IDEAS home Printed from
   My bibliography  Save this article

The Troika’s conditionalities during the Greek financial crisis of 2010–2014: the Washington Consensus is alive, well, and here to stay


  • John Marangos

    (Department of Balkan, Slavic and Oriental Studies, University of Macedonia, Thessaloniki, Greece)


There is a widespread perception around the world that the Washington Consensus is dead. In contrast to the world tide prior to the global financial crisis of 2008, this paper aims to demonstrate that the conditionalities inspired by the Washington Consensus and imposed by the international financial institutions are still pertinent. Using as a case study the Greek financial crisis of 2010–2014, it is verified that the Troika’s austerity imposed conditionalities that neatly fit within the Washington Consensus framework. However, consistent with the neoclassical framework, the Washington Consensus recommends the reduction in taxes, whereas the Troika’s austerity conditionalities entail an increase in taxes. It appears that a striking paradox is present, in that the neoclassical tax conditionality policy is sacrificed in the name of increased tax revenue. This allegedly perplexing tax policy and blatant conflict, which appears to controvert the very essence of the neoclassical ideological framework of the Washington Consensus and the IMF, will be further explored.

Suggested Citation

  • John Marangos, 2021. "The Troika’s conditionalities during the Greek financial crisis of 2010–2014: the Washington Consensus is alive, well, and here to stay," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 18(3), pages 379–403-3, December.
  • Handle: RePEc:elg:ejeepi:v:18:y:2021:i:3:p379-403

    Download full text from publisher

    File URL:
    Download Restriction: no

    More about this item


    Washington Consensus; Greek financial crisis; conditionalities; Troika; IMF;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:elg:ejeepi:v:18:y:2021:i:3:p379-403. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Phillip Thompson (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.