: The political-economy perspective," European Journal of Political Economy, Elsevier, vol. 26(4), pages 568-576, December.
  13. Olivier Jean Blanchard, 1990. "Suggestions for a New Set of Fiscal Indicators," OECD Economics Department Working Papers 79, OECD Publishing.
  14. Thomas Moutos, 1991. "Tax Evasion and the Balance of Payments," Working Papers Series 91/12, University of Stirling, Division of Economics.
  15. Olivier Blanchard, 2007. "Adjustment within the euro. The difficult case of Portugal," Portuguese Economic Journal, Springer, vol. 6(1), pages 1-21, April.
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